President Vladimir Putin backs the cryptocurrencies
About cryptocurrencies and their usages, we have many whispers around. In the past weeks, and while we have had many talks about the possible sanctions against Russia, especially Putin himself and those around him, President Vladimir Putin backs the government’s efforts in regulating cryptocurrencies, despite criticism from the Central Bank of Russia. At the same time the finance minister of Russia, Anton Siluanov also supported the idea of letting the banks sell crypto. On the other hand, checking the hash rates shows new records high and full recovery since the China ban. And now, some experts believe that a bullish breakout in Bitcoin with pro-crypto regulations and taxation policy in India and Russia can happen.
However, there is also a big question about the future of some of these cryptocurrencies with possible regulations. While Pro-Bitcoin regulation could fuel demand for it, at the same time, many organizations, or individuals that are using it for Money laundering or a smart and low-cost way to bypassing sanctions, can stop using it and look after any other possible ways.
On the other hand, while India brought Bitcoin and cryptocurrencies into the fold of taxation, at the same time officials emphasized that Bitcoin never going to be a legal tender. However, crypto fans are looked at as an important step closer to regulating digital assets.
From the technical point of view, the asset still trading under the main MA lines and has key resistance at 40,000 USD. And while MACD histograms are forming strongly under 0-line, still we do not have a trusted signal for any return in the overall slow downtrend. The low market volume also shows that none of the sellers and buyers are happy and waiting for a better market condition, which increases the risk as well. Any further movement needs a stronger confirmation. Holding the position, for now, seems like the best decision.
