Gate.io Blog Market Trends 24/04-29/04 | Panama’s Legislature Approved a Crypto Transaction Regulation Bill

Market Trends 24/04-29/04 | Panama’s Legislature Approved a Crypto Transaction Regulation Bill

03 May 12:05

After weeks of baited breath and eager anticipation, this week once again closes with a bearish sentiment across the entire marketplace. With a majority of assets plunged into a seemingly perpetual price plunge, it appears a bear market may be looming near - unless a correction occurs imminently.

Positive Analysis

With limited positive price movement this week within the top 50, Tron has had time to shine. Whilst a 3.44% growth in seven days is relatively unsubstantial, considering the current market conditions (whereby several assets have shed between 10-25% of their formative value), Tron has remained strong and is pushing against the resistance of the current market.

Tron has actually burst through its 7-day SMA and witnessed a single steep incline as a testament to its resilience in the current market. Demonstrating a parallel channel pattern and having witnessed a 92% growth in transaction volume, Tron is anticipated to continue rising despite growing selling pressure and fears surrounding the 200-day EMA stalling price recovery.

Image Courtesy of Trading View

Negative Discussion

As with any bearish market landscape, there are always fears surrounding the immense price plunges that ensue - particularly when the end appears to not be in sight. Within the top ten alone, there have been several assets that have plunged by 10% of the previous week’s valuation, with Solana, XRP, and Cardano thrown into this mix.

Yet following a 13.87% decline, XRP has been discounted by this bearish market. Having pushed the boundaries of $0.85 in early April, XRP has now shrunk towards $0.61 and demonstrates no signs of this pattern halting. With the past month’s trading chart demonstrating a progressive downturn, the concoction of the bear market and a notorious lawsuit appears to be poisonous.

Hot Spot

Discussions surrounding adoption have remained relatively dead in the water, particularly in light of the barrage of sanctions being rolled across Europe in light of geopolitical tensions between Ukraine and Russia. However, providing an ephemeral break to the standoff between cryptocurrencies and international governments is Panama’s new crypto bill.

Divulging into the commercialisation and use of cryptocurrency within wider society, Panama’s upcoming crypto bill could unlock a treasure trove of additional opportunities for both retail and institutional investors alike providing it is approved by the President of the National Assembly, Laurentino Cortizo. If this initiative is backed, Panama could be on track to becoming one of the most upcoming global crypto hotspots and a trailblazer alongside the likes of El Salvador for crypto adoption.

Joining Panama however, is Brazil. Following the recent breakthrough news unveiling the official passing of a crypto transaction regulation bill, it appears as if government’s across the international stage are finally beginning to tap into the unlimited potential that blockchain offers.

Author：Matthew W-D, Gate.io Researcher
*This article represents only the views of the researcher and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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Market Trends 24/04-29/04 | Panama’s Legislature Approved a Crypto Transaction Regulation Bill

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