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Cryptocurrencies are new version of “Swiss Bank Accounts”

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Swiss National Bank

Crypto currency craze is on the rise, investors around the world are pouring their money into crypto currencies, making crypto market one of the hottest markets in the world.

One of the biggest fears that crypto market posses is money from black market, like drugs and illegal funds. Governments around the world are trying to make sure crypto market is free from all that but risk is still there as there is no record or tracking in most of the cases, so there are possibilities that illegal funds are major part of the crypto market.

US Treasury Secretary Steven Mnuchin called on the world’s 20 biggest economies to work together to make sure cryptocurrencies don’t “become the next Swiss bank account.” Well that’s a big statement on the issue because some of the leaders around the world already expressed their concerns about the emergence of crypto currencies as heaven for Tax evasion, Indian prime minister Modi and UK prime minister May are the most prominent names came out with these views.

Swiss Bank accounts served as heaven for all the black money in the world for about 2 decades but with the emergence of terrorist financing in the world, Swiss government changed laws and made them more transparent and strict in order to stop any possibility of money from drug trafficking or terrorist financing.

Cryptocurrencies are pretty much similar in nature 

Cryptocurrencies are pretty much similar in this case as digital currencies are getting a piece of $10 trillion of hidden assets around the world, so according to that there is still enough space within crypto market to attract large part of that hidden market assets, but that all depends upon the regulation structure of all these currencies, it will be interesting to see how government reacts to all these developments within the crypto market.

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6K support loosing strength

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$6000 support level for Bitcoin is holding pretty well since Feb 2018, but every time price bounces off from 6K level it marks a lower top

Bitcoin support level is losing its strength day by day, traders expect a nice bounce from this level and strength in the rally to breach the $10000 mark but its not happening and now price is making lower tops every time there is a small rally.

Take a Look at the one week chart of Bitcoin at Bitfinex

According to many Technical analysts, weekly chart is looking scary and they are expecting as massive crash in prices if price breaks below the $6000 level and stays there.

Low volumes 

Another alarming situation for Bitcoin is low volumes, Bitcoin ‘s trading volume has dropped significantly in the last few months , in fact this month has been the lowest in more than 1 year and that shows investors are taking a back seat in this market, institutions are not yet ready to jump into the market and without money from big investors, it is not possible for Bitcoin  to rebound or reach All-Time-High levels in near future.

$6000 support history 

$6K support for Bitcoin started in Feb 2018, when Bitcoin crashed from $12000 to $6000 within few days after a wild crash. But price rebounded once it touched the $6K level and then after that it started making lowers highs (lower tops) and price rejected from $10K level then $9K and then $8K , made it ever so difficult for Bitcoin to rebound, but one thing was there all the way through, $6000 support level, although price broke below this level 1 or 2 times but not for long, price stayed above $6000, but now as the time is passing by it is getting more and more difficult for Bitcoin to keep this level of support as there is massive pressure from the bears and they can take the price down anytime in near future and if that happens, there will be panic in the market and selling pressure can take price down to  $5000 or even $4000 as well, on the other side Bulls must be hoping that $6000 support is protected once again.

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Crypto Market cap reached $275 billion

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Market cap of crypto currencies reached the level of $275 Billion after a spike on 4rth July 2018, Bitcoin maintaining its dominance at 42% , making it the biggest crypto currency in the world.

Bitcoin price currently trading at around $6700 after a 3% spike in the price , making it jump from $6500 to $6700 within minutes, analysts are predicting that this recent upside movement in crypto market in weak and need to sustain these levels in order to attract more buyers, otherwise overall bearish market is still in control.

$7000 is a key level for Bitcoin 

$7000 is very important level for bitcoin according to many technical analysts, If it breaks above $7000 and stays there then chances are that upside move will be healthy, otherwise bear will look forward to take control of the situation again.

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Switzerland merging Cryptocurrencies with conventional banking

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Switzerland is on the right track to become a Crypto nation and country is making efforts to allow cryptcocurrencies to fully access conventional banking .

Bitcoin and other crypto currencies has taken a big hit in brutal bear market of 2018 but that’s not stopping Switzerland to allow cryptocurrencies to fully access conventional banking system within the country. Switzerland is currently in progress and drafting rules and regulations for such collaborations.

Heinz Tännler, Swiss expert & finance director of Zug canton, told media earlier that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.

He said: “We hope to clarify relationships by the end of the year at the latest.

“Time is pressing, other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”

“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”

Blockchain becoming the global phenomenon 

The concept of Blockchain is interesting and attractive for all the countries, many countries may disagree on the existence and usage of cryptocurrencies, but all of them agree with the fact concept of blockchain is not going anywhere and governments can benefit from this technology in various fields, but if you ask any expert of blockchain, he would tell you that success of Blockchain technology has to be linked with existence of crypto currencies, without crypto currencies, and ecosystem can’t exist, many governments around the world are slowly recognizing the fact and Switzerland is definitely on the right track if they allow crypto currencies to work in collaboration with the Banks, because many banks around the world are not allowing crypto currencies to offer services through them, but this initiative will open many doors in that regards.

 

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