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What needs to happen to see Bitcoin surging again?

Summary:

  • Danny Masters, CoinShares chairman, shows his view what needs to happen to see Bitcoin surging back toward the December’s levels
  • South Korea is likely to relax its strict regulations regarding cryptocurrencies
  • Chilean central bank mulls over digital currency regulations to better monitor risks associated with them

When Bitcoin was touching its highest levels in December last year almost everybody predicted it could quite easily continue this exponential rally. However, things have brutally changed since then, and as a result the most famous cryptocurrency is trading currently roughly $10k lower compared to its peak reached in December. While some people have already called Bitcoin a scam (possibly those who racked up massive losses) there are still some who foretell the virtual currency should get back to its highs, and it is only a matter of time. Danny Masters, being chairman of cryptocurrency trading platform CoinSahres, is in the latter group as he reckons Bitcoin will rally this year and reach its previous highs. Nevertheless, given price sluggishness we have seen so far this year some could scratch their head what needs to happen to materialize a Master’s rosy vision. Master offers also his reasoning what has to transpire, here are major points:

  • a cryptocurrency structure needs to continue to build
  • the custody solutions need to further be provided
  • more mature work around ICOs to give investors more clarity, better expectations and more transparency

link do file download linkAlthough the above-mentioned remarks are undoubtedly supportive of Bitcoin we have yet to see any moves. In fact, the chart above does not seem to be positive at all as we got a crossing of two moving averages yesterday suggesting more downside could be around the corner. Source: xStation5

South Korea is likely to relax its strict regulations regarding cryptocurrencies

Cryptocurrency headlines coming from South Korean pop up from time to time, and this time they appear to be upbeat for crypto traders. Namely, there is guesswork the country’s watchdog will relax its approach to regulating cryptocurrencies and start classifying them as ’financial assets’. Let us remind that South Korea classified virtual currencies as ’non-financial assets’ until then mostly due to their speculative nature. Notice that during the last G20 summit the Korean financial watchdog acknowledged "It’s almost certain that cryptocurrencies will be classified as assets and the main issue will be centred on how to regulate them properly under the unified frame that will be agreed upon between G-20 nations. Given the current stance in Korea, this isn’t good, but we will step up efforts to improve things".

link do file download linkLitecoin keeps moving within its consolidation between $145 and $130, and it looks as it of the price could head lower over the next several hours. Source: xStation5

Chilean central bank mulls over digital currency regulations to better monitor risks associated with them

Digital currencies in Chile are currently considered neither as money nor securities. The country has also no laws that would prevent citizens from exchanging crypto for goods and services Albeit, it could change as the country’s central bank is reportedly mulling over regulations in order to monitor risks. The Chilean central bank governor said recently "These activities (regulations) could be developed under more robust standards and mechanisms, especially in terms of market transparency, consumer protection, and prevention of money laundering and terrorist financing".

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