Crypto Industry News:
While Russian cryptocurrency advocates are working to attract global cryptocurrency mining operators, local lawmakers have started to take the industry's regulation more seriously.
Anatoly Aksakov, chairman of the Financial Markets Committee of the State Duma of Russia, argued that Russian lawmakers are currently considering recognizing the cryptocurrency mining industry as a form of entrepreneurship under local business laws.
"Since this [mining of cryptocurrencies] is a type of entrepreneurial activity, it is obviously necessary to enter it in the state register, to regulate it as a type of entrepreneurship under the appropriate code and impose appropriate taxation," Aksakov said.
He said the government is actively working on several legal initiatives related to the crypto industry, expecting to move forward with cryptocurrency taxation and digital currency mining and issuance projects in the near future. Aksakov also highlighted the need for greater regulatory transparency of digital currencies:
"We still need to discuss what a digital currency actually is. Although we call it a currency, it is rather used as a financial instrument or financial asset that is an object of investment rather than a means of payment," he says.
According to Nikita Sosznikov, former senior lawyer at Deloitte CIS and director of Alfacash, "The practical implications for the industry will be limited to business registration and tax obligations, with some degree of official recognition as legitimate business, of course."
Technical Market Outlook
The ETH/USD pair has bounced from the level of $3,026 to the level of $3,552 and the price is hovering around this level. The momentum is negative and weak, so another wave down should be expected. Please notice, that the long-term trend line support around the level of $3,150 was violated as well, which is not a good sign for the nearest future. The local technical support levels are: $3,337, $3,274, $3,185 and $3,122. The resistance is seen at $3,596 and $3,830. The key technical support is still located at the level of $2,945.
Weekly Pivot Points:
WR3 - $5,271
WR2 - $4,663
WR1 - $4,404
Weekly Pivot - $3,750
WS1 - $3,518
WS2 - $2,851
WS3 - $2,607
Trading Outlook:
Ethereum have started the next wave up and violated the long-term target at the level of $3,550. The next long-term target for ETH is seen at the level of $4,394. Nevertheless, in order to continue the long-term up trend, the price can not break below the technical support at the level of $2,695. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls.
