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Crypto Industry News:
Japanese financial regulator, the Financial Services Agency (FSA), has started discussions about imposing stricter cryptocurrency laws to provide better protection for Japanese investors.
In July, the FSA established a dedicated section as well as a panel of financial experts to help the government oversee digital and decentralized finance. The agency will also be responsible for tracking cryptocurrency changes and central bank digital currency initiatives, reported Jiji Press.
The financial regulator intends to replace and impose new cryptocurrency laws by mid-2022. With the new regulations, the FSA hopes to bring stability to the crypto market while offering no harm to development and innovation to the ecosystem.
The FSA revised a similar law in 2019 that required cryptocurrency exchanges in Japan to implement new user asset protection features. The decision was linked to the hack of Bitpoint, the Japanese crypto exchange that suffered a loss of $ 32 million.
Earlier this month, the FSA announced that it would adopt the Financial Action Task Force's Travel Rule by 2022, which will require all cryptocurrency service providers to share transaction data. The Travel Rule was introduced in 2019 as a preventive measure against cryptocurrency money laundering and terrorist financing.
Technical Market Outlook:
The BTC/USD pair has broken out of the main channel and the new local low was made at the level of $46,502 (at the time of writing the analysis). It might be the beginning of the corrective cycle down to the levels of $46,371, $45,710 or $45,043. The momentum is weak and negative already, so the bears might push the price lower.
Weekly Pivot Points:
WR3 - $57,092
WR2 - $53,247
WR1 - $51,171
Weekly Pivot - $47,506
WS1 - $45,262
WS2 - $41,681
WS3 - $39,415
Trading Outlook:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. The next mid-term target is seen at the level of $50,000. This scenario is valid as long as the level of $30,000 is clearly broken on the daily time frame chart (daily candle close below $30k).
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