ForexMinute.com – While at one end, New York Department of Financial Services (NYDFS) is planning to introduce an altogether separate license for Bitcoin and likewise cryptocurrencies, its good-cop mode North Carolina Commission of Banks (NCCOB) is planning to be more Bitcoin-friendly.
Last 24 hours in the cryptocurrency market has probably seen optimism just because of NCCOB. Leaving aside the one-pumped coins like BitSharesX and Dogecoin, almost every top coin – including Bitcoin, Litecoin, Ripple, NXT, etc. – have surged during the 8/26 trading session. Darkcoin however fell massively in absence of good volume and notable development updates.
The hope for getting a revised BitLicense framework has meanwhile increased with the laws stated by NCCOB. As the NC regulators have stated, Bitcoin and other digital currencies are already under the score of NC Money Transmitters Act. Thus, these digital coins are liable to be considered as “monetary value”. Cryptocurrency ventures in US and the rest of the world are still sending their comments to NYDFS, in regards to make amendments in the current draft of BitLicense. Citing NC move can indeed help their cause by a certain extent.
On the other hand, taking a technical stand to study the sudden rise in Bitcoin prices explains a bullish trend. Investors are indeed seeing a chance of further surge after the NCCOB announcement, and therefore are putting stakes back in the Bitcoin economy. Other coins are simply following this trend as well, the closest being Litecoin.
Here is the full report:
The BTC/USD opened while trading at around 502 during the 8/26 session. Without wasting even a millisecond, the pair started to trend upwards under the influence of North Carolina’s take on virtual currency regulations. The trend continues throughout the 8/26 trading session, while indicating steady investments in the Bitcoin economy. The BTC/USD closed at 512. We believe the trend will continue until reaching the next resistance between 560 and 570.
At press time, the BTC/USD is being traded at 519.26 and has surged 2.44% in the last 24 hours.
The LTC/BTC opened at 0.01035590 during the 8/26 trading session, and quickly surged in the following hours, tailing Bitcoin’s chart for obvious reasons. However, the pair mostly remained stable for the rest of the day, lying between stiff trading range of 0.01101010 and 0.01069170. A good reason for such stability can be steady supply against the demand. Indeed, the NC’s announcement has also helped Litecoin as well, but what we see in the 8/26 trading session is holdings, rather than pumping.
This however has changed a little bit in 8/27 trading session. At press time, the LTC/BTC has surged 4.57% in last 24 hours and is currently priced at 0.01111170.
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org
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