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Giant Indonesian Market Gets 'First' Regulated Local Crypto Exchange 101
Source: iStock/Bicho_raro

An Indonesian cryptocurrency exchange platform named Tokocrypto says it has become the first platform to officially register with the country’s financial regulator, the Commodity Futures Trading Regulatory Agency (known locally as Bappebti).

Recently introduced legislation means crypto exchanges in the country must first register with Bappebti for permission to operate as a registered platform, and show the regulator they have adequate information security management system (ISMS) resources in place, prove financial resources and implement security standards.

Bappebti will require further checks before it grants Tokocrypto with a full operating permit, but no company has ever passed the crucial registration stage before.

Per media outlet Detik, Tokocrypto claims it has obtained ISO 27001 ISMS certification for its platform.

The company’s CEO was quoted as saying that “Becoming the first exchange to register with Bappebti is an extraordinary achievement for Tokocrypto, and brings us a step closer to obtaining full permission.”

Bappebti traditionally polices conventional commodities, as well as forex trading and gold futures, but in February this year was also tasked with regulating crypto exchanges. Under the new rules, platforms must first register and then win final approval before winning legal operating status.

The stringent regulations stipulate that exchange operators must prove they have capital assets of at least USD 106 million upon launch, and maintain a balance of at least USD 85 million.

Leading South Korean exchanges such as Upbit and Coinone have previously launched trading platforms in Indonesia and other South East Asian nations.

Meanwhile, in August, Facebook‘s WhatsApp was reportedly “in advanced talks” with several digital payments firms and a major bank in Indonesia as it looks to launch a digital payment service in the country.

Indonesia is the world’s fourth most populous nation, the world’s 10th largest economy in terms of purchasing power parity, and a member of the G-20. An emerging middle-income country, Indonesia has made enormous gains in poverty reduction, cutting the poverty rate to more than half since 1999, to 9.8% in 2018, according to the World Bank.

Giant Indonesian Market Gets 'First' Regulated Local Crypto Exchange 102
Source: The World Bank

Tim Alper , 2019-11-27 14:01:26 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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