Trading sentiment has improved on the heels of an implied endorsement made regarding Blockchain via the CFTC Chairman during a Congressional hearing on Monday.
Traders Reacting to Endorsement of Blockchain, India Seeks Tax Revenues
Cryptocurrencies have continued to recover from their lows made earlier this week, when a flurry of developing news created poor speculative conditions. Traders have reacted positively to the implied endorsement via the U.S Congressional hearing earlier held on Monday that Blockchain technology will play an important part in international transactions in the coming years. And it has been reported today, that India intends on pursuing tax revenues from traders within its nation who have profited from trading in cryptocurrencies.
Bitcoin Fights Back from Lows, Test of Key Resistance Underway
Bitcoin has been able to fight off lows. It has gained in a rather stable fashion the past few days and is near 8,200.00 U.S Dollars per coin. Key resistance appears to be the 8,800.00 level short term. If Bitcoin is able to climb above this resistance, traders may find additional momentum. Support for the cryptocurrency is around 7,400.00 U.S Dollars. The value of Bitcoin continues to be impacted by the reaction of traders to market news and the sentiment it generates.
Japan’s FSA Expanding Inspection of Cryptocurrency Exchanges
Reports are circulating the Japanese government intends to carry forth a broad inspection of cryptocurrency exchanges working in the nation. The action comes as the Coincheck hack continues to generate news, and Japan’s Financial Services Agency takes a closer look at Coincheck’s operating procedures and accounting.
Manila Cryptocurrency Show Coming Next Week
A cryptocurrency event will be held in the Philippines on February the 12th which will include panel discussions and networking opportunities for participants.
- 12th, Philippines, Crypto Currency Expo in Manila
Yaron Mazor is a senior analyst at SuperTraderTV.
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