Since 2013, the Bitcoin(BTC) price has always shown a strong last quarter. With the recent price rise of Ripple(XRP), many started wondering whether the last quarter bull run has started. It got more evident after the market added $21 Billion within 48 hours. But despite the initial rush of bull run prediction, Bitcoin price failed to cross the resistance and moved towards the support level.
Bitcoin price took a sharp fall on 25th September trading from $6832 on 24th September to $6480 on 25th September. Bitcoin price failed to cross $7,000 and has bottomed out between $6400 & $6500. Investors predict that Bitcoin would probably break the current support level and trade between $6,100 & $6,250.
Overall the cryptocurrency market has lost around $13 Billion and has a current total market capitalization of $208 Billion from $221 Billion on 24th September.
SEC refused to make a decision over the CBOE’s Bitcoin ETF, asking for more time. With no proper rejection, Bitcoin investors still hope that Bitcoin ETFs would get approved which would make the entire market bullish.
In a recent research published by BIS, they conclude that regulatory announcements play an important role in the price movement of Bitcoin and other cryptocurrencies. According to the BIS report,
“The impact depends on the specific regulatory category to which the news relates: events related to general bans on cryptocurrencies or to their treatment under securities law have the greatest adverse effect, followed by news on combating money laundering and the financing of terrorism, and on restricting the interoperability of cryptocurrencies with regulated markets. News pointing to the establishment of specific legal frameworks tailored to cryptocurrencies and initial coin offerings coincides with strong market gains.“
They also conclude that bringing regulations in the cryptocurrency industry would ultimately be a good thing.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…
Did you know that 85% of DeFi value is concentrated in six blockchains? DeFi is…
CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…
Join us at BFC 2024 to explore the future of Web3. Use a special discount…
Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…