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23rd April - Crypto Technical & Market Watch

(By Shivkumar)


5 Major Indian Laws That Apply to Cryptocurrency


1) There is also the Banning of Unregulated Deposit Schemes Bill 2018 which has been tabled in Parliament. It proposes to prohibit all unregulated deposits which could apply to initial coin offerings (ICOs), according to the report.


2) Further, the use of cryptocurrencies may fall under the Prevention of Money Laundering Act 2002 (PMLA), which carries statutory penalties of up to 10 years imprisonment.


3) These are primarily the Companies (Acceptance of Deposits) Rules, 2014 (Deposits Rules) which specify when the receipt of money, by way of deposit or loan or in any other form, by a company would be termed a deposit, and also provides certain exemptions from its applicability.”While the Indian government is working on drafting the legal framework specifically for cryptocurrency, several existing laws apply to crypto assets in addition to the infamous RBI circular that prohibits all regulated entities from providing services to crypto businesses.


4) While the Indian government is working on drafting the legal framework specifically for cryptocurrency, several existing laws apply to crypto assets in addition to the infamous RBI circular that prohibits all regulated entities from providing services to crypto businesses.


Binance Launches Decentralized Exchange Ahead of Schedule


Binance’s much anticipated decentralized exchange (DEX) has gone live ahead of its planned schedule.The world’s top cryptocurrency exchange by adjusted volume announced the news on Tuesday, saying that while trading will begin “at a later date,” users can now create wallets on Binance DEX.Binance Chain supports various wallets at launch, including Binance’s official Trust Wallet, as well as offerings from Coinomi, Ledger, Enjin, Exodus and more. The exchange is also inviting other crypto projects to get involved by issuing new tokens on Binance Chain.


1) BTC/USD


Bitcoin (BTC) is trading close to the overhead resistance of $5,404.82. A breakout of this level can push the price towards the next overhead resistance zone of $5,674.84–$5,900. We anticipate a stiff resistance at $5,900, hence, traders can book profits on 50% of their remaining long positions above $5,600 and keep the stop loss on the rest at $4,800.If the BTC/USD pair reverses direction from either of the overhead resistances, it can again correct to $4,914.11. This is a strong support. If the bears sink the digital currency below $4,914, it will be a spoiler and can result in a quick fall to $4,255. We expect a large range move within the next 3–4 days.




2) ETH/USD


The positive thing is that the price has sustained above $167.32.There are slew of resistances between $220 and $251.64.Therefore, traders can keep their stop loss on the remaining long positions at $150.


3) XRP/USD


If the bulls provide buying support at the current levels and carry the XRP/USD pair above $0.34835, it can move up to $0.38.We suggest long positions on a breakout above $0.35. The stop loss can be kept at $0.31. It can drop to the next support of $0.27795.


4) BCH/USD


The bulls have not been able to push the price higher.The digital currency can drop to the critical support of $255.If the BCH/USD pair rebounds sharply from the current levels, it can move up to $363.30. If this level is crossed, it is likely to pick up momentum and rally to $451.32.

Disclosure: The author holds no cryptocurrency at the time of writing.

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