July 1st market: Libra or landing in Japan for a long time to see the bull market continues

Interpretation today

Facebook's upcoming Libra project is unlikely to encounter any obstacles in Japan.

The head of the Japan Financial Services Authority (FSA) said that Libra "is unlikely to be classified as cryptocurrency." Because Japanese law states that cryptocurrency (or crypto assets) means "not a legal currency or a fiat currency-based asset." As explicitly mentioned in its white paper, Libra is a stable pass based on “a basket” of legal tenders – including the US dollar, the euro, the pound and the yen – so Libra will not be considered cryptocurrency in Japan.

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The FSA may consider Libra transactions as “general currency transactions and remittances.” At the same time, Libra's banking industry associated with the country needs to comply with “strict” regulations and may limit the amount of each transaction, such as the upper limit of each transaction. It is 1 million yen (about 9,200 US dollars). In addition, mobile remittances will be subject to FSA regulations.

Japanese law firm So&Sato introduced Libra and its legal status at the request of the Japan Blockchain Association (JBA) last week.

So&Sato said Libra's technology choices are “orthodox” and its design indicates that developers “are aware of the regulatory guidelines” as long as Libra does prove to be a stable pass. “There are no restrictions under current Japanese law (Libra in Japan). ".

However, regulators and treasurers in other countries, including the US, remain skeptical about Libra, and some even call on Facebook to “stop” the project as soon as possible.

Japan has always maintained a positive and open attitude towards the regulation of the certificate, and has played a leading role in the field of certification.

In April 2017, the revised “Financial Closing Algorithm” was officially implemented, and Japan became the first country to carry out the certification legislation. The legalization of the pass is widely interpreted as Japan's optimistic development prospects, and the pass is booming in Japan. In this case, the exchange has begun to flood into Japan. In August 2017, the FSA revealed that approximately 50 exchanges submitted registration documents. On September 29, 2017, the first batch of 11 exchanges received licenses, which is the first batch of globally approved government-approved clearing exchanges. On December 1 and 26, 2017, four more and one clearing exchange were registered respectively.

The legalization of the PTO transaction in Japan, superimposed by other countries' severe crackdown on the pass, has made Japan the world's largest global trading market. According to CryptoCompare data, the proportion of BTC transactions denominated in Japanese Yen is in the proportion of all BTC transactions. At the end of February 2017, it reached 42.8%, ranking first in the national currency and stability certificate.

Market research

Overall view

Today, the general market continues the low volatility market. The daily MACD is about to die, and the short-term market may see a slight decline. The overall view has not changed: the bull market has plummeted, and the callback is a good opportunity for jiacang.

In December 2018, we clearly pointed out BNB's investment opportunities in the bear market, and the first to propose that the BNB in ​​the bull market will enjoy Davis double-click (hedging: the platform pass the bear market profit key – the certificate valuation series) 2) In October 2018, we will point out the price cycle of BTC and predict the bottoming time to be around May 2019 ([Classic update reappears] three laws and applications of BTC Bulls and Bears cycle – Freezing Point Outlook A); In April 2018, when the remaining temperature of the bull market had not been exhausted, we indicated that it was a rebound rather than a bull market (whether the bull market is coming? It is the four reasons for the rebound rather than the bull market).

At present, BTC is sideways in the vicinity of 11150. It has once fallen below 11,000, and then many parties have recovered their lost ground, but they are slightly unable to do so. The 4-hour Bollinger Middle Track remains a high-pressure trend for BTC, and it is difficult for BTC to break through. The upcoming death fork of the daily MACD has made the market wait and see. The volume of both long and short sides has been shrinking, and there may be a general choice in the near future. Therefore, in the short term, BTC will be dominated by a sideways decline. The long-term trend of the daily line is still unbroken, and the bull market continues. The support level is 10300USDT and the pressure level is 12000USDT.

ETH linkage sideways, similar to the BTC trend, support level 280USDT, pressure level 340USDT.

EOS and BTC remain linked, with support at 5.6 USDT and pressure at 7 USDT.

risk warning

The price of digital pass is fluctuating violently. Investment digital pass is a high-risk investment behavior. Investors should reasonably assess their investment ability and risk tolerance, use leverage carefully, strictly control risks, and invest carefully. Investors are advised to keep in mind that investments are risky and require caution when entering the market.

Disclaimer

Personal opinions are for reference only. The analysis in the text does not constitute a recommendation for trading, and the profit and loss is self-sufficient. Welcome to reprint, but need to indicate the source.

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