CBX Weekly Newsletter // 29 January 2019 – CBX.one
The RSI has also rolled over from the overbought (above-70) region, signaling scope for correction.
A correction can send the prices around $8.5k or below. If that level holds, bulls can rest and try another attempt higher could be initiated targeting resistance at $9,000. The odds of a pullback to $8,750 would decrease if the cryptocurrency finds acceptance above $9,180, in that case, we can target 9.5K and 10K psychological handle.
Bitcoin’s Halving Captures Growing Interest shown in Google Searchers
Bitcoin traders are split on whether Bitcoin’s “halving” will jolt prices towards $20,000 or higher.
What’s clear is interest in the topic is surging on Google, according to a report from the Norwegian cryptocurrency analysis firm Arcane Research. The search engine’s Google Trends feature shows queries on the term “bitcoin halving” have doubled this month from December levels to the highest since the last such event in 2016.
Google Trends doesn’t disclose the actual number of searches on “bitcoin halving” but does publish data showing the search term registered a reading of 35 during the week ended Jan. 19, up from an average 15 during the month of December. The scale is normalized so that a reading of 100 represents the peak of a particular search term’s popularity.
Within the crypto industry, the halving is highly anticipated, the event will take place on or around May 12.
Singapore Announces New AML Rules for Crypto Businesses
The Monetary Authority of Singapore (MAS) is updating its regulatory framework for digital payments.
Singapore’s Payment Services Act 2019 (PSA) introduces Digital Payment Token (DPT) services — effectively covering all crypto businesses and exchanges based in Singapore — under current anti-money laundering (AML) and counter-terrorist-financing (CTF) rules.
This means that crypto businesses in Singapore first need to register and then apply for a license to operate in the jurisdiction.
Similar to the Fifth European Anti-Money Laundering Directive (AMLD5), which went into effect Jan. 10, Singapore’s new rules are long-awaited.
‘FATF-ready’ — When it comes to introducing new crypto regulations, countries around the world are dancing to the beat of the latest Financial Action Task Force (FATF) recommendations, first made in October 2018 and then updated in June 2019.
This means preparing for a future when payment data relating to the originator and beneficiary of a crypto transaction travels with the payment, guidance known as FATF’s “travel rule.”
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Published at Wed, 29 Jan 2020 11:34:48 +0000
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