- FCA announced plans to define crypto policies during the Business Plan for 2018/2019.
- Bitcoin bears are gaining ground against the bulls; BTC/USD drops 0.24% on the day.
The United Kingdom Financial Conduct Authority (FCA) has announced that it has intentions to define the policies on virtual assets. The regulatory authority intends to carry out this exercise before the end of the year. The announced was made during its business plan for 2018/2019. This comes only six months since the FCA issued a warning to cryptocurrency companies saying that they will need to be regulated.
Businesses related to digital assets are rapidly increasing within the jurisdiction. At the moment the FCA has the authority to regulated crypto derivative including futures contracts. The lawmakers in the country recently asked the government to stop its mild threats and regulate the crypto space and stop the “wild west” tendencies. The authorities in the country are keen to address the areas that the FCA has no regulatory mandate. A statement by the authority reads:
“Cryptocurrencies themselves (i.e. those designed primarily as a means of payment/exchange) are not currently within our regulatory perimeter. However, some models of use or packaging cryptocurrencies bring them within our perimeter, making the landscape complex”¦We will work with the Bank of England and the Treasury as part of a taskforce to develop thinking and publish a Discussion Paper later this year outlining our policy thinking on cryptocurrencies.”
Bitcoin price technical picture
Bitcoin extended consolidation is becoming a bother to many cryptocurrency short-term investors. This the second phase of a stable Bitcoin after the first one misguided the traders last week culminating in colossal declines that tested the major support at $6,000. The spike at the start of this week came to a sudden halt short of $6,700. The bears pushed for equilibrium as Bitcoin (BTC) tanked below $6,400. The good news is that the crypto has stayed above the $6,400 support. However, the upside is currently cut short at $6,450 while the key resistance is at $6,500.
At the time of press, Bitcoin bears are gaining ground against the bulls. There has been a small retracement of 0.24%. BTC/USD has corrected below the short-term support at $6,430. The crypto is trading at $6,428 while the path of least resistance is to the downside. This downtrend is emphasized by the bearish RSI, besides the MACD has slipped into the negative zone.
BTC/USD 15′ chart
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