Crypto Industry News:
At least three early Facebook supporters in connection with the planned launch of stablecoin Libra is considering withdrawing from the project due to strong regulatory pressure.
Financial Media states that the two founding partners of the Facebook Libra Association talked about what their right steps should be. Another – again unnamed – supporter is allegedly concerned that their public support for Libra will result in unwanted regulatory control of their own independent companies.
The Libra Association is a newly created, independent management consortium for Libra. It has 28 founding members – including Visa, Mastercard, PayPal, and Uber and Spotify – each of whom was required to invest $ 10 million in the project.
“I think that partners who want to be seen as compatible [with their own regulatory bodies] will find it difficult to support Libra,” one partner noted in an interview with the media.
The tension supposedly increases on both sides. One partner admitted that Facebook itself was tired of being the only one to turn his neck. Both Facebook and the Libra Association reportedly declined to comment.
The antitrust authorities of the European Commission are the last to join the regulatory rounds of Libra since the project was presented in June. Objections from regulators, governments and central bankers around the world have reached such a high level that at the end of July Facebook was asked to warn its investors that stablecoin may never be released.
Technical Market Overview:
The BTC/USD pair has bounced from the level of $9,704 but is still trading inside the descending channel, despite the recent rally towards the upper channel boundary located at the level of $10,371. The high of this rally was made at the level of $10,599, just above the 38% of the Fibonacci retracement, but no follow-through has occurred yet as the price got back to the channel again.
Weekly Pivot Points:
WR3 – $11,710
WR2 – $11,306
WR1 – $10,534
Weekly Pivot Pont – $10,091
WS1 – $9,320
WS2 – $8,854
WS3 – $8,140
The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The larger degree WXY correction might have been completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,049 invalidates the bullish impulsive scenario.
The material has been provided by InstaForex Company – www.instaforex.com