Bitcoin
BTC$17 058.33

0.06%

Ethereum
ETH$1 266.25

0.01%

Tether
USDT$1.000063

0%

Binance Coin
BNB$289.87

0.04%

USD Coin
USDC$0.999979

0%

Binance USD
BUSD$1.000081

-0.05%

Bitcoin tumbles to $36K as ARK's Cathie Wood addresses BTC regulatory fears


28 May 2021

#Bitcoin

The flagship cryptocurrency faces a higher profit-taking sentiment near its 200-day simple moving average wave. Bitcoin's (BTC) quick run-up above $40,000 during the early New York trading session Thursday lost momentum midway as traders decided to secure short-term profits.

The benchmark cryptocurrency shed up to 12.08% after topping out at $40,440 on Coinbase. It reached an intraday low of $36,410 ahead of the London opening bell on Friday, showcasing upside resilience among traders near the $40,000-level.

Technicals and looming regulations

Concerns about stricter crypto market regulations created headwinds for an otherwise choppy but solid Bitcoin price recovery. In retrospect, the BTC/USD exchange rate had crashed to $30,000 on May 19 after news of China's ban on crypto transactions hit the wire. In the same week, U.S. President Joe Biden's administration targeted regional crypto investors by making it mandatory to report transactions over $10,000 to the Internal Revenue Service, creating more downside pressure on Bitcoin and similar digital assets.

Meanwhile, concerns about higher inflation kept Bitcoin from pursuing deeper downside moves. The last big inflation report in the U.S. showed the figures ranging around 4.2%, about 2.2% higher than the Federal Reserve's expectations.

Ideally, that could have prompted the U.S. central bank to taper down its current expansionary policies, but the officials agreed that inflationary spikes were "transitory" in nature. The mixed fundamental signals have pushed the Bitcoin price into a choppy trading range, with $35,000 acting as interim support and $40,000 serving as interim resistance.

Wood feeds the bullish fire

Meanwhile, ARK Investment's CEO, Cathie Wood, attempted to calm down fears regarding stricter scrutiny over Bitcoin entities. Speaking at the Consensus 2021 conference earlier this week, the celebrated tech investor said it is impossible to shut down cryptocurrencies, reiterating her views that regulators would eventually need to wrap their minds around the blockchain assets.

"I think the competitive dynamic in the rest of the world is helping us in the United States. I think it’s been good," Wood had said in an interview last week.

On declining institutional investments in the cryptocurrency space, Wood noted that investors had paused their capital flow into Bitcoin and other rival assets over their questionable environmental profile. Elon Musk raised the same issue when his benchmark undertaking Tesla decided to stop taking bitcoin payments for its electric vehicles.

However, the billionaire entrepreneur later backed an alliance of North American crypto miners to track and reduce crypto-related carbon emissions.

“Half of the solution is: understanding the problem,” Wood said during her Consensus conference address. “This auditing of what miners, certainly in North America, are willing to do around how much of their electricity usage is generated by renewables is going to bring that topic into stark relief, and will encourage an acceleration in the adoption of renewables beyond which otherwise would have taken the place.”

She added that institutional buying in the Bitcoin market would resume on the cryptocurrency's improving green profile. Wood's ARK increased its Coinbase shares (COIN) holdings last week, buying another 223,181 units of the stock to push its net exposure to the Nasdaq-listed cryptocurrency exchange above $1 billion.


Related

Copy Trading Strategies: How to Start Successful Copy Trading
Copy Trading Strategies: How to Start Successful Copy Trading
Total crypto market-cap hits $850M as Bitcoin and altcoins recover from FTX’s collapse
Total crypto market-cap hits $850M as Bitcoin and altcoins recover from FTX’s collapse
Bitcoin’s bottom might be below $15.5K, but data shows some traders turning bullish
Bitcoin’s bottom might be below $15.5K, but data shows some traders turning bullish
Institutional investors are buying through crypto winter
Institutional investors are buying through crypto winter
How Much Will BTC Be Worth on October 9, 2024?
How Much Will BTC Be Worth on October 9, 2024?
Bitcoin's shy uptrend
Bitcoin's shy uptrend
Powell did not scare crypto
Powell did not scare crypto
Bitcoin completes consolidation in a triangle
Bitcoin completes consolidation in a triangle
Bitcoin Is Still Gold. Although Digital One
Bitcoin Is Still Gold. Although Digital One

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 84.4% 17 $17 058.33 0.06% 0.44% $327 969 673 009 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 80.4% 28 $1 266.25 0.01% -0.56% $154 956 271 042 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000063 0% 0.04% $65 689 347 584 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78.4% 44 $289.87 0.04% -4.43% $46 370 691 955 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94% 1 $0.999979 0% -0.02% $43 034 372 975 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000081 -0.05% -0.07% $22 101 869 687 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 85.2% 29 $0.386677 -0.35% -4.46% $19 434 565 003 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 73 $0.100260 -1.98% -7.15% $13 301 634 924 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 83.2% 30 $0.318080 -0.75% 0.25% $10 960 804 759 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 71.6% 52 $0.913880 -0.11% 4.95% $7 982 115 948 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 78% 37 $5.48 -0.37% 0.45% $6 269 169 724 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 95.2% 1 $0.999497 -0.03% -0.06% $5 875 589 658 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 61.6% 85 $79.71 -1.79% 0.97% $5 720 814 160 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84.4% 30 $0.053431 0.36% -1.20% $5 432 662 792 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.