Crypto Industry News:
Will another region of the world have bitcoin ETFs? It is possible, because Hong Kong's financial market regulator is considering allowing the issuance of this type of products.
Securities and Futures Commission (SFC) CEO Julia Leung has now said that Hong Kong is examining the possibility of launching spot cryptocurrency ETFs. The main condition is the preparation of appropriate regulations.
"We welcome any proposals that use innovative technology that increases efficiency and customer satisfaction," Leung told the media.
If the SFC introduces BTC or ETH spot ETFs (or both at the same time) to the market, it may be in line with the US, where its partial counterpart - the US Securities and Exchange Commission (SEC) - is analyzing over 10 applications regarding similar products. Although Hong Kong started the process of regulating the digital assets industry earlier than the USA (everything there is in its proverbial infancy), it may not overtake the Americans in the field of ETFs. Unless the head of the SEC, Gary Gensler, surprises everyone negatively.
In June, Hong Kong implemented a special regulatory framework for digital assets. These regulations are intended to attract companies from the industry to the region. At the same time, they are prioritizing investor protection, which is crucial following the recent HKD 1.6 billion ($204 million) fraud involving the unlicensed cryptocurrency exchange JPEX.
Technical Market Outlook:
The BTC/USD pair has made a new swing high at the level of $36,002 as the bulls are in control of the market. The price is coming off the extremely overbought conditions on the H4 time frame chart. The market has been continuing the pull-back lower and is trading already in the middle of the last consolidation zone and inside the ascending corrective channel. The volatility has decreased significantly. The intraday technical support is seen at $34,446 and the intraday technical resistance is located at $35,417. In a case of a breakout, he next target for bulls is seen at the level of $37,142. The momentum remains strong and positive, so after the pull-back for the last swing high is done, the up trend shall continue.
Weekly Pivot Points:
WR3 - $38,618
WR2 - $36,746
WR1 - $35,766
Weekly Pivot - $34,911
WS1 - $33,913
WS2 - $33,059
WS3 - $31,206
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 $37,142. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.