As of right now, Bitcoin is battling a key level of support and resistance at the $30,000 level.
The rollercoaster ride continues on route to a highly anticipated $100k bitcoin.
Adding to the list of countries working on adopting Bitcoin from last week’s blog, Tanzania joins in on the action. The domino effect is evident as more developing countries look to improve their GDP — and see crypto as a viable opportunity.
June 21st, 2021.
The ultimate king of FUD (fear, uncertainty, and doubt) in the cryptocurrency world is talk around The United States Government banning crypto. As crypto grows increasingly popular with countries starting to accept it as legal tender, many people have wondered what the US will do.
The SEC recently released its 2021 regulatory agenda and after a lot of speculation, cryptocurrency remains untouched.
Negativity From Politicians
Many people are shocked that crypto remains untouched after SEC chairman Gary Gensler recently stated “This is a quite volatile, one might say highly volatile, asset class, and the investing public would benefit from more investor protection on the crypto exchanges.”
Former President Donald Trump recently called crypto a “scam” during the same week that Elizabeth Warren talked about how crypto NEEDED to be regulated. After some rocky price action over the past couple of weeks, the market refused to be affected by politicians and their crypto opinions.
Governors Adapt Crypto and Blockchain
On the brightside, Texas governor Greg Abbott recently jumped on the crypto bandwagon allowing banks in the state to provide crypto banking services. Texas has become the second state after Wyoming to recognize cryptocurrency and blockchain technology.
Mayor of Miami, Francis Suarez, has been an advocate for cryptocurrency for quite some time now. In an effort to bring big tech to Miami and more investors, Suarez allows taxes in Miami to be paid in Bitcoin. In addition, Suarez has also started to take the steps necessary to allow city employees to accept their salary in cryptocurrency.
The SEC announced regulations on short-selling after meme stocks such as Gamestop and AMC Theaters have been on the rise. These popular “pump and dump” investments have become increasingly popular among new investors on apps such as Robinhood. With the price drastically increasing then decreasing even more in a matter of hours.
The popular Reddit forum WallStreetBets is behind these short-selling meme stocks in order to short squeeze hedge funds on Wall Street. Robinhood has already stopped transactions after these short-selling events have taken place which is why the SEC has decided to intervene.
Crypto Remains Safe
However, cryptocurrencies are virtually impossible to stop. The technology behind it, international backing, and anonymity make it really hard for the SEC to interfere and regulate. With more countries and states adopting cryptocurrency, it is predicted that the U.S. government will be left with no choice but to embrace this new emerging technology.
As many people have been waiting to invest until after the SEC’s new regulatory agenda, the price of Bitcoin has reclaimed $40,000. Knowing we are safe from regulation for another year, the bull run seems to continue as Bitcoin may be on track for another run to $100,000. To take advantage of this week’s consolidation price, sign up here.