Summary:

• Bitcoin imploded but then recovered following a Google story
• IMF’s Lagarde calls for blockchain-powered Bitcoin regulations
• Economic uncertainty in South Africa lifts a count of Google searches for Bitcoin and other cryptocurrencies

Yesterday we wrote about the story regarding Google which decided to ban all ads promoting digital currencies and other related products such as ICOs. While the Bitcoin price did play down this news at a time when it had been released, it turned out a delayed response as Bitcoin tumbled well below $8000 thereafter. However, the price has recovered since than, and a technical landscape seems to paint quite the rosy outlook for the most famous virtual currency. So, let’s take a closer look at the chart below in order to determine future moves there.

Bitcoin may have already bottomed out after falling toward $7650. Currently the price is trying to keep the most recent gains and if it succeeds we may be offered a bullish candlestick – a morning star localized at an important technical area. Thus, until Bitcoin hovers above the mentioned level the base scenario is an extension of the ongoing bounce. If so, buyers would take a stab at striking $9350 where a more notable resistance can be localized. Source: xStation5

There is no doubt that the head of the International Monetary Fund (IMF) has expressed quite contentious remarks with regard to digital currencies of late. However, something changed given what she wrote in a Tuesday blog post. Namely, Lagarde believes regulators can use blockchain or other distributed ledger technologies (DLT) to regulate Bitcoin and other cryptocurrencies and prevent them from being used in connection with money laundering and other financial crimes. It’s worth also reminding the latest revelations pointing that getting more regulators want to cooperate with themselves so as to obtain common regulators used around the world. This topic is expected to be discussed at the upcoming G20 summit kicking off on Monday.

Dash is bouncing off its crucial support area being set a notch below $400, hence a possible continuation of the rally could be expected once Bitcoin keeps its bullish momentum. Source: xStation5

Could economic uncertainty be a reason to buy cryptocurrencies? Looking at the South African example one may say ’yes it can’. Despite the declining currency which has something in common with Zuma’s ouster interest of cryptocurrencies have even increased at the same time. According to the Google data a number of Bitcoin searches has reached the highest rate among the top 66 countries by search traffic. Where does an increased interest come from? So, many analysts attribute it to perceptions that new president Cyril Ramaphosa’s radical land reforms may lead to economic instability.