Summary:

  • The US House of Representatives passed a bill aimed at fighting illicit use of cryptocurrencies

  • Bitcoin (BITCOIN on xStation5) is reapproaching the $6000 handle

  • Facebook withdraws from the cryptocurrency ad ban

On Monday we wrote about Robert Novy, a US Secret Service official, who has asked Congress to take measures that will help US investigators fight the illicit use of cryptocurrencies.  It looks like his plea was noticed as the US House of Representatives has just passed the bill concerning this matter.

The US House of Representatives passed a bill aimed at fighting illicit networks and detecting trafficking. The bill will require the Government Accountability Office to conduct a study on the illicit use of virtual assets in drug transactions. This is another step the US authorities take in order to limit the damage the ongoing opioid epidemic causes. US officials think that the illegal drug marketplaces set up in the so-called dark web have greatly contributed to the rise in the number of drug overdoses. However, it should be noted that the bill is not aimed at cryptocurrencies themself but at the activities conducted via them. The anonymity hailed by some as one of the biggest pros of the cryptocurrencies has simultaneously became on of its biggest cons given how often people refer to them as to “money created to buy drugs”.

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BITCOIN is continuously failing to break above the 33-period moving average on the H4 interval. In turn we are observing the most famous cryptocurrency reapproaching key support level at $6000. Do notice that in case BITCOIN fails to break below we may soon see it leaving the range of the downward channel. Source: xStation5

At the beginning of 2018 we have seen several social media companies banning cryptocurrency ads on their media services. Among such companies one can name Twitter, Google or Facebook. However, Facebook learned that the decision may have been too rapid and the company has lifted its ban on such advertisements lately. In January Facebook reasoned the ban by saying that it wants to protect its users from “misleading or deceptive” ads promoting financial instruments like binary options, cryptocurrencies and ICOs. However, the company announced that it has revised its policy and will began accepting cryptocurrency ads from “pre-approved advertisers”. In short it means that it is now possible to promote cryptocurrencies on Facebook but prior to doing so one needs to submit a request form with details of the business it conducts and digital assets it is going to advertise. Once Facebook approves the request the ad will be free to be displayed on its service. However, this developments concerns only cryptocurrencies while binary options and ICOs ads are still illegal on Facebook.

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While the other major coins had their ups during the current downtrend LITECOIN is consequently marching lower. Cryptocurrency sits at its lowest levels since November 2017. The support at $75 holds firm yet it may be broken in case no positive news concerning this coin surface anytime soon. Keep in mind that LITECOIN is trading in close vicinity of the downtrend line therefore a break above may be on cards. Source: xStation5

Bitcoin Suisse, a cryptocurrency infrastructure firm from Switzerland, announced that it will create the Swiss Crypto Vault. The Vault is said to be a professional storage unit for digital assets. Niklas Nikolajsen, the founder of Bitcoin Suisse, said that the aim of creating such unit is to provide wealthy individuals as well as institutional investors with a reliable way to store their cryptocurrency holdings and therefore enabling “whales” to enter this volatile market. The Vault is said to be localized within the old Cold War bunker with advanced encryption systems being implemented in order to achieve the highest degree of security. Prior to offering such service the Vault will be reviewed by the PricewaterhouseCoopers in order to rate its level of security.