The Central Bank of Russia has published a report stating that cryptographic assets do not threaten global financial stability, because the global volume of cryptographic transactions is very low.
The research paper states that instead of the term "cryptocurrency", the Financial Stability Board proposes to use the term "crypto assets", which can be considered as financial assets based on the use of cryptography and the technology of a scattered register.
According to the report, crypto assets do not pose a threat to global financial stability, because currently, the number of transactions involving cryptographic assets is very low compared to the size of the global financial system.
The document states that asset cryptography may pose a threat to financial stability in the event of further market growth, a large-scale involvement of retail and institutional investors, banks and other market participants. According to the central bank's report, high price volatility of cryptographic assets prevents them from becoming a reliable standard for values as a means of exchange and storage of value.
In addition, the document presents a number of risks associated with investing in cryptographic assets, including the lack of protection of investors' rights, the risk of preventing money laundering and terrorist financing, the lack of market liquidity, operational risk and the use of leverage.
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is hovering around the weekly pivot at the level of $7,582 which is very close to the golden trend line dynamic resistance. In a case of a breakout higher the next target is seen at the level of $7,890. In a case of a failure, the immediate support is seen at the level of $7,435 and then $7,247. The outlook remains bullish due to the completed corrective cycle of the wave 2/B. A breakout through the trend line will be the first confirmation the bottom is in place.