Bitcoin, Ethereum, Dogecoin Spike Despite Crypto Exchange Shutdown After SEC Lawsuit: Analyst Says Apex Crypto Has ‘Plenty of Room to Grow’
Major coins traded in the green on Wednesday despite this Commodity Futures Commission, or the CFTC, lawsuits against cryptocurrency exchanges Binance.
| Cryptocurrency | Gains (+/-) | Price (admission at 9:30pm EST) |
|---|---|---|
| Bitcoin BTC/USD | +3.51% | $28,330 |
| Ethereum ETH/USD | +0.66% | $1791 |
| Dogecoin DOGE/USD | +1.48% |
$0.075
|
What happened: Bitcoin BTC/USD surged 72% this year, making it one of the top cryptocurrencies of the year with the highest quarterly gain in two years.
At the time of writing, the global crypto market cap was $1.18 trillion, up 2.16% from the previous day.
US stock markets continued to rise on Wednesday, with the S&P 500 and Nasdaq closing up 1.4% and 1.7%, respectively.
See more: Best Crypto Day Trading Strategies
News Highlights: The Securities and Exchange Commission, or SEC, is the lead regulator in defining what a security is – not necessarily legislation – SEC Chair Gary Gensler said Wednesday during a House Appropriations Committee hearing. He stressed that existing securities laws cover most of what happens in crypto markets, and that he doesn’t think Congress needs to pass additional laws that could create conflicts or inadvertently exclude certain activities.
The SEC has also filed charges against the cryptocurrency platform Beaxy and its managers, alleging that they failed to register as a stock exchange, broker or clearing agency. Then the company said it was officially closing its doors.
Analyst Notes: Cryptanalyst Justin Bennett notes that on Wednesday, Ethereum ETH/USD regained the $1715 level as support. Any close below this level on a higher time frame would create a small deviation for a return to $1,715. “I remain cautiously bearish on crypto while Bitcoin is below the $29,000 macro resistance, but I am also open to playing the streak while it exists,” he said.
Pseudonymous analyst Caleo believes that Bitcoin has plenty of room to grow as it is below $30K.
Despite the current celebration around the impressive price of BTC, analyst Altcoin Sherpa warns that we are still only at high levels. “Unless we see more continuation, this is likely a decent short range with clear invalidity. High time frame close above $29,000 and things likely to move past 30,000 quickly[ly].”
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