Coin World Report:
Recent market changes have caught analysts off guard as the value of Bitcoin plummeted below $67,000. This volatility comes as the US presidential election approaches and expectations rise that the US Securities and Exchange Commission (SEC) will tighten regulations on cryptocurrencies next year, causing concerns among traders.
What is the stance of the SEC on cryptocurrencies?
SEC Chairman Gary Gensler holds a critical view of cryptocurrencies, stating that most altcoins qualify as securities. Gensler’s term extends until 2026, and while Trump remains a frontrunner in cryptocurrency-related polls, he faces challenges in broader surveys.
Are analysts reevaluating their predictions?
The SEC’s recent focus on auditing for 2025 indicates a widespread evaluation of cryptocurrency companies, potentially leading to litigation in the coming year. Prior to the market downturn, analyst Michael Poppe ignited hope among altcoin investors, suggesting that surpassing a critical resistance level could bring Ethereum close to $3,200, despite the current trend being different.
Gary Gensler believes that most altcoins are securities.
Trump leads in cryptocurrency polling but lags behind in general voter surveys.
The SEC plans to conduct a comprehensive audit, which could result in legal action.
Market analysts exercise caution as Jelle warns that Bitcoin’s potential test price is $65,000, consistent with previous attempts to reclaim $69,000. Additionally, Phoenix highlights the possibility of a minor pullback, reflecting investors’ cautious attitude during turbulent times.