empty
10.02.2023 09:33 AM
The pressure on the cryptocurrency market is increasing

In light of recent discussions about the beginning of a global economic recession and the escalation of SEC actions aimed at regulating the space of cryptocurrencies, the exchange rate of bitcoin and ether has significantly decreased, which is not surprising.

The Securities and Exchange Commission's Hester Peirce publicly criticized her organization's persecution of the cryptocurrency industry yesterday, calling it "paternalistic and lazy" and questioning whether a hostile regulator is the best course of action for the sector. In an article published on Thursday, Peirce, who was appointed to her position by President Donald Trump in 2018, expressed her disagreement with the SEC's claim that prohibiting staking on cryptocurrency exchanges.

This image is no longer relevant

Let me remind you that the exchange was accused of engaging in an unauthorized offer and sale of securities through its lending platform in the SEC's action against Kraken, which was settled without admitting or denying wrongdoing. According to Peirce, this was not the primary issue that required attention. "Whether someone accepts or disagrees with this view, the more important question is whether the SEC must grant permission for such operations." The SEC registration process is not currently used for proposals relating to cryptocurrency staking. She added that applying enforcement actions in this situation is not an ethical or effective form of regulation.

More recently, Congress, the White House, and SEC Chairman Gary Gensler have asked for tougher regulation of the cryptocurrency sector. To restrict the growth of the cryptocurrency business, Gensler and his SEC Enforcement team have already started to take more aggressive action than the Department of Justice or politicians.

It's important to note that the SEC's actions were described as a step toward investors who didn't receive the information they deserved in yesterday's press release announcing the settlement of SEC problems with Kraken. Here is a clear indication that the SEC will no longer permit a recurrence of the events that led to the collapse and bankruptcy of FTX last year when the company's owners did whatever they pleased with consumers' money.

This image is no longer relevant

Regarding the technological state of bitcoin right now, it is still under a lot of pressure. The bulls' immediate objective is to defend the $21700 level after missing $22,500. Only after the return and consolidation around $22,580, which will reinstate the positive trend with the possibility of updating $23,350 and $24,000, will it be feasible to discuss the restoration of the buyers' initiative. The $25,034 level will be the farthest target, where significant profit-taking and a rollback of bitcoin may take place. The $21,700 level will need to be protected if the pressure on the trading instrument continues because a breach would be a blow to the asset. This will put pressure back on bitcoin and create a direct path to $20,740. The first cryptocurrency ever created will "drop" in this location along with $19,770 if this level is broken.

The breakdown of the nearest resistance at $1,604 is what ether buyers are concentrating on. This is going to be sufficient to establish a foothold at the current highs and keep the bullish trend going. However, the market will not be significantly altered as a result. The amount will only be returned to the ether, with the possibility of growth to a maximum of $1,758 if there is a consolidation over $1,690. The $1,819 area will be further off target. While keeping pressure on the trading instrument, the level of $1,534 will be in play, just below which $ 1410 is seen. If it succeeds, the trading instrument will rise to a minimum of $1,320. It will be extremely difficult for bitcoin owners to trade below $1,260.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

What are odds of BTC trading at $150K by August?

For several days, Bitcoin hovered above the $105,000 level, seemingly waiting. But today, it broke through. We've witnessed a classic consolidation phase ahead of a possible price surge

Ekaterina Kiseleva 17:22 2025-06-16 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 16

Bitcoin and Ethereum regained their positions following a major sell-off at the end of last week, which occurred after the outbreak of the military conflict between Iran and Israel. This

Miroslaw Bawulski 08:55 2025-06-16 UTC+2

The Cryptocurrency Market Collapsed — Here's Why

Bitcoin and Ethereum have crashed. Bitcoin lost around 3.5% during morning trading alone, while Ethereum dropped by more than 10%, then slightly rebounded. Panic swept through the cryptocurrency market immediately

Jakub Novak 11:12 2025-06-13 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 13

Bitcoin and Ethereum plunged following Israel's overnight strike on Iran's nuclear facilities, triggering a massive sell-off of risk assets, including in the cryptocurrency market. Should Iran launch a serious retaliatory

Miroslaw Bawulski 09:04 2025-06-13 UTC+2

Technical Analysis of Intraday Price Movement of Filecoin Cryptocurrency, Friday June 13, 2025.

Not much different from other cryptocurrencies such as Solana, Filecoin also has almost similar conditions on its 4-hour chart where there is a Divergence between the Filecoin price movement

Arief Makmur 07:39 2025-06-13 UTC+2

Technical Analysis of Intraday Price Movement of Solana Cryptocurrency, Friday June 13, 2025.

With the appearance of Divergence between the price movement of the Solana cryptocurrency on its 4-hour chart, with the Stochastic Oscillator indicator and confirmed by the labeling of its price

Arief Makmur 07:39 2025-06-13 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 12

Bitcoin and Ethereum experienced a notable pullback after another unsuccessful attempt to rally. Bitcoin could not retest its all-time high, and Ethereum could not surpass the $2900 mark. U.S. Treasury

Miroslaw Bawulski 09:10 2025-06-12 UTC+2

Solana spot ETF around corner

Right now, Solana is in the spotlight for traders. According to the latest reports, the US Securities and Exchange Commission (SEC) has requested that potential Solana ETF issuers submit amended

Jakub Novak 16:23 2025-06-11 UTC+2

The Crypto Winter Is Becoming a Thing of the Past

Bitcoin is showing strong growth and came within a step of reaching a new all-time high. However, it's important to understand that taking this final step will be quite challenging

Jakub Novak 10:18 2025-06-11 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 11

Bitcoin is undergoing a correction following yesterday's rapid surge to the $110,500 area, while Ethereum remains vibrant—having gained over 6% yesterday and currently trading at $2,785. Given such a strong

Miroslaw Bawulski 09:01 2025-06-11 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.