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The Bitcoin price dropped by a fraction of a percentage in the last 24 hours to trade at $51,953 as of 04:51 a.m. EST on trading volume that plunged 29% to $35 billion.
This comes as major U.S. banks and financial institutions are urging the Securities and Exchange Commission (SEC) to revise its crypto asset regulations.
In a letter to SEC Chair Gary Gensler, the institutions asked for a review so that they will have a larger role in the crypto field, including serving as custodians for spot Bitcoin ETFs (exchange-traded funds).
US banks, left off key bitcoin ETF roles, are pushing SEC to tweak guidance around holding digital assets. A bank trade gp coalition sent SEC letter asking them exclude ETFs from broad crypto umbrella. They want a piece of the action. I don't blame them, it isn't fair.… pic.twitter.com/advPa94nK2
— Eric Balchunas (@EricBalchunas) February 15, 2024
The banks feel that the current regulatory guidance issued in March 2022 poses challenges for offering crypto custody services at scale. They propose narrowing the definition of crypto assets to exclude traditional assets recorded on the blockchain.
While the SEC has not yet responded to the request, it is clear that there is growing interest among major financial institutions in the crypto market, and that they are eager to play a more significant role.
Bitcoin Price Bullish, Aims For A Breakout Above the Bullish Pennant
The Bitcoin price sustained bullish momentum this week, which saw it break above the $50,000 level. The BTC price is still bullish but seems to have hit some resistance around $53,000, with the rejection at this level allowing for a slight retrace to the current price of $51,953.
However, the price is trading within the upper boundary of the bullish pennant, which indicates that the price may continue its bullish trend.
The BTC price is trading above both the 50-day and 200-day Simple Moving Averages, which is an indication that there is an impending bull run. With the golden cross forming at $42,870, this may present an encouragement for the bulls to rally the price even higher.
The Relative Strength Index (RSI) is on a downtrend from the 70-overbought region at 63, which indicates that the current trend is poised for a rebound.
Moreover, the Moving Average Convergence Divergence (MACD) line (blue) is trading below the signal line (orange), which shows that investors are currently selling but with signs of a rebound. The movement of the red bars on the histogram, which appear to be moving to the downside, supports this sentiment.
Bitcoin Price Prediction
The current Bitcoin price short-term analysis indicates high chances of a BTC correction, supported by the MACD line, which would see the Bitcoin price correct back to $50,000.
This level could help the bulls push the price higher, supported by a bullish pennant formation. BTC bulls are aiming for new highs, with $57,000 being the next target as they aim for $60,000.
While Bitcoin bulls await more definitive entry positions, investors are also turning their attention to Bitcoin Minetrix (BTCMTX ) as it moves to within a whisker of securing $11 million in its presale.
BTCMTX Presale Closing In On Its $11.8 Million Target – Best Alternative To Bitcoin To Buy Now
The Bitcoin Minetrix project is set to make Bitcoin cloud mining a cheaper and more secure endeavor through decentralization. You can access cloud mining with minimal cost, evading the intricate and resource-demanding nature of the activity.
Comparing #BitcoinMinetrix vs. Traditional Cloud Mining: 🚀
💸 Cost: #BTCMTX – Low cost, no minimum / Traditional – High cost, large minimum.
🔒 Security: #BTCMTX – Decentralized, user-owned / Traditional – Cash deposits.
Choosing wisely for your #CloudMining journey! 🛠️💰 pic.twitter.com/vE8vqd4KLM
— Bitcoinminetrix (@bitcoinminetrix) February 15, 2024
Such an interesting approach has already attracted many investors to the platform. The presale has successfully amassed more than $10.9 million as it races towards its target of $11.85 million.
The 26th stage of #BitcoinMinetrix has begun! 🌟
What is the environmental impact of #Bitcoin mining? 🌍💡 pic.twitter.com/D1eErQCpRX
— Bitcoinminetrix (@bitcoinminetrix) February 15, 2024
To join the presale, you can purchase BTCMTX tokens at a rate of $0.0135 per token, a that price will increase in less than four days.
Earn Passively With BTCMTX, Win $3,000 In Minedrop Airdrop Competition
The platform also has a staking option, where you can buy and stake your BTCMTX tokens and earn a 62% annual percentage yield (APY). Staking your $BTCMTX automatically earns you tradable ERC-20 token credits. These credits are then burned, after which you receive BTC cloud mining power.
By participating in the presale and staking, you position yourself as a contender with the chance to be one of the ten winners in the $30,000 minedrop competition, each receiving a $3,000 prize.
🎉 #BitcoinMinetrix $30,000 Minedrop Is Now Live! 🎉
Get ready for your chance to win a share of $30,000 in $BTCMTX!
Follow the steps in the link below for the chance to win one of ten $3,000 $BTCMTX Prizes! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
Jacob Bury, a crypto analyst on YouTube, believes that BTCMTX has the potential to surge 10X on launch.
To take part in the presale, visit the BTCMTX official website and swap your ETH or USDT for BTCMTX. You can also make purchases directly using your bank card.
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