KEYTAKEAWAYS
- Bitcoin's rebound to $66,474 highlights ongoing market volatility and the strong support at the 50-day moving average.
- The SEC's firm stance on Ripple's civil penalty emphasizes regulatory scrutiny and the consequences of non-compliance.
- Tether's co-founder forecasts a surge in cryptocurrency ETFs, driven by Wall Street's profit-driven strategies.
CONTENT
In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.
BITCOIN’S REBOUND AND POTENTIAL RISE IN ALTCOINS
Bitcoin Rebounds to $66,356 Amid Market Fluctuations
Despite experiencing a 4% drop last week, Bitcoin rebounded from a low of $65,078 to approximately $66,474. The resistance around $70,000 continues to challenge the market. Investors seemingly took advantage of the lower prices to buy in, indicating a robust support at the 50-day moving average ($66,147). However, the 20-day EMA and the RSI suggest that bears still have the upper hand in the short term.
4 Altcoins to Watch According to Analysts
Senior Cointelegraph analyst Rakesh Upadhyay identified four altcoins with potential for significant gains if Bitcoin can sustain a price above $68,000.
Ethereum ($ETH), showing strong buyer interest at the 50-day moving average, could potentially rise to $3,730 and then to $3,977 if it surpasses its 20-day EMA.
Similarly, Toncoin ($TON) has shown resilience after breaking through the $7.67 mark, with potential to reach $10 if bullish trends continue.
Uniswap ($UNI) and Monero ($XMR) also exhibit potential for substantial growth, with key price levels to overcome for further advances.
SEC REJECTS RIPPLE’S PLEA FOR LOWER PENALTY
The SEC has countered Ripple Labs’ request for a reduced penalty of no more than $10 million, citing insufficient deterrence compared to the proposed $876.3 million civil penalty. Ripple had referred to a previous settlement with Terraform Labs, arguing for a similar treatment.
However, the SEC noted that Terraform’s $4.5 billion settlement, which included a substantial civil penalty, was influenced by its bankruptcy status and the firm’s agreement to compensate investors. The ongoing legal battle between the SEC and Ripple has been intense since 2020 over the sale of unregistered securities to institutional investors.
WALL STREET’S GREED FUELS CRYPTO ETF BOOM
William Quigley, co-founder of Tether and WAX, believes that the approval of spot Bitcoin and Ethereum funds in the US will not slow the momentum for cryptocurrency ETFs. Predicting an increase in ETFs for other mainstream cryptocurrencies like Solana and Cardano, Quigley attributes this growth to Wall Street’s relentless pursuit of profit.
He warns, however, that aggressive marketing of crypto products by Wall Street could pose significant risks during market downturns, highlighting the double-edged nature of this expansion.
