Bitcoin price started the day trading sideways in the support region of $4500 – $4600, and soon broke into an ascending channel, reaching $4680 at the time of writing. The uptrend in Bitcoin looks intact and trades appear to be bullish. The price will retest $5000 — the all-time high it set last Friday.
Even after falling to as low as $3900 two days ago on China’s ICO ban news, Bitcoin is again aiming for a fresh record high. A breakout above $4620 could result in a rally towards $5000. Although, this breakout may not happen in a hurry. A range bound action for a few days is expected.
The market seems to have completely shrugged off the impact of China’s ICO funding ban as investor interest in Bitcoin remains strong after the recent activation of SegWit.
On the other hand, geopolitical risks are fading away as financial headlines haven’t mentioned much on North Korea tensions. This could bring slight bearish pressure on the price as investors look towards stock markets for profits.
Top Stories from the Crypto World
1. China’s ICO story not over yet
A Chinese official, Hu Bing from Institute of Finance and Banking, an academic research organization that’s only loosely affiliated with the State, clarified today that China will look to resume ICOs in the future after establishing licensing regulations.
He explicitly said this ban was a “Stop” and not a “Forbidden”.
Why this matters: If China did indeed troll us on the ICO ban, this is a great news not only for ICOs working out of China, but also for the whole ecosystem. In the interview, Hu said that ban’s intention was meant to protect the investors, not stop blockchain innovation — which makes sense. We do need some strict ICO regulations in this space to protect investors from falling for scams.
2. Vitalik is finally putting together Ethereum’s Casper upgrade
Vitalik Buterin, creator of Ethereum, is in the process of crafting three white papers explaining Casper, the protocol’s much-anticipated version of proof-of-stake consensus.
Casper has been proposed as a better and greener way to keep the global network — that is blockchain’s transaction history.
3. Isle of Man welcomes ICOs
The Isle of Man is opening its doors to legally complaint ICOs. The country has created a regulatory framework it believes will allow for token sales that are compliant with anti-money laundering and know-your-customer regulations.
The announcement from Isle of Man’s government in this regard can be out at any time.