Crypto Industry News:
A few days before the hearing on this matter scheduled for April 19, a bill regulating stablecoins in the United States was published in the repository of documents of the House of Representatives. The draft stipulates that the Federal Reserve will be responsible for stablecoin issuers that are not banks, such as cryptocurrency companies Tether and Circle.
Stablecoins are cryptocurrencies that try to provide investors with price stability by relying on specific assets or using algorithms that adjust supply to demand.
According to the document, depository institutions that wish to issue stablecoins are subject to the supervision of the relevant federal banking authority, while non-banking institutions are subject to supervision by the Federal Reserve. Failure to register can result in up to five years in prison and a million dollar fine. Non-US issuers must apply for registration in order to operate in the country. In addition, issuers must demonstrate technical expertise and established governance principles, as well as the benefits of offering financial inclusion and innovation through stablecoins.
Technical Market Outlook:
The BTC/USD pair has made a new yearly high at the level of $30,909 and after a short period of consolidation, the market started to pull-back from the highs towards the level of $29,826. The intraday technical support is seen at the level of $29,679 and intraday technical resistance is seen at $30,503. When the pull-back is completed, then the up trend should resume as there is still some room to the upside for bulls with next target seen at the level of $32,370.
Weekly Pivot Points:
WR3 - $31,204
WR2 - $30,606
WR1 - $30,290
Weekly Pivot - $30,007
WS1 - $29,682
WS2 - $29,409
WS3 - $28,811
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.