Just when you thought the world was falling apart, Bitcoin comes along to remind us that it’s still got some fight left in it. Despite the regulators circling like hungry wolves, our digital friend refuses to budge from the $25K mark.
The SEC and Its Sights on Crypto
The U.S. Securities and Exchange Commission (SEC), in its infinite wisdom, decided to start a game of cat and mouse with the crypto industry. Our friends at Coinbase and Binance are now wearing the bullseye, accused of a myriad of offenses from operating as an “unregistered broker, exchange and clearing agency” to engaging in some less-than-stellar business practices.
But here’s the kicker, Bitcoin, the plucky underdog, doesn’t seem to care. It’s almost as if it’s thumbing its nose at the whole debacle, steadfastly holding on to its $25K valuation.
BlackRock’s Bold Bitcoin ETF Bet
And then we have BlackRock, the world’s biggest asset manager, jumping into the fray, filing for a Bitcoin exchange-traded fund (ETF) in a bold move to allow investors to gain exposure to Bitcoin without directly buying it.
Some might say it’s like wanting to swim without getting wet, but who am I to judge?
The SEC hasn’t exactly been handing out approvals for Bitcoin ETFs like candy on Halloween, having already rejected proposals from Grayscale, Fidelity, Cboe Global Markets, and NYDIG. But it seems BlackRock isn’t deterred. Neither, apparently, is Bitcoin.
Bitcoin’s Stubborn Streak
Despite all this regulatory kerfuffle and the current macro factors affecting the markets, Bitcoin ended last week on a green note, rising 2% and stubbornly holding the line at $25,700. It seems that no matter how much you try to shake it, Bitcoin stands tall, refusing to relinquish the $25K mark.
So there you have it, folks. Amid all the doom and gloom, Bitcoin keeps on keeping on. It’s as if it’s looking at the regulatory hurdles and market uncertainties, shrugging, and saying, “Is that all you’ve got?”
Now, as for the future, your guess is as good as mine. But one thing’s for sure – with Bitcoin, it’s never a dull moment.
