Bitcoin is currently trading at around $30,275, totally flat compared to this time yesterday. The recent Favorable ruling in SEC vs. Ripple case impacted BTC price, supporting it in a narrow trading range. However, a former SEC official expresses skepticism over XRP decisionstating that “the decision rests on shaky ground” and anticipates a potential reversal in the future.
On the other hand, the CEO of Blackrock, Larry Fink, thinks cryptocurrencies will surpass the influence of any currency, highlighting the growing global interest in digital assets. In this article, we will therefore discuss this news affecting the Bitcoin market as well as the legal battles and shifting market sentiments that continue to shape its trajectory.
Judgment in SEC case against Ripple could be overturned, says former SEC official
According to a former Chief Legal Officer at the United States Securities and Exchange Commissionthe decision in the SEC case against Ripple is considered uncertain and the decision will probably be reversed. This court ruling offers full protection to institutional investors by the SEC, while ordinary investors receive no such protection. As John Reed Stark has pointed out elsewhere, this raises concerns about the retrograde nature of the decision.
This judgment therefore introduces a situation in which a token may be classified as a security at some times, but not at others. This lack of protection for regular investors leads to increased ignorance and willful blindness. Additionally, the less information disclosed about a token by its issuer, the weaker its liability. Despite the concerns raised by John Reed Stark, the bullish price movement of BTC remains unchanged.
BlackRock CEO Larry Fink Considers Cryptocurrencies Superior to Traditional Currencies
According to BlackRock CEO Larry Fink, cryptocurrency is not only universal, but also has the potential to outperform all other currencies. Fink has stressed the importance of ensuring safety and security in the cryptocurrency market, particularly about BlackRock’s bitcoin ETFs with the United States Securities and Exchange Commission (SEC). Fink also thinks thata global cryptocurrency product may exceed individual country currency limitsgiven fluctuations in the value of the US dollar over the past five years and months.
It also highlights the growing interest in cryptocurrencies from individuals around the world, indicating the significant underlying potential of this asset. Larry Fink also points out the importance of democratizing investment and recognizes the impact of exchange-traded funds (ETFs) on investment practices globally. He sees this as the start of a bigger revolution regarding cryptocurrency investing.
Finally, regarding BlackRock’s request for a bitcoin ETF, the CEO of the company reiterates a desire to collaborate with regulators to provide investor security and protection when the BlackRock name is associated with a market. These positive remarks and Larry Fink’s support for the crypto market are rather likely to support the value of Bitcoin on Monday.
Bitcoin Price Prediction
Technically, Bitcoin has a immediate support around the $30,000 level, which also acts as an important level of psychological support. The recent series of doji candles above this level indicates weakening bearish momentum and a potential change in favor of an increase. In addition, over the four-hour period, a rising trend line acts as resistancesuggesting the possibility of a real bullish breakout.
However, it should be noted that the 50-period exponential moving average around $30,400 could provide significant resistance, as well as relative strength index and divergence indicators of moving average convergence indicating a neutral position.
We may not see no significant price movement if Bitcoin consolidates between $30,400 and $30,000. A bullish breakout above $30,400 could expose Bitcoin to levels around $30,900 or even $31,500. On the other hand, a bearish break below the $30,000 level has the potential to push the Bitcoin price down towards the $29,500 level.
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