Bitcoin: The battle for the long-term trend has begun
Market picture
As expected, the constricted crypto market is a compressed spring, which means more volatility ahead, not a lack of interest, said Alex Kuptsikevich from FxPro. On Tuesday, Bitcoin jumped above $28.3K, adding over 2K in less than a couple of hours, on news that a US court had granted Grayscale Investments' motion in its case against the SEC.
In June, Grayscale, an investment management company, sued the regulator for refusing to convert its flagship GBTC trust into a bitcoin ETF. An appeals court ordered the SEC to reconsider its decision.
On Wednesday morning, Bitcoin pulled back to $27.4K, close to the 200-day and 200-week moving averages. The real battle for the long-term trend has just begun, and the next few days could provide a crucial signal for weeks and months ahead.
News background
According to CoinShares, investments in crypto funds fell by $168 million last week, the largest since March. Outflows have been recorded in five of the previous six weeks.
According to CryptoQuant, Bitcoin trading volume in August was the lowest in almost five years as retail investors retreated during the bear market. In addition, this dynamic was influenced by US regulatory action on cryptocurrencies, combined with the end of the banking crisis in May.
The SEC classified NFTs as investment contracts for the first time. The SEC accused Impact Theory of making unregistered securities offerings by selling non-fungible tokens.
The Fed has been accused of creating obstacles to advancing a bill to regulate stablecoins in Congress. According to a group of congressmen, the Fed's recent moves to increase oversight of banks' ties to cryptocurrencies are getting in the way.
By the FxPro Analyst Team
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