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Singapore’s watchdog warns citizens against ICOs. BTC set to break $3500?

Summary:

  • Singaporean authorities warn citizens to be cognizant of risks of ICOs
  • Ethereum (ETHUSD on xStation5) crosses $300 while Bitcoin could be set to break $3500
  • Total market capitalization strikes new all-time high

Amid surging Bitcoin price, there are getting more warnings from miscellaneous authorities. For instance, the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD) published their joint advisory statement on Thursday where they had urged consumers to exercise due diligence before investing in digital tokens using virtual currencies like Bitcoin. In short, according to the statement, citizens ought to be cognizant of potential risks in investing in initial coin offerings (ICOs) and digital currency-related investment schemes.

link do file download linkETHUSD has tried to break a strong resistance twice but has failed thus far to do so. Source: xStation5

There is no doubt that the August rally on cryptocurrencies such as Bitcoin or Ethereum resumed yesterday. As a result, the latter managed to test $300 for a second time, it failed to break it durably though. Taking a look at the chart above, one could note that a more relevant resistance is placed at $310. If buyers are able to close above it, it could herald an extended rally. On the other hand, another failed try might set the stage for a larger pullback towards $255.

link do file download linkTotal cryptocurrency market capitalization has struck a new all-time high of late. Source: CoinMarketCap

It’s also worth mentioning that the whole cryptocurrency market reached its new all-time high with regard to the capitalization. It means that everything digital currencies were worth almost $125 billion on August 10. A surge was led predominantly by Bitcoin which smashed $3000 at the beginning of this week.

link do file download linkBTCUSD looks as if it would be set to break a resistance located at $3500. If so, $3850 could be the next target. Source: xStation5

Technically, the Bitcoin’s rally hasn’t slowed down its momentum recently. After a negligilble corrective move, the prices has resumed its wild rise. If buyers are able to break above $3500 and stay there till the end of the week, it could give rise to a new extended increase even towards $3850 where a 138.2% retracement is placed.

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