As BTC pirouettes on the roller-coaster trajectory of the cryptocurrency universe, presently rejoicing a diminutive surge and settling at a commendable $29,442 as of Monday, the crypto fraternity has been thrown a curveball. Emanating from the offices of a previous SEC authority, apprehensions concerning the approval of Bitcoin Spot ETFs are being aired publicly. The roots of these doubts lie buried in the current paralysis of regulations, coupled with clear-cut biases, underscoring the labyrinthine and taxing difficulties the swiftly progressing crypto sphere has to tackle.
Former SEC dignitary John Reed Stark has thrown his weight behind the speculation of improbable sanctioning of Bitcoin Spot ETFs owing to regulatory divides. Drawing references from “Better Markets'” autonomous and objective pundits, Stark forecasts a likely swivel in crypto laws post the US Presidential vote, especially in the scenario of the Republicans coming to power. Far from being confined to the political arena, the division has permeated into the world of cryptocurrency.
Taking the evolution under a Republican administration into account, reduced SEC examination of cryptos and a shift of focus towards fraudulent activities from registration violations are looked upon as prospective feathers in the industry’s cap. Stark is of the belief that a Republican leadership may favour the approval of a Bitcoin spot ETF and implement crypto regulation measures considered favorable. He stands by the demand for an unbiased commission, with a harmonious political representation to bridge the chasms dotted by disparate viewpoints.
A shift in power could potentially see Hester Pierce, the revered ‘Crypto Mom’, ascend the ranks of leadership, implying a possible reduction in regulatory constraints on cryptos. Pierce has a well-documented portfolio of advocating for the adoption of Europe’s MiCA blueprint and opposition towards certain restrictive actions on the crypto stage.
Monday saw a rise in Bitcoin prices despite a fortified US dollar, but the surge was curtailed by the strengthening dollar. The greenback gained nearly 0.15% at 102.98 against principal global currencies in anticipation of the Retail Sales release on Tuesday. As BTC displays a neutral stance in trading, it continues grappling with obstacles to cross the $29,600 barrier. A victorious surge beyond this figure may very well push BTC up to the $30,200 mark.
Buoying support around the $29,200 fulcrum remains steadfast, with Bitcoin’s technical standpoint remaining untouched. Encountering an upward shift beyond the $29,600 barrier may lead for Bitcoin to touch the $30,200 target. Conversely, any deviations beneath the $29,800 and $30,200 checkpoints may herald a bearish trend for Bitcoin, underlining the importance of these pivot points.
Despite the unpredictability and the heightened risks, cryptocurrencies continue offering numerous prospects. Every prudent investor must equip themselves with apt knowledge and ground their decisions in careful research, ensuring they stay ahead in this swiftly evolving realm of digital assets.
Source: Cryptonews
