Bitcoin’s price has been on the rise, with a trading volume of $40 billion entering the market. The BTC/USD pair has declined less than 1% within the past 24 hours, currently trading at $24,372.00. Despite this recent dip, its value has seen a notable increase of over 11% within the last week.
Bitcoin has been on a tear lately, with its value surging to new heights. This has brought renewed attention to the world’s most well-known cryptocurrency, and investors are eagerly looking for the next key levels to watch. Some believe that Bitcoin could soon reach $10,000, while others think that it still has further to climb. Whatever happens, it’s clear that Bitcoin is here to stay. So if you’re thinking of investing in it, now is the time to do so.
What are the key fundamentals of the cryptocurrency market that are influencing the overall price movement?
Journalist Colin Wu shares an article on his official Twitter account on February 19, written by Bloomberg Opinion Columnist Matt Levine. The article sheds light on the Securities and Exchange Commission’s (SEC) regulations regarding cryptocurrencies.
Wu’s discussion of Levine’s perspective on the SEC’s ability to identify tokens as securities drew attention to the regulatory body’s authority in creating and controlling the regulatory frameworks for the cryptocurrency industry. Levine also discussed the possibility of “regulatory investment advisors” having an indirect role in regulating cryptocurrencies.
Bloomberg Opinion Columnist Matt Levine highlighted how the SEC uses financial advisors to indirectly create rules for the cryptocurrency sector. Levine explained how the SEC’s financial advisors help the agency to understand the cryptocurrency market and how it functions. This, in turn, allows the SEC to develop rules and regulations for the cryptocurrency industry.
Cryptocurrencies are also being regulated by the SEC, which is giving investors more confidence in the market. This has led to the value of Bitcoin increasing.
Bitcoin Ordinals
In January 2023, ordinal inscriptions were launched as a new type of digital asset. Printed on a satoshi, the smallest unit of value in the Bitcoin currency, they are similar to non-fungible tokens (NFTs). Unlike other digital assets, ordinal inscriptions are unique and cannot be replicated. This makes them a valuable investment for collectors and investors.
Demand for Ordinal inscriptions has exploded in recent weeks! As of February 19, over 150,000 inscriptions were in circulation. What does this mean for the future of Ordinal? Only time will tell.