As Bitcoin‘s current trading volume crosses the $10 billion mark, the digital currency doggedly maintains its position around the $30,000 tier. The static state of this crypto giant, coupled with its recent minuscule 0.10% Saturday surge, has left investors and traders alike mulling over its future course.
Adding to Bitcoin’s narrative, the Securities and Exchange Commission’s (SEC) latest appeal for extra funding to alleviate risks and fraud within the crypto market is piquing interests. What could this mean for Bitcoin’s trajectory?
Gary Gensler, the chairman of the SEC, called for Congress to bolster financial support to mitigate the “risks in the crypto markets.” Labeling the current cryptocurrency domain the “Wild West” of finance, Gensler emphasized a need to tackle noncompliance and shield retail investors from cryptocurrencies’ speculative nature.
The SEC plans to pump resources into strengthening the Division’s ability to counteract vulnerabilities in the crypto market. However, Gensler’s approach has not been without backlash. With the majority of crypto tokens classified as securities by Gensler, the ongoing turbulence, primarily the Southern District of New York’s recent ruling that XRP is, in fact, not a security, raises regulatory questions in the crypto space.
Currently, Bitcoin’s technical stance remains somewhat stagnant as it remains around the $29,900 mark. Support and resistance levels border around $29,550 and $29,995 respectively, making its next significant move challenging to predict.
Bitcoin’s downward pressure could intensify if it fails to hold the $29,500 support level, possibly leading to the next support tier at $28,900. Alternatively, the price might experience a bullish resurgence, breaching the $30,000 mark if it stabilizes above $29,500.
Changes in demand could further drive Bitcoin above the $30,450 mark and towards the next resistance level of $31,200.
Looking towards 2023, the crypto community is keeping a keen eye on 15 promising digital assets that have been handpicked by experts from Industry Talk and Cryptonews.
These assets range from established cryptos to exciting newly launched offerings (ICOs), with each of them having the potential to shape the digital landscape in the upcoming years.
In conclusion, while Bitcoin remains a noteworthy asset, the vicissitudes of the crypto market, along with the regulatory tribulations, underscore the need for investors to maintain a watchful eye. Uncertainties surrounding the Bitcoin price make it crucial for investors to keep track of price movements and react accordingly, aware of the significant risks involved.
Disclaimer: The digital assets highlighted are not definitive financial advice from the author or publication themselves. Cryptocurrencies are highly volatile, and the potential risks are considerable. Always conduct your research before investing.
Source: Cryptonews
