Crypto Industry News:
The Swiss Financial Market Authority (FINMA) has adopted a law on anti-money laundering. Citing additional risk, the threshold for unidentified cryptocurrency exchanges has been lowered from 5,000 to 1,000 Swiss francs.
The provision appeared after the Act on financial services and the Act on financial institutions, which entered into force on January 1. FINMA has submitted a revised regulation in response to these laws and will continue to consult on further regulations until April 9.
One of the key changes is the normalization of Swiss national laws through the Anti-Money Laundering Special Group or FATF directives since June 2019. The international body has set a maximum transaction limit of 1,000 francs for unidentified cryptocurrency exchanges.
All financial service providers involved in cryptocurrencies will have to collect data on all persons initiating transactions in excess of 1,000 Swiss francs.
This initiative is part of a global trend seeking to tighten anti-money laundering regulations. By implementing the directive, according to a press release, FINMA recognizes the increased risk of money laundering in cryptocurrency transactions.
The European Union has also implemented the Fifth Anti-Money Laundering Directive (5 AMLD), which entered into force this year. The new regulation applies primarily to certain types of cryptocurrency transactions, in particular those requiring strict reporting of customer information.
Technical Market Overview:
The ETH/USD pair has been trading above the $200 level over the weekend. The recent swing high had been made at the level of $229.61 and since then the price started a corrective cycle to the downside and a Shooting Star candlestick pattern has been made around the top. Currently, the price is trading above the local technical support located at the level of $215.30, but if the bearish pressure intensify, then the price might get back to the channel zone around the level of $200. That would be the first indication of a deeper corrective cycle to come soon.
Weekly Pivot Points:
WR3 – $294.29
WR2 – $261.49
WR1 – $246.98
Weekly Pivot – $213.30
WS1 – $200.82
WS2 – $167.15
WS3 – $155.55
There is a possibility that the wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $196.61 is clearly broken.
The material has been provided by InstaForex Company – www.instaforex.com