GB Market Commentary 24/04/2023
by Marcus Sotiriou
Bitcoin failed to hold the critical level of $28,800 last week, as it has stabilised around $27,500. This is bearish as it means Bitcoin has fallen back into the previous range, however, it remains in an uptrend formation in terms of higher highs and higher lows. $25,200 is the next level for traders to watch out for as Bitcoin failed to break this level for 9 months before March. After the European Union passed its markets in crypto assets (MiCA) legislation on Thursday, the region’s 27 countries will now have to comply with wide-ranging regulations. The pressure is on for the UK to implement its own regulations for the crypto market if they want to keep up with the EU and take advantage of the hostility from the US. Lobby group CryptoUK said, "While not flawless, MiCA is an extremely relevant regulatory stack that puts significant pressure on the UK and US in terms of delivering operational clarity for crypto." UK Treasury Economic Secretary, Andrew Griffith, said last Monday that the UK government aims to set clear legislation for UK crypto platforms over the next 12 months. The UK’s approach to crypto regulation is potentially more adaptable than that of the EU, as it builds on existing financial regulation. However, overall the clarity that the EU has provided means that the EU is currently at an advantage for crypto adoption, as clear guidelines have not yet been established for UK crypto platforms.
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