As cryptocurrency market dipped on the announcement of the US SEC in regards to the cryptocurrency exchanges registration requirement, investors are cautiously awaiting further movements from the top cryptocurrencies. In the meantime, we look into the 8 March Bitcoin Price Fundamental Analysis.
8 March, CryptoToday – One of the key financial regulators in the US, the Securities and Exchange Commission (SEC) has announced that all the cryptocurrency trading platforms should register with the watchdog. The US regulator also mentioned that Bitcoin and other cryptocurrencies are considered financial assets that fall under its regulatory umbrella.
SEC Requires US Cryptocurrency Exchanges’ Registration
In the official statement, the SEC has stated the following:
“If a platform offers trading of digital assets that are securities and operates as an “exchange,” as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”
The announcement appeared a few weeks after the SEC and CFTC have met with lawmakers to discuss cryptocurrency industry regulation possibilities. During the meeting, the two agencies have promised to draft regulations to make the industry more transparent and to protect users.
Yet, the cryptocurrency market experts believe that the traders should see the move by the SEC in a positive light. This is due to the fact that the industry could become more vibrant when it is more trustworthy. Just recently, the US regulator has issued a number of subpoenas to the exchanges in a bid to establish more solid controls.
8 March Bitcoin Price Fundamental Analysis
As of not Bitcoin is trading at $9,367.60. As it can be seen from the chart, the BTCUSD paid has been following almost perfect support and resistance trend. This also implies that the pair could dip further to the $9,270 level before again looking upwards.
The latest news also revealed that the trustee of once popular collapsed Japanese Bitcoin exchange Mt. Gox, Nobuaki Kobayashi, has sold $400 million worth of Bitcoin and Bitcoin Cash. In addition, the Binance hack reports of irregular sales of altcoins have further put pressure on the cryptocurrency market.
Markers can expect a following bearish scenario: Bitcoin price to test support level of $8.906 and to possibly drop down to $8,000.
In case of the bullish scenario, in case Bitcoin price managed to break above $11,000 in the period of the next 72 hours, this would mean that the sell-off from March 5 high has bottomed out around $9,577.
This could lead to a bullish break above the resistance level.
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