The National Securities Commission (CNV) authorized this Tuesday the regulation of Bitcoin Matba Rofex Index futures contractswith negotiation and settlement in Argentine pesos and without delivery of the underlying asset.
In a statement, the regulatory body for marketable securities indicated that “The measure intends to adapt to the regulatory challenges imposed by new technologies for the provision of financial products, as well as to encourage the development of new and innovative products by its regulated subjects in the capital market”.
The CNV indicated that “the formation of said index will be based on information from the bitcoin price provided by different price providers, entities that facilitate the operation of the BTC/ARS pair, with deposit of Argentine pesos through bank transfer”.
After recalling that the CNV “has no jurisdiction or exercises any supervision or control over these providers,” he remarked that the regulation “requires Matba Rofex SA to establish as an eligibility condition that they have a current contract with a Payment Service Provider ( PSP), registered with the Central Bank of the Argentine Republic (BCRA) for the provision and use of its payment services in the country”.
Bitcoin price variations
Later, the CNV stressed that “in this way, Qualified investors will be able to acquire exposure to Bitcoin price variations in a safe and transparent way through derivative products traded under regulated market infrastructures”.
At the request of the CNV, Matba Rofex SA must incorporate alerts aimed at the investing public that warn about the risks associated with this operation and possible contingencies in the formation of the aforementioned instrument.
The conformation of said index will be carried out based on information from the bitcoin price provided by different price providers
The CNV stated that “the initiative is an achievement of the Innovation Hub launched a year ago by this body, a space for public-private collaboration aimed at promoting exchange with regulated companies and those entities with service technology projects and/or financial products in the field of capital markets”.
Bitcoin approaches $30,000, its highest point since June
He Bitcoin it returned to its winning rally and is approaching $30,000, its highest point since June, a difficult mark to beat. During the afternoon of this Monday, the largest cryptocurrency in the market reached 29,286 dollars, 3.55% than the previous day.
Bitcoin has been sailing near this resistance zone since March, after rising 72% in the first three months of the year, his best quarter in two years. Despite Bitcoin’s rally, it has not recovered even half its value since its record high of $69,000 in November 2021.
Some specialists anticipate that the price of Bitcoin could move again after the data from the US inflationwhich are expected for Wednesday.
Eight’s CEO, Michael van de Poppeargued on Twitter that the new report could be “the market engine” that the cryptocurrency needs to break out of the levels it has been trapped in for several weeks, and to surpass the $30,000 mark.
Fiona Cincotta“After an impressive rally in March, we are now looking at a period of consolidation just below the key $30,000,” said City Index, a senior financial markets analyst at City Index.
“The bulls are pausing to catch their breath before the next attack on this key resistance,” added Cincotta, who said that a break above $30,000 still “looks likely.”
Bitcoin is the most famous cryptocurrency in the world.
April is a solid month for Bitcoin, the second best month behind October, according to data compiled by Bespoke Investment Group. Over the past five years, it posted an average gain of 15.63% in April, according to Bespoke.
Will Bitcoin hit $50,000?
Bitcoin could rally towards the u$s50,000 and 2023based on a historical price pattern highlighted by the popular market analyst known as “Mags.”
The chart pattern highlights the similarities between Bitcoin’s current price trends and those recorded after the end of the 2013-2015 bear market.
That includes Bitcoin’s consolidation into the $200-$300 range between January 2015 and August 2015, which looks identical to its consolidation into the $18,500-$25,000 range after the supposed completion of its 2021-2022 bear market.
The price of BTC broke above the $16,000-$25,000 range in March 2023, leading Mags to highlight its resemblance to the break above the $200-$300 range in October 2015, Cointelegraph noted.
Since this led to a rally towards $700 in June 2016, the analyst sees the scenario potentially repeating itself in 2023, with the price of BTC doubling to $50,000. “Being bearish here, when the price of Bitcoin is around $28,000, is like being bearish at $350,” Mags added.
