Bitcoin Working Up Beautifully

*March 21, 2018

Bitcoin (BTC) is pushing towards $9,000 after news that the finance ministers of the G-20 did not decide on firm regulations right away and will instead come up with recommendations by July. Investors feared tight regulations and new rules, staying on the sidelines ahead of the meeting.

image in coindesk shows that it supports is at $8,300 and $8,700 while resistance is at $9,300.

More over there's a continued path of candlesticks moving forward rising in a 24hr mark yesterday, it all comes to this day, we will see if it will break down once more to bullish up or it will bears down for a correction.

• BTCPHP: 485,700 / 452,090

• USDPHP: 52.08

• BTC market cap: $152B

• Crypto market cap: $347B

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Bitcoin In Supported News:

1) Fundstrat’s Tom Lee is calling the bottom, citing their firm’s measure of altcoins showing a 75% decline over the past 64 days

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Fundstrat says that the likelihood that the current drop is high, given that the 64-day decline is roughly as long as the rally that preceded it. However, they warned that this does not mean that the bull market will resume immediately. Rather, a period of consolidation is more likely which may last for 150–175 days.

2) President Donald Trump bans Americans from buying the Petro, the Venezuelan government’s cryptocurrency

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Trump really don't wanna get trick, Trump authorized Treasury Secretary Steven Mnuchin to issue the necessary regulations to enforce his order. The ban complicates the Maduro government’s efforts to boost its foreign reserves through a digital token. Venezuela’s offering accepted transactions in U.S. dollars and euros, meaning that Venezuelan citizens are forbidden from participating given a ban on buying foreign currency.

3) Finance ministers of the G-20 stopped short of new rules but were asked to have concrete recommendations by July

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The finance ministers were said to have spent a lot of time discussing crypto, loudly warning that it could destabilize financial markets. During the meeting, they also defined crypto as an asset and not a currency, noting that it “lacks the traits of sovereign currencies” and that it doesn’t “satisfy the three roles money plays in an economy”.

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Notes and Disclaimer:

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• If you like what you read here, please consider follow me.

• Invest in bitcoins (or in any altcoins) only the amount you can afford to lose!

• Don’t put all your eggs in one basket. Spread your bitcoin and cryptocurrency investment.

• Before investing in any cryptocurrency, check the people behind it, its mission, and other details to ensure that they are worth investing for. Don’t invest in something you don’t know.

• This article is for informational purposes only and does not constitute an investment advice. Your actions are solely your own responsibility. There is no substitute for doing your own research.

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