Still a bear market
We cannot know for sure until bulls manage to break the resistance levels and sustain them for a couple of days.
As of today April 3rd, a lot of traders do not endorse any buying positions for the moment.
Even though the market is on the green side we can expect a sink to newer lows – Let’s catch up with some good news that may have stabilised the prices for a little while:
- Park Won-soon, the mayor of Seoul, has declared his intentions to launch capital’s own cryptocurrency in South Korea for a better development of blockchain projects in the city.
- Yi Gang, an American-trained economist has been elected by the Chinese government as head of People’s Bank of China (PBoC) – This could bring China a step closer to revendicate its ban on cryptocurrencies with his vision of free markets.
- Huobi crypto exchange has oficially opened trading in South Korea – Huobi’s exchange currently ranks 3rd worldwide by trade volume with 208 trading markets.
- Reuters reported that a subsidiary of Sinochem Corporation, one of China’s four major state-owned oil companies, has completed a shipment of gasoline from China to Singapore entirely using Blockchain technology.
China could regulate cryptocurrencies in the future
The news of Yi gang being elected as head of PBoC is very good for the future of cryptocurrencies because it could be likely that some pro-crypto regulations to be released if he keeps his promise to liberalise the Chinese markets.
Within weeks of his election, the Chinese government allowed foreign companies to take a piece of the country’s payment sector and compete against Alipay and Tencent Pay (One of the countries largest technology corporations).