The European Securities and Markets Authority (ESMA) stated it was taking a closer look at every initial coin offering (ICO) in order to examine if it should be regulated, mirroring moves by its U.S. counterpart.

The basic idea of an ICO is, a startup company creates a new coin or token and offers it to the public in an attempt to raise the capital needed to commence operating in its chosen field.

ESMA’s aim of the ICO examination is to confirm if regulations match the event circumstances and how competition reacts, in the wider capital raising sector.

They are also trying to identify if the ICO is a financial instrument, and if considered so, if it is liable under regulatory framework.

Making it simpler, ESMA is concerned with Investors financial protection and subsequently monitor the Industry risk averse possibilities.

As the financial markets acknowledge the use of cryptocurrencies even more day by day, precautions must be set in order to avoid any global threat or even crisis.

ICOs are now becoming a very popular event moving into all countries around the globe.

In the Middle East and specifically the United Arab Emirates plans to host initial coin offerings (ICOs) by next year, giving the chance for companies to raise money.

The board of the Emirates Securities & Commodities Authority said it is also looking into ICO events as securities and they may have regulations in place by the beginning of 2019.

On other news, a major accounting firm with worldwide recognition known as Price water house Coopers (PwC) is said to offer its services to Cred, a startup company that’s developing a new stable coin that follows the US dollar.

PwC representatives noted that, stable coins backed by US dollars give the opportunity for a full audit which creates new interest and further control but also attractiveness for coins.

Stable coins are a big trend and according to BitGO CEO Mike Belshe, creating a digital form of the dollar is better than the dollar.

Furthermore, despite been somewhat unprotected, stable coins is greatly used due to the advantage of prompt money movement.

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Adding to that, three companies that offer cross-border payment services plan to use technology developed by startup Ripple that employs cryptocurrency XRP to speed transactions.

Ripple, a large owner of XRP, made it public that its platform for cross border payments, named xRapid, is now available publicly.

The fact that more companies are adopting XRP is a sign that they have some sort of trust in the digital coin and could be a hint of what the future holds for us.

As a conclusion the Securities and Exchange Commission (SEC) in the US will be coming out with its decision for nine applications from various issuers looking to launch bitcoin exchange traded funds, on the 26th of October.

Initially, the SEC rejected the applications, but know the world awaits on their final decision that could play a vital part of the future developments in the crypto market.

A positive decision will enable further growth for the digital market while a negative one could leave it stagnant.

Bitcoin has been moving in a sideways manner between our (R1) 6660 resistance level and the (S1) 6170 support level since the start of September.

In case the cryptocurrency is overtaken by a bullish movement we could see it break above the 6660 (R1) resistance level and head to the (R2) 7075 resistance barrier, moving even higher.

This scenario could be supported be a positive decision on the 26th of October deadline as noted in our fundamental analysis.

On the contrary, a negative decision by the SEC could send crypto currencies lower.

In that case Bitcoin could drop below the (S1) 6170 support level and aim for the (S2) 5800 support area.

For now the main scenario is a sideways movement as pre mentioned.

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