Fundamental Development:- Three months after being elected into power, the Australian Labor Party (ALP) has finally broken its silence on how it’s planning to approach crypto regulation. Treasurer Jim Chalmers announced a “token mapping” exercise, which was one of the 12 recommendations in a senate inquiry report last year on “Australia as a Technology and Financial Center.” The report was warmly welcomed by the industry which has been anxiously waiting to see if the ALP government would embrace it.Aimed at being conducted before the end of the year, the token mapping exercise is expected to help “identify how crypto assets and related services should be regulated” and inform future regulatory decisions.Cointelegraph understands that Treasury will also undertake work on some of the other recommendations in the near future, including a licensing framework for crypto asset service providers dealing in non-financial product crypto assets, appropriate requirements to safeguard the consumer crypto asset custody, and a review of the decentralized autonomous organization (DAO) company-style structure.
Short Term Technical View: In 1-hour chart, BTCUSD is trading below 200 simple moving average.. As per MACD Indicator showing Weakness in 1-hour chart, BTCUSD pivot level is 21300 as per today 1-hour chart, my view is sell on rise strategy is good for BTCUSD. Sell range of BTCUSD is 21700 to 21800 Levels & there is very strong resistance zone at 21800.
Alternative Scenario: If BTCUSD will trade above 21800 & sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 22200 with the Stop loss of 21500