Gate.io’s Daily Market Trends _May.31_: Cryptocurrency market continues to wane_ England_s banks upgrade crypto trading regulation

2021-05-31, 06:55

As of 12:00 CST, Bitcoin’s spot price was $34506.66 and ethereum’s was $2303.17. On the one-hour scale, Bitcoin price has seen nine consecutive negatives since 3:00 on the 31st, and the short side may hit the $33,858 price support point during the day. After 8:00 on the 31st, Bitcoin price protruded through the lower Bollinger band, and the spot price may enter an accelerated downward channel. RSI and MACD indicators collectively show that the market is bearish. By midday on the 31st, the short side still dominated the market. Gate.io researchers reminded investors that more bearish policies may emerge from international cryptocurrency regulatory policies in the near future, and investors need to pay attention to unexpected risks.

Several British banks, including Barclays and Starling, have started banning customers from transferring funds to some cryptocurrency platforms, according to the Daily Mail. A spokeswoman for online bank Starling said the move was a temporary measure to protect customers.

In an interview with the Financial Times this month, Michael Hsu, the newly appointed acting director of the Office of the Comptroller of the Currency (OOC), said he hoped U.S. officials would work together to set a regulatory scope for cryptocurrencies. At the beginning of the month, the OCC met with the Federal Reserve and the Federal Deposit Insurance Corporation to consider setting up a "cross-departmental sprint group" for cryptocurrency regulation, which Hsu said is intended to keep regulators up to date with the growth of the cryptocurrency market, rather than to set policy.

U.S. Sen. Rick Scott sent a letter to Treasury Secretary Janet Yellen expressing his concern about the growing number of fraud cases involving cryptocurrencies and asking questions including "how we plan to protect consumers and legitimate investors from cryptocurrency fraud", and "how the Treasury will identify and deter cryptocurrency scams. "How will Treasury identify, deter, and prevent fraud and scams in initial token offerings and in the purchase and sale of cryptocurrencies in the U.S. financial markets," and other questions urging Treasury to take steps to protect investors.

Author: Gate.io Researchers: Charles. F & Gazer. C
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

Gate.io Spot Quotes (as of 12:00 CST)
BTC: $34506.66 (-0.90%); ETH: $2303.17 (+0.05%); DOGE: $0.2969(-0.34%); GT: $4.234(-0.59%); XRP: $0.89777 (+6.73%); ADA $1.5354 (+4.37%); DOT $19.648 (-0.53%); UNI: $23.845 (+2.36%)

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