If not a security, (may?) not be regulated
There was a report by Bob Pisani on CNBC saying the SEC said that Bitcoin and Ether are 'not securiites' because of the decentralization of their markets. He added that anything defined as securities can be regulated. Does that mean bitcoin and ether will not be regulated? Not sure about that (look at forex in the US that is decentralized too).
The did say some initial coin offerings (ICOs) or securities and do need to be regulated.
The news seems to be giving Bitcoin a push higher. The digital currency on Coinbase is trading up $312 at $6565. That takes the price back above the April low at $6450. The $6450 is now risk for buyers looking to hop on a bullish move higher.
Looking at the hourly chart above, the price is moving toward its 100 hour moving average at $6638 (blue line in the chart above). A move above would be more bullish and start to solicit more technical buying. Be aware.
Buyers are starting to take more control above $6450.
Moreover, after a number of days with more bearish news (regulation, hacks, manipulation), positive news is something buyers in the digital currency want to see. The question now is "Can the technicals improve and push through the 100 hour MA?". That would ignite more of a technical rally in the digital currencies.
