The future of the cryptocurrency market in the United States remains uncertain following the heightened regulatory crackdown by the Securities and Exchange Commission (SEC). Undeniably, there is a mounting demand for Bitcoin and other digital asset products in the United States.
Moreover, the Democrats and Republicans have differed on how to regulate the industry, with the latter disagreeing with punitive crypto-mining tax policies. Notably, the Biden administration had to cut a deal with the opposition, which included scrapping the 30 percent tax on crypto miners, for the debt ceiling to be raised.
Meanwhile, a recent report conducted by Triple-A concluded that more than 58 million Americans are invested in the cryptocurrency market. The figure is significant and experts anticipate next year’s presidential election to show higher regard for the electorates invested in the crypto industry.
As president, I will make sure that your right to use and hold Bitcoin is inviolable. Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more… pic.twitter.com/rPkMARieYu
— Robert F. Kennedy Jr (@RobertKennedyJr) June 27, 2023
Fidelity Investments Wants a BTC ETF
After failing to secure a Bitcoin ETF for the first time in the United States, Fidelity Investments with more than $4 trillion in Asset Under Management (AUM) is preparing to file for another spot in Bitcoin ETF as early as Tuesday. According to people familiar with the matter, Fidelity Investments will be joining BlackRock, Bitwise, Invesco, and WisdomTree in pressuring the SEC to approve the first Bitcoin ETF in the country.
Moreover, Fidelity Investments already have a similar product in Canada dubbed Fidelity Advantage Bitcoin ETF that has attracted significant institutional investors. Notably, the current SEC Chair Gary Gensler argued that the Bitcoin market is heavily manipulated and lacks measures to protect investors from exploitation while dismissing the first Fidelity application dubbed Wise Origin Bitcoin ETF.
The investment behemoth has significantly invested in the cryptocurrency market with different products, including the Fidelity crypto industry ETF which tracks top crypto companies like Coinbase Global Inc, Riot Platforms Inc, and Marathon Digital Holdings Inc, among many others.
Bitcoin Price Action
Undeniably, the Bitcoin market has remained in a bullish outlook fueled by increased interest from institutional investors through the applications of ETF products. Trading around $30.2k on Wednesday, Bitcoin dominance has scaled higher toward 52 percent amid bullish sentiments
From a technical standpoint, Bitcoin price could be in the final phase of the Elliott wave on the daily and weekly time frame. As a result, the chances of Bitcoin price printing a new ATH for this year stands. Moreover, Bitcoin price has been forming a bullish pennant formation that is often followed by an upward breakout.
$BTC Bullish Pennant Breakout on the hourly timeframe chart is now Undergoing a Retesting Phase.
A successful retest is anticipated to Send #Bitcoin towards the 33k level. pic.twitter.com/YOBoE4Mg6U
— Captain Faibik (@CryptoFaibik) June 28, 2023
Tuyên bố miễn trừ trách nhiệm: Thông tin trên trang này có thể đến từ bên thứ ba và không đại diện cho quan điểm hoặc ý kiến của Gate. Nội dung hiển thị trên trang này chỉ mang tính chất tham khảo và không cấu thành bất kỳ lời khuyên tài chính, đầu tư hoặc pháp lý nào. Gate không đảm bảo tính chính xác hoặc đầy đủ của thông tin và sẽ không chịu trách nhiệm cho bất kỳ tổn thất nào phát sinh từ việc sử dụng thông tin này. Đầu tư vào tài sản ảo tiềm ẩn rủi ro cao và chịu biến động giá đáng kể. Bạn có thể mất toàn bộ vốn đầu tư. Vui lòng hiểu rõ các rủi ro liên quan và đưa ra quyết định thận trọng dựa trên tình hình tài chính và khả năng chấp nhận rủi ro của riêng bạn. Để biết thêm chi tiết, vui lòng tham khảo
Tuyên bố miễn trừ trách nhiệm.
