empty
 
 
30.01.2023 03:23 PM
White House insists on stricter regulation of cryptocurrencies

This image is no longer relevant

Bitcoin continues to slowly move to $24,350. This week, there will be a lot of important events and publications, so traders are expecting serious movements in any direction. However, bitcoin's recent bullish trend happened within the sideways channel of $15,500-24,350. Therefore, a rebound from $24,350 may trigger a strong fall we have observed during recent weeks. Notably, the previous bull cycle began when the US inflation report was released. The report hardly kicked off the growth of the first cryptocurrency in the world by 50% but it could be a starting point. If it is true, bitcoin is unlikely to surge this week as the potential reduction in the pace of the Fed's key rate hike has already been priced in. After all, the markets are not interested in inflation itself but in the Fed's reaction to it.

Meanwhile, President Joe Biden's administration urged the US Congress to develop legislation that would strengthen regulation of the cryptocurrency industry. "Our focus is on continuing to ensure that cryptocurrencies cannot undermine financial stability, to protect investors, and to hold bad actors accountable," the White House said. The press release said that new developments would be launched in the coming months using the technologies that underpin cryptocurrencies. "The technologies powering cryptocurrencies protect consumers by default," the White House added. Officials also reportedly intend to increase criminal liability for various kinds of violations in the financial market, strengthen transparency requirements for players, and cooperate more closely with international law enforcement units.

This image is no longer relevant

At the same time, such innovations may seriously harm bitcoin. In fact, 5 years ago, there were rumors that bitcoin could be banned, and some countries did not throw words to the wind, for example, China. Therefore, the tightening of controls in the crypto industry will continue over time. On the one hand, this is good because investors will consider themselves more protected from unscrupulous management or outright schemes. On the other hand, many people use bitcoin precisely because of its low regulation by governments and central banks.

On the 24-hour chart, bitcoin reached above $18,500, so the price is unlikely to drop below $12,426 in the near future. At the moment, the cryptocurrency continues to move to $24,350. If BTC rebounds from this level, the price may reverse to the downside. If otherwise, the bearish trend is likely to be canceled. The bullish trend has not begun yet but no sharp declines are expected in 2023. The fundamental backdrop remains quite difficult for bitcoin.

Paolo Greco,
Analytical expert of InstaForex
© 2007-2023
EURUSD
Euro vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Technical Analysis of ETH/USD for March 28, 2023

Crypto Industry News: In recent months, US banking institutions have begun to shun the crypto industry as part of what many are calling Operation Chokepoint 2.0. For this reason, some

Sebastian Seliga 08:31 2023-03-28 UTC+2

Technical Analysis of BTC/USD for March 28, 2023

Crypto Industry News: The US government, through many of its representatives, has spoken negatively about the cryptocurrency market such as bitcoin countless times. Sam, however, is one of the largest

Sebastian Seliga 08:31 2023-03-28 UTC+2

BTC update for March 28,.2023 - Potential for the upside rotation

Technical analysis: BTC/USD has been trading downside yesterday but I see that key support zone is on the test at $27.000. Due to the test of key support zone

Petar Jacimovic 08:12 2023-03-28 UTC+2

Raoul Pal: Bitcoin will grow to $50,000 in 2023

The image is considerably more powerful on the 4-hour TF. Over the past two weeks, the price of bitcoin has increased significantly and has easily surpassed its previous high

Paolo Greco 18:17 2023-03-27 UTC+2

Bitcoin analysis for March 27th, 2023.

Bitcoin is trading around $27,300. Over the last couple of sessions price has made no real progress to the upside or the downside. Price is trading mostly sideways inside

Alexandros Yfantis 16:40 2023-03-27 UTC+2

Bitcoin moved sideways amid a collapse in trading volumes: Is correction inevitable?

After a strong upside move last week, Bitcoin moved into a consolidation stage near the $28k level. This was facilitated by a sharp drop in trading activity

Artem Petrenko 12:53 2023-03-27 UTC+2

BTC update for March 27,.2023 - Tight range and potential for the breakout

Technical analysis: BTC/USD has been trading sideways at the price of $27.800 and I see potetnial for the breakout mode. Due to the strong upside cycle in the background

Petar Jacimovic 09:19 2023-03-27 UTC+2

Technical Analysis of ETH/USD for March 27, 2023

Crypto Industry News: The Venezuelan electricity supplier has shut down cryptocurrency mines across the country as part of a reorganization of the country's cryptography department and ongoing corruption investigations involving

Sebastian Seliga 08:57 2023-03-27 UTC+2

Technical Analysis of BTC/USD for March 27, 2023

Crypto Industry News: Nasdaq Inc. plans to start offering cryptocurrency storage services by the end of the second quarter of 2023. According to media reports yesterday, these plans were revealed

Sebastian Seliga 08:56 2023-03-27 UTC+2

XRPUSD retest of broken resistance at $0.43.

XRPUSD is trading around $0.45 above the broken resistance at $0.43. After a sharp move towards $0.49 price turned back to back test the broken resistance. Previous resistance

Alexandros Yfantis 12:52 2023-03-26 UTC+2
Can't speak right now?
Ask your question in the chat.