Altcoins, Bitcoin (BTC), Cryptocurrency, Economy, Ethereum (ETH), News, Price Analysis, Stocks

Bitcoin Heightens Hope Before Powell Delivers Next Address

The stock market in the United States held its position at $3,900 and got reactions from buyers on Thursday. As things stand, the market needs to consolidate but it has to be above the $4,000 line. This seems to be the only condition for the S&P 500 index, which represents the stock market, to keep rising.

Bitcoin Might Recover Strongly

After the result seen around the S&P 500 index, Bitcoin equally displayed some addition to its market value as it got back to the $19,000 to $19,500 area. But there are now two possible lines that can proceed. It is either there is a revisit of the $19,500 area and the price could continue to decrease from there on or the price climbs over the $19,500 resistance and aim for $21,500 to $22,000 from that point on.

This Thursday is very significant as it might have an impact on the future and the development of the cryptocurrency market at large and Bitcoin in particular.

The first thing that might have a heavy influence on the position of digital assets is the release of the US unemployment claims. Analysts expect them to be at 240,000. If the numbers happen to come in higher than expected, then the market might be heading higher too.

SEC Chairman Supports CFTC’s Bid

The unemployment data release will then be followed by the address from the Federal Reserve Chair, Jerome Powell. This is the point when several potential shakings will begin to happen. If the Chairman’s position becomes milder than before or if he simply continues on his hawkish path will determine either the decline or growth of the market.

Importantly, it has just been found out that the Chairman of the Security and Exchange Commission, Gary Gensler, supports giving CFTC the regulatory authority over Bitcoin and Ethereum. If the US Congress passes the bill that seeks to give the CFTC regulatory power over Bitcoin and Ethereum, it would then be that those two assets are regarded as commodities by regulators in the United States.

The bill would then take care of any ambiguities among regulators in the country. The existence of many regulatory bodies in the US usually creates confusion about who should oversee what in the crypto sector. Congress might be a last resort sometimes.   

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