by BSC News
July 18, 2022
Nation-states are prioritizing rolling out a comprehensive regulatory framework after the recent crypto meltdown but the U.S. is still dragging its feet.
The world needs a crypto regulatory framework after details of excessive risk-taking and total disregard for users’ assets are revealed in official documents through trusted platforms. Biden’s Executive Order (EO) on the surface seems to be a positive move that serves to guide responsible innovation in the crypto space.
However, since March 9 little has been done to ensure that market integrity and consumer protection are protected. Crypto-based institutions such as Celsius and Voyager Digital are clear examples of platform operators relegating customers’ interest in their pursuit of profit.
Bitcoin ($BTC) is staging a relief bounce but caution must be exercised because a weekend rally is often the result of an illiquid market. There are still several factors that will affect $BTC such as Mt. Gox’s rehabilitation plan, global inflation, geopolitical tension, and miners liquidating their $BTC stash.
Distribution is still taking place as Bitcoin is trying to consolidate above $20k. A clear break above $22.8k would push Bitcoin into bullish territory. The best way forward is to adopt the dollar-cost averaging (DCA) strategy.
Bitcoin remains one of the best assets to hedge against any state-issued currencies. The narratives that drive crypto assets are constantly changing but crypto’s main value proposition lies in the fact that it is a better store of value than any other known asset class. Digital scarcity is the guarantee that its value will not be diluted.
Bitcoin’s ethos as self-sovereign money has a major role to play as inflation soars. Other crypto assets such as Ethereum ($ETH) and $BNB have a different fit. They provide networks that allow for automation in a trustless and decentralized ecosystem.
Bitcoin now sits precariously at its resistance level and if it fails to break past the resistance, it will form a triple top pattern. If this happens, Bitcoin’s price might tumble to the region of $19.5K as its first level of support. If this support is breached, Bitcoin will likely be testing the $18K low.
Potential gains in lower capped altcoins are more promising but there is also the risk of these altcoins losing more ground if the market turns south. Unless a clear positive catalyst is in sight, the market remains in limbo.
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