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Are Regulations Coming for Cryptocurrencies?

Financial sector regulators are eyeing thriving cryptocurrencies and intend to strengthen their attempts to regulate the digital assets.

Sheila Warren, head of data, blockchain and digital assets with the World Economic Forum said during an online seminar that another round of strong attempts to regulate the space is to be expected. She also said that with increasing activity in cryptocurrencies more pressure is going to come from regulators to actively get involved in controlling the sector. Warren also said that the borderless nature of cryptocurrencies and making sure that innovation is not held back add up to the challenges.

Digital tokens have been in the spotlight, especially after cryptocurrency exchange Coinbase’s debut on the Nasdaq that pushed Bitcoin to a new record high of almost $65,000. Bitcoin has been on an accelerating rally in the past year and as cryptocurrencies have been gaining in popularity among a widened audience, governments have been investigating the sector risks more closely. Crypto firms have been preparing to help form the emerging regulatory frame and confront skepticism about the digital assets.

 

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Bitcoin Reaches New $64,000 High as Coinbase Lists on Nasdaq

Bitcoin surged on Wednesday surpassing $64,000 for the first time and breaking its March record. The jump in Bitcoin price marks traders’ bullish outlook on cryptocurrencies due to Coinbase’s listing on Nasdaq on Wednesday, April 14.

The digital token is trading at $64,542 at the time of writing. Crypto bulls have been pushing the price of the cryptocurrency higher as more companies embrace Bitcoin despite critics’ questioning for the durability of the boom. Coinbase’s listing on Nasdaq with a valuation of about $100 billion, is not only the biggest listing of a cryptocurrency company so far, but it also marks the growth of the industry and it’s the strongest sign of growing mainstream business acceptance for cryptocurrencies.

Cryptocurrency pessimists keep insisting that digital currencies have been boosted by stimulus and regulators keep doubting their effectiveness as a currency. In a recent interview, Isabel Schnabel, a European Central Bank executive board member, said that Bitcoin is “a speculative asset without any recognizable fundamental value”.

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Could Japan have Digital yen by March 2022?

Following other Asian countries, the Bank of Japan (BoJ) started trials for its own central bank digital currency (CBDC). The trials serve as part of the first phase of its Proof of Concept (Poc) which will last for a year and end in March 2022. It’s still unclear whether the central bank wishes to proceed with CBDC. Nevertheless, the technical feasibility of a digital Japanese yen will be tested during this year.

According to a CBDC document published by the central bank, two phases for PoC will be followed by a pilot. The first stage of PoC Phase 1 began on Monday, April 5 and “The Bank will develop a test environment for the CBDC system and conduct experiments on the basic functions that are core to CBDC as a payment instrument — namely, issuance, distribution, and redemption.”

The future of traditional currencies is being challenged and new formats of digital currencies are starting to emerge all around the world. Could this impact financial markets and national currencies? Could it affect the prices of cryptocurrencies as well? These are scenarios that cannot be ruled out. Follow the markets and news on CBDCs, search for signals on how they could move the markets and trade CFDs on currency pairs and cryptocurrencies with the 200% Deposit Bonus and your deposit tripled.

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Aussie Dollar Falls, Investors Not Discouraged

The Australian dollar fell against the U.S. dollar in March, but hedge funds remain bullish on the declining currency.

The currency fell 1.4% in March and performed its worst in five months against the U.S. dollar. However, the economy exceeding expectations indicates that the Aussie dollar could rebound.

Bulls overlook the currency’s weakness in favor of their forecasts that the currency will strengthen. By the end of March, investors had increased their net long Aussie positions to the highest since last November according to Commodity Futures Trading Commission data.

Promising Forecasts

Commonwealth Bank of Australia strategists forecast that the currency “can appreciate further because it is undervalued relative to its fundamentals.” The group also forecasts an increase in commodity prices for 2021.

They also wrote that a possible reduction in Chinese steel production and carbon border fees could affect the currency’s expected rise. Despite the risks, they still see the currency rising against the dollar in the next months and even expect an $0.80 rise by June.

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Markets at a Glance: Dow Jones up New Records

On Thursday, a new trading session closed with positive numbers, especially for the Dow Jones. The index broke records for another time this week. The rise in the US 20-year bond yields and the rise in technology stocks contributed in large part to this. On Friday, global stocks traded close to record levels after Wall Street market posted gains due to Federal Reserve Chairman Jerome Powell’s statement that the central bank can revive the economy without causing inflation.

Although most markets closed flat, concerns about US unemployment figures which unexpectedly climbed to 744,000, along with the global vaccination process, remain at the forefront of investors’ minds. This concern can be seen in a slightly weaker dollar, especially against: the Australian dollar, the New Zealand dollar, the pound sterling, and the Canadian dollar. Traders are watching the Canadian dollar closely as Canadian employment data is due to be released today, Friday.

As for metals, both gold and silver experienced fluctuations during Thursday’s trading session. The U.S. jobless claims pushed gold towards a weekly gain of over 1% while silver could be recording its largest weekly gain in four weeks.