Crypto Industry News:
The British Overseas Territory of Gibraltar has introduced a new regulatory package for DLT service providers. The document discusses the obligations of cryptocurrency companies with regard to the risks of market manipulation and insider dealing.
On April 27, the government of Gibraltar published the 10th Regulatory Rule for Regulation of Financial Services in the country. Details are disclosed in the guidelines provided by the Gibraltar Financial Services Commission, the territory's main financial regulator.
The regulations, developed by a dedicated working group that includes both government officials and industry experts, provide operational guidelines for preventing market abuse. DLT providers are expected to monitor the movement of significant amounts of virtual assets and publish information that may be designed to generate false or misleading market signals, and investigate whether algorithmic systems are used to generate deceptive transaction volume data.
The regulations also require crypto firms to find and prevent any insider dealing and inform the public of any relevant information "as soon as possible." The proposed trading standards also include measures to reduce the ability of liquidity providers and market makers to significantly move asset prices.
Albert Isola, Gibraltar's minister of digital and financial services, expressed confidence that the measures introduced will help the jurisdiction maintain an already strong relationship with the cryptocurrency sector.
Technical Market Outlook:
The ETH/USD pair has made a new swing low at the level of $2,768 and is currently trying to bounce higher. In order to make a full V-shape reversal, the bulls must break above the last high seen at the level of $3,178. The nearest technical resistance is seen at $2,881 and the immediate technical support is located at $2,881 and $2,919. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen at the level of $2,503.
Weekly Pivot Points:
WR3 - $3,378
WR2 - $3,278
WR1 - $3,078
Weekly Pivot - $2,916
WS1 - $2,787
WS2 - $2,680
WS3 - $2,474
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 Ethereum for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the level of $2,646.