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Upbeat remarks from European authority on cryptocurrencies


  • The chairman of the European Banking Authority says cryptocurrencies should not be unduly regulated
  • Thomson Reuters launches a Bitcoin sentiment data feed
  • Garlinghouse, CEO of Ripple, suggests digital currencies solve real-world banking and remittance problems

Major cryptocurrencies have not witnessed any greater volatility recently, hence most of them have remained within a consolidation mode. While prices have not changed too much we were offered several interesting stories concerning digital currencies which on the face of it seem to be positive. Let us begin curious remarks coming from the chairman of the European Banking Authority Andrea Enria. He spoke against excessive regulations of virtual currencies as too strict law might constrain or even kill financial innovation. Although Enria accorded with some central banks that cryptocurrencies lack the institutional backup and cannot fulfil the functions of money - unit of account, means of exchange and reserve of value, he is not sufficiently convinced that they (virtual currencies) ought to be regulated similarly to the traditional financial system. In a nutshell, he seems to say "let the chips fall where they may" which should be of course taken with a grain of salt, however, it may be viewed positively by cryptocurrency traders anyway.

link do file download linkDash appears to have slipped into an ascending channel and therefore one may assume bulls may try to bounce back from the current levels eyeing $573 being supported by an upper boundary of the channel. Source: xStation5

According to an official statement released yesterday by Thomson Reuters the company is going to launch its own Bitcoin sentiment data feed in cooperation with MarketPsych Data. The statement revealed by Thomson Reuters says "News and social media are driving the investment and risk management process more than ever with the continuing rise of passive and quant-driven trading. As the financial marketplace rises in complexity, so too does the need to provide our clients with not only the relevant data, but the tools to help them manage and analyse that data". When it’s ultimately launched it could be a noteworthy indicator to watch so as to asses changing attitude of traders to the most famous virtual currency.

link do file download linkThe amount of daily transactions in Bitcoin (a 14-day moving average) may have already bottomed out which saw the price rebounding from around $8,000. Source:

Speaking to Bloomberg Asia Brad Garlinghouse, CEO of Ripple, insisted that digital currencies are solving real-world banking and remittance problems and therefore the future generation of so-called virtual assets would continue to improve the ability to make payments especially cross-border ones. He gave an example that "if you are going to send $10,000 to California from Singapore, the fastest way to do it is to drive to the airport and fly it there". He summed it up "that’s crazy to think about it in the age of the internet" adding "we’re changing the nature of a payment taking days to settle to California to seconds".

link do file download linkA possible triple bottom formation could bode well for Ripple buyers. If the price manages to stay above the green zone, a rebound toward $0.86 or so may be taken into consideration. Source: xStation5


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