The Crypto Industry Scored Another Victory Against the SEC, Helping Bitcoin
A US court ruled against the SEC decision to reject Grayscale’s filing for a Bitcoin ETF on Tuesday, which boosted BTC/USD, but trades with caution today
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A US court ruled against the SEC decision to reject Grayscale’s filing for a Bitcoin ETF on Tuesday, which boosted BTC/USD, but trades with caution today
Bitcoin dropped markedly late in the trading day yesterday and is trading around $26,500. For the current week, the cryptocurrency is down 9.65%. The drop followed an article in The Wall Street Journal that reported that SpaceX wrote down its bitcoin holdings to the value of $373m in 2022 and 2021 and has sold its holdings.
Bitcoin has declined by about 1% over the last two days, to trade around $28,500. This comes after two weeks of muted price action. The market is starting to appreciate that rates may remain “higher for longer” and this is weighing on the cryptocurrency. Bitcoin’s volatility is still low, but the recent price movement is showing signs of life, albeit to the downside. The question is if the downside movement…
Bitcoin is feeling the pressure with other risk assets, following Fitch’s downgrade of the US credit rating.
Bitcoin had a remarkable first half of 2023. The cryptocurrency appreciated by a mammoth 84% from the beginning of January to the end of June. This compared with Nasdaq’s 37.5%, the index's best first half performance in 40 years.
Cryptocurrencies are being influenced by the regulatory outlook in the USA. The Securities and Exchange Commission is currently reviewing applications for the establishment of exchange-traded funds that would hold Bitcoin.
Bitcoin has charted a series of higher troughs followed by higher peaks. This puts the cryptocurrency into an uptrend. In April, BTCUSD challenged the psychological $30,000 level but was unable to break through conclusively. It has been in corrective mode since reacting off this key level since then.
Bitcoin has dropped to under $25,000 after the Federal Reserve dot plot suggested higher rates ahead. This, despite pausing after 10 consecutive rate increases over a 15-month period. The Fed sees two more rate hikes for 2023 and no cuts.
The Securities and Exchange Commission (SEC) on Monday filed thirteen charges against crypto firm Binance, as the regulatory environment continues to tighten in the US
Bitcoin attempted to break the 30,000 level in April, but this failed, and the cryptocurrency has been treading water since.
The bitcoin daily chart is trying to break out of its bearish channel between the lower blue and red bands. To this end, we are keeping an eye on its RSI.
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