Bitcoin Upbeat as Ferrari Accepts Crypto Payments While Australia Proposes Tighter Regulation


BTC/USD Analysis

BTC/USD dropped last week, as the war between Hamas and Israel sent the USDOLLAR higher, due to safe-haven flows. It makes a strong showing today though, returning above the EMA200 which creates scope for higher highs (28,620), but the 2023 peak (31,860) continues to look distant. So far it stays below the upper border of the daily Ichimokou Cloud, which along with tentative market sentiment can renew pressure. There is still risk for a drop to 24,732-24,884.

The Crypto industry is facing regulatory scrutiny especially in the United States, where the Securities and Exchange Commission (SEC) tries to enforces its view that digital assets are securities. Australian authorities meanwhile, proposed today a stricter framework that would require crypto exchanges to obtain a financial services licence (AFSL), if they hold more than AU$ 5 million (around 3.2 mln USD) or more than AU$ 1,500 per individual. These proposed measures and feedback can be sent until December 1. [1]

On positive news, iconic sports cars maker Ferrari ( has started to accept payment for its vehicles in cryptocurrency in the US, according to Reuters. This includes bitcoin, ether and stablecoin USDC, while the storied Italian automaker indents to expand the scheme to Europe next year. [2]

Trade the News: View our Economic Calendar

Ferrari has limited car volumes, but the news will be welcomed by the crypto industry and likely helped sentiment today. The firm shipped 6,959 vehicles in the first half of the year. 1,831 of those were sold in the Americas (USA, Canada, Mexico, the Caribbean and Central and South America), its second largest market. [3]

Ferrari reported strong Q2 results in August and raised its 2023 revenue guidance, but its stock had a losing third quarter, following the H1 rally. After a limited pullback however, finds renewed vigor and tries to set new record highs above 300.00.

Nikos Tzabouras

Senior Financial Editorial Writer

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.



Retrieved 15 Oct 2023


Retrieved 15 Oct 2023


Retrieved 24 Jun 2024 - Ferrari Q2 2023 Results Press Release.pdf

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