Russia is taking further steps to ease the sanctions. According to local media reports, the country’s central bank plans to create new institutions that will mine cryptocurrencies and settle international payments.
At a meeting in the State Duma, the head of the central bank, Elvira Nabiullina, announced important changes. As part of the pilot program, the Bank of Russia will allow the use of cryptocurrencies in cross-border settlements. However, this move does not mean a complete change in relation to digital assets. The president of the central bank admitted that she and her colleagues are of the opinion that “in the country, cryptocurrencies (…) should not be used.” She emphasized that it was only about “external settlements”, and officials still treated it as an “experiment”.
“The [new] law is also being prepared in the form of an experimental legal regime,” Nabiullina said.
The plan of the Bank of Russia includes the creation of “special authorized organizations” for cryptocurrency mining and international settlements. This includes transactions involving cryptocurrencies and other digital assets. Alexey Guznov, deputy governor of the Bank of Russia, told reporters that the institution was negotiating with the government how such new companies should operate.
Technical Market Outlook:
The ETH/USD pair is back under the $2,000 level as the consolidation had been terminated and the local technical support seen at the level of $2,043 and $1,942 was broken. The momentum is weak and negative on the H4 time frame chart, but the market conditions are extremely oversold already, so the bounce towards the level of $2,007 is possible. The next target for bears is seen at the level of $1,856 and $1,827.
Weekly Pivot Points:
WR3 – $2,208
WR2 – $2,153
WR1 – $2,124
Weekly Pivot – $2,098
WS1 – $2,069
WS2 – $2,043
WS3 – $1,988
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
Russia is taking further steps to ease the sanctions. According to local media reports, the country’s central bank plans to create new institutions that will mine cryptocurrencies and settle international payments.
At a meeting in the State Duma, the head of the central bank, Elvira Nabiullina, announced important changes. As part of the pilot program, the Bank of Russia will allow the use of cryptocurrencies in cross-border settlements. However, this move does not mean a complete change in relation to digital assets. The president of the central bank admitted that she and her colleagues are of the opinion that “in the country, cryptocurrencies (…) should not be used.” She emphasized that it was only about “external settlements”, and officials still treated it as an “experiment”.
“The [new] law is also being prepared in the form of an experimental legal regime,” Nabiullina said.
The plan of the Bank of Russia includes the creation of “special authorized organizations” for cryptocurrency mining and international settlements. This includes transactions involving cryptocurrencies and other digital assets. Alexey Guznov, deputy governor of the Bank of Russia, told reporters that the institution was negotiating with the government how such new companies should operate.
Technical Market Outlook:
The ETH/USD pair is back under the $2,000 level as the consolidation had been terminated and the local technical support seen at the level of $2,043 and $1,942 was broken. The momentum is weak and negative on the H4 time frame chart, but the market conditions are extremely oversold already, so the bounce towards the level of $2,007 is possible. The next target for bears is seen at the level of $1,856 and $1,827.
Weekly Pivot Points:
WR3 – $2,208
WR2 – $2,153
WR1 – $2,124
Weekly Pivot – $2,098
WS1 – $2,069
WS2 – $2,043
WS3 – $1,988
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
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