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Crypto Industry News:
The guidelines issued by the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements and the International Organization of Securities Commissions (IOSCO) propose the application of the Principles for Financial Market Infrastructures, PFMI) for payment, clearing and settlement systems, also for the stablecoin market.
The document defines a stablecoin-based system as "an agreement that combines a number of functions to provide an instrument to be used as a means of payment and / or a store of value".
The PFMI was created in response to the 2008 financial crisis and published in 2012. All standards apply to supervisors under the new guidelines, although the authors chose to expand on only four of the 24 principles and key issues: governance, risk management, settlement finality and cash settlements. They noted that an additional report on the topic will be issued.
Other institutions are also working on regulating stablecoins. The Financial Stability Board is expected to propose an international stablecoin regulation in October. In the US, the Stablecoin TRUST Act was introduced to regulate stablecoins and integrate them into the financial system.
Technical Market Outlook:
The BTC/USD pair has fallen out of the ascending channel and made a new local low at the level of $18,905. In a case of a deeper pull-back, the technical levels are located at $18,640 and $17,600. In the meantime, the bulls has managed to retrace 38% of the last wave down and hit the level of $20,284, but this bounce looks very weak. The level of $20,817 will now act as a technical resistance for bulls. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels.
Weekly Pivot Points:
WR3 - $27,913
WR2 - $24,489
WR1 - $23,135
Weekly Pivot - $21,065
WS1 - $19,711
WS2 - $17,641
WS3 - $14,217
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
