In uncertain times for Bitcoin, the famous cryptocurrency has seen its value decline, trading today at $29,150, down 0.85% 24-hours. In the ever-changing landscape of the cryptocurrency market, Europe Makes Headlines by Launching First-Ever Bitcoin ETF. At the same time, speculation is mounting regarding the possible postponement of the judgment of the United States Securities and Exchange Commission on the application file of BlackRock.
This period also witnesses heightened anticipation regarding the regulatory aspects of cryptocurrency, as a former SEC official predicts sweeping changes in cryptocurrency regulation after the upcoming election. In the meantime Bitcoin Depot financial progress is obvious: with a turnover up 18% in the second quarter, there is a strong expectation of growth this year, with particular after its listing on the Nasdaq.
Europe launches first Bitcoin ETF as SEC delays decision on BlackRock bid
BTC/USD is down today due to multiple market moves including perhaps the first European launch of Bitcoin ETF on Euronext Amsterdam which likely hijacked investor interest in BTC. Additionally, BTC/USD is experiencing a downward trend which may have its origins in the U.S. SEC postpones rulings on BlackRock, Fidelity and other spot Bitcoin ETF applicationsas well as pending judgments regarding Grayscale.
This delay creates a uncertain atmosphere and reflects a cautious, even confused, regulatory approach. Expert opinions that predict a difficult path for Bitcoin ETF approval are not made to give the market a very optimistic view in the short term: the adoption of these in Europe could however be a factor triggering new decisions in the USA.
Expert Predicts Major Changes in Cryptocurrency Regulation After Presidential Poll
Information from former SEC official, John Reed Starksuggest that the election of a Republican president in the United States could lead to a reduction in crypto regulatory efforts and profit from the market. The anticipation of a more favorable regulatory environment, including the potential approval of spot Bitcoin ETFs, could contribute to a new dynamic. The current market seems mired in regulatory battles and above all uncertainty regarding the decisions and judgments of the SEC which somewhat paralyzes investors and traders.
Bitcoin Depot increases revenue by 18% in the second quarter
The US-based bitcoin operator, Bitcoin Deposit, recently published its accounts for the second quarter. The company can thus display a record revenue of $197.5 million, up 18%. In addition, Bitcoin Depot has plans to expand its business: it thus projects a listing on the Nasdaq by the end of the year and partnerships with retail stores. However, the recent slowdown in the Bitcoin ATM market and broader market uncertainties could help dampen Bitcoin Depot’s expectations.
Bitcoin Price Prediction
Bitcoin today shows a downtrend after dipping below $29,250. Signs of bearish momentum below the 50-day exponential moving average imply that crossing this threshold could intensify the negative trend for today. Moreover, important technical indicatorssuch as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), indicate currently a bearish outlookamplifying this perspective.
Currently, Bitcoin is facing a notable resistance near $29,250, and a close below this level could hint at a potential short selling opportunity. As for the downside limits, Bitcoin’s closest support today is at $29,000. And, if BTC were to dip below this level, it could drop its value near $28,750.
On another side, whether Bitcoin can break above the $29,250 resistancethen he could facing the next big hurdle at $29,400 and going even higher, the $29,600 threshold will provide considerable resistance to Bitcoin. In conclusion, traders should keep a close eye on the $29,250 levelwatching out for bearish patterns such as a descending engulfing candle, closes below the 50-day moving average, and other negative indicators like the RSI and MACD, all pointing to potential downward movement today.
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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