Bitcoin
BTC$26 882.56

-0.31%

Ethereum
ETH$1 671.93

1.31%

Tether
USDT$0.999821

-0.01%

Binance Coin
BNB$216.10

0.37%

XRP
XRP$0.531802

5.43%

USD Coin
USDC$1.000065

-0.06%

Bitcoin price falls ahead of Gensler discussion


03 Aug 2021

#Bitcoin

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.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 91.6% 2 $26 882.56 -0.31% 0.93% $524 189 901 494 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 95.6% 3 $1 671.93 1.31% 4.93% $201 026 803 917 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999821 -0.01% -0.02% $83 261 653 630 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 91.2% 2 $216.10 0.37% 2.51% $33 246 221 568 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 92% 9 $0.531802 5.43% 3.99% $28 351 624 858 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000065 -0.06% 0% $25 489 164 745 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 94.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 82.8% 26 $0.088249 4.39% 4.73% $8 972 786 582 WTRX 7 days price change
9 Cardano (ADA) ADA Cardano predictions 89.6% 5 $0.254802 2.34% 4.03% $8 950 792 117 ADA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 91.6% 4 $0.061905 0.81% 0.61% $8 741 397 555 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 84% 18 $20.34 3.94% 4.31% $8 395 616 302 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 87.2% 22 $0.089167 3.79% 6.10% $7 942 815 911 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 60.4% 84 $2.21 -2.40% -5.45% $7 587 997 679 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 94% 1 $0.999631 -0.10% 0% $5 345 916 242 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 91.2% 7 $4.09 0.56% 2.00% $5 050 977 963 DOT 7 days price change

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