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  • EU Finance Ministers do not find digital assets to be a threat to the financial system.
  • Japan’s FSA is going to increase employers to help with the rising interest in the crypto industry.

The EU Finance Ministers met in Vienna over the weekend. The meeting revealed their intentions to keep cryptocurrency regulations at bay up to the time a complete analysis conducted by financial authorities in Europe comes out. They also said that at the moment they do find the virtual currencies to a threat to the traditional financial system.

The U.S. Securities and Exchange Commission (SEC) is expected to approve or disapprove a Bitcoin exchange-traded fund (ETF) at the end of September. Last week we saw the authority increase its grip on the market by suspending both Bitcoin and Ethereum products until September 20 citing lack of concise information for the investor.

Japan, on the hand, has recently updated cryptocurrency regulation in the country. At the moment, 3 cryptocurrency exchanges are going through review. Moreover, the Financial Service Agency (FSA) communicated that it intends to hire more people in the coming year in order to be better positioned to handle the growing interest in the industry. The self-regulatory body in the country also submitted its plan for regulations to the FSA.

Bitcoin price technical picture

Bitcoin price is currently déjà vu following the drop from trading above $6,500. In the earlier published analysis, we discussed the importance of Bitcoin buyers defending the now broken support areas at $6,440 and $6,400. However, the buyers have lost grip of the price and the trend is strongly bearish. The next support target tat $6,360 has done little to help. Likewise, BTC/USD is battling to stop the declines toward the stronger support $6,200. However, there is a short-term support at $6,240. The stochastic and the MACD are both confirming the bear trend and is likely to continue in the near-term.

BTC/USD 15′ chart

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