Crypto-Positive US Senate Hearing, Price Action Making Bitcoin Bottom Call at ~$6060 Look Good!
Everybody loves feel-good crypto-optimism, right?
Earlier this week, the "US Senate Committee on Banking", along with the Chairman of the SEC and CFTC, met to discuss Bitcoin and virtual currency. Usually, these sorts of "meetings" aren't exactly expected to be bullish for cryptocurrency in general. They tend to be brainstorming sessions for the government to determine how best to either tax or restrict our assets.
In this case, however, the tone was relievingly even-handed. If you are curious, I'd encourage you to check out the highlights on YouTube (or elsewhere, if possible). I won't bother to recount the meeting as I'm not familiar with any specifics from it that merit repeating.
I would say the quote that best captures why I found the meeting's tone a pleasant surprise would be this one, highlighted by CryptoBobby (see his video in the sources below for more):
CFTC Chairman Giancarlo: “We owe it to this new generation to respect their interest in this new technology with a thoughtful regulatory approach.”
This is certainly good news for the bottom call we put in around $6060 earlier this week. $8000 has been holding solidly for a day or two. I know it's far too early to declare victory, but each moment we spend above $8000 with a fairly healthy (relatively speaking) looking chart increases the likelihood that this bottom will hold. External news of the positive variety can only help, especially since we touched the bottom amid more bad news from Chinese regulation and big problems at the Binance exchange.
Incidentally, Bitcoin Cash has also recovered very strongly from its bottom at $750, even more strongly than Bitcoin. It was a real steal at $750.00, and it looks like someone's large limit buy order at exactly $750.00 stopped the crash on February 6th. One worth keeping an eye on.
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Sources: Google, Zero Hedge, Coindesk, CryptoBobby, Bitfinex
Copyright: Cryptowatch
Not sure there was much positive news from the hearing. The small uptick is more due I believe to lack of an extremely negative hearing. We need a couple of weeks above $9,500 to have any confidence that the generally slow down trend from last 6 weeks is being interrupted
With the current huge correction in the stock market, especially here in Europe, do you think people will move into crypto in fear of a potential long-term correction/bear market in stocks?
Generally, yes, I see the mainstream market drawdowns as very positive. Some people will begin to get the message that the game of musical chairs on the Titanic is coming to an end. Crypto will be an obvious diversification because what else will they buy, gold?
Wow..thats good news..😊
I watched all i think 2 hours of it. It was actually interesting and I think the first time I really sat there and watched CSPAN lol It did come off as a promising tone but if regulations set in im not sure if bitcoin and other cryptos will have the same appeal and demand they currently do have. Right now it feels like a way to get back at the man and be rebellious lol
Interesting article! Checkout @cryptobroye for more bitcoin info and analysis. Im sure there's a lot we can learn from each other!
Thanks for the news. I hope this will end recent "crisis".
good news post
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