28.06.202116:44 Forex Analysis & Reviews: FCA's Binance ban in the UK did not scare investors

Another blow to the cryptocurrency market was dealt by the UK Financial Conduct Authority, which imposed a complete ban on Binance Markets Ltd. in the UK. By the evening of June 30th, Binance must confirm that it has removed all promotional material from its sites and mobile apps hosted and used in the UK. The exchange must also make it clear on its website, social media channels, and all other communities that it is prohibited from operating in the UK. All transactions on Binance Markets are prohibited until a written order from the supervisory authority.

This step can be put on a par with the measures taken by the Chinese government due to fears of the spread of criminal schemes aimed at money laundering and fraud. Most recently, Binance withdrew an application concerning the 5MLD, an anti-money laundering directive, after it faced serious opposition from the FCA. The department stated that although the blockchain itself is decentralized and opens up limitless opportunities, many technologies created on its basis are not such.

But despite this news, we did not see any serious pressure on the exchange rate of the world's first cryptocurrency. Another attempt to break beyond the level of 31,000 was unsuccessful. The reason for this may be the fact that crypto markets often interpret strict regulatory measures by the government and regulators as a sign of the maturing of the market. This is enough for those who believe in the power of cryptocurrencies and its great future.

As for the technical picture of Bitcoin, the next test of the $30,100 level was very difficult and stressful for cryptocurrency buyers. However, the bulls managed to keep this level under control and quickly returned the trading instrument higher. Now Bitcoin is aimed at the resistance of $36,300, and trading above which is simply vital for it. Only in this case, the bulls will exhale a little, and the tension in the market will subside. If it does not work out in the near future, then the next return and support test of $30,100 will be a sad finale for those who gained positions in the $30,100 – $41,100 corridor. A break of $30,100 will quickly push BTC lower – to the lows of $25,800 and $21,700, which will lead to the departure from the market of another number of large investors who still somehow believe in the growth of cryptocurrencies. A return to the level of $21,700 will actually cover all the rapid growth of the trading instrument, which we observed in the first half of the year.

India, on the other hand, is increasingly looking towards cryptocurrencies. A recent report by Chainalysis says that in India, where more than 25,000 tons of gold is stored in the safes of the local population, investments in cryptocurrency continue to arouse quite wide interest. According to the latest data, investments in crypto assets have grown from the level of $200 million to almost $40 billion over the year. And this is provided that the Central Bank does not hide its hostile attitude to cryptocurrencies and actively promotes a policy of their complete ban.

According to the co-founder of India's first cryptocurrency exchange, the growth of interest in this direction in India mainly comes from the age group of 18-35. Recent data show that Indian adults under the age of 34 have a more modest interest in investing in gold than older consumers. Apparently, the ease of access to investing in cryptocurrencies, compared to buying physical gold, attracts new young Indian investors more.