US Comptroller of Currency: Nobody is going to Ban Bitcoin
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Just last week, the US Comptroller of the currency — a highly consequential financial regulator — revealed that while regulation for bitcoin and cryptocurrencies is in the works, they’re ‘very focused on not killing this.’
Meanwhile, bitcoin’s Stablecoin Supply Ratio (SSR) suggests that sustained upside for bitcoin and other cryptocurrencies is probably here to stay.
We’re all going to to make it.
Let’s dig in.
Comptroller of the Currency Brian Brooks: ‘Nobody is going to ban bitcoin’
Acting controller of the US currency, Brian Brooks made history last week when he confirmed that new regulations on cryptocurrencies are up and coming bu that ‘nobody is going to ban bitcoin.’
Coinbase CEO Brian Armstrong warned of the downsides of potential regulation last month in a Twitter storm.
Amidst the flurry of tweets, the CEO said with reference to potentially crippling regulation: “This would be bad for America because it would force U.S. consumers to use foreign unregulated crypto companies to get access to these services. And long term, I believe this would put America’s status as a financial hub at risk.”
However, these concerns were downplayed by one of the United States’ top financial regulators, who last week said that new regulations on bitcoin and other cryptocurrencies were coming but that these regulations would not be disruptive.
Specifically, the regulator stated: “We’re very focused on getting this right. We’re very focused on not killing this… and it’s equally important that we develop the networks behind bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing.”
Stablecoin Supply Ratio remains at bullish levels
Bitcoin’s stablecoin supply ratio (SSR) denotes the ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC.
When the SSR is low, the current stablecoin supply has more “buying power” to purchase BTC. It serves as a proxy for the supply/demand mechanics between BTC and USD.
At current levels, the SSR is still relatively low, indicating that significant amounts of purchasing power in USDT and USDC terms are waiting on the sidelines, ready to be deployed.
Meanwhile, bitcoin’s 4-hour 50-day moving average indicates that more upside could be in the works this week, potentially reaching headwinds above the $21,000 level.
In this bullishly trending market, the 50-EMA on the 4-hour time-frame held as support for over 8 times, while a break below triggered a period of short-lived bearish consolidation (per the above chart). In trending markets, lagging indicators like the 50-EMA can be useful for spotting trend reversal as well as continuation possibilities.
Provided bitcoin remains above $18,931, this naked indicator suggests that incremental gains to the elusive all-time-high are likely, but never guaranteed.
Of course, if you’re following the telegram channel, then you know what my money’s on.
Catch you next time.
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Originally published at https://mailchi.mp.