• The recent legal charges filed by the United States SEC against Binance and Coinbase Global have intensified the debate surrounding the regulation of crypto assets under US securities law.
• Bitcoin miners have observed an increase in liquidation rates, but Bitcoin’s price has the potential to surge by 60 percent from its current levels potentially reaching $40,000 by July.
• Cathie Wood and her investment fund Ark Invest remain undeterred and has doubled down on their crypto investments, owning as many as 420,000 shares of Coinbase Global.
Bitcoin Price Analysis: BTC Price Might Surge 60% By July End
Recent Legal Charges Intensify Debate Surrounding Crypto Regulation
In response to the recent legal charges filed by the United States SEC against Binance and Coinbase Global, two prominent cryptocurrency platforms, Cardano’s IOG and Solana teams have vehemently asserted their decentralized nature and denied being classified as securities. These developments have further intensified the ongoing debate surrounding the regulation of crypto assets under US securities law, contributing to a prevailing bearish sentiment within the industry. Concurrently, Bitcoin miners have observed an increase in liquidation rates.
Critical Breakout Ahead For Bitcoin
Despite the prevailing bearish sentiments, the Bitcoin price has consistently traded above the 200-week moving average (WMA) since mid-March this year. However, the trading instrument has now approached critical levels, poised to undergo either a long or short breakout. A prominent crypto analyst suggests that Bitcoin’s price has the potential to surge by 60 percent from its current levels, potentially reaching $40,000 by July.
Cathie Wood’s Ark Invest Doubles Down On Crypto Investments
Notably, Cathie Wood and her investment fund Ark Invest have doubled down on their crypto investments remaining undeterred by recent charges brought forth by SEC. Ark Invest currently holds a significant stake in Coinbase Global owning as many as 420 000 shares following a recent purchase of 22 million shares.
US Government Involvement With Crypto
The United States government having confiscated substantial amounts of Bitcoin through operations such as Silk Road take downs is also actively involved with cryptocurrency related activities suggesting that it is unlikely for it to outright ban cryptocurrencies anytime soon.
Conclusion
The recent events suggest that despite some short term turbulence prices are likely to continue rallying over long term due various bullish factors including institutional involvement in form of investments from funds such as Cathie Woods‘ Ark Invest which could act as a catalyst for further growth within industry while also providing investors with increased confidence when considering adding cryptocurrencies into their portfolios.
