Cryptocurrency News: Central Bank Testing; BTC Chart Breakout Eyed
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Cryptocurrency News: Central Bank Testing; BTC Chart Breakout Eyed
Jul 24, 2017 8:25 pm +05:30
by Nick Cawley, Analyst
South African Reserve Bank looking at digital regulations; London Stock Exchange testing blockchain.
Bitcoin (BTC) looking for a breakout.
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Digital Technology Gaining Credibility as Testing Increases
The South African Reserve Bank (SARB) will commence testing a number of bitcoin (BTC) and other cryptocurrencies regulations over the next few months, according to blockchain solutions provider, Bankymoon, the company’s CEO said at a recent event. The company will trial-run new regulations for SARB on an experimental basis. The trial follows on from a recent IMF Staff Discussion Note which highlighted that, due to digital technology advances, the financial sector is poised for change and that policymakers will need to be “nimble, experimental and cooperative.”
Governments around the globe are looking at ways of regulating the new technology as individuals become increasingly involved in the digital currency revolution.
The Central Bank of Belarus revealed late last week that it had opened the way for banks to use blockchain technology to issue bank guarantees or promises to cover debt losses.
The London Stock Exchange (LSE) is also testing the waters, according to a recent report, testing blockchain to store private company records. The Coindesk report quoted LSE’s David Harris as saying that if successful then the underlying technology could be used to simplify not just the record storage but the simplification of the fund raising process as well.
Bitcoin (BTC) Trading Band Narrows – Is a Breakout on The Cards?
A look at the BTC four-hour price chart shows the cryptocurrency is currently constrained within a tight trading range and looks ready to breakout to the upside with a bullish flag pattern forming. A break higher sees $2930 come into play ahead of the all-time high around $2980.
Chart: Bitcoin Price (BTCUSD) Four-Hour Timeframe (July 3 - July 24, 2017)