The US wants to control the private Bitcoin wallets of its citizens.The US Treasury Secretary, Steven Mnuchin, last Friday made a number of statements regarding the international use of digital currencies at the Washington DC Economic Club meeting. The secretary expressed concern that Bitcoin's wallets could potentially become a modern equivalent of an anonymous Swiss bank account. He intends to cooperate with the G20 nations, offering American tracking skills to prevent such abuses. He said: "If you have a Bitcoin wallet, then the company (the owner of the wallet) has the same obligation as the bank to know who the owner is. We can follow these activities. We will work closely with G20."
However, cryptocurrency experts are not so impressed by the idea of more regulations. For example, Sergey Sevriugin, general manager and founder of the risk sharing platform REGA, said for Cointelegraph: "I think that the regulation already exists in relation to cryptocurrencies. Regulation by the community, and not by the central authorities, is the best type of regulation that can ever exist. Centralized regulation will kill the idea of cryptocurrency; without any control from the community, this type of regulation will lead to several problems, including corruption. We all remember that the last crisis, including the collapse of the mortgage system in 2008, was under full control and regulation. To enter cryptocurrencies under full control, the authorities must first control the Internet."
Mnuchin also referred to the potential that countries can use digital currencies to cope with existing financial sanctions. He expressed the conviction that the risk of such actions is low, saying that he "does not worry at all" that such countries as Russia and Venezuela will be able to function this way.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is hovering around the lower triangle trend line at the level of $13, 500, just above the local support at the level of $12, 439. The Triangle pattern scenario is still valid, but when the level of $12,020 is tested and violated, then the ABC correction is more probable to occur. Iw would mean more drop towards the level of $111,152 and below.
