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The Bitcoin rate rose above $ 30,000 following the results of yesterday’s trading, which was the tenth day of the sideways movement of the market after the longest fall of the cryptocurrency. BTC quotes have been declining for 6 weeks in a row, the last time such a protracted sale was observed in 2014.
Yesterday’s growth of Bitcoin marked a double bottom on the chart – a technical reversal signal that could be the beginning of a new uptrend.
The Bulls picked a good time to rebound from a fundamental point of view. Today ends the two-day summit of the G7 countries, most of the last day of which is devoted to the regulation of stablecoins.
Recent events related to the de-binding of the stable UST token to the dollar have played a key role in the fall of the cryptocurrency market, increasing the impact of general negative trends in the economy. The G7’s decisions will aim to strengthen investor protection in this sector of the crypto economy.
Probably, they will touch upon the transparency and guarantee of coverage of the emission associated with national currencies of tokens, as is already happening with the issue of USDT. According to the decision of the US court, Tether is undergoing audits of the security of the largest stable coin in the cryptocurrency market.
After the collapse of the UST, investors paid special attention to the composition of the USDT security fund. The presence of commercial bonds in it and a low percentage of real fiat led to panic sales of the stablecoin, which lost $ 9 billion in a week in mid-May, which was also one of the reasons for the decline of BTC.
Yesterday’s report of the auditor Tether calmed down the crypto market. By the second quarter, the company reduced its commercial debt obligations to $ 20 billion The trend of strengthening the reliability of assets continued in the third quarter. A future report will show that the share of “doubtful” collateral will fall to 20% of the issue.
Another new legislative initiative can completely cancel the crypto winter scenario. The White House plans to pass through the US Congress a law on segregated accounts for cryptocurrency exchanges. Money and cryptocurrency of customers will be separately placed under the management of third-party banks and custodial services.
The US authorities will protect investors’ funds from creditors’ claims. A side effect of this initiative is that for the first time, customers of the exchanges will receive a guarantee of the safety of the deposit. Now no one knows and does not control how exactly the exchange disposes of the cryptocurrency and fiat received from the client.
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