2019-2-14 16:47 |
Latest Bitcoin Cash News
In the Philippines, virtual currency exchanges must obtain an operating license from the country’s central bank—the Bangko Sentral ng Pilipinas (BSP). Good news is, the country’s regulator is open to new and innovative technologies.
Read: Will the Opening of Bakkt Affect the Crypto Market as Much as We Anticipate?
Statistics indicate that by Nov 2018, the central bank had issued 40 provisional licenses to different businesses keen on operating virtual currency exchanges in line with Circular No. 944. This guidance was drafted after an initial warning by BSP on entities operating without a license back in 2014.
They have since warmed up to cryptocurrencies and their recent regulatory sandbox and consequent partnership with the Union Bank in launching a two-way cryptocurrency ATM is their show of intent. Although we are yet to know supported coins, the central bank is clear that their involvement is not in any way an endorsement of any cryptocurrency. In a statement, this is what Union Bank had to say:
“In the bank’s continued quest to cater to the evolving needs and tastes of customers, including clients who use virtual currency, the ATM will provide these clients an alternative channel to convert their pesos to virtual currency and vice versa”
Also Read: Kaspersky Lab Says Over 10% of People Have Made Online Purchases using Cryptocurrencies
In other news, CoinBase users can now back up their coin’s private keys in Google Drive or iCloud. The feature, CoinBase says in a Medium post, is a safeguard just in case there is a loss of the device or the owner loses their private keys.
BCH/USD Price AnalysisBack to price action and like the rest, BCH prices are tepid and uneventful. Aside from the conspicuous Feb 8, high volume, wide trade range bull bar, there is nothing much striking as far as BCH/USD price action is concerned.
The relative “calmness” means our previous trade conditions are still valid. Note that BCH prices are still oscillating within Feb 8 high low and the simple fact that this is a double bar bull reversal pattern spring off the 78.6 percent Fibonacci retracement line in a minor bull trend set in motion by upswings of mid-Dec 2018 translates to bulls.
This is regardless of the heavy sell pressure of the last few weeks which encouragingly have failed to breach the psychological $100 level. With hindsight, the more sellers fail to break below $100 and instead accumulate horizontally as they trade inside a tight trade range is bullish in an otherwise bear breakout pattern. Even so, we recommend patience. It is easy to see why.
BCH is ranging and a solid breakout above $135 will catalyze demand and that is what is needed to trigger participation. The immediate first target is $230 or Dec 2018 highs.
All Charts Courtesy of Trading View—CoinBase
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
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