The Financial Conduct Authority (FSA) plans to launch a consultation to consider a potential ban on crypto-based derivatives sale. This move will affect such instruments as contracts for difference, options and futures and become be the first majot intervention in the market.
Read more about the potential ban here
Author
Tanya Abrosimova
Independent Analyst
Ripple pares losses and trades around $1.05 at the time of writing on Monday. The cross-border remittance token is attempting a recovery after last week’s sell-off, which intensified as the US and Iran exchanged fire.
Bitcoin is showing renewed signs of recovery, approaching the $60,000 mark at the time of writing on Monday. Among altcoins, Ethereum is positioned for a potential breakout above $1,600, while Ripple continues to face bearish pressure, holding just above the key $1.00 psychological support.
Bitcoin price continues to trend downward below the $60,000 support zone after losing over 50% of its value since the $126,199 high in October. Bitcoin’s four-year cycle, measured from cycle tops to bottoms, suggests that four months of a bear market are still ahead.
Bitcoin recovers slightly on Monday, trading above $60,000 after closing below the 200-week SMA the previous week. Market sentiment turned cautiously positive after the US and Iran agreed to halt attacks and renew peace talks.
Bitcoin has remained under pressure this past week, losing over 5% as traders assess mixed signals from different parties involved in the Middle East conflict.
