- “But virtual currencies may – will – become part of the economic practices of any country, anywhere”¦” said Rostin Behnam.
- The price is holding tight on $1,145, while the intraday upside has been capped below $1,175.
Bitcoin Cash price is 3leading the bullish trend in the market on Thursday afternoon (GMT). The price is holding tight on $1,145, while the intraday upside has been capped below $1,175. A breakout is expected above $1,150 following the short-term bullish flag pattern formed since Tuesday this week.
While speaking at the Blockchain For Impact Summit which was held in New York at the United Nations, the Commodities Futures and Trading Commission’s (CFTC) commissioner Rostin Behnam, referred to blockchain as a “modern miracle.” A section of his speech reads and I quote:
“But virtual currencies may – will – become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet. Some places, small economies, may become dependent on virtual assets for survival. And, these currencies will be outside traditional monetary intermediaries, like government, banks, investors, ministries, or international organizations.”
Bitcoin Cash price has another short-term support area at $1,130. The 50 SMA will support the price as well above the 23.6% Fib retracement level. Furthermore, a stronger support is highlighted at $1,000. BCH/USD is testing the immediate resistance at $1,160, but the key resistance $1,200.
BCH/USD 1-hour chart
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