Bitcoin buoyant in face of wishy-washy SEC testimony By Proactive Investors

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Bitcoin buoyant in face of wishy-washy SEC testimony

Published Sep 28, 2023 13:31

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Bitcoin buoyant in face of wishy-washy SEC testimony

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Proactive Investors - SEC chair Gary Gensler was grilled on his stance on the bitcoin and cryptocurrency markets in a wide-ranging congressional testimony on Wednesday, where he lashed out at crypto "hucksters" operating within the market.

However, Gensler was wishy-washy about certain pressing issues facing the crypto markets, which the regulatory body that he oversees has significant influence over.

He reiterated his stance that bitcoin is not a security, though did not go as far as acknowledging that it’s a commodity.

Gensler also failed to provide clarity on the ongoing debate around spot bitcoin exchange-traded funds, which the securities regulator has long been hesitant to approve.

After a favourable August court ruling for Grayscale Bitcoin Trust, which called the SEC’s stance on bitcoin ETFs “arbitrary and capricious”, Gensler was still unwilling to clarify his position.

Amid a lack of firm guidance, the bitcoin spot markets had a fairly volatile Wednesday trading session, having hit an intraday high of $26,800 before reverting back below $26,400 before the midnight bell.

Bitcoin remained buoyant in early Thursday trades though, adding 0.6% as of midday.

Bitcoin leaps above $26,500 – Source: tradingview.com

The second-largest cryptocurrency Ethereum (ETH) leapt even higher this morning, adding nearly 2% to bring its spot price to a seven-day high of $1,630.

In the broader altcoin space, Binance’s BNB token and Tron (TRX) remain in the green on a weekly basis, while Ripple (XRP), Cardano (ADA) Dogecoin (DOGE) and Solana (SOL) have tipped into the red.

The combined cryptocurrency markets are currently valued at $1.06 trillion, with bitcoin dominance sitting at 49.85%.

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Bitcoin buoyant in face of wishy-washy SEC testimony

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