August 9 BTCUSD BingX Chart Analysis and Today's Headline

After a long period of minor fluctuations, BTC has chosen to break out to the upside, successfully surpassing the MA30 moving average. Currently, it is important to observe whether it can hold above the MA30, as this would favor a sustained bullish trend. If it can maintain this level, there is a possibility of reaching 💲31,000. However, if a false breakout occurs, it will likely test the lower range of 💲28,900 again.

The Federal Reserve Has Launched a New Plan to Regulate Bank Cryptocurrency Activities, Requiring All Regulated Banks to Obtain Approval for Engaging in Digital Asset Activities

According to CoinDesk, the Federal Reserve is launching a new plan to regulate bank cryptocurrency activities and further clarifies its requirements that regulated banks must obtain approval before engaging in digital asset activities under its supervision. The Federal Reserve has also issued a more comprehensive explanation, stating that regulated banks participating in stablecoin transactions need to obtain prior approval. Any institution involved in "issuing, holding, or trading US dollar stablecoins" must demonstrate to regulatory authorities that it can conduct this business in a "safe and sound manner" and requires formal approval from the Federal Reserve. Obtaining this license may be challenging as each bank needs to demonstrate its ability to "identify, measure, monitor, and control the risks" associated with its activities, and the Federal Reserve will be looking for any vulnerabilities related to money laundering, customer runs, and hacking, among others.

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