Bitcoin
BTC$66 117.27

0.98%

Ethereum
ETH$3 560.84

5.16%

Tether
USDT$0.999440

-0.01%

Binance Coin
BNB$606.60

1.97%

Solana
SOL$144.88

2.51%

USD Coin
USDC$1.000033

0%

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 87.2% 16 $66 117.27 0.98% -4.80% $1 303 332 000 083 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 75.6% 41 $3 560.84 5.16% -3.50% $427 834 855 076 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $0.999440 -0.01% -0.05% $112 496 861 451 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 82% 33 $606.60 1.97% -11.51% $89 524 105 392 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 82.8% 28 $144.88 2.51% -9.63% $66 888 447 449 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.8% 3 $1.000033 0% -0.01% $32 442 980 746 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 80.4% 27 $0.487419 4.18% -1.25% $27 086 102 035 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 73.2% 49 $0.136282 2.81% -6.48% $19 723 035 913 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 74.8% 51 $7.99 0.86% 12.55% $19 444 566 923 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 80.8% 29 $0.411984 1.76% -5.24% $14 718 291 556 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 56.4% 94 $0.000021 4.34% -10.90% $12 216 301 796 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 75.2% 49 $30.12 1.98% -7.28% $11 844 550 609 AVAX 7 days price change
13 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
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 91.6% 1 $66 267.02 1.38% -4.57% $10 154 475 669 WBTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 89.2% 19 $0.114893 -0.95% 0.45% $10 044 287 860 WTRX 7 days price change

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