Bitcoin slips to $63K amid increased U.S. regulatory pressure

Speculations are doing the rounds that though Bitcoin is experiencing a downward slide to $63,000, it will soon make a substantial recovery. The reason for the drop is being attributed to the added regulatory strictures. 

The price ups and downs continued following RobinHood, a brokerage business, informing that they had come in for a Wells Notice issued by the SEC, an early warning signal. BTC went down by 1.5%. 

Separate cryptocurrencies were impacted in their ways, with ether (ETH), dogecoin (DOGE), Shiba Inu (SHIB), and Polygon’s MATIC declining by 2-3%. On the other hand, Solana (SOL) and Ripple (XRP) saw a rise of 4-6%. CoinDesk 20 Index (CD20) was lowered by 0.3%. 

Despite it all, there was a fresh requirement of bitcoin call opportunities, as studied by QCP Capital, being priced at $75K and $100K, proving that bitcoin is on the way up. As per CP Capital, this is exactly what they had predicted. 

According to the Managing Partner of Syzcapital, Richard Byworth, there are speculations that in the offing is added connectivity with the recently registered Hong Kong spot bitcoin and ether ETFs for investors in China. There is a probability of piling the crypto items onto the stock connect option, enabling investors in China to connect with deserving shares registered in Hong Kong. Yet, the investors in China do not have access to crypto ETFs.

In the previous week, bitcoin rose to $56K. As per the Chief Investment Officer of Ledn, John Glover, there may still be further lowering of prices, after which an increase is predicted. The wait and watch is related to the expected wave 4. 

Supposedly, the pricing pattern is governed by five phases, out of which the first, third, and fifth are knee-jerk waves standing for the prime pattern, whereas the second and fourth waves are basically backtrackers. 

In the opinion of Glover, the final push will see the price lifting to $92K.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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