In the ever-changing cryptocurrency landscape, the price of Bitcoin continues to attract attention as it rises. is trading at around $29,800, down slightly by almost 0.35% over 24 hours.
In the midst of more or less fluctuating market conditions, regulatory outlook plays a crucial role for the future of cryptocurrency. Besides, Ben Zhou, CEO of Bybita major cryptocurrency exchange, highlights this regulatory outlook, pointing out that regulators view the crypto industry as an “opportunity” rather than a crisis, but that their actions are decisive for the future of BTC.
As the market navigates its swings, gaining insights from industry leaders like Ben Zhou can provide valuable insight into the future of Bitcoin and the broader crypto market.
Regulators View Crypto as an ‘Opportunity’ Says Bybit CEO Ben Zhou
Bybit CEO, Ben Zhouhas recently shared his thoughts on how regulators view the cryptocurrency industry in various parts of the world, highlighting a positive move towards collaboration and new opportunities. So, unlike the once complicated licensing process, regulators in Asia and the Middle East are now more inclined to work with cryptocurrency companies rather than opposing it. Zhou specifically pointed out Hong Kong’s Aggressive Approach to Attracting Crypto Firms and the advanced Dubai regulatory framework for virtual assets.
However, due to the changing regulatory landscape, Bybit has faced challenges in some markets like the United States and Canada.a, with plans to re-enter the Canadian market if the rules change. The position of regulators of the market in this region of the world, significantly hinders the development of Bitcoin and other cryptos with the many virulent disputes that are underway: Ben Zhou also considers that these regulatory institutions lack a long-term vision by treating the crypto market as a traditional market, having to submit to rules ill-suited to its modern functioning.
Bitcoin Price Prediction
Monday’s technical analysis indicates that Bitcoin is currently experiencing a low volatility, leading to still erratic price movements within a rather confined trading range. On the daily price chart, Bitcoin is in a consolidation phasewith a resistance seen around $31,400 and support identified at around $29,600. A critical factor to watch is whether Bitcoin can definitely break above the $29,600 level, potentially triggering a bullish move for the cryptocurrency.
On the other hand, a a clear break below $29,600 may lead to support levels around $28,450 and maybe even lower at around $27,450. To have a clear upward trend, it would be necessary break above the $31,350 level to then be able to hit the next big target at around $32,500. Considering these elements, it is essential to closely watch the $29,600 level today as a pivot threshold the crossing of which in either direction can determine the trading trend for the next few hours.
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Disclaimer: This linked article presents the views of crypto industry players and is not part of the editorial content of Cryptonews.com