Recent events around the cryptocurrency industry in the US, as well as previous government moves, create an unfavorable climate for continuing operations in this country. Although the government declares that these are only actions aimed at putting the market in order, at times it looks like a conscious and successive destruction of the entire industry. That is why some are starting to ask the question more and more boldly, who can benefit from it and eventually become the new world capital of cryptocurrencies?
Some time ago, two significant Asian centers were selected as the new capital of cryptocurrencies. One of them is Singapore, which has been very supportive of cryptocurrencies from the very beginning. A big advantage of Singapore is the fact that there is a capital gains tax. Thus, it is not important whether someone sells or trades cryptocurrencies. It is also worth noting that the Monetary Authority of Singapore (MAS) classifies cryptocurrencies as intangible property. Therefore, cryptocurrencies can be used to pay for goods and services, which is officially recognized as barter trade. Interestingly, Binance and Coinbaise already have offices in Singapore. Hong Kong is also mentioned among the countries that may benefit from the crypto exodus from the US. Mainland China has banned cryptocurrencies so as not to clash with the digital Yuan. However, on June 1, Hong Kong was given the green light to retail digital currencies. Hong Kong also has quite an attractive tax system. Capital gains tax does not apply to individual users. Businesses, on the other hand, are subject to a progressive tax system of up to 17%. In addition, the entire industry there operates under the Securities and Futures Regulation, which makes the market more transparent and orderly.
Technical Market Outlook:
The BTC/USD pair has bounced from the swing low made at the level of $24,833 and is about to test the key short-term technical resistance level at $27,380 – $27,452. In a case of a breakout higher, the next target for bulls is seen at the level of $28,448. The intraday technical support is seen at the level of $26,261 (100 MA) and $26,199 (50 MA). The strong and positive momentum on the H4 time frame chart supports the bullish outlook for BTC, however, the current market conditions on the H4 time frame chart are extremely overbought, so a pull-back can occur any time.
Weekly Pivot Points:
WR3 – $26,778
WR2 – $26,563
WR1 – $26,480
Weekly Pivot – $26,348
WS1 – $26,256
WS2 – $26,123
WS3 – $25,978
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. 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.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
Recent events around the cryptocurrency industry in the US, as well as previous government moves, create an unfavorable climate for continuing operations in this country. Although the government declares that these are only actions aimed at putting the market in order, at times it looks like a conscious and successive destruction of the entire industry. That is why some are starting to ask the question more and more boldly, who can benefit from it and eventually become the new world capital of cryptocurrencies?
Some time ago, two significant Asian centers were selected as the new capital of cryptocurrencies. One of them is Singapore, which has been very supportive of cryptocurrencies from the very beginning. A big advantage of Singapore is the fact that there is a capital gains tax. Thus, it is not important whether someone sells or trades cryptocurrencies. It is also worth noting that the Monetary Authority of Singapore (MAS) classifies cryptocurrencies as intangible property. Therefore, cryptocurrencies can be used to pay for goods and services, which is officially recognized as barter trade. Interestingly, Binance and Coinbaise already have offices in Singapore. Hong Kong is also mentioned among the countries that may benefit from the crypto exodus from the US. Mainland China has banned cryptocurrencies so as not to clash with the digital Yuan. However, on June 1, Hong Kong was given the green light to retail digital currencies. Hong Kong also has quite an attractive tax system. Capital gains tax does not apply to individual users. Businesses, on the other hand, are subject to a progressive tax system of up to 17%. In addition, the entire industry there operates under the Securities and Futures Regulation, which makes the market more transparent and orderly.
Technical Market Outlook:
The BTC/USD pair has bounced from the swing low made at the level of $24,833 and is about to test the key short-term technical resistance level at $27,380 – $27,452. In a case of a breakout higher, the next target for bulls is seen at the level of $28,448. The intraday technical support is seen at the level of $26,261 (100 MA) and $26,199 (50 MA). The strong and positive momentum on the H4 time frame chart supports the bullish outlook for BTC, however, the current market conditions on the H4 time frame chart are extremely overbought, so a pull-back can occur any time.
Weekly Pivot Points:
WR3 – $26,778
WR2 – $26,563
WR1 – $26,480
Weekly Pivot – $26,348
WS1 – $26,256
WS2 – $26,123
WS3 – $25,978
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. 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.
The material has been provided by InstaForex Company – www.instaforex.com
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