It Could ‘Double in Price’ – Crypto Set for Surprise $350 Billion Earthquake Amid Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin Crash
Bitcoin
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Bitcoin price is firmly below $20,000 per bitcoin, down more than 70% from its record highs, while ethereum and other top ten cryptocurrencies BNB
Now a top US regulator has said that the bitcoin and crypto market could be headed for a price boom if a comprehensive regulatory framework is put in place – potentially paving the way for institutional investors and doubling bitcoin’s market cap to around $700 billion.
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The crypto market can be braced for a regulatory earthquake that could light a fire underneath … [+]
“Growth can occur if we have a well-regulated area,” Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam said this week during a New York University School of Law event, it was reported by Coindesk. “Bitcoin Could Double in Price If It’s a CFTC Regulated Market.”
The CFTC and the US Securities and Exchange Commission (SEC) are currently battling for control of the crypto space, with lawmakers in the US and elsewhere moving closer this year to putting together a clearer regulatory framework. Last month, the Biden administration sent the bitcoin and crypto market a stark warning — potentially putting the $1 trillion market on a collision course with regulators after the White House Office of Science and Technology suggested bitcoin could be banned.
In recent months, some of the world’s largest financial institutions have begun rolling out cryptocurrency services to clients, while a recent survey of professional investors who collectively manage $2.2 trillion in assets provided a huge cryptocurrency price prediction.
“These established institutions in the crypto space see a huge opportunity for institutional inflows that will only happen if there is a regulatory structure around these markets,” Behnam said.
Meanwhile, many crypto industry leaders have long called for more precise regulation, predicting it will open up the market to new entrants.
“Having regulatory clarity will actually facilitate adoption,” the CEO of the world’s largest exchange Binance, Changpeng Zhao, told Yahoo Finance in an interview. “I think for the regular users, the 95% of users who are not in crypto yet, regulation will make it easier for them to use crypto.”
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The Bitcoin price has fallen almost over the last 12 months, pulling down the price of … [+]
Stocks and currency markets have been thrown into turmoil this week as central banks around the world struggle to maintain stability in the face of huge rate hikes by the Federal Reserve that have pushed the US dollar to record highs against other currencies.
“Bitcoin is starting to attract attention as relatively stable than usual, while a couple of central banks have intervened in some form or are preparing to do so to defend their own currencies,” said Yuya Haswgawa, crypto market analyst at Bitbank. in an email message.
“It’s kind of impressive as stock markets around the world are suffering losses this week, while bitcoin continues to swing sideways. However, the price has been unable to pick a direction for the past two weeks and is struggling to climb back above $20,000.”
Bitcoin’s relative stability this week has been encouraged by those in the crypto space who see it as a sign of bitcoin’s inflation-hedging potential.
“Bitcoin has been trading close to $20,000 in recent months, remaining resilient amid rising inflation, market turbulence and so-called crypto winters that are creating adverse conditions for the leading cryptocurrency,” said Alex Adelman, CEO of bitcoin rewards app Lolli. in comments on e-mail. “This time period illustrates bitcoin’s strength as a store of value in times of inflation.”
