Crypto Industry News:

Lithuania is preparing new regulations regulating cryptocurrency transactions, requiring enterprises to prove the identity of customers, reports the local newspapper.

As part of its obligations to comply with EU anti-money laundering regulations, the Lithuanian Ministry of Finance will seek to fully formalize the cryptographic exchange operations.

Parliament approved the move during the Wednesday meeting, while the timeframe for implementing the regulation remains uncertain. Once the regulations come into force, any transactions with a value in excess of 1,000 euros including a cryptocurrency - whether on or from fiat or from one cryptocurrency to another - will face rigorous reporting requirements.

Stock exchanges or similar companies will need to collect information about the buyer's identity, while large operations over EUR 15,000 will oblige them to inform the Lithuanian investigation service on financial crimes. Slightly different rules will apply to issuers of tokens - i.e. ICO - for which the requirement to collect accurate information will be created when sales exceed EUR 3,000.

At present, Lithuania does not formally regulate its sphere of cryptographic exchange. Changes occur when jurisdictions around the world are preparing to implement the controversial recommendations of the Intergovernmental Task Force on Financial Activities. Guidelines on which all G20 countries have agreed will be published on June 21 and will impose similar identification requirements for cryptographic transactions.

Technical Overview:

The ETH/USD pair has fallen out of the ascending channel around the level of $270.00 and made a new local low at the level of $259.66, so it hit the technical support. This is the first clue that the top for the wave (b) is in place. There is still wave (c) of the overall corrective cycle wave 4 missing, so the market can continue the down move towards the level of $253.09 any time now.

Weekly Pivot Points:

WR3 - $345.37

WR2 - $311.54

WR1 - $291.71

Weekly Pivot - $256.95

WS1 - $239.45

WS2 - $203.99

WS3 - $185.39

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current uptrend wave is the wave 4, which is a corrective wave and after is completed, the uptrend should resume.