Bitcoin unsuccessful to reason on Monday Apr 9 above the psychological symbol of $ 7,000. The cryptocurrency rose on Apr 8, but again fell to $ 6,700, heading other cryptocurrencies to penetrate also. The reason might be the strengthening of regulations on the cryptocurrency marketplace in South Korea and other countries.
On Monday, the news that the Financial Services Commission (FSC) of South Korea will check 3 banks that yield services for crypto-exchanges – NongHyup, KB Kookmin and KEB Hana was reported. It was announced that checks would take place from 19 to 25 April. The regulator wants to make sure that financial institutions approve with the new manners per the anonymity of bank accounts and instructions on preventing income laundering.
Moreover, it was reported that South Korea works on the framework of taxation of cryptocurrencies, which will come out in Jun of this year.
The People’s Bank of China (PBOC) intends to strengthen control over Bitcoin and other cryptocurrencies, while stability to cruise the probability of rising a possess digital currency.
Switzerland, one of the most approved countries in terms of a opinion to Bitcoin and cryptocurrencies in general, also launched a debate to brand rascal schemes through the ICO. The regulator’s concerns were lifted due to the a probability of income laundering through the ICO.
Canadian authorities are formulation to collect information about crypto-exchanges. As mouthpiece for the Securities Commission of Ontario (OSC) Kristen Rose recently mentioned, OSC perceived a vast number of complaints about the exchanges of digital assets. The latest OSC check suggested that nothing of cryptocurrency exchanges were strictly registered.
Regulations are entrance into force. The cryptocurrency marketplace is starting to swell and attract institutional investors. The prior launch of Bitcoin in sold contributes to that. Big players are already starting to invest in cryptocurrency, however it is only the commencement and vital supports might not be invested at this stage. Were that to occur expansion in the marketplace would be possible.
The separator for big investors is the still not finalised law of crypto-currencies and projects formed on them, in most countries. As well as the disastrous opinion of the executive banks of some countries towards cryptocurrencies. Furthermore, the authorised complexity of investing in ICOs can be combined to the list.
The name of John Rockefeller seemed maybe for the first time in news about cryptocurrency. His grandson founded the association Venrock in the late sixties. Recently in the media there were rumors that the association will understanding with investments in cryptocurrency.
The leaders immediately settled that they do not devise to play on sensitivity and they are meddlesome in long-term investments. George Soros also drew courtesy to the prospects of BTC and altcoins. For a long time he was disastrous about cryptocurrency and blockchain projects as such, deliberation them a “bubble”, but he recently altered his mind and see it as an engaging investment for his fund.
According to the information from Capital.com, it can be seen that traders were worried by the new news, starting from the commencement of April. And as a result, this brought a obtuse volume of traded positions, however now, together with the stabilisation of the market, the volume of positions has stabilised and it’s transparent that the prevalent infancy of positions are long positions.
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Written by Oleg Vaisman.
Prepared and edited by Andrew Carroll, Journalism MA in DIT.
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