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Thread: Bitcoin currency discussion

  1. #61
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    Bitcoin analysis for 07 December, 2017.

    Indonesian Central Bank revealed that it is considering introducing new regulations that would prohibit Bitcoin transactions from 2018. Chief of Transformation Onny Vidjanarkko said yesterday that the bank wants to introduce a ban because of concerns about the potential use of Bitcoin in financing terrorism, money laundering and trade drugs.

    The Central Bank, which has the power to decide on monetary policy, is currently conducting research to determine whether Bitcoin will be regulated in accordance with the applicable provisions on electronic money or in separate frameworks for cryptocurrencies. According to the Jakarta Post report, Vidjanarko stated: "Currently, there is no single regulation applicable to all those who carry out transactions using Bitcoin." The official also appealed to companies accepting Bitcoin payments to stop this practice. He justified this by saying that the Bank of Indonesia will not be liable for losses incurred as a result of such transactions.

    If Indonesia actually banned Bitcoin as a payment method, it would join other countries that oppose cryptocurrencies, such as China. Russia's Minister of Finance also has a similar position to Indonesia, which in September declared that it expects a law on cryptocurrencies, in which a ban on payments with the use of Bitcoin will be introduced.

    Let's now take a look at the Bitcoin technical picture. Weekly, daily and H4 charts have been changed due to update in a main Elliot Wave scenario. The current Elliott Wave development is very bullish as the market participants are in wave 3 progression towards the first target around the level of $25k. On the lower time frame charts, the local support is at the levels of $14,071 and $13,031.All of the weekly pivot resistances has been surpassed already and the price continues a parabolic move upwards.


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  3. #62
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    Bitcoin analysis for 08 December, 2017.

    The British State Treasury is planning to introduce regulations on Bitcoin and other cryptocurrencies. The agency is increasingly concerned about the possibility of using digital currencies in illegal activities, such as money laundering and tax evasion, due to their increasing popularity.

    According to the planned legislation, which is to cover the entire European Union, cryptocurrency traders will be forced to disclose their identity and report any suspicious activities. Such a move by the UK government may cause confusion among industry players, as most of the stock exchanges in the country are already in line with existing customer-awareness regulations (KML) and money laundering laws (AML).

    The proposed regulation can be implemented by the British Government immediately due to the rapidly growing digital currency market in the country. The constant increase in their prices on the market, in particular Bitcoin, which attracted many people, may encourage further investment. The constant lack of applicable regulations regulating the trade and use of cryptocurrencies may cause the degree of risk to increase.

    According to the spokesman of the British Ministry of the Treasury, a new regulation on cryptocurrencies may be implemented by the end of 2018. However, the date of introduction of the regulation may be changed, and the details of the proposed regulations are not yet specified. It is also expected that in the near future more regulations related to digital currencies will be introduced in various EU countries.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price has made a new all-time high at the level of $16,628 and now the internal corrective cycle is in progress. The local support at the level of $14,066 holds the line very well so far. From the Elliott Wave Theory point of view, there is still one more wave to the upside missing - wave (v). No indication of an uptrend change so far.


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    Bitcoin analysis for 12 December, 2017.

    There are many stories about lost and long-lost Bitcoins that are worth a fortune today. The Bulgarian government may just be holding bitcoins seized a few months earlier, worth as much as about 18% of the country's debt. It is about Bitcoins confiscated in May this year by a criminal group operating in the Balkans. Criminals dealt with the installation of Trojans on government computer services.The tactics of criminals consisted in recruiting corrupt customs officials in Greece, Serbia, Macedonia, Romania and Bulgaria in order to infect customs information systems. After installing the virus, criminals were able to manage cargo and cleans information. In total, 23 people were detained, 5 of them were Bulgarian customs officers. The police intercepted communication devices, computers, tablets and bank documents. On one of the computers, there were ... 213,519 Bitcoins. Today, when the exchange rate is around $ 15,000, the value of requisitioned Bitcoins is well over $3 billion. The whole situation resembles that of Silk Road, where the services have seized 144,000BTC. Bitcoins have been sold on several auctions.

    Whether the Bulgarian government will decide to sell Bitcoins is not known. At the moment, there are no plans for a seized cryptocurrency yet. Any possible sale will not be easy even for legal reasons.

    Let's now take a look at the Bitcoin technical picture at the H4 time frame. A new all-time high has been made at the level of $17,216 but there is still a potential for another high in wave (3) as the current internal wave progression looks incomplete. The nearest support is seen at the level of $15,950. The trend is still up and there are no signs of a trend reversal.


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