Canada Cryptocurrency Adoption Report| In The Ethereum Market Downtrend May Be Extended

Residents Of Brazil Will Not Be Able To Use Cryptocurrencies As Legal Tender

Crypto Industry News:

Ontario Securities Commission (OSC) chief executive Grant Vingoe said Canadian authorities planned to publish a report in October that will include data on cryptocurrency adoptions in Canada. Reportedly, over 30% of Canadians plan to buy cryptocurrencies in 2024, he adds.

Grant Vingoe, CEO of the Ontario Securities Commission, echoed Canada's technology-neutral stance on cryptocurrencies, while saying that many Canadians plan to become HODLers in the near future.

In an inaugural address to the Economic Club of Canada on October 6, Vingoe said the stock and bond regulatory base also applies to "cryptocurrency contracts" with "the vast majority of cryptocurrency-backed entities" falling under the jurisdiction of the OSC.

"As securities regulators [we must work to ensure that] none of the characteristics of cryptocurrency assets or their underlying technology, neither positive nor negative, determine our regulatory approach. We are not here to pick winners and losers from our investments. We are cautiously and technology-neutral to all new products that come to our market, and we use the same reasoning to evaluate them. "

Technical Market Outlook:

The ETH/USD pair made a Shooting Star candlestick at the level of $1,348 and started a pull-back. The nearest intraday technical support is seen at the level of $1,317 and the intraday technical resistance is located at the level of $1,358 and $1,372. The larger time frame target for bears is seen at the level of $1,100, $1,000 and $990, which means the low from 22th September located at $1,220 should be broken as the down trend will continue. Nevertheless, the bears would have to break below the demand zone located between the levels of $1,255 - $1,281.

Exchange Rates 07.10.2022 analysis

Weekly Pivot Points:

WR3 - $1,360

WR2 - $1,320

WR1 - $1,306

Weekly Pivot - $1,283

WS1 - $1,268

WS2 - $1,245

WS3 - $1,206

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.


Relevance up to 08:00 2022-10-08 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Read more:

Residents Of Brazil Will Not Be Able To Use Cryptocurrencies As Legal Tender

InstaForex Analysis

Instant Trading EU Ltd. is the CFD broker operating under the brand, regulated by CySec with license number 266/15.

Besides CySEC, Instant Trading EU Ltd. is also supervised by the Czech National Bank (CNB), the Slovak National Bank (SNB), and the Polish Financial Supervision Authority (KNF). has branches in the Czech Republic, Slovakia, and Poland, where it provides support in local languages. is a member of the Investor Compensation Fund (I.C.F) which is an additional security for the client's funds. offers access to around 2,500 instruments (Stocks CFDs, ETFs, IPOs, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Stocks) and the MT4 and MT5 platforms,trading accounts in EUR, USD, PLN, CZK, GBP.

More information at:

Follow on:

Twitter Facebook YouTube


Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.95% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.