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Market News BTC at Risk of Sub-$27,000 on SEC Regulatory Enforcement Ramp Up

BTC at Risk of Sub-$27,000 on SEC Regulatory Enforcement Ramp Up

BTC saw a gloomy session on Thursday because SEC Chair Gensler was looking to target the digital asset market with $2.4 billion in investment.

Jimmy Khan

2023-03-31

9890

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1.14% fewer people bought bitcoin (BTC) on Thursday. BTC finished the day at $28,021, somewhat erasing a Wednesday gain of 3.96%. BTC avoided sub-$27,000 for the second straight day despite the gloomy session.

BTC increased to a high of $29,171 early in the day thanks to a positive start to the day. Before going backward, BTC passed through the First Major Resistance Level (R1) at $28,911. After the turnaround, BTC fell to a low of $27,677 in the late afternoon. However, BTC found late support to end the day at $28,021, avoiding the First Major Support Level (S1) at $27,515.

$2.4 billion in Funding and Gensler Investors in Fear On Thursday morning, investor mood started to decline. BTC and the larger crypto market were negatively impacted by rumors that SEC Chair Gary Gensler was planning to raise $2.4 billion in financing to increase staffing and step up regulation by enforcement.

If the anti-crypto US government approves $2.4 billion in SEC funds, the SEC will have the authority to repress the US digital asset market.

BTC separated from the NASDAQ Composite Index, which increased by 0.73% on Thursday, as a result of how the market reacted to the news. The NASDAQ mini gained 35.5 points this morning.

The Coming Day

In the wake of the most recent SEC financing request, investors should keep an eye on legislative and regulatory action in the US. Buyer interest would be tested by a step-up in enforcement and regulation.

However, it will also be important to monitor developments in the current SEC v. Ripple lawsuit and news about Binance and Coinbase (COIN). Updates from the SEC v. Ripple lawsuit are anticipated to have greater impact. A victory for Ripple would deflate the SEC's sails.

US economic figures this afternoon will also provide guidance. Data on US personal expenditure, income, and the Core PCE Price Index will be highlighted. Support would be put to the strain if inflationary pressure suddenly increased.