Bitcoin defends US$23k level amid authorities harsh comments

Bitcoin reclaimed the mid-US$23k price level after falling to US$22k over the weekend.
Bitcoin defends US$23k level amid authorities harsh comments

February 27, 2023 - Bitcoin reclaimed the mid-US$23k price level after falling to US$22k for a while over the weekend. The PCE numbers released last week showed still strong consumer expenditures in January, increasing the market fear of a more hawkish Fed moving forward. However, the selling pressure is mainly coming from short-term holders, which could lead to an improvement in Bitcoin accumulation, and reduced selling pressure for the time being. Meanwhile, the whales are still on the sidelines, with the numbers of addresses with >1k BTC at the 2020 level. In our view, this may actually be a bullish sign with short-term holders marking the bottom of the cycle, while large  long-term holders are preparing to start accumulating.

Meanwhile, the regulatory narrative against the crypto industry has been moving forward. In the G20 meeting held in India, many global authorities presented their concerns regarding digital assets, in general. The US Treasury Secretary Janet Yellen defended a strong regulatory framework for the cryptocurrency industry. India’s Finance Minister Nirmala Sitharaman asked for the acknowledgement that anything outside of the central bank is not a currency. Even banning crypto should be on the table according to IMF Managing Director Kristalina Georgieva. These comments from global authorities are a concern for the industry, but they also reveal the importance and resilience that crypto has reached in over a decade after its inception.

On the other hand, there are people in the industry arguing that crypto should fight back. CoinDesk’s Chief Content Officer Michael Casey believes that the SEC has overreached in its recent actions against crypto, and that the industry must improve its lobbying efforts. The agency has been facing criticism against its actions even from internal members, who believe that SEC is using the wrong approach to regulate an innovative industry. In our view, regulators all over the globe are taking advantage of crypto’s  excesses from the past year to try to choke the industry. Although we see regulation as necessary, too much of it could backfire at the end of the day.

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