Crypto Industry News:
Le Minh Khai, Vietnam's deputy prime minister, issued a notice to the Ministry of Finance asking it to investigate and amend the rules to create a legal framework for the digital asset market.
In the announcement last Wednesday, the deputy prime minister instructed the Ministry of Finance to take over the main responsibility for developing the legal framework for the cryptocurrency market. The notified list of instructions contains an indication of specific legal documents that need to be amended or supplemented.
The Ministry of Finance will then work with the Ministry of Justice, Information and Communications and the State Bank of Vietnam to develop a regulatory framework for the digital asset market, Vietnam Net reports.
The three ministries together with the central bank will look at the different legal aspects of digital assets and their impact on the economy.
The new legal framework for the digital asset market will be developed in line with the Prime Minister's Decision 1255 issued in August 2017. Decision 1255, which the government adopted in 2017, approves the plan to develop the legal framework for "virtual assets, digital currencies and virtual currencies".
Over the past few years, Vietnam has had a complicated relationship with cryptocurrencies. The Southeast Asian nation began by banning Bitcoin in 2014, but there was a complete turnaround in 2017 when Prime Minister Nguyen Xuan Phuc approved BTC as a form of payment. In 2018, BTC was banned as a payment method.
The Vietnamese government then established a cryptocurrency research group in 2020 to study various changes in the virtual assets market and recommend legal policy proposals.
Technical Market Outlook:
The BTC/USD pair had made a new local low at the level of $48,200 and is currently consolidating the recent gains. The market is trading above the ascending channel, so the rally towards the $50k might even accelerate more from here. The strong and positive momentum supports the bullish outlook and the next target for bulls is seen at the level of $49,419 and $50,000. The nearest technical support is seen at $45,836 and $44,785.
Weekly Pivot Points:
WR3 - $54,840
WR2 - $50,509
WR1 - $48,758
Weekly Pivot - $44,750
WS1 - $43,057
WS2 - $38,623
WS3 - $36,642
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 bulls are now approaching the game changing technical supply zone 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.
