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 (RACE.it) 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]
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, RACE.it 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. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.