Upcoming G20 Include Cryptocurrency Discussions, Crucial Days Ahead
The G20 meetings which will start in Argentina and last through Tuesday could prove important for cryptocurrencies. Two organized meetings are on the schedule as governments seek ways to curb money laundering, increase tax supervision and create regulations, which they hope will lead to more transparency. Cryptocurrencies have faced headwinds since early March and most digital assets are near crucial price values which are touching, and in some cases are below, levels when the market began to soar in December of 2017. Meaning speculators will need additional buyers to step up and stop the bleeding short term as losses pile up for those who joined the cryptocurrency party in December and watch as their digital assets skid lower.
Bitcoin Stumbles and Struggles, Significant Support in Sight as Week Begins
Bitcoin has struggled this weekend and is near 7600.00 U.S Dollars per coin today. The cryptocurrency is waging a battle against key support as it touches early February levels. If Bitcoin should stumble further, the next key ratios will entail price ratios not seen since November 2017 and extremely significant support near 6000.00 U.S Dollars. The week ahead will prove important and developments from the G20 meetings which start tomorrow in Buenos Aires could be an additional fly in the ointment. For those wondering where resistance resides, the 9300.00 juncture appears strong.
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ICOs Likely to Face Additional Heat from Security Exchange Commission
Initial Coin Offerings continue to face questions from the Security Exchange Commission and other global government agencies, which seek to protect investors from potential fraudulent activities. The SEC is said to be conducting investigations of a large array of ICOs. Subpoenas are expected to be delivered in the coming weeks to companies who are suspected of not paying attention to new mandates saying U.S securities laws need to be respected as the launch and use of tokens by ICOs comes under greater scrutiny.
Yaron Mazor is a senior analyst at SuperTraderTV.
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