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                                                     Cryptocurrency News 6th Feb

On February 6, the Senate Banking Committee will be held and broadcasted live online 
SEC’s chief Jay Clayton and CFTC’s chief J.Christopher Giancarlo will testify in the hearing 
After India, South Korea,and China, it’s US’s time to be clear about cryptos
                             

                                        Agenda:“Virtual Currencies: The Oversight Role of SEC and CFTC
On coming Tuesday i.e February 6, 2018, the Senate Committee on Banking, Housing, and Urban Affairs are going to have a meeting to discuss the regulations over cryptocurrencies. The heads of the Commodity Futures Trading Commission (CFTC) and U.S. Securities and Exchange Commission (SEC) will testify on the cryptocurrencies during this hearing. 

Earlier this month, it has been reported that the CFTC chief J. Christopher Giancarlo and the SEC chief Jay Clayton will appear as witnesses. They are basically going to talk about the oversight roles by both of these Commissions on cryptocurrencies.

The hearing is entitled “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission.” This step came at a time when both the agencies are having heightened activity around cryptocurrencies. 

There has been a number of lawsuits filed by SEC against allegedly fraudulent ICOs. CFTC is also scrutinizing the activities of Bitfinex and Tether among other cryptocurrency exchanges. 

The US Senate Committee will be meeting both SEC and CFTC to discuss the regulations. This will give a regulatory opening to the larger financial institutions to invest in the cryptos. Or it will simply curb them. Whatever may be the effect but these regulations are surely going to come
                              Feb 6th: More Regulations or Green Light for Cryptocurrency Investors in USA?
Some believe these regulations to be positive as control could help in decreasing the volatility while others think these regulations will block the innovation of crypto industry and would rather support creating own virtual currencies. 

Recently India’s Finance Minister Arun Jaitley cleared the air around the crypto. Jaitley announced that bitcoin among other cryptocurrencies are not a legal tender and measures will be taken only after the report of experts group on the same. 

South Korea has already made its stance clear on it by legalizing the trade in cryptocurrencies but only form real name accounts. Whereas in an attempt to kill the crypto market completely, China is blocking all the websites, domestic as well as the foreign platforms to cryptocurrency trading and ICOs. 

In the US, the rules regarding cryptocurrencies are quite vague and this meeting is expected to bring out some clarity. Moreover, the governments around the world have made their stance on crypto clear. Now, it’s time that US provide clarity for investors. 

The effect of this meeting on the market depends on the clarity it brings. It could either turn out to be very bearish or bullish. Without any clear set of guidelines, institutional investors couldn’t do anything. Hence, a clarity can also give a green signal to the bigger investors to get involved

Edited: CFTC has rescheduled the date for this event from Feb 6th to Feb 14th, 2018

What do you think the February 6th hearing will bring forward? Would it be in favour of crypto market or will tighten the noose further? Let us know your thoughts in our comment section below
Source: https://coingape.com/

Key Highlights
ETH price declined sharply this past week and traded as low as $740 against the US Dollar.
There was a break below a major bullish trend line with support at $1,115 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
The pair is currently correcting higher, but it is facing a major resistance on the upside at $1,020.
Ethereum price is in a bearish zone against the US Dollar, but it is stable against Bitcoin. ETH/USD is currently recovering higher, but it is facing a crucial hurdle near $1,020.

Ethereum Price Upside Hurdle
There was a major downside move from well above $1,100 in ETH price against the US Dollar. The price declined heavily and moved below the $1,100 and $1,020 support levels. During the downside move, there was a break below a major bullish trend line with support at $1,115 on the 4-hours chart of ETH/USD. The pair traded below the $900 level and is currently well below the 100 simple moving average (4-hours).

A low was formed at $740 from where an upside correction was initiated. The pair managed to recover above the 50% Fib retracement level of the last major decline from the $1,150 high to $740 low. However, there are many resistances on the upside around the $1,020 level. There is a bearish trend line on the same chart with resistance at $1,025. The trend line resistance at $1,025 is also near the 100 simple moving average (4-hours). At present, the 61.8% Fib retracement level of the last major decline from the $1,150 high to $740 low is acting as a resistance.

Ethereum Price Weekly Analysis ETH USD

Therefore, the $1,020 and $1,025 levels are important resistance levels. It won’t be easy for buyers to clear $1,020 to push the price further higher.

4-hours MACD – The MACD is currently reducing the bearish pressure.

4-hours RSI – The RSI is currently struggling to move back above the 50 level.

Major Support Level – $880

Major Resistance Level – $1,020

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The Russian Ministry of Finance has released its latest draft relating to the legal status of digital financial assets. The document is noteworthy as it helps clarify a number of regulations surrounding initial coin offerings (ICOs). The document follows on the heels of last month’s State Duma committee announcement of new regulations coming into effect in Russia no later than March 2018.

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Per the latest publication, Russia is tackling ICO investments with a series of rules. Consequently, the ministry has given specific focus to several laws that detail restrictions associated with payments and raising funds via ICOs. Key provisions include a maximum cap of $900 per token sale, equivalent to 50,000 RUB for each investor. Of note, these limits will take effect 90 days from the date of its release.

However, qualified investors, including both institutional and professional investors, will not see any limits on the amount they can invest in an ICO. In addition, the publication outlined strict details as to what a token sale should include.

According to the official website of the ministry, this includes restrictions on the practical use of cryptocurrencies within Russia. “It should be noted that use of cryptocurrencies as the means of payment will not be provided for in the territory of Russia.”

Moreover, Russia has also floated the ban of any advertisements and promotion of an ICO, prior to the actual launch of the token sale, as well as the official publication of all necessary documents associated with the company, and its respective ICO. The move is an obvious acknowledgement of the risky and potentially fraudulent nature of ICO investing.

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While there are no shortage of reputable token sales, there also exists the potential for fraud and abusive entities preying on investors. In addition to this clarity, the ministry also specified an explanation regarding the exchange of cryptocurrencies to Fiat currency, which has seen varying opinions among global regulators.

“This draft law contains a disagreement with the Bank of Russia regarding the possible exchange of cryptocurrency to ruble, foreign currency and/or other property. According to the Bank of Russia, such deals can be permitted only for tokens that are issued for raising funds.”

 

In doing so, the ministry’s latest edict falls somewhat in the middle of the regulatory spectrum. On one hand countries such as China and South Korea have taken a hard lined stance against ICO investing, calling for the enforcement of full bans on this practice. By extension, other countries have more willingly embraced ICOs, albeit with certain rules in place.

Russia appears to be towing a course somewhat in between, with a mulled ban on advertising highlighting some regulatory teeth. Still, leaving the door open for ‘qualified investors’ does underscore the potential that exists as there are indeed reputable token sales being conducted.

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Canada’s Hydro Quebec will have to turn away cryptocurrency miners looking to setup operations in the province. The electricity supplier has been inundated with requests from cryptocurrency miners looking to setup operations in energy-rich province Quebec, according to Reuters.

Many miners, including giants like China-based Bitmain, have made it clear that they are looking to setup new mining operations overseas in countries with low power costs and surplus of energy. The crack down on cryptocurrency exchanges in China, as well as talks of power regulations applying to miners, has prompted miners to consider new sites to operate from.

Bitmain told Reuters that it has been mining in Canada since 2016, although the location of their Canadian operation was not revealed.

Canada’s surplus isn’t enough
Ironically, Hydro Quebec may have to renege on its commercial power strategy - as forecasts show that they would not be able to meet the booming demand of industries looking to take advantage of the energy surplus in the province. The company is reviewing its plans after 70 cryptocurrency mining operators applied to set up shop in the province in the space of the week.

Hydro Quebec claims to have a surplus of 100 terawatt hours over 10 years. As a reference, Digiconomist’s Bitcoin Energy Consumption Index estimates the combination of Bitcoin and Bitcoin Cash’s estimated annual electricity consumption around 31 terawatt-hours

Not enough power
The utility supplier’s spokesman, Marc-Antoine Pouliot, told Reuters that the sheer number of companies looking to start cryptocurrency mining operations in the province is not sustainable, even with the surplus created by Hydro Quebec.

“We are receiving dozens of demands each day. This context is prompting us to clearly define our strategy. We won’t be able to power all the projects that we’re receiving. This is evolving very rapidly so we have to be prudent.”

The utility has also been actively attracting data centers to the province since 2016, citing the potential for job creation by these centers.

In an earlier interview with Reuters, HQ business development director David Vincent said potential mining operators were looking at sites with energy demands ranging from those of data centers to that of power-hungry as metal smelting plants.

Another stumbling block in the way of cryptocurrency operations being established is the lack of buildings ready for occupation.

Max Keiser has agreed with CME Group’s Chairman Emeritus Leo Melamed that Bitcoin is a “new asset class.”

Describing as the “first new asset class in hundreds of years,” Keiser’s bullish investment stance on the virtual currency has gained serious weight as CME prepares to launch futures trading this month.


Melamed had told Reuters that his open stance to technology was obligatory and that Bitcoin represented the need to “examine change.”

“My whole life is built around new technology. I never said no to technology. People who say no to technology are soon dead, I’m still that same guy who believes in at least examining change. That’s what Bitcoin represents.”

CME Group’s decision to interact with Bitcoin came with significant repercussions, prices rising dramatically and many heralding a watershed moment for cryptocurrency’s reputation.

Melamed himself described the move as “a very important step for Bitcoin’s history.”

“We will regulate, make Bitcoin not wild, nor wilder. We’ll tame it into a regular type instrument of trade with rules,” he continued.

His comments come the same week as Goldman Sachs forecasts a further price jump to almost $8,000 for Bitcoin, despite fears of price volatility and network disruption following the SegWit2x hard fork.

“The market has shown evidence of an impulsive rally since breaking above 6,044. Next in focus $7,941. Might consolidate there before continuing higher,” a note to investors read Monday.