Price movement continues in a lateral pattern, finding support slightly lower than $4000 at the $3900 level. Last week pattern could be identified as a lateral as price yet managed to push up from the $3900 several times; though price average and local peaks gradually lowering indicating domination of sellers. Leaning downward price and weakness of the $4000 level could mean that soon we will see a passage to the $3500 support. If the price will be able to pick-up from current levels, nearest resistance levels will be $4300 and $4500.
Trading Bounds: $3900 – $4500. High probability of downwards rally to the $3500 support.
? G20 Leaders’ declaration on cryptocurrency regulation
At the end of the G-20 summit on Saturday in Buenos Aires, the heads of the participating countries signed a final declaration, which noted the need to regulate cryptocurrency and create a unified tax system for digital assets.
In a signed declaration, the G20 leaders agreed on the need to reform the World Trade Organization (WTO), also confirmed their commitment to using all political means to achieve economic growth.
Separately, the mention in the document of cryptocurrency and the underlying technologies is worth attention. In particular, the declaration confirmed that the regulation of digital assets is necessary for building an “open and sustainable financial system” and will be carried out in accordance with the standards of the Financial Action Task Force on Money Laundering (FATF).
“We will step up efforts to ensure that the potential benefits of technology in the financial sector can be realized while risks are mitigated. We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.” – stated in paragraph 25 of the document.
The declaration also speaks of the need to create a stable and time-honored international tax system, and that the G-20 countries will continue to cooperate in developing a consensus-based solution in a digitalizing economy.
The development of proposals for the creation of uniform tax rules of the G20 country will be dealt with individually and will be discussed in 2019 at the next summit in Japan. It is planned to complete work in this direction by 2020.
Earlier it was reported that standards for the regulation of cryptocurrency will be presented by FATF next year.