The price of Bitcoin fell back to $ 38,000 on August 3. However, analysts already expected that a correction would cause the price of Bitcoin to drop several thousand dollars in order to create a higher low, from which it could continue its rise.
Meanwhile, analyst Willy Woo highlights some on-chain indicators that track the flow of Bitcoin tokens in wallets. Each of which illustrates why the flagship cryptocurrency could soar to higher levels.
In his recent newsletter, the market researcher wrote that he expects the price of Bitcoin to reach the range of $ 50,000 to $ 65,000 in the next few days. His comments come as the BTC / USD pair recovered its three-month high above $ 42,600. Just days after dropping below $ 30,000, a psychological support level for the pair. At the time of writing this article, Bitcoin is trading above USD 38,200, thus registering a decreasing variation of 3.40% in the last 24 hours according to what our online crypto tool highlights.
SEC Chairman Wants Strong Regulatory Regime for Cryptocurrencies in the US.
Gary Gensler, president of the United States Securities and Exchange Commission (SEC). He is in favor of clear regulations for the cryptocurrency space in the country.
Gensler expressed the SEC’s desire to install protection measures for cryptocurrency investors in the United States in an interview with Bloomberg, stating: “If anyone wants to speculate, it is their decision. But we have a role as a nation to protect those investors against fraud. “
The SEC chairman identified seven cryptocurrency-related policy changes that are being evaluated by the Commission. Among them are those related to token offerings, decentralized finance (DeFi) and stablecoins. Other points of interest to the SEC under Gensler’s tenure are custody, exchange-traded funds (ETFs), and lending platforms.
Eth2 Will Allow Ether To Overtake Bitcoin, Predicts Pantera Capital CEO
Amid the impending fork of Ethereum London, Pantera Capital CEO Dan Morehead predicted that the next update would likely help Ether (ETH) overtake Bitcoin (BTC) as the top cryptocurrency.
As a newer crypto, Ether has more potential than Bitcoin, Morehead said at the Reuters Global Markets Forum on Monday. Noting that the latest update to the Ethereum Enhancement Proposal (EIP) 1559 will help the digital token to trade more as a fixed asset.
One of the five EIPs of the Ethereum London update, the EIP-1559 is an early update to Ethereum’s existing fee structure, introducing a minimum payment for sending Ethereum transactions and moving away from an offering system that allows miners to prioritize the highest. Designed to programmatically adjust rates so that users pay the lowest bid for each block. The EIP-1559 update could potentially turn Ether into a deflationary asset.
Spain proposes law that allows citizens to pay mortgages in cryptocurrencies
A new digital transformation law proposal drafted by a group of Spanish legislators would make it possible to make mortgage payments with cryptocurrencies in Spain.
The new draft presented by legislators of the Popular Party (PP) of Spain would regulate and legitimize numerous emerging technologies in the nation. Including Bitcoin, Blockchain, and Artificial Intelligence (AI).
Likewise, the bill also includes other incentives, such as tax exemptions, for companies and organizations that use and create solutions based on these technologies. For example, the draft legislation calls for smart contracts to manage various operations in banks that the law would cover.