BTC is back at 9,000 level and still moving in a tight range. In the daily, we have 9,480 as resistance and support is around 8,500 - 8,400. This is a possible continuation prior to the BTC halving and with this structure price can possibly move with significant volatility prior to or after halving. A break above the 9,500 area could be a catalyst for BTC to test 10,000 level, while failure to break to current resistance level could bring price back to retest the 10 EMA trail in the daily chart.
Global market cap is at $251B, while BTC's market cap is at $165B.
The European Central Bank (ECB) has come out with an in-depth report on global stablecoins, citing that while there are several benefits, they will still require clear regulatory structure prior to approval. The ECB sees potential in the benefits of stablecoins, including speed and simpicity, but are also keenly aware of several risks, like questions on stability, value, and possible systemic failure. As stated in their report, "In order to reap the potential benefits of global stablecoins, a robust regulatory framework needs to be put in place in order to address these risks before such arrangements are allowed to operate."
The ECB also acknowledges that stablecoins may or may not fit in current governmental frameworks, saying that "given the complexity of its structure, a stablecoin arrangement could, depending on its specific design features, fall under one of a number of different regulatory frameworks - or, potentially, none of them."
De Nederlandsche Bank (DNB), is requiring crypto companies to register with the Netherland's central bank by May 18 and failure to comply will result to issuance of a cease and desist order. The country's central bank is looking to quickly enforce the enhanced Dutch anti-money laundering (AML) laws. Crypto firms that convert crypto and fiat or offer custody services are targeted by the requirement, while crypto-to-crypto companies are not required to register.
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