Fundamental Development:-
Ontario crypto exchanges impose $30K annual limit on altcoin buys
Canada-based crypto exchanges Bitbuy and Newton are enforcing a 30,000 Canadian dollars annual “buy limit” for “restricted coins” for their users based in Ontario in order to “protect consumers” amid tightened regulations.Newton, a Toronto-based crypto exchange announced the new changes come after working on getting registered with the Ontario Securities Commission and the securities regulatory authorities in other provinces and territories of Canada, noting in a Tuesday post:“These changes are to protect crypto investors, like yourself, and to make sure investors are aware of the risks associated with investing in crypto assets.”Under the new changes, Ontario-based crypto traders on Newton and other Canadian crypto platforms will be subject to an annual 30,000 CAD “net buy limit” on all cryptocurrency coins excluding Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).Newton further clarified that if a trader bought and then sold a restricted coin, the sell amount would be subtracted from the limit. The limit resets every 12 months from the first purchase of restricted coins.The buy limits come as the crypto platform announced on Wednesday that it has officially registered as a “restricted dealer” in the province of Ontario, which meant that they’re now subject to the regulations set out by the Ontario Securities Commission (OSC).
Short Term Technical View: On daily period, BTC is trading below 200 simple moving averages and trading near previous day low. Yesterday BTC made High 24,430 and decline from that level. Now Bitcoin is struggling to gain momentum above $23,600. Yesterday it made low near $23.180.
Alternative Scenario: If Bitcoin fails to clear the $23,600 resistance zone, it could start another decline. An immediate support on the downside is near the $23,000 level.
Hourly MACD – The MACD is now gaining pace in the bullish zone.