Ripple legal victory and global interest shape the market
bitcoin price it is currently trading around $30,300, showing a gain of less than 0.50% during the Asian session on Monday. The recent favorable decision in the case SEC vs. Ripple has impacted the price, bringing it back to the level seen last Thursday.
However, a former SEC official expresses skepticism about the ruling on XRP, stating that “the decision rests on shaky ground” and anticipates a possible reversal in the future.
In other news, Blackrock CEO Larry Fink believes that cryptocurrencies will outpace the influence of any single currency, highlighting the growing global interest in digital assets.
In this update, let’s take a look at the latest developments in the Bitcoin market as legal battles and evolving market sentiment continue to shape its trajectory.
Former SEC Official: The SEC vs. Ripple on XRP could be reversed, decision questioned
According to a former director of Internet compliance at the US Securities and Exchange Commission, the decision in the SEC vs. Ripple is considered uncertain and the ruling is likely to be overturned.
The Ripple ruling provides full protection to institutional investors from the SEC, while ordinary investors receive no such protection.
As John Reed Stark emphasizedthis raises concerns about the regressive nature of the decision.
Ripple’s ruling introduces a situation where a token can be classified as a security at times, but not at others.
This lack of protection for regular investors leads to further ignorance and willful blindness. Also, the less information its issuer discloses about a token, the less its liability.
Despite concerns raised by John Reed Stark, the upward movement of BTC prices remains unaffected.
Larry Fink, CEO of BlackRock, envisions cryptocurrencies going beyond individual currencies with increasing global interest
Fink stressed the importance of ensuring security in the cryptocurrency market, especially regarding BlackRock’s bitcoin exchange-traded fund (ETF) filing with the US Securities and Exchange Commission (SEC).
Fink believes that a global cryptocurrency product can overcome the limitations of individual currencies, considering the fluctuations in the value of the US dollar over the past five years and months.
It highlights the growing interest in cryptocurrencies from people around the world, indicating the significant potential they hold.
Fink also discusses the importance of democratizing investing and recognizes the transformative impact of exchange-traded funds (ETFs) on investment practices globally. He sees this as just the start of a bigger revolution in investing.
Regarding BlackRock’s application for a bitcoin ETF, Fink reiterates working with regulators to ensure investor safety and protection when BlackRock’s name is associated with any exchange.
Positive comments and support from Larry Fink contribute to gains in the value of Bitcoin on Monday.
Bitcoin Price Prediction
On the technical side, Bitcoin found immediate support around the $30,000 level, which also acts as a significant psychological support level.
The recent series of doji candlesticks and spinning tops above this level indicates weakening bearish momentum and a potential shift in favor of the bulls.
Also, on the four-hour time frame, an uptrend line is acting as resistance, suggesting the possibility of a bullish breakout.
However, it is worth noting that the 50-period exponential moving average around $30,400 could provide resistance, along with the Relative Strength Index and Moving Average Convergence Divergence indicators indicating a neutral stance.
We may not see a significant price move if Bitcoin consolidates between $30,400 and $30,000. A bullish break above $30,400 could expose Bitcoin to levels around $30,900 or even $31,500.
On the other hand, a break below the $30,000 level has the potential to push the price of Bitcoin towards the $29,500 level.
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