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Investing.com – Bitcoin continues to trend sideways in a narrow range as 2023 begins, with the cryptocurrency consolidating around the $17,000 mark since around November 10 following the market’s plunge amid bankruptcy scandal from FTX.
The thus remained insensitive to the “pivot” of the Fed, which signaled a slowdown in the pace of rate hikes in December.
The FTX affair, which remains very present in the minds, encourages crypto investors to be cautious, and shines the spotlight on other platforms such as Binance, which have so far failed to fully reassure investors of their financial solidity. .
The prospect of stronger regulation of cryptocurrencies, in the wake of the FTX affair, is also dampening investor optimism, as there are many unknowns about how cryptos will be treated when regulators and legislators will have developed a suitable framework.
SEC Will Crush Most Cryptos Says Kiyosaki
In this regard, note that renowned author Robert Kiyosaki revealed that he bought more Bitcoin, because he believes that the regulations of the Securities and Exchange Commission (SEC) will “crush” most other cryptocurrencies.
The author of Rich Dad Poor Dad said his main reason for investing in bitcoin stems from the belief that the SEC will “crush” most other tokens with its regulations.
In a December 30 Tweet, Kiyosaki revealed that he was investing in bitcoin and explained that he was “very excited” that the currency “is classified as a commodity just like , silver and .” Kiyosaki said he was buying more bitcoins. The SEC classified bitcoin as a commodity while most other cryptocurrencies were considered securities. Kiyosaki also warned that “SEC regulations will crush most of them.”
Q: Do you invest in bitcoin? A: Yes, I invest. I am very enthusiastic about bitcoin. Why ? Because Bitcoin is classified as a commodity, just like gold, silver and oil. Most crypto tokens are classified as securities and SEC regulations will crush most of them. I buy more BC
The cryptocurrency market is also waiting for the next inflation data in the United States, to further refine their forecasts in terms of Fed monetary policy, knowing that falling inflation would reduce rate expectations, to the detriment of the Dollar, but in favor of bitcoin.
Thresholds to watch on Bitcoin
Finally, from a graphical point of view, no directional index is to be noted. As for important near-term thresholds, the $17,000 threshold is the first potential resistance, before $18,000, then the 100-day moving average at $18,118 and the December 14 high at $18,373.
On the downside, $16,000 and the 2022 low at $15,480 are the first potential supports for Bitcoin traders to keep in mind.