The Financial Supervisory Authority of the United Kingdom, the Financial Conduct Authority (FCA), may ban the cryptocurrency derivatives, such as futures contracts, as part of the "most comprehensive response" for this industry.

In a speech at a conference in London, executive director of FCA Strategy and Competition Christopher Woolard, said the organization would consult on a ban on crypto contracts for difference (CFD). Probably the ban will also include options, futures and transferable securities: "We are afraid that retail consumers are being sold complex, unstable and often leveraged derivatives products based on tokens with market integrity problems" - Woolard said.

Britain faces a regulatory dilemma triggered by a slow response to the growing popularity of cryptocurrencies and related instruments, in addition, various parties criticize the priorities and intentions of FCA that have emerged so far.

In Tuesday's speech, Woolard presented the results of a special task force that began formulating recommendations in March. The group categorized cryptocurrencies into three types, as Woolard noted, constituting "exchange tokens" such as Bitcoin, "security tokens" and "utility tokens". With regard to the unauthorized use of tokens, Woolard also announced plans to take what he called "one of the most comprehensive responses around the world to using crypto-assets for illegal activities."

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has bounced from the level of $4,008 and now the bulls are trying to break out above the local resistance at the level of $4,600, but no avail. The market conditions are now extremely oversold, which might help the bulls to continue the sideways move between the levels of $,4,300 - $4,600, however the larger time frame trend remains bearish.