Yesterday, Bitcoin fell by more than 10% after SEC announced that all cryptocurrencies exchanges need to be registered. As of this writing, Bitcoin is trading below the crucial $10,000. What more did the commission say? Learn this from the 8 March Bitcoin Price Fundamental Analysis.
8 March, OctaFX – In a statement, the Securities and Exchange Commission said that Bitcoin and other cryptocurrencies should be considered as financial assets which lie under its mandate.
Bitcoin Falls After SEC Announcement
The announcement came a few weeks after the SEC and CFTC met with lawmakers to discuss the cryptocurrencies industry and how to regulate it. In the meeting, the two agencies promised to come up with regulations to make the industry more vibrant and to protect the end users.
However, traders should take the move by the SEC positively. This is because the industry could be more vibrant when more people have faith in it. Recently, the SEC has issued several subpoenas to exchanges in its attempt to establish better controls.
8 March Bitcoin Price Fundamental Analysis
Bitcoin is currently trading at $9,575. As shown below, in recent weeks, the BTCUSD pair has created a near-perfect support and resistance trend. This means, that the pair could drop to the $9,270 level before starting an upward trend.
This article about 8 March Bitcoin Price Fundamental Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
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