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  • Bitcoin now legally classed as property by a Chinese court, permitting use of Bitcoin without any conflict.
  • BTC/USD trading in the lower part of the 8 week range, additional downside pressure could see a retest of $6000 to the downside.

 

New wires continue to pick on the local reports details that the Shenzhen Court of International Arbitration, has now legally deemed Bitcoin (BTC) as property. It permits individuals and businesses to hold and transfer Bitcoin, without there being any conflict, with regards to extant financial regulations. As reported by local news outlet, CN Ledger.

“Chinese court confirms Bitcoin is protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law does not forbid owning & transferring bitcoin, which should be protected by law because of its property nature and economic value.”

BTC/USD has been driven to the lower part of the 8-week range. The price has been swinging between a high of $6800 on average, down to $6200, over the mentioned period. A failure to buyers come in within the current demand area, could see another test of $6000 to the downside.

BTC/USD daily chart