Bitcoin has seen its ups and down over the course of the year thus far, with HODLers looking to benefit after riding protracted periods of weakness. The past two months have provided yet another period of downside, with prices being hit as Coinbase and Binance draw the ire of the US regulators. However, one of the factors derived from those SEC charges has centered around the question of what is a commodity or a security. Bitcoin’s classification as a commodity does bring the benefit of lower oversight compared to some of the smaller coins. However, that pessimistic tone appears to be shifting as traditional financial players look to enter the space in a big way. ETF filings from Invesco and Wisdomtree follow on from a similar request from Blackrock, with traditional money clearly entering the space. Meanwhile, Deutsche Bank filed for a crypto custody license in Germany.
With the world’s largest Crypto platforms under great scrutiny and traditional finance firms moving into the space, there is a hope that we will see improved business practices in the crypto arena. Meanwhile, questions around which altcoins will be classified as commodities will likely shift alt-coin funds toward Bitcoin.
With that in mind, it comes as no surprise to see the bulls back in charge, with the price of BTCUSD popping through $28493 resistance. Coming off the back of a 50% retracement, we look set for a potential push through $31036 resistance to form a fresh one-year high. A decline through the recent lows of $24,770 would be required to signal a wider pullback coming into play. Until then, there is a good chance we are set for a period of Bitcoin strength.
With the world’s largest Crypto platforms under great scrutiny and traditional finance firms moving into the space, there is a hope that we will see improved business practices in the crypto arena. Meanwhile, questions around which altcoins will be classified as commodities will likely shift alt-coin funds toward Bitcoin.
With that in mind, it comes as no surprise to see the bulls back in charge, with the price of BTCUSD popping through $28493 resistance. Coming off the back of a 50% retracement, we look set for a potential push through $31036 resistance to form a fresh one-year high. A decline through the recent lows of $24,770 would be required to signal a wider pullback coming into play. Until then, there is a good chance we are set for a period of Bitcoin strength.