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BCH/USD price surges over 12% to test $1,500 as Hong Kong concludes cryptocurrency have low risk in financial crime

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  • “While we have not found substantial risks in these newly developing payment methods or commodities, this is a rapidly developing area requiring continued monitoring,” FSTB report states.
  • At the moment a short-term support has been formed at $1,450, although the major support is below $1,400.

Bitcoin Cash price is on a roll to the upside rising by over 8% in a few hours. The cryptocurrency has broken out of the thing triangle on the 15’ timeframe chart. A bullish flag pattern is forming above $1,450, while the price is seeking higher consolidation after the recent upsurge.

In other cryptocurrency news, the Financial Services and Treasury Bureau (FSTB) in Hong Kong has made a conclusion that digital assets such as Bitcoin Cash and Bitcoin have low risk in financial crimes. A recent report titled “Money Laundering and Terrorist Financing Risk Assessment” states:

“Between 2013 and 2017, there were 167 Bitcoin-related reports to the HKPF (Hong Kong Police Force). Most of the reports involved blackmail using ransomware (such as the recent ‘WannaCry”’attack), and the figure is comparatively low compared with that in other jurisdictions. Investigations and intelligence do not suggest VCs (virtual currencies) were used or intended to be used in other prevalent predicate offenses (e.g., drugs, dutiable goods smuggling) or TF (terrorist financing). The threat level is low.”

The report also calls upon other government agencies, law enforcement agencies, financial regulators and other interested parties to come together to access and possibly determine the risks related to virtual currencies including ICOS. The report adds:

“While we have not found substantial risks in these newly developing payment methods or commodities, this is a rapidly developing area requiring continued monitoring.”

Bitcoin Cash price technical analysis

Bitcoin Cash price sharp ascent broke out around $1,360, the fierce bullish momentum breach key resistance levels at $1,400 and $1,450 respectively. The price formed an intraday peak above $1,480, but the sellers found an entry point forcing BCH/USD to correct slightly lower. At the moment a short-term support has been formed at $1,450, although the major support is below $1,400; particularly at $1,360. The indicators are showing positive signals in the near-term, for instance, the MACD is above the +25.00 indicator line.

BCH/USD 15’ chart

 

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