Crypto Industry News:
The UK government has unveiled a detailed plan to make its country a global cryptocurrency hub. The project involves establishing a "dynamic" regulatory framework for cryptocurrencies, stablecoins and working with the Royal Mint to create an NFT that will be issued by this summer.
Great Britain wants to be the "best place" to open cryptocurrency companies. The British government on Monday revealed details of several initiatives to help implement this idea. It is known that they include, among others regulation of stablecoins, legislation on the "sandbox of financial market infrastructure", cooperation with the Royal Mint in the field of NFT issuance and closer cooperation with the cryptocurrency industry.
John Glen, UK economic secretary at the Treasury, discussed the government's cryptocurrency plan at the Innovate Finance global summit on Monday.
"We want this country to be a global center, the best place in the world to start and scale cryptocurrency companies. If there's one message I want you to leave today, it's that the UK is ... open to cryptocurrency companies," he said. .
Commenting on the "detailed plan" the British government unveiled on Monday, Glen commented that "the way we regulate crypto must be dynamic."
"We shouldn't think of regulation as a static, rigid thing. Instead, we should think in terms of regulatory" code "... It's like computer code that we refine and rewrite when necessary."
Technical Market Outlook:
The ETH/USD pair has made a new high at the level of $3,582, but the rally was capped after the Shooting Star candlestick pattern was made. Nevertheless, the bulls are still in charge of the market and are pushing harder on bears. The nearest technical support is seen at the level of $3,438 and $3,385 and those levels are being tested by bears. The strong and positive momentum supports the short-term bullish outlook, so as long as the price stays above the technical support seen at $3,045, the bulls are in control of the market.
Weekly Pivot Points:
WR3 - $3,968
WR2 - $3,746
WR1 - $3,642
Weekly Pivot - $3,423
WS1 - $3,335
WS2 - $3,113
WS3 - $3,000
Trading Outlook:
The market has broken above the level of $3,192 which was the key Fibonacci retracement for bulls. The bulls re now in control of the market and are heading towards the 50% Fibonacci retracement on the weekly time frame chart located at $3,512.
