Fundamental Analysis on April 19, 2023: Coinbase To Leave The US?

FXOpen

Brian Armstrong, CEO of the largest US cryptocurrency exchange, stated that:

→ Coinbase is on the brink of a legal war with the Securities and Exchange Commission (SEC) to achieve long-awaited clarity on how federal securities laws apply to cryptocurrencies.

→ Coinbase could move from the US to the UK if regulatory progress remains stagnant.

→ UK leaders have expressed a promising interest in making the country a Web3 hub.

If laws favorable to cryptocurrencies are passed in the US, this will greatly help the industry. In the meantime, the bulls are fighting to hold on to the USD 30k psychological level, but cannot boast of success.

Yesterday the price tested the (1) USD 29.2k level, which served as resistance in late March and early April. And today BTCUSD is falling again (2) to USD 29.2k. A return to the test level is a bearish sign. If there is a bearish breakout of this level, the trend line (3) may be the next significant support.

This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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