- Bitcoin was rocked by the announcement of the SEC that the latest Bitcoin ETF filings were “inadequate” and “unclear” by dropping below $30,000, only quickly to come back to $30.391.
- The “dent” was only temporary after a previous weekly high of $31,254 in the earlier hours of trading. Conspiracy theorists might claim that the SEC is timing its attacks to suppress the price of Bitcoin. Moreover, there have been more official allegations of U.S. regulators and lawmakers collaborating to undermine the crypto market. The head of the SEC has been threatened with legal action over his conduct towards the crypto industry.
BTC Price Chart
- The comments were directed at the Bitcoin ETF filings of prominent financial institutions such as BlackRock, Fidelity, WisdomTree, Invesco Galaxy, Valkyrie Investments and Ark Invest. This is not the first time Bitcoin ETF applications have been filed. Numerous companies such as Global X, Kryptoin, Fidelity and First Trust failed to convince the SEC. Speculation however mounts that this time around, Blackrock will get the first ETF granted.
- Official participation by major tradFi organizations in the crypto market is destined to push the prices up at least in the short term, with the next expected range for Bitcoin at $35k-$45k.
- In other news, the Supreme Court has agreed to consider the legality of the SEC’s use of in-house tribunals, setting up a decision next term that could alter how U.S. securities laws are enforced.
- Bitcoin and Ethereum, the two largest cryptocurrencies, have experienced significant growth this year. Bitcoin’s value has doubled since its lows in 2022, while Ethereum has also seen a significant increase. The Bitcoin price has reached its highest level since last summer, surpassing $30,000.
- Notably, a prominent bitcoin advocate has endorsed Cathie Wood’s bold prediction of a $1 million bitcoin price, predicting a future surge to over $200,000 per bitcoin. If this were to occur, the combined value of the Bitcoin network would reach approximately $4 trillion.
Community moderator of the Banano memecoin since 2018. I have since been involved with numerous cryprtocurrencies, NFT projects and DeFi organizations.
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