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President Of Panama Suspends Crypto Bill Citing FATF Guidelines

President Of Panama Suspends Crypto Bill

The President of Panama, Laurentino Cortizo, has temporarily vetoed Bill No. 697, a bill dubbed the “crypto bill.” The President took this decision after saying that the bill requires more work to fit Panama’s financial regulations better. In May, President Cortizo warned that he wouldn’t sign the bill if it didn’t include additional Anti-Money Laundering (AML) regulations after the country’s National Assembly passed the bill in late April 2022.

A copy of the 32-page veto was obtained by local media Outlet, La Prenda. It reported that the president wrote that it’s “imperative” that the cryptocurrency laws …

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VeChain At Risk Of Further Losses? VET Price Drops 30% In Downtrend

The crypto market continues on its downtrend, and VeChain (VET) follows after expiring some relief over the last weekend. The cryptocurrency recently breached a major level of support and seems poised to expand its downside price action. Related Reading | Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode At the time of writing,::Listen

The crypto market continues on its downtrend, and VeChain (VET) follows after expiring some relief over the last weekend. The cryptocurrency recently breached a major level of support and seems poised to expand its downside price action.

Related Reading | Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode

At the time of writing, VET’s price trades at $0.022 with a 3% and 32% loss over the last 24 hours and the past month respectively.

VET’s price trends to the downside on the 4-hour chart. Source: VETUSDT Tradingview

According to crypto analyst Justin Bennett, VeChain lost a major area of support when it broke below $0.024. As seen below, this area was the last line of resistance for a “neckline” or a trendline that saw VET’s price after an increase in previous selling pressure.

Not everything is lost for the bulls, the analyst believes, as long as VeChain is capable of holding above $0.021. This area is a “much more significant support for the market”.

In case of further downside action, VET’s price could drop into this support line before seeing some relief. If the price manages to get back above the neckline, it could support a bullish continuation.

However, traders should wait for confirmation if VET’s price can return to $0.024 and then to $0.026. Beyond that point, $0.028 seems like a very important area of resistance.

Bennett believes it seems more possible that VeChain will continue on its downtrend:

Resistance for VET is around $0.0237, which is the neckline it broke below yesterday. All in all, the market looks relatively weak. So even if we do see some additional relief, I think a move to at least $0.016 makes the most sense right now.

Traders should watch out for a daily close below current levels or $0.022. This could hint at potential losses targeting the levels mentioned by the analyst.

VET’s price breaks below the neckline of support on the 4-hour chart. Source: Justin Bennett
What Could Save VeChain In The Long Run?

As NewsBTC reported, VeChain is currently in the process of deploying a major consensus update. This could facilitate the corporate adoption of the blockchain VeChainThor and inject fresh capital into the ecosystem. However, this will positively impact VET’s price over the long run.

In the short term, Bennett claims the current macro conditions don’t support bullish momentum in the crypto market. The analyst recently pointed out a “Head and Shoulders” pattern formed on the crypto market total capitalization 4-hour chart.

Related Reading | Ethereum Rising Gas Fees are Still Concerning But Presents Opportunity For Decentralized Exchanges

This pattern often precedes further losses by a certain asset. The total crypto market cap currently stands above $800 billion and could crash into the $700 billion if the pattern plays out. Any long positions, at current levels, seem at risk, as Bennett explained:

$TOTAL is a perfect example of how to use a failed head and shoulders to your advantage. That failure offered a short opportunity. I never thought to long this because of the established downtrend. I was always expecting it to fail.

President Of Panama Suspends Crypto Bill Citing FATF Guidelines

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