Crypto Rally Pauses as U.S. Regulators Pressure Companies: Bitcoin Slips to $63,300
The crypto rally hit a speed bump on Monday as bitcoin (BTC) slipped back to near $63,300 during U.S. trading hours. This pullback came as U.S. regulators increased pressure on crypto companies, with popular brokerage Robinhood (HOOD) revealing that its crypto arm received a Wells Notice from the U.S. Securities and Exchange Commission (SEC).
Despite the dip, most crypto assets remained above last week’s lows, with BTC down 1.5% over the past 24 hours but still up over 10% from Wednesday. Alternative cryptocurrencies had a mixed performance, with some like ether (ETH) and dogecoin (DOGE) sinking while others like solana (SOL) and XRP showed relative strength.
Crypto hedge fund QCP Capital noted renewed demand for bitcoin call options with strike prices of $75,000 and $100,000 for September, indicating increased optimism for BTC’s future price movements. The market also saw rumors about broadening access to newly listed Hong Kong spot bitcoin and ether ETFs for Chinese investors, potentially opening the floodgates for Chinese money seeking alternative assets.
While bitcoin ended last week on a bullish note, some experts like John Glover of crypto lender Ledn believe there could still be a breakdown to lower prices before the correction from March’s all-time high of $73,000 is complete. Glover referenced the Elliot Wave theory, which suggests that price trends develop in repetitive wave patterns, with a potential push to $92,000 once the corrective wave is completed.
Overall, the crypto market remains volatile but with signs of optimism and potential for further price movements in the near future.