Bitcoin and Crypto Back on Upward Trajectory Despite SEC’s Crypto Caution
After a small pause in the crypto market rally earlier this week, Bitcoin and other digital assets have resumed the upward trajectory. The Bitcoin (BTC) price is up by more than 3% and is currently trading at $28,201 levels with a market cap of $544 billion.
Other altcoins like Ethereum (ETH), XRP, Cardano (ADA), and Dogecoin (DOGE) have also gained by 3-4% each. The broader cryptocurrency market has added more than $35 billion to investors’ wealth.
This bounce-back in the crypto market comes hours after the US Securities and Exchange Fund (SEC) asked investors to maintain caution over their crypto investments. The SEC further stated that firms offering crypto products and services may not be complying with relevant laws such as the federal securities laws.
After the FTX collapse, the US SEC has been going after crypto firms vehemently to bring them under its regulatory purview. It hasn’t spared even the big players who have shown the willingness to adopt the regulatory process. A day before, the SEC slapped a Wells Notice on crypto exchange Coinbase hinting a future legal action over the possible violation of securities laws.
Bitcoin and Crypto To Rally Ahead
Even as the US Fed announced a 35 basis points rate hike this week, analysts are optimistic that the Bitcoin price could continue to rally to $30,000 and even beyond, to $35,000. Ark Invest’s Cathie wood is bullish that the current crisis in the banking sector is more likely to push institutional investors toward Bitcoin.
#Bitcoin | Nothing has changed!
If this bullish megaphone is the governing pattern behind $BTC price action, we could target $34,000. https://t.co/gcF1LpGxQX pic.twitter.com/ulpF9DxFH3
— Ali (@ali_charts) March 23, 2023
Along with Bitcoin, altcoins continue to be on investors’ radars. The world’s second-largest crypto Ethereum (ETH) has been flirting around the $1,800 level. Furthermore, there’s a massive outflow of ETH from crypto exchange wallets which is a bullish signal in general.
~310,000 $ETH have been taken out of known #crypto exchange wallets in the last 48 hours, worth $558 million, shows data from @santimentfeed. pic.twitter.com/HQF3DrPD6I
— Ali (@ali_charts) March 23, 2023
Currently, on the downside, the immediate support for Ethereum (ETH) is $1780 while on the upside, the immediate resistance is at the $1850 level. Beyond this, the ETH price can further rally to $2,000.
Other altcoins have also seen massive transaction activity on their respective blockchain networks this year.
🐳 #Altcoins have lit up with several transactions among the biggest of the year for their respective networks. $MATIC and $FET have both seen a transaction valued at over $40M on their networks. Watch $MANA, $DIA, $IMX, and $SAND after their big whale moves as well. 👀 pic.twitter.com/8zzF8TxqhG
— Santiment (@santimentfeed) March 23, 2023
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