The price of bitcoin has been volatile over the past few weeks. After breaking above $23,000, the cryptocurrency has lost significant value and is currently trading around $21,800.
There can be some volatility in the price over time and it is prudent to have some bitcoin left in your portfolio, ready to buy back when the price dips.
SEC Launches New Rules to Crack Down on Cryptocurrency Practices
The US Securities and Exchange Commission (SEC) recently announced new regulations aimed at cracking down on fraudulent and deceptive cryptocurrency practices. These new regulations are a response to the growing popularity of digital assets and the potential risks they pose to investors.
In recent years, cryptocurrency has emerged as a popular form of investment, with many individuals eager to take advantage of the potential returns. However, the lack of oversight in the industry has made it a prime target for fraudsters looking to take advantage of unsuspecting investors.
To address this issue, the SEC has introduced new regulations that aim to increase transparency and accountability in the cryptocurrency market. The regulation will require cryptocurrency exchanges and other platforms to register with the SEC, provide regular reports on their operations, and implement measures to protect their customers’ assets.
Additionally, the SEC will crack down on Initial Coin Offerings (ICOs), a popular way for companies to raise money by issuing new digital assets. The new rules will require companies to provide detailed information about their operations, financials and the risks associated with their offers. The SEC will also monitor these offerings to ensure that they are not fraudulent and that they comply with all applicable securities laws.
The Kraken Crackdown: What You Need to Know
The recent announcement by the Securities and Exchange Commission (SEC) to file a securities violation complaint against cryptocurrency exchange, Kraken, has raised concerns among executives in the crypto industry. The decision has fueled apprehensions about the agency’s stand on regulation.
The Securities and Exchange Commission (SEC) is looking into staking, a process where individuals offer a portion of their cryptocurrency holdings, such as Ethereum, to organizations in exchange for substantial profits. These borrowed assets are used to validate cryptocurrency transactions.
Companies like Kraken simplify the staking process for regular users by pooling their assets and allowing them to earn income.
Finally, the SEC’s new regulations on cryptocurrency practices are a sign that the government is taking the issue of digital assets seriously and committed to protecting investors. While the regulations are a positive step, it is up to individuals to be cautious and do their research before investing in any digital asset.
UOM Consumer Confidence Index Surprises to Upside in February, Coming in at 66.4
Apart from SEC and crypto regulations, the strong US dollar is also putting downward pressure on bitcoin. One of the reasons behind the strengthening of the US Dollar is the release of UOM Consumer Confidence.
Consumer confidence in the US improved in early February, with the University of Michigan’s (UoM) consumer confidence index rising to 66.4 from 65 in January. The US dollar index, which is a measure of how much the dollar has fallen against other currencies, has held near 103.50 on a daily basis and has improved slightly to hover near 103.
This spurred markets this month, raising inflation expectations to 4.2%. The reading was better than what the markets were expecting at 65%.
bitcoin price
Bitcoin The most popular cryptocurrency and the live bitcoin price today is $21,654.63 with a 24-hour trading volume of $31.7 Billion. The current coin market cap ranking for BTC is 1, with a live market cap of $417 billion.
Technically, the BTC/USD trading price is extremely bearish at the moment. The price is sitting at $21,600, and it just declined below the 61.8% Fibonacci retracement level, which means that a further decline towards $20,000 could be imminent.
Analysis of historical data suggests that resistance for bitcoin is expected near the $22,300 or $22,775 average. The RSI and MACD are in the sell zone, so we could see BTC drop towards $21,100 and $20,500 before further bearish action.
bitcoin options
Cryptocurrencies and related ICOs are causing quite a stir all over the world. To help you make your investment decision, Cryptonews Industry Talk has reviewed the top 15 cryptocurrencies to watch in 2023.
If you are looking for an investment opportunity with a higher return potential, there are other possibilities to consider.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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