Bitcoin Normally Blasting Up

March 20, 2018

Bitcoin (BTC) had a relief rally as buyers stepped in on oversold levels and on news that the FSB chair commented that cryptocurrencies do not pose risks to global stability at this time. Bitcoin has had a disastrous week, falling below than $7,400 was the lowest as investors remain spooked about the future of cryptocurrencies.

image in coindesk shows that it supports is at $6,100 while resistance is at $8,600.

All eyes are on the G20 as finance ministers and central bankers meet this week, with cryptocurrency regulation being a part of their agenda.

• BTCPHP: 445,965 / 432,265

• USDPHP: 52.102

• BTC market cap: $144B

• Crypto market cap: $331B

---

Bitcoin In Supported News:

1) The Behavior of Bitcoin compared to Nasdaq's explanation about Dotcom Bubble but works on 15 times faster according to Morgan Stanley noted to his clients.

---

The report noted the similarities on the percentage decline of the Nasdaq and Bitcoin as well as the weaker volume on the bear market rallies. Bear markets for the digital currency are not new. Since it was created in 2009, bitcoin has seen four of them, with price drops between 28 percent and 92 percent, Shah said. Bitcoin's value has fallen roughly 70 percent from its peak near $20,000 in December to a low in February below $7,000, according to data from CoinDesk.

2) The FSB’s initial assessment instate for a while that crypto-assets dont' have risks to global financial stability according to Mark Carney of The Financial Stability Board’s (FSB) chair

---

The FSB said that it will access more toward reviewing existing rules and away from designing new ones. The FSB will assess this year whether financial rules could be changed to make it cheaper to invest in infrastructure, seen as a key sector for boosting long-term, sustainable economic growth.The FSB is a global watchdog which coordinates financial regulation for the Group of 20 (G20) Economies.

3) In Frances there's a "taking part in deposits and loans in crypto-assets” that's why France’s central bank proposing to ban insurance companies, banks and trust companies from this

---

The report emphasizes that cryptocurrencies are not legal tender and that it is used as a medium of cyberattacks, money laundering, and terrorism financing. The bank closes its report with an appeal to global regulators to enact "international-level" measures to oversee crypto-assets, arguing that a lack of coordination could undermine the efficacy of any national-level actions.

4) Pricewaterhouse Coopers (PwC) was partnered to Northern Trust whish is major US custody bank in introducing new tools to give private equity fund auditors fast access to data stored on its private blockchain

---

Rather than waiting for periodic reports about actions taken by a fund manager, auditors will get the information almost immediately. PwC recognizes the obstacles to the technology’s adoption. These include concerns about compliance within companies and organizations, as well as concerns about risk management and corporate controls. While blockchain is often considered tamper-proof, its adoption presents issues similar to that of deploying any information technology.

5) Sky News reports that Twitter is on the verge to ban ICO ads and almost all cryptocurrency exchanges ads

---

The microblogging platform is following in the footsteps of Google and Facebook, who have also restricted the ads due to concerns about illicit activities. Using this kind of Tactics can't help the popularity of cryptocurrency destroy according to the Russian Government.

---

Notes and Disclaimer:

---

• 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.

---