China’s ban on cryptocurrencies is similar to the migration of mining capacity to the United States, only the disruption of the April force in Xinjiang that led to a significant drop in hashrate, and when the hashrate is in the hands of the United States, China does not need to threaten it, so cryptocurrencies are banned. This strategy is also expected to increase the mass adoption of China’s virtual currency, the virtual yuan.
The virtual yuan is already being tested for cross-border interbank transactions between China, Hong Kong and the United Arab Emirates. In the world of cryptocurrencies, Bitcoin was intended to be virtual gold, the main counterparty and a hedging asset, and it is evident that a global force is already being retained from this idea.
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While China restricts access to cryptocurrencies, the United States gives other tactics to cryptocurrencies. Tom Jessop, president of Fidelity Digital Assets, met with SEC officials and sought approval for products based on Bitcoin-ETF and Bitcoin-futures. competing to launch the Bitcoin-ETF in the US. Pending SEC approval, Bitcoin ETFs and ETTs are already trading on the Canadian and European markets.
SEC Chairman Gary Gensler also said that the launch of Bitcoin-ETF may end at any time this year, but that the product complies with strict mutual budget regulations to be indexed on the inventory exchange under the 1930 law.
It is very transparent that Bitcoin and cryptocurrency trading will normalize in the sense that there will be less or no sentiment-driven value action. Bitcoin will be less sensitive to news and other FUD propagation gossip. Bitcoin will connect to the global economic knowledge and economic knowledge of the United States and the index of the US dollar.
The value action of virtual gold will be similar to that of classic gold, and for the fund to compete it will have to buy as many Bitcoins as possible, for this, the value of an asset will have to go down. It’s worth it, the more assets you can buy and therefore build the overall valuation of your ETF, keep this in mind.
Speaking of sentiment, the Fear and Greed Index still shows a slight greed in the market, indicating the next correction.
As for technical analysis, Bitcoin is lately below a significant level, which lately serves as resistance, the value has shaped a descending corner style and in order to jump to degrees close to $50,000 it will have to close above $43,900.
The MACD is bullish, however, the resistance is strong. According to Wedge-style regulations, BTC would have to fall back once to the degrees of $37,200 and $36,300 to touch the back edge of the descending corner style (final diagonal).
Let’s take a closer look at the style on a BTCUSD 4H chart.
As the chart above shows, the red line (resistance zone) is an old, local resistance line. For Bitcoin to show symptoms of bullish movement, you will have to close above this area, in a different way, the fall may continue.
As I pointed out in this previous article, BTC is connected to DXY and we expect economic knowledge from the US. USA Later in the day. Knowledge of GDP and initial unemployment statements will consult the market and the US dollar index. Positive knowledge of U. S. hard work The U. S. dollar seasons the U. S. dollar as it is one of the Fed’s key measures and objectives.