April 14, 2021, Bitcoin (BTC) has just recorded its highest price again, Bitcoin (BTC) gets an All-Time High (ATH) at a value of $64,854 even though it is currently undergoing correction again, but the appreciation of Bitcoin (BTC) is not yet seen to be over, and still has the potential to go up again.
Encouragement from the Commissioner of the SEC (Securities and Exchange Commission)
One of the causes of the increase experienced by Bitcoin (BTC) was due to positive encouragement from the commissioner of the Securities and Exchange Commission (SEC).
This statement from the commissioner made Bitcoin (BTC) investors feel at ease, this is because there is a possible push from the SEC for the sustainability of Bitcoin (BTC) in the financial market.
According to SEC Commissioner, Hester Pierce, banning Bitcoin (BTC) in America would be the same as banning the use of the internet. He stated,
“I think we were past that point very early on because you would have to shut down the internet. As I’ve said in the past, I don’t see how you could ban it … I think that it would be a foolish thing for the government to try to do that.”
Pierce also said that Bitcoin (BTC) is a financial phenomenon that has been adopted and has matured over time, according to him it is very important to be able to encourage Bitcoin (BTC) because of its increasingly widespread adoption, and America, which according to him has started to lag behind other countries relatively.
In addition, Pierce also stated that regulation is needed to be able to support the existence of Bitcoin (BTC) and Cryptocurrency in America.
“I think we are certainly behind the curve. We have seen other countries take a much more, I would say, productive approach to regulating crypto in the sense that it is not saying we shouldn’t have any regulations at all, they’ve just been saying let’s build a regulatory framework that works for crypto.”
This statement seems to be a positive trigger by the market, because after this statement, Bitcoin (BTC) began to appreciate quite significantly.
Encouragement From Coinbase
The appreciation that has occurred for Bitcoin (BTC) is also rumored to have a relationship with Coinbase, which will begin conducting an Initial Public Offering (IPO).
Initial Public Offering (IPO) is the floating of a share of a company in the capital market, and the shares of the Coinbase company will take the floor on the American stock exchange, Coinbase will have the name COIN stock which will become part of the Nasdaq-100 index, as a result of being classified as the same technology.
COIN will be officially traded on the day when the American stock market opens, but generally for the floor of a new company it occurs when the market will close, so it is likely that COIN shares will be officially traded at the end of the session.
Today, the Crypto Exchange, with a volume of $2,733,622,598 will be the first crypto exchange to take the floor on the stock market, it is predicted that Coinbase's IPO will form a bridge that makes it closer to stocks and crypto, so crypto adoption will become wider.
Until now Coinbase itself already has more than 50 Cryptos available for trading in its market, including Bitcoin (BTC), this Coinbase company has more than 56 million users and protects 7,000 investors, and 115,000 partners in more than 100 countries.
Given the extraordinary things that are happening to Coinbase, it is no wonder that Coinbase's publication will only get bigger, and the potential for bringing in new users is increasing.
Coinbase's stock is rumored to start trading at $250 per share, but the COIN share price before the floor or the IPO on FTX looks like it has already reached $592, a positive difference that indicates that interest in Coinbase stocks is very high, which may encourage crypto interest also higher.
Bitcoin Potential To Continue To Increase
Considering Bitcoin as the largest and most well-known cryptocurrency, it is likely that this sentiment from Coinbase is predicted to push the price of Bitcoin (BTC) higher, even some big analysts and investors such as Michael Saylor of MicroStrategy, Michael Novogratz of Galaxy Digital, and JPMorgan, states if the price of Bitcoin (BTC) can still go up higher.
The majority of other analysts also predict the price of Bitcoin (BTC) may rise to $68,724 this week, although currently, Bitcoin (BTC) is undergoing a correction, selling pressure is still not seen to occur significantly, along with Bitcoin (BTC) Futures Contracts which have gone higher.
From a technical point of view currently, a correction is taking place, but it has not shown any significant selling pressure, this indicates that the majority of investors and traders still look positive and still have the perception that Bitcoin will continue to rise.
Generally, after reaching the highs followed by movement out of the previous zone, this correction is likely to re-test the previous zone.
If this theory is true then there is a high probability that a correction will occur, which will bring bitcoin to $62,000 to $60,000 before rising again, the MACD and RSI indicators also show that the impulse to buy has started to saturate, thus supporting the potential for correction, but this correction will only occur gradually short and will go back up.
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Posted Using LeoFinance Beta