{"id":5479,"date":"2023-06-09T12:15:42","date_gmt":"2023-06-09T16:15:42","guid":{"rendered":"https:\/\/sikaoer.com\/bitcoin-ethereum-to-shake-off-toothless-adversary-sec-as-fomc-looms\/"},"modified":"2023-06-09T12:15:42","modified_gmt":"2023-06-09T16:15:42","slug":"bitcoin-ethereum-to-shake-off-toothless-adversary-sec-as-fomc-looms","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/bitcoin-ethereum-to-shake-off-toothless-adversary-sec-as-fomc-looms\/","title":{"rendered":"Bitcoin, Ethereum to shake off ‘toothless adversary’ SEC as FOMC looms"},"content":{"rendered":"
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Bitcoin (BTC) and Ether (ETH) are due volatility \u2014 but not thanks to \u201ctoothless\u201d United States regulators, new analysis says.<\/p>\n
In its latest market update on June 9, trading firm QCP Capital told market participants to gear up for macro-fueled price action for BTC and ETH.<\/p>\n
Related:\u00a0Why is Bitcoin price stuck?<\/strong><\/p>\n The dust is continuing to settle on this week\u2019s main macro stories \u2014 lawsuits against exchanges Binance and Coinbase from the U.S. Securities and Exchange Commission (SEC).<\/p>\n More upheaval will come in future, QCP believes, as the macro environment from next week onward becomes much more unpredictable.<\/p>\n The SEC and Chair Gary Gensler, however, even if they continue to go after crypto, will not spark the mass price depreciation that some fear.<\/p>\n \u201cOnce again trigger-happy Gensler and his SEC cronies wielded their \u2018securities\u2019 threat on their favourite whipping industry. However as we have maintained before, BTC\/ETH will continue to treat the SEC as a toothless adversary \u2013 especially as it becomes crystal clear that the term \u2018security\u2019 will not apply to either,\u201d it wrote.<\/p>\n \u201cAs more and more such far-fetched SEC complaints are filed, it becomes increasingly clear all they are seeking are sensational headlines leading to a final fat settlement. After all, Gensler has proven the most capitalist of all previous regulators.\u201d<\/p><\/blockquote>\n What could put the cat among the pigeons, QCP warns, is the U.S. Department of Justice or other arms of the establishment.<\/p>\n \u201cAnd if one of them gets involved, then the case becomes more serious and all bets are off,\u201d it continued. <\/p>\n \u201cNonetheless we expect more mudslinging from the Biden administration to continue on crypto, and even ramp up into election season next year.\u201d<\/p><\/blockquote>\n The days following the exchange lawsuits have so far seen crypto market sentiment withstand the pressure, with the Crypto Fear & Greed Index staying rooted at 50\/100 \u2014 “neutral” territory.<\/p>\n Beyond that SEC itself, meanwhile, next week\u2019s macro data reports could provide a trigger of their own.<\/p>\n Related:\u00a0Bitcoin price can gain 60% if \u2018textbook\u2019 chart pattern confirms \u2014 Trader<\/strong><\/p>\n The Consumer Price Index (CPI) print for May is due June 13, along with a Federal Reserve policy update, which will decide the next step for benchmark interest rates.<\/p>\n \u201cGoing into next week, we have an action packed macro week as well \u2013 with US CPI, the June FOMC (including quarterly Fed rate projections) and other huge central bank meetings all taking place,\u201d QCP noted.<\/p>\n The analysis also flagged changes to the Treasury General Account, apt to suck liquidity out of the monetary system and in doing so present a potential headwind for risk assets across the board.<\/p>\n That theory is on the radar for other well-known crypto figures, including former BitMEX CEO, Arthur Hayes, who has been monitoring it since the start of 2023.<\/p>\n QCP\u2019s optimistic perspective comes as BTC\/USD continues to tread water near key price support levels, with the 200-week EMA in particular.<\/p>\n BTC\/USD traded at around $26,600 on Bitstamp at the time of writing, according to data from Cointelegraph Markets Pro and TradingView. <\/p>\n Magazine: Home loans using crypto as collateral: Do the risks outweigh the reward?<\/strong><\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\nQCP Capital: U.S. crypto “mudslinging” to continue<\/h2>\n
Bitcoin price consolidates into “action packed” week<\/h2>\n