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Friday, December 3, 2021

Bitcoin Bears Working To Keep Price Under $62K

The year-to-date gain of Bitcoin at 90% was largely supplemented by the United States Securities and Exchange Commission’s ETF approval. Interestingly, the first 48-hours of listing saw the ETF able to procure around $1.1 billion in assets under management.

The 1st of November saw the US Treasury release its report on stablecoins, which informed and urged Congress to start regulating the cryptocurrency industry. In short, the group that is currently operating has expected the federal government agencies to require the issuers of stablecoin to start meeting the same standards that have been insured under depository institutions. 

Bitcoin Could Get Regulated Now

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While the consequences of a far more potential stablecoin regulation for the market of cryptocurrency do remain relatively unknown, it cannot be denied that stablecoins are pretty vital for market makers, exchanges, and retail investors that have been seeking protection.

Despite this, most investors have to take into account that there could be a possible chance that most of the issuers of stablecoin would be reacting by moving their operations abroad. Now, with a few hours left for the $1.15 billion options expiry, Bitcoin has started trading in a far more descending channel. 

The Bitcoin ETF expectation could definitely be one of the major reasons behind the excessive optimism of the market bulls- which will be visible in the $68,000 and several higher bets for the expiry on the 5th of November. Now, even with a stored sum of $740 million stacked in call options, most market bulls probably have missed out on an opportunity to score some major profits. 

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Currently, the price of Bitcoin has been oscillating near a sum of $62,000 with quite a few incentives set in place for the market bulls to push the cryptocurrency up by 3.5% to $64,000 ahead of the expiry taking place today.

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