ICO’s have been indirectly declared as securities by a New York Federal Judge. This was covered in a district court, meaning this isn’t the federal view point. Nonetheless, it is the first step in stating that U.S Securities law cover ICO Token sales.
This can be seen on a Global sphere as to lead further class action suits against ICOs, with more individuals bringing suits.
Those in the U.K will remember PPI lawsuits with no win, no fee. Meaning that if you were involved in any accident, lawyers will take on your case, if they don’t win, they don’t charge you. This will utiltimately bring more negative sentiment towards Cryptocurrencies. With anyone entering into a ICO bringing a suit against them within the United States.
The judge presiding over the case stating that:
“Zaslavskiy’s contrary characterizations are plainly insufficient to by pass regulatory and criminal enforcement of the securities laws. Because the indictment is sufficient under the Constitution and the Federal Rules of Criminal Procedure, and because the law under which Zaslavskiy is charged is not unconstitutionally vague as applied, Zaslavskiy’s motion is denied. The case will proceed to trial.”
Where is Bitcoin going?
- 15 Moving Average has started to act as a Resistance.
- Purely negative sentiment in the market by Retail Investors.
- Positive Sentiment and Media outlook – Long-term.
- Bitcoin has been within this tight range for the past 9 Days, staying between $6500-6100.
- A lot of buys as can be seen by the chart on the way down especially from $6200-$6000 – Acting as a buy-side support.
- Bitcoin did not dip on the news of the ICO Securities – Ethereum however did by close to 15%.
- Bitcoin could be reminiscent of early September, crashing through a rising wedge, in which we could see it fall through the heavy support witnessed yesterday at $6248.
- Bitcoin failed to re-test $6150 yesterday, bouncing from $6180,
- There are a lot of Buys at $6180, illustrating that we may see this figure being called upon.
- There are a lot of sells at $6278, meaning we could see the support falter.
Nouvive believes that according to the RSI stochastic on the higher time frames, we are seeing further bearish sentiment, moreover, the double top at $6380 is hard to forgive and forget, as stated yesterday. Bitcoin will still be trading within this tight range.
There is a lot of push downwards.
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