Bitcoin Cash SV, despite facing market headwinds, continues to demonstrate strength by leading a positive week, showcasing its resilience and potential for growth in the ever-evolving cryptocurrency market.
The US Crypto Industry May Find Voice in the House
On Friday, House Majority Whip Tom Emmer announced he is entering the race to become the Speaker of the House, saying, “The American people elected us to deliver on a conservative agenda that secures our border, stops reckless spending, and holds Joe Biden accountable. We cannot afford to fail them. I’m running for Speaker of the House to bring our conference together and get back to work.”
Tom Emmer is a crypto advocate and may give the crypto industry more voice on Capitol Hill. Last month, Tom Emmer supported the passage of the CBDC Anti-Surveillance State Act. Emmer warned about Central Bank Digital Currencies (CBDCs) and their potential to impact the American way of life. Significantly, the Act would require Congress to authorize the issuance of CBDCs.
BTC-Spot ETF Optimism Lingers Despite Crypto Market Headwinds
BTC was up 10% to $29,953 Monday through Sunday morning. Market bets on the approval of BTC-spot ETFs and an influx of sticky institutional money could give BTC its best week since June 19.
The SEC decision not to appeal the Grayscale win and the BTC-spot ETF application refilings have fueled the optimism. The amended applications suggest ongoing dialogue with the SEC and progress toward meeting the SEC requirements for approval.
For the crypto market, the BTC and broader market gains came despite risk aversion. The Nasdaq Composite Index ended the week down 3.16%. 10-year US Treasury yields surged by 6.63% this week, with yields hitting a high of 5.001% before retreating. The Middle East conflict and Fed fear impacted market risk appetite.
Increased US lawmaker scrutiny is another headwind. The US Administration responded to a call for action in response to the Hamas attack on Israel. On Wednesday, the US Department of the Treasury issued a press release: Following Terrorist Attack on Israel, Treasury Sanctions Hamas Operatives and Financial Facilitators.
The press release discussed Hamas virtual currency fundraising and the seizure of virtual currency wallets.
The Treasury Department also shared an action plan to tackle the illicit financing risks of digital assets. Significantly, the action plan highlights the use of mixers that help make it challenging to trace crypto activity. Investors face the threat of the US government coming down heavy-handed on US exchanges that have facilitated the movement of illegal funds.
BTC remained above the 50-day and 200-day EMAs, reaffirming bullish price signals.
A BTC breakout from the $30,107 resistance level would give the bulls a run at the $31,143 resistance level.
US Administration scrutiny of the crypto space would test the buyer appetite for BTC. However, hopes of the SEC approving BTC-spot ETFs remain a tailwind.
A fall to $29,500 would bring the $29,193 support level into play.
The 14-Daily RSI reading of 73.01 shows BTC in overbought territory.