Bitcoin (BTC) Prices Cool Off, KYC and AML Defeat Purpose of Crypto
Bitcoin prices cool off but up 8.7 percent in the last week
KYC, AML and other rules imposed by centralized exchanges defeats crypto objectives
Transaction volumes taper as prices consolidate
Albeit the excitement around expanding prices and wave of adoption, KYC and AML rules that expose user identity but made mandatory by exchanges defeat the very purpose of crypto. Progress is visible and would organically pump Bitcoin (BTC) prices.
Bitcoin Price Analysis
After a decade of wonderful-and even jaw-dropping progress, it may be about that time when participants can begin asking hard questions. Yes, it is understandable that Bitcoin is the most valuable coin and its transaction levels rival those of MasterCard.
Regardless, isn’t it time to relegate centralized exchanges to the background? Centralized exchanges are and continue to be pivotal in the crypto space providing the necessary rails for crypto to crypto transactions as well as crypto to fiat or vice versa kind of operations. In China, for example, crypto exchanges are banned. In Japan, they must register with the FCA, and the same applies in almost all countries that accept crypto as a medium of exchange, a property but not legal tender.
However, it is the application of KYC, AML and other rules that gatekeepers claim are to prevent floaters from “washing” their money or financing terrorism via crypto. In a way, it defeats the very purpose of cryptocurrency as an anonymous and transparent alternative to fiat money.
The good thing is the community is working ways around this innovating and introducing techniques as sub-atomic or atomic swaps and drumming support for unhackable DEXs. Add this to the promotion of interoperability, and it is only a matter of time before we see the real influence of crypto.
At the time of writing, BTC prices are cooling off and are stable in the daily chart. Even with this, bulls are in control and the fact that our previous BTC/USD trading plans are valid, aggressive traders can take this opportunity to add up their longs on every dip. Ideal buy zones according to data streams from BitFinex lines at around the $3,800 buy trigger mark. Any retracement that retests this level could be suitable for risk-off traders aiming at $4,500 and even $6,000.
Anchoring our analysis is Feb 18 high volume bull bar. Notice that it had high volumes—37k against 12k averages. Follow through bars have low volumes, and is a reflection of low participation is price consolidation. Typical of crypto rallies, a correction is inevitable, and any trend confirming (or nullifying) bar should have high volumes above 37k.
The post Bitcoin (BTC) Prices Cool Off, KYC and AML Defeat Purpose of Crypto appeared first on NewsBTC.