Court Ruling in Favor of Grayscale Clears Path for Bitcoin Innovation in the U.S., Says Vivek Ramaswamy
– Vivek Ramaswamy believes the recent court ruling favoring Grayscale Investments will foster Bitcoin innovation in the US.
– He praised the decision for keeping crypto development domestic.
– Ramaswamy pledged to revoke federal regulations that don’t meet the Supreme Court’s West Virginia vs. EPA standard if elected.
– His comments did not positively impact BTC/USD value.
Bitcoin Exchange Holdings Plummet to Five-Year Low Amidst Continued Buildup
– Bitcoin held on exchanges reaches a five-year low of 2.26 million BTC ($61.28 billion).
– Long-term holders continue to accumulate Bitcoin, with HODLed or lost coins at a five-year peak of 7.841 million BTC ($213 billion).
– Binance may be facing regulatory pressures, contributing to the decline in exchange holdings.
– BTC/USD decline today may be influenced by this news.
Congress Urges Collaboration with Biden’s Regulators for Cryptocurrency Regulation
– US legislators are calling for regulatory agencies to work with Congress to create comprehensive cryptocurrency regulations.
– Lawmakers want clearer rules and robust consumer protections through legislation.
– The House Financial Services Committee criticizes Chair Gary Gensler’s enforcement-focused approach.
– Congressman Patrick McHenry emphasizes the necessity of a comprehensive regulatory framework.
SEC’s Delay of Seven Spot BTC ETF Registrations Causes 7% Drop in Bitcoin Price
– Bitcoin’s price declines over 4% due to the US SEC’s decision to delay multiple spot BTC ETF applications.
– Decision deadlines for the next 45 days indicate a likely simultaneous decision for all seven applicants.
– Prominent firms like BlackRock, Valkyrie, and Fidelity are affected by the delay.
– Recent rally on August 29 was catalyzed by Grayscale’s news.
Bitcoin Price Prediction
– Bitcoin’s technicals show a bearish trend, with a drop to a low of 25,900.
– Downward momentum continues, breaching the 61.8% retracement.
– Close monitoring of the $25,900 level is crucial for determining Bitcoin’s direction.
– Failure to break below this level could trigger a bullish reversal.
– If Bitcoin breaches $25,900, it could find support around $25,400.
Hot Take
Bitcoin’s price landscape remains volatile as it faces challenges and opportunities. The recent court ruling favoring Grayscale Investments could pave the way for Bitcoin innovation in the US, according to Vivek Ramaswamy. However, concerns arise from the decline in exchange holdings and the SEC’s delay of BTC ETF registrations. Collaboration between Biden’s regulators and Congress is urged to create comprehensive cryptocurrency regulations. The decline in Bitcoin’s price today is influenced by these developments. Close monitoring of the $25,900 level is crucial for determining Bitcoin’s direction.
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