- US CFTC approves Bitcoin (BTCUSD on xStation5) options trading
- Russia could follow Japan in terms of Bitcoin legalization
- Dash (DSHUSD) could keep on rising after a rebound from a trend line
Bitcoin prices start the week on a decline even as we could spot some positive news. The CFTC (the US futures and options regulator) unexpectedly approved Bitcoin options trading last week in the US. That step will facilitate institutional investors’ access to Bitcoin market.
Simultaneously, the CFTC issued a new order which creates LedgerX the very first federally regulated options exchange and clearing house. Let us explain that LedgerX is an institutional trading and clearing platform fully regulated by the US Commodity Futures Trading Commission to trade and clear collateralized, physically-settled options on Bitcoin for institutional customers. It’s worth underlining that prior to the CFTC’s approval traders had to use OTC markets in order to place bets on Bitcoin derivatives.
Moving on, there is a proposal sent to the Russian Central Bank to follow the Japanese government when it comes to legalizing Bitcoin. Let us remind that Japan chose to exempt Bitcoin from consumption tax, a move that could spread use of cryptocurrencies. A letter to the head of Russian Central Bank Elvira Nabiullina was sent by Boris Titov, a Russian politician and the Presidential Commissioner for Entrepreneurs’ Rights. It could be a peculiar step showing that Russian employers are increasingly interested in cryptocurrencies.
Nonetheless, it looks as if Russian entrepreneurs (represented by Titov) and the Russian Ministry of Finance along with the central bank are at odds with Bitcoin’s future and how it should be regulated. While deputy of the Russian Central Bank has proposed for cryptocurrencies to be considered digital goods for the purpose of monitoring and reporting taxes, deputy finance minister said in June that cryptocurrency regulation would be similar to the regulation of derivatives.
Bitcoin’s volatility has remained contained recently. However a triangle pattern has increasingly less room left so we could anticipate a breakout. Source: xStation5
Dash could rebound from an upward trend line and head towards 220$ in the nearest future while a breakout of this line could prompt sellers to bring spot price down to 165$ where a more noticeable support is placed. Source: xStation5