Decentral Block Post

Italy’s top banking authority has called for a “robust, risk-based” regulatory framework for stablecoins, which could help prevent a worst case scenario — a “run” on stablecoins.

The central bank’s recently released Markets, Infrastructures and Payment Systems report for June 2023 has called on regulators to apply the same financial conduct standards to stablecoin issuers in the industry.

The bank said the rise of cryptocurrencies, coupled with several “boom and bust cycles” in a largely unregulated environment has caused “significant consumer harm.”

Regulatory attention on stablecoin issuers in particular should be a priority because of its close connection to DeFi, the bank said:

“A robust, risk-based regulation of stablecoins ensuring the prevention of ‘runs’ on their issuers is a necessary condition to reduce the fragility of the DeFi ecosystem, given the prominent role of this asset class in decentralized finance.”

A large part of the recent leg of Bitcoin’s (BTC) rally started after BlackRock filed to list a spot Bitcoin exchange-traded fund (ETF) on June 15. Several applications by other firms have been rejected by the United States Securities and Exchange Commission in the past. However, BlackRock’s filing has a 50% possibility of getting approved, said Bloomberg senior ETF analyst Eric Balchunas. 

Another bullish catalyst for the cryptocurrency markets could be a filing by asset manager Fidelity Investments to launch its Bitcoin spot ETF. CoinShares Chief Strategy Officer Meltem Demirors said that firms managing $27 trillion of assets are “actively” pursuing efforts to allow their clients exposure in the crypto space.

Most of the focus in recent days has been on institutional money but the retail trader’s power should not be underestimated. Fireblocks CEO and co-founder Michael Shaulov said in an interview with Cointelegraph that institutional entry may not boost prices higher because they are likely to do it in such a way as to avoid large price bursts. Shaulov said there was a significant inflow of institutional money in 2020 but the prices did not appreciate until retail investors entered.

Will Bitcoin and altcoins break out of their respective overhead resistance levels or could they start a short-term correction? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

Buyers tried to catapult Bitcoin above the overhead resistance of $31,000 on June 27 but the bears did not budge. This keeps the price stuck inside the tight range between $31,000 and $29,500.