In a rapidly changing world of cryptocurrency, Bitcoin had seen a drop of 10%, generating a wave of enthusiasm and conjecture among its traders. The current trading value of Bitcoin hovers around $26,200, a slight downturn when compared to its recent peak. The timing of this price variation perfectly aligns with certain critiques around the US’s Securities and Exchange Commission’s (SEC) regulatory methods, voiced by a certain US lawmaker.
These critiques seamlessly blend into the broader debate shaping the perceptions around the future trajectory of Bitcoin’s fortunes. Adding to this dilemma are the spicy criticisms made by economist, Peter Schiff, towards Federal Reserve policies, offering a cautionary tale about the potential surge in future inflation rates.
US Congressman Frank Lucas’s critique of SEC Chair Gary Gensler’s allegedly hasty and ill-considered regulatory approach had unintentional ripples through the Bitcoin prices. Lucas issued warnings of potential economic ramifications, as these regulatory impositions could have effects that reach far beyond the cryptocurrency sector alone. His criticisms are noteworthy for being a member of the influential House Financial Services Committee.
The SEC’s enforcement-based cryptocurrency regulations have met with backlash, with predictions of incessant waves of regulatory restrictions causing uncertainty among investors, in turn influencing Bitcoin prices. With continuous scrutiny by both SEC and Financial Industry Regulatory Authority(FINRA) over uncertain approvals of projects like Prometheum and the ongoing legal tiffs against Ripple Labs over their XRP currency, the investors sentiments towards Bitcoin remain surprisingly resilient.
Enter renowned economist Peter Schiff, who asserts that we are on the brink of an economic disaster brought about by twenty years of Federal Reserve policy mishaps. Schiff is far from optimistic about the Federal Reserve’s potential to combat the upcoming inflationary trends and deflates the bubble of optimism in the market. He cautions that our current economic strength is merely illusionary, standing on a shaky foundation of debt and excessive consumption. Schiff’s concerns about inflation have indeed encapsulated the market viewpoint, posing a cap on the further potential deterioration of Bitcoin value.
Now the question pops up, where is Bitcoin‘s price likely heading? After a minor rebound from a support level of $25,500, Bitcoin might be showing signs of a bullish correction that could possibly push it to reach the $27,400 level. If the optimistic scenario holds, its prices could potentially escalate towards the $30,300 mark. However, a downfall past the $25,450 level could instead spiralling it down towards $24,100.
As we head towards 2023, be knowledgeable about the top movers in the crypto-verse. The ever-changing landscape of digital assets can bring a windfall or a disaster, depending on the informed choices you make. So always perform due diligence and auxiliary research! In conclusion, no matter how much we debate or nurture skepticism, every crypto journey is an exciting path, filled with both promise and peril.
Source: Cryptonews
