Bitcoin price falls ahead of Gensler discussion
The price of Bitcoin was lower on Tuesday morning ahead of a virtual discussion at the Aspen Security Forum with the Security and Exchange Commission’s Chairman Gary Gensler. The chat, titled ‘The View from the SEC: Cryptocurrencies and National Security’, will see Gensler speak on cryptocurrencies with the Wall Street Journal’s Paul Vigna. Gensler has previously indicated he has a strong interest in cryptocurrencies and blockchain technology but that does not necessarily mean he will go easy on regulation when it comes to the digital asset space.
“While I’m neutral on the technology, even intrigued—I spent three years teaching it, leaning into it—I’m not neutral about investor protection,” Gensler said previously.
Today’s discussion may provide further clarity on how Gensler and the SEC plan to protect investors who may be vulnerable to fraud and potential losses from the industry.
IMF warning
Another potential reason for the drop in cryptocurrencies is a recent blog post from the International Monetary Fund (IMF) which warned about using crypoassets as a national currency, in an apparent nod to El Salvador. Next month, the Central American nation is scheduled to allow Bitcoin as legal tender, but the IMF has warned of the threat to “macroeconomic stability” from widespread adoption of a cryptoasset, such as Bitcoin.
The report comes as the two parties are in discussions over a $1 billion loan, but there are fears that the adoption of Bitcoin could make the talks more complicated.
After dropping back below $40,000 on Monday, Bitcoin continues to drift lower and today hit a low just north of $38,000. The 100-day moving average has acted as resistance with today’s high just below that level around $39,700. The next level of resistance to the upside could be the psychological $40,000 level before the recent high around $42,500.
To the downside, the July 27th low of around $37,300 could be the next support if $38,000 breaks. For now, Bitcoin remains within its recent trading range of around $30,000-$42,000, with analysts looking for a clean break either way to confirm a breakout. At 11:31BST, Bitcoin was trading around $38,600, down around 2.8% over the last 24 hours.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 76.8% | 50 | $60 699.16 | -0.88% | -4.83% | $1 199 553 154 323 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 78.8% | 42 | $2 352.47 | -4.16% | -10.15% | $283 170 236 899 |  |
|
| 3 |  USDT |
Tether predictions | 95.6% | 1 | $0.999980 | 0.01% | 0.01% | $119 638 133 746 |  |
|
| 4 |  BNB |
Binance Coin predictions | 71.2% | 52 | $542.79 | -1.18% | -8.65% | $79 210 292 801 |  |
|
| 5 |  SOL |
Solana predictions | 70% | 55 | $137.50 | -5.86% | -8.82% | $64 419 600 647 |  |
|
| 6 |  USDC |
USD Coin predictions | 96% | 1 | $1.000010 | 0% | 0% | $35 575 307 953 |  |
|
| 7 |  XRP |
XRP predictions | 84% | 31 | $0.519564 | -11.92% | -11.52% | $29 388 643 059 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 75.6% | 41 | $0.103717 | -2.61% | -8.71% | $15 164 513 633 |  |
|
| 9 |  TRX |
TRON predictions | 93.2% | 1 | $0.154135 | 0.12% | 1.37% | $13 347 530 700 |  |
|
| 10 |  TON |
Toncoin predictions | 77.2% | 49 | $5.23 | -3.63% | -9.72% | $13 241 202 845 |  |
|
| 11 |  ADA |
Cardano predictions | 77.6% | 45 | $0.339334 | -3.67% | -13.84% | $11 861 882 733 |  |
|
| 12 |  STETH |
Lido stETH predictions | 90.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 13 |  WTRX |
Wrapped TRON predictions | 93.6% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |  |
|
| 14 |  WBTC |
Wrapped Bitcoin predictions | 94% | 1 | $65 806.83 | 0.78% | -2.68% | $10 083 957 608 |  |
|
| 15 |  AVAX |
Avalanche predictions | 64.8% | 73 | $24.69 | -5.00% | -11.31% | $10 034 306 772 |  |
