Bitcoin Daily: Bitcoin Peaks At $3.7K; Indonesia Sets Crypto Trading Regs

Bitcoin jumped to a one-month high as it hit $3,727 this weekend — it’s highest level since Jan. 19. Its 24-hour trading volume also rose to above $8 billion for the first time since Dec. 20.

As CoinDesk explained, the cryptocurrency’s boost indicates a bearish-to-bullish trend change, but it is still stuck in a symmetrical triangle. To break above the upper edge of the triangle, bitcoin must make it past $3,760, which is expected to happen sometime this week.

In other news, Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has announced new rules for trading crypto assets on futures exchanges in the country. According to CoinDesk, the agency, which serves under the country’s Ministry of Trade, has stipulated that crypto futures exchanges must be registered and approved before operating. In addition, crypto assets are now recognized as commodities that can be traded on Indonesia’s futures exchange.

The new regulations state that these futures exchanges and clearing houses need to have paid-up capital of at least 1.5 trillion Indonesian rupiahs ($106 million USD), as well as have a closing capital balance of at least 1.2 trillion Indonesian rupiahs. They must also have a “good level of system security,” employ at least three employees who are Certified Information System Security Professionals (CISSP), and undergo a risk assessment process.

However, these new rules do not apply to initial coin offerings (ICOs), and using cryptocurrencies for payment is still illegal in the country.

Germany has launched a consultation process aimed at learning how to fully utilize blockchain technology, according to Reuters.

A home for many startup companies, Berlin boasts around 170 firms that currently look at blockchain. Sources have reported that companies and industry groups that could become stakeholders in the country’s blockchain deployment process were asked to give recommendations before the nation gets set to present a strategy this summer.