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Crypto Industry News:
The Thai Securities and Exchange Commission has decided to block cryptocurrency payments. As an argument, the risk of an adverse impact on the stability of the financial system was given. Companies operating in Thailand should stop accepting such payments in early April.
In late November last year, Governor Yuthasak Supasorn, who is responsible for tourism there, announced that the country needs to attract people using cryptocurrencies. He considered it crucial to introduce solutions that would allow crypto enthusiasts to pay with cryptocurrencies without the need to exchange them for fiats and worry about taxes.
It is therefore difficult to understand why the Securities and Exchange Commission has announced a ban on accepting such payments. The necessity to disclose information about the use of solutions and assess the quality of services offered by companies related to cryptocurrencies (mainly exchanges and brokers) was introduced.
The decision to block crypto payments announced by the Thai Securities and Exchange Commission was consulted with the Bank of Thailand (BOT). It has been established that they can affect the stability of the financial system and the general economic system, which poses a risk to individuals and companies.
"(...) may affect the stability of the financial system and overall economic system including risks to people and businesses".
It is mainly about high price volatility, the risk of money laundering and theft of funds. Companies that will not comply with the new ban must take into account an order to suspend or close their operations.
Fortunately, both the Securities and Exchange Commission and the Bank of Thailand are aware of the benefits of blockchain technology and declare to continue to support the development of innovation.
Technical Market Outlook:
The BTC/USD pair continues to move higher inside the ascending channel and the technical resistance located at the level of $43,771 had been violated. The next target for bulls is the big supply zone located between the levels of $44,785 - $45,823. The market is trading inside the ascending channel and as long as the price stay inside the channel and above the technical support seen at $41,803 the outlook remains bullish. The strong and positive momentum supports the view.
Weekly Pivot Points:
WR3 - $48,672
WR2 - $45,530
WR1 - $43,812
Weekly Pivot - $40,165
WS1 - $38,913
WS2 - $35,770
WS3 - $33,971
Trading Outlook:
The market still keeps trying to bounce after over the 60% retracement made since the ATH at the level of $68,998 was made. The level of $45,427 is the key technical resistance for bulls, but the game changing technical supply zone is seen between the levels of $52,033 - $52,899. When this zone is clearly broken, the BTC is back to the up trend, otherwise the bearish pressure might push down the BTC towards the level of $29,254.
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