FXEMPIRE
All
Ad
Advertisement
Advertisement
Olumide Adesina
Add to Bookmarks

Fresh comments from the U.S. regulatory sphere have boosted Bitcoin‘s price action as it broke above $38,000 yesterday.

The FTX exchange reported local highs above $38,500 for the day, while the pioneer crypto jumped 3%.

Advertisement
Know where Bitcoin is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Satoshi Nakamoto’s innovation, the U.S SEC chair, Gary Gensler highlighted, must be integrated into public policy frameworks if it is to reach its full potential. He distinguished Bitcoin from other crypto assets, notably addressing it first.

This move ended a downward trend overnight following Gensler’s recent television interview with the mainstream media.

Despite this, market sentiments remain fairly neutral in the crypto space. There has been a decrease in aggressive trading among traders amid rising geopolitical uncertainty partly driven by COVID-19.

In addition to a recent speech, Gensler was on CNBC this week to reiterate what he had said some days ago and to reassure markets that fraud will be ironed out while allowing investors to have a fair shot at “speculative” assets.

In the early hours of the week, traders were concerned by the powerful financial regulator’s comments, particularly since Bitcoin was already coming down from a rapid ascent to multi-week highs over $42,500.

Since late May, the flagship cryptocurrency has traded mainly between $30,000 and $42,000. Although the price has declined in May and June, it has found support around the $30,000 level.

Bitcoin could hit the low $25,000 level if these important support levels come under attack.

Profit-taking by investors amid weekly closings could be partly to blame for the retracement in the world’s most popular crypto from two-month highs.

Accordingly, the pledge by the People’s Bank of China (PBOC) to maintain draconian controls on cryptocurrency trading and speculation may also explain the pullback in the world’s most popular digital asset.

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker