In the rapidly changing landscape of cryptocurrencies, Bitcoin has seen a notable drop of nearly 10% over one weekprovoking renewed interest and speculation that translate today down 1.70% over 24 hours to $26,475. This price movement coincides with a remarkable event: the valuation US lawmaker’s criticism of SEC’s approach to rulemakingwhich rippled through the market, influencing the sentiment surrounding the price trajectory of BTC.
Furthermore, the economist Peter Schiff’s scathing criticism of Federal Reserve policies and warnings about future inflation have complicated the Bitcoin price outlook. In this article, we analyze these developments and their impact on Bitcoin trends, as well as the likelihood of a prolonged BTC rally.
Many criticisms of a US congressman on the SEC in matters of regulation
The reviews of US Congressman Frank Lucas (R-OK) towards the hasty and poorly analyzed regulatory approach of SEC Chairman Gary Gensler are influencing the price of BTC. Parliamentarian Frank Lucas warns in particular of potential economic damage insofar as the repercussions of these rules transcend sectors of activity. As a key member of the House Financial Services Committee, Lucas expresses his concern about the scope and implications of SEC rule changes which have an impact on interconnected financial products and markets.
Gensler’s obsession with tightening regulations spark criticism and concern of relentless regulatory attacks. Similarly, the ongoing scrutiny of Prometheum’s questionable SEC approval and the legal battle against Ripple Labs over XRP add a lot of uncertainty, affecting investor sentiment towards BTC. The market is sensitive to regulatory measures and legal disputes, and the medium-term uncertainty prevents some investors from betting on cryptocurrencies in the long term.
Concerns Raised by Economist Peter Schiff About Fed Policies and Future Inflation
THE famous economist Peter Schiff warns that the Federal Reserve Policy Mistakes over the past two decades have caused considerable damage to the economy and will lead to disastrous consequences. Schiff believes that the Fed’s attempt to fight inflation is doomed to failurec, despite market optimism.
He points out that the current economic strength does not justify such confidence, because the current economic bubble, fueled by debt and excessive consumption, defies conventional economic wisdom. Schiff criticizes the perception that the economic slowdown is dampening inflation and claims that there will be even more inflation in the future.
It also shows that the moderate rise in gold is influenced by the market’s overconfidence in the success of the Fed. He vehemently denies this scenario. Generally, these critical comments from Schiff added concerns about inflation on the market and have instead reduces the possible decline of BTC.
Bitcoin Price Prediction
Bitcoin bounced off the $25,500 support level. Currently, BTC/USD is indicating a bullish correctionwhich could propel towards the $27,400 level. It is up 1.70% over 24 hours and is already trading near $26,500.
On the positive side, a Upside break above the $27,400 level could push BTC towards the $28,650 mark. Moreover, BTC could then potentially climb all the way to $30,300. On the other hand, a A break down of the $25,450 level could lead to a sharp and rapid decline towards $24,100.
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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.