9 months ago
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In a recent interview with CNBC, Gary Gensler, the US Securities and Exchange Commission (SEC) Chair, reiterated his concerns about the alleged involvement of Bitcoin (BTC) in ransomware attacks.
Bitcoin Disapproval Continues
Despite the significant success of Bitcoin exchange-traded funds (ETFs) within just one month of trading, which has played a pivotal role in driving BTC’s market capitalization to over a trillion dollars and the total crypto market capitalization to nearly reclaiming the $2 trillion milestone, Gary Gensler has consistently maintained a critical viewpoint towards the dominant cryptocurrency in the market.
However, Gensler’s remarks are unsurprising, as he has consistently voiced his disapproval of Bitcoin and the industry.
As Bitcoinist reported, Gensler released statements coinciding with the approval of Bitcoin ETFs, emphasizing that the SEC does not endorse or approve BTC itself. He called the cryptocurrency a “speculative and volatile asset,” highlighting its alleged use in illegal activities and money laundering.
During the CNBC interview, Gensler dismissed that Bitcoin can serve as a reliable store of value or a widely accepted payment method, suggesting that its primary utility is facilitating illicit transactions. This perspective aligns with his previous statements, where he raised concerns about Bitcoin’s role in ransomware attacks.
Gensler’s latest comments further fuel the ongoing debate surrounding the regulatory environment for cryptocurrencies. While Bitcoin ETFs have opened the door to fresh investment opportunities and provided a regulatory advantage for trading, Gensler’s skepticism underscores the need for continued scrutiny and regulation of the cryptocurrency market.
It is important to note that Gensler’s views represent his perspective as the SEC Chair and do not necessarily reflect the agency’s official stance. However, his statements underscore the ongoing challenges the cryptocurrency industry faces in gaining broader acceptance and regulatory clarity.
BTC’s Longest Early-Year Rally Breaks Records
Despite the regulatory headwinds, Bitcoin has continued its upward trajectory, surging to levels unseen in over two years and currently trading at $51,900, marking a 6% increase in the past 24 hours.
On this matter, market analyst Crypto Con suggests that this market cycle behaves differently from previous cycles. Notably, this rally has now become the longest sustained early-year rally on record, surpassing the previous year’s rally that ended on February 13th.
In addition, this cycle has demonstrated sustained moves above the .618 Fibonacci retracement level of the weekly candle body cycle, typically priced at $47,000, which Crypto Con notes is a phenomenon not seen in previous cycles.
According to the analyst, traditionally, mid-cycles in Bitcoin’s price history have resulted in significant corrections and extended sideways periods. However, contrary to historical trends, the current cycle has seen only a brief 20% correction.
Crypto Con emphasizes that he had expected a correction to the low $30,000s, but such a decline has not materialized. It remains to be seen whether Bitcoin’s current bullish momentum will be sustained or a correction will eventually occur.
Featured image from Shutterstock, chart from TradingView.com
