Bitcoin price is currently trading at just under $30,000knowing a slight drop of less than 0.10% this Wednesday morning. Despite this slight dip, Bitcoin remains resilient above the crucial $30,000 level, backed by Cathie Wood’s insurance for BTC, while it reiterated its very favorable forecasts. On the other hand, the US Congressman Ritchie Torres criticized the SEC Chairman Gary Gensler for his unfavorable stance on cryptocurrency, pointing to Ripple’s success as a counter-argument.
Cathie Wood supports Bitcoin and reaffirms her price outlook
Bitcoin price remains steady at $30,000 and Cathie Wood expressed her belief and support for BTC. According to her, bitcoin is like an insurance policy, especially in light of the March bank failures. She praises this placement for its decentralization and transparency, highlighting how these qualities mitigate the risk of severe recessions like the one experienced in 2008-2009.
In an interview given to Bloomberg, Cathie Wood has revised her price estimate for Bitcoin to $1.5 million by 2030. Wood attributes this projection to the growing confidence within Ark Invest for Bitcoin and calls this projection a bullish assumption, while providing a estimate for a low case at $625,000.
Wood’s unwavering faith in Bitcoin’s potential is heartening despite the certainly overly optimistic projection she gives, but, as one of the most respected voices in the cryptocurrency world, his optimism helps cement Bitcoin’s status as a breakthrough asset and avoid further declines.
US Congressman Criticizes SEC Chairman, Highlights Ripple’s Success
US Congressman Ritchie Torres has criticized SEC Chairman Gary Gensler for what he sees as unwarranted attacks on cryptocurrencies. Torres specifically highlighted the recent victory of Ripple Labs and urged Gensler to acknowledge the clarity provided by the court ruling.
The congressman believes that the SEC should focus its efforts on targeting bad actors involved in fraud and market manipulation, rather than pursuing a holistic approach to cryptocurrency. Moreover, he congratulates Judge Analisa Torres to have established a distinction between securities and commodities, dubbing it the “Torres Doctrine” in honor of the judge. He also argued that, in his view, the SEC has no legal authority to regulate digital assets.
Another parliamentarian, Tom Emmer joined in to applaud Ripple Labs’ partial victory on July 14, describing it as a “monumental development” and suggesting it should be enshrined in law. Meanwhile, Senator Torres has ordered the SEC to investigate Elon Musk’s involvement with Tesla and Twitter in the cryptocurrency markets.
Bitcoin Price Prediction
Bitcoin’s price outlook for Wednesday suggests that the $29,500 level currently serves as a critical support level with a bar of $30,000 which has psychological significance. Of the price movements important can be boundaries if Bitcoin stays in the range from $29,550 to $30,200.
A break above $30,200 could allow to target levels around $30,900 or even $31,500. Conversely, a drop below $29,500 could push the Bitcoin towards the $29,000 level.
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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.