The post Is Gary Gensler Resigning? SEC Chair Hints at Exit Amid Crypto Regulatory Shift appeared first on Coinpedia Fintech News In a speech during the Practicing Law Institute and the 56th Annual Institute on Securities Regulation held in New York on Thursday, November 14, US SEC Chair Gary Gensler hinted he may be leaving the agency soon. In regards to the crypto market, Gensler highlighted that Bitcoin, Ethereum, and stablecoins are not securities. However, the …
Bitcoin (BTC) recently reached a new all-time high (ATH) of $93,477, as the leading digital asset inches closer to the highly anticipated $100,000 target. Notably, the ongoing price rally has seen relatively muted profit-taking, fueling hopes that BTC has further room to surge. Low Profit-Taking For Bitcoin In Current Cycle According to a recent report by Glassnode, the current BTC price momentum is primarily driven by strong spot demand and rising institutional interest. Particularly, the victory of Republican US presidential candidate Donald Trump has added optimism to the digital assets industry. Related Reading: Bitcoin Price Could Peak In 200 Days, Before US Recession In Mid-2025, Report Says The report highlights that over 95% of Bitcoin’s supply is currently in profit. However, despite the high proportion of profitable holders, profit-taking has remained relatively muted during this cycle. Historically, monthly profit realization has typically ranged between $30 and $50 billion during previous Bitcoin ATH cycles. The current price discovery phase has seen about $20.4 billion in realized profit. This relatively low profit-taking level in the current BTC ATH cycle suggests further room for the BTC price to rise, potentially reaching the $100,000 milestone before demand wanes. The chart below shows the cost basis of new BTC investors, along with upper and lower statistical bands. According to the report, during an ATH phase, BTC’s price repeatedly tests the upper bands as new investors enter the market at higher price points. As can be inferred from the above chart, BTC’s current spot price of $91,199 is just below its upper band of $94,900. Keeping track of price movement between these bands can show when the market price might be high enough to force existing holders to sell their holdings. Excess Leverage Must Be Flushed Before $100,000 BTC While BTC is trading less than 10% below the $100,000 level, industry experts opine that excess leverage must be flushed out before the top digital asset attempts to hit the 6-figure target. Related Reading: Bitcoin To $100,000 By February 2025? Analyst Explains Why Data from Coinglass shows that more than $718 million worth of crypto contracts were liquidated in the past 24 hours, impacting 202,074 traders. Notably, contract liquidations were split pretty evenly between longs and shorts – 49.93% vs 50.07%, respectively – indicating that despite the strong bullish sentiment, there is no clear trading advantage. Some industry leaders remain optimistic about BTC’s future price action. In October, the BTC mining firm CleanSpark CEO said that the premier digital asset may peak at $200,000 in the next 18 months. Similarly, BitMEX co-founder Arthur Hayes recently predicted that BTC may hit $1 million under the Trump administration. BTC trades at $91,199 at press time, up 3.9% in the past 24 hours. Featured image from Unsplash, Charts from Glassnode and TradingView.com
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The Shiba Inu price rise is set to make some investors millions, while a DOGE Rival – WallitIQ (WLTQ) is poised for a gain of up to 120x in this cycle. Read original article on coincu.com
On November 15th, QCP Capital shared insights on its platform regarding Bitcoin’s pronounced bullish momentum following the recent US elections. The firm anticipates that Bitcoin could approach a price range
Ilya Lichtenstein was sentenced to five years in prison for laundering nearly 120,000 Bitcoin stolen in a 2016 hack of the Bitfinex exchange. Read original article on coincu.com
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Bitcoin price saw a short-term correction from the $93,450 zone. BTC is now consolidating gains near $87,000 and might attempt another increase in the near term. Bitcoin started a downside correction from the $93,450 zone. The price is trading above $87,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if it stays above the $87,000 zone. Bitcoin Price Starts Downside Correction Bitcoin price attempted more gains above the $93,000 level. BTC traded to a new all-time high at $93,435 and recently started a short-term downside correction. There was a minor decline below the $90,000 level. The price even dipped below the $88,000 level. A low was formed at $86,621 and the price is now consolidating. It is slowly moving higher and trading near the 23.6% Fib retracement level of the downward move from the $93,435 swing high to the $86,621 low. Bitcoin price is now trading above $87,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $90,000 level. There is also a connecting bearish trend line forming with resistance at $90,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the downward move from the $93,435 swing high to the $86,621 low. The first key resistance is near the $90,850 level. A clear move above the $90,850 resistance might send the price higher. The next key resistance could be $91,500. A close above the $91,500 resistance might initiate more gains. In the stated case, the price could rise and test the $93,450 resistance level. Any more gains might send the price toward the $95,000 resistance level. More Downsides In BTC? If Bitcoin fails to rise above the $90,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $87,150 level. The first major support is near the $86,500 level. The next support is now near the $85,280 zone. Any more losses might send the price toward the $82,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 80 level. Major Support Levels – $87,150, followed by $86,500. Major Resistance Levels – $90,000, and $91,500.
Bitcoin’s recent volatility underscores the significant impact of macroeconomic signals, particularly from the U.S. Federal Reserve, on the cryptocurrency market. The cryptocurrency landscape is witnessing heightened attention as market participants
Former SEC chairman predicts Trump’s administration could drive crypto-friendly legislation, easing regulatory constraints and fostering innovation within the digital asset industry. SEC Shake-Up: Could Trump’s Team Transform Crypto Legislation? Ex-SEC Chief Weighs In Jay Clayton, former chairman of the U.S. Securities and Exchange Commission (SEC), said on Wednesday that cryptocurrency legislation is likely to emerge