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Over the weekend, Bitcoin experienced a slight surge from $29,150 to $29,483, but resistance at $29.5k held firm, stopping further increases. Most of the weekend saw Bitcoin fluctuating between $29,300 and $29,350 until a Sunday evening dip returned it to $29,100.
Monday, July 31 started with a rebound to $29,500, yet the same resistance level left it lingering at $29,386.
Coinbase CEO: SEC wants all assets except Bitcoin banned
Brian Armstrong, CEO of Coinbase, reported alarming news for the crypto industry as the US SEC demanded that Coinbase delist all but Bitcoin from their platform.
This occurred after Coinbase refused the initial request, leading to a lawsuit launched by the SEC in early June. The exchange was accused of not registering as a broker, with 13 cryptos identified as securities.
Despite the pressure, Coinbase held its position, considering their rigorous review process and deeming the SEC’s demands unjustified.
The SEC’s directive to delist over 200 cryptos suggests their broader regulatory intentions under Gary Gensler. Armstrong expressed that delisting all but Bitcoin, as demanded without explanation by the SEC, would effectively terminate the US crypto industry, which contradicts existing law.
Institutional interest in Bitcoin was renewed, claims Mike Novogratz
Galaxy Digital CEO Mike Novogratz has stated that institutional interest in Bitcoin has rebounded amidst uncertainty.
He emphasized the pivotal shift in 2023 when BlackRock’s CEO Larry Fink, a previous skeptic, publicly endorsed Bitcoin through a Bitcoin spot ETF application.
Novogratz believes this to be the most significant event of the year, with Fink’s public approval likely to inspire global trust in Bitcoin.
Where is Bitcoin going from here?
Currently, Bitcoin’s price remains relatively stable, creating uncertainty among divided analysts.
Some interpret this situation as a buying opportunity, suggesting that an ascending channel visible on the daily chart signals the potential for growth.
A possible downward break in the coming days could indicate bullish momentum.
Some anticipate a Bitcoin downturn, recalling the 53-candlestick period before its last recovery.
Speculations suggest BTC could drop to $27,500, a situation viewed as more probable than a rebound.
Hence, experts advise against taking long positions currently.
ChimpZee presale raises over $1 million as BTC uncertainty grows
Amidst Bitcoin’s uncertainty, short-term traders and scalpers find opportunity, while many investors consider the market risky.
As a result, these investors are exploring cryptos in the presale stages.
A notable example is ChimpZee (CHMPZ), a climate-change and animal conservation initiative.
Its token, CHMPZ, priced at $0.00085, enables users to impact the environment positively.
In its 8th presale stage with 4 days left, the project has already raised over $1 million, selling over 1.72 billion tokens. CHMPZ can be bought using ETH, USDT, or credit cards.
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