Crypto Industry News:
The Financial Stability Board (FSB), a global financial regulator covering all G20 countries, is gearing up to propose international cryptocurrency and stablecoin regulations in October.
The FSB today released a statement on international regulation and oversight of the activities of crypto assets, announcing a major effort to regulate cryptocurrencies.
The regulator plans to report to the G20 finance minister and central bank governors in October 2022 on regulatory and supervisory approaches to stablecoins and other crypto assets. By then, the FSB plans to have a public consultation report on the review of the recommendations in place, including "how to extend the existing framework to fill gaps and implement high-level recommendations".
The G20 regulator also plans to submit another public consultation report, which will propose recommendations to promote global consistency of regulatory and supervisory approaches to other crypto assets.
According to the statement, the FSB's growing interest in cryptocurrency regulation was driven by the recent downturn in the markets. The turmoil in the market drew attention to the issue of "the growing linkage of cryptocurrencies with the traditional financial system."
In February this year, the FSB indicated many threats related to the cryptocurrency industry. The authority was particularly concerned about the potential collapse of some stablecoins, the issue of data gaps in the crypto industry, and the potentially threatening effects of the rapid growth of decentralized finance.
Technical Market Outlook:
The BTC/USD pair has been seen testing the lower channel line around the level of $19,500. In a case of a bounce from the ascending channel lower line support, the next target is the technical resistance located at $20,847 and $21,864. In a case of a deeper pull-back, the technical support levels are located at $19,328, $18,750 and $18,630. 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.