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S&P500 Forecast: Is 4300 the Next Stop on the Market’s Upward Climb ?
The index hit a low of $4060, which is not too far from our ideal $4100 target set out ten days earlier. Perhaps it will now reach a high of $4260-4300.
Wednesday's trading was upbeat, as the market value for cryptocurrencies reached $1 trillion once again. Investor concerns were reduced by Capitol Hill talk and new SEC regulations.
The top 10 cryptocurrencies had a positive day on Wednesday. Strong support was seen for ADA, BNB, and ETH. For the first time since August 2023, BTC took the lead, closing the day at $24,000.
US retail sales numbers that were hotter than anticipated failed to frighten investors. Because January retail sales increased by 3.0%, the cryptocurrency market momentarily fell. Economic experts anticipate a 1.8% rise. Before the noticeable uptick in spending in January, retail sales had declined for two straight months.
Congressmen on Capitol Hill brought a crypto rally
The optimistic midweek session was bolstered by less regulatory risk. After the SEC's actions against Kraken and Binance USD (BUSD), the SEC adopted a new strategy.
On Wednesday, the SEC put up changes to its custody regulations that would include cryptocurrency. The modifications would affect custody regulations as well as accounting requirements, reporting requirements, and investment advisor registration.
SEC Gary Gensler said, "I support this plan because it will assist to guarantee that advisors don't illegally utilize, lose, or misuse clients' funds by using significant tools Congress provided us following the financial crisis."
"Congress specifically granted us power to broaden the advisors' custody rule to apply to all assets, not just funds or securities," Gensler said.
Attention was also drawn to activity on Capitol Hill, as legislators reintroduced a plan to make it easier to invest in cryptocurrencies in retirement accounts. The "Financial Freedoms Act" is about to be reintroduced, according to a tweet from former House speaker Nancy Pelosi.
"It intends to ban the Department of Labor from prohibiting people from investing their 401(k)s in cryptocurrency," the author said. It should be everyone's right to invest their retirement funds anyway they see appropriate.
The revelation on Wednesday came after lawmakers scrutinized the SEC on Tuesday, which could have compelled the SEC to adopt a more cautious stance toward the digital asset market.
The fact that not all US legislators are against cryptocurrency proved advantageous to investors.
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