IOTA broke down from a symmetrical triangle chart formation to signal that bearish pressure is picking up. The chart pattern spans 1.2000 to 2.6000 so the resulting selloff could be of the same height.
The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. However, the gap is pretty narrow so a downward crossover could still ensue and draw more sellers in.
Stochastic is on the move down to show that selling pressure is present. RSI is also heading south but is dipping into oversold levels to indicate that bears are getting exhausted.
In that case, price could still bounce back to the broken triangle support for a quick retest before resuming the drop. A return in bullish pressure, however, could lead to a move back up to the triangle resistance or the 2.0000 major psychological level.
Cryptocurrencies are expanding everywhere in the world. Different countries, different regions, but the same virtual currencies. This year will be important fro cryptocurrency enthusiasts because regulations will start to take shape. That’s one of the reasons why the United Kingdom Treasury Committee will examine the effect of cryptocurrencies on businesses and investors.
United Kingdom Analyses Virtual Currency Impact on the Economy
The Treasury Committee of the UK parliament is ready to launch an inquiry into virtual currencies and their effect on the economy. The information has been reported by the BBC today, February the 22nd.
The main intention of the Treasury Committee is to understand the risks and benefits of digital money. The MPs will cover the role of digital currencies in the whole United Kingdom, on consumers and businesses.
Nicky Morgan, chair of the committee said:
“People are becoming increasingly aware of cryptocurrencies such as Bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investors. The Treasury Committee will look at the potential risks that digital currencies could generate for consumers, businesses and governments, including those relating to volatility, money launder, and cyber-crime.”
The House of Lords has previously recommended the exploration of Blockchain technology to use on the British Government. At the moment, there are several governments trying to implement blockchain technology to their dependencies. Blockchain technology is able to reduce bureaucratic processes and make services more efficient.
But governments are not the only entities using this technology. Businesses and enterprises are searching for experts in this area in order to improve their products and other services they may offer.
Bitcoin Boosted Japan and Can Boost London’s Economy
According to Kay Swinburne, a member of the European Parliament for Wales, said during an interview that London could keep relevant after Brexit by embracing Blockchain technology.
“For me, this whole distributed ledger technology, we have to embrace it. The UK post-Brexit: how does the City of London stay relevant? The City of London stays relevant by suddenly becoming the proponents of the new technologies and not just patching existing systems to make them work post-Brexit, actually leapfrogging,” she commented.
Japan, the fourth largest economy in the world, has received a GDP increase of 0.3% just because of cryptocurrency profits. Cryptocurrency traders have increased Japan’s GDP by taking profits after Bitcoin reaching $20,000 during the last December.
Cryptocurrencies are able to benefit United Kingdom’s economy, as well as the economy of any single country in the world. It does not mean that regulations shouldn’t take place, but the benefits of blockchain technology and cryptocurrencies are visible in the whole economy.
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The dollar has gained ground versus higher-yielding counterparts such as stocks and commodities when risk aversion returned on fears of a trade war. Although some US officials sought to reassure markets, the announcement of Cohn’s resignation revived protectionist concerns.
Recall that Trump recently announced plans to impose higher tariffs on steel and aluminum imports, likely resulting to retaliation from US trade partners. Cohn has been one of the advisers pushing for a more diplomatic in tackling these trade issues and it’s likely that his resignation was a result of disputes on tariffs.
Rumors that IOTA could launch beta testing of smart contracts could prop the cryptocurrency back up, though. However, there have been emails leaked that would have had repurcussions for IOTA had they contained any substantial proof of vulnerability.
In a tweet, Dominik Schiener clarified:
“As an organization, we have tried to stay out of the DCI controversy, and leave it to the individuals involved to lead the discussion. However, there is one public clarification to make: no Foundation member was involved in the email leaks in any way.”