Fundamental Development:-
'Brutal and unrelentingly hard': Singapore regulator's clampdown on crypto
Singapore’s financial regulator and central bank has pledged to be “brutal and unrelentingly hard” on any “bad behavior” from the cryptocurrency industry.The comments come from Monetary Authority of Singapore (MAS)’s chief fintech officer Sopnendu Mohanty, explaining in an interview that “if somebody has done a bad thing, we are brutal and unrelentingly hard.”He also hit back at the rhetoric of certain crypto market participants who have criticized the regulator for not being friendly enough to crypto, and instead questioned the legitimacy of the market, saying:.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $20,800-$21,100 ranges.BTC is made low 19,700 and now consolidating within a range. Yesterday it made high near $21,200 and then it continue to decline from 200 simple moving averages. Bitcoin is struggling to gain momentum above $21,300.
Alternative Scenario: If Bitcoin fails to clear the $21,300 resistance zone, it could start another decline. An immediate support on the downside is near the $19,700 level.