Adam Farthing of B2C2 believes bitcoin needs to break $25,000 to grow
Grayscale Investments CEO Michael Sonnenshine believes that the American regulator has an unnecessarily one-sided and “flat” approach to crypto asset control methods. The expert considers SEC methods ineffective.
Sonnenschein believes that the regulator hastened to develop competent measures to regulate the industry. And the situation with the collapse of the FTX crypto exchange became especially indicative.
“The word “late” does not accurately reflect the complex essence of the problem. It lies in the US Securities and Exchange Commission’s one-sided approach to regulation through sanctions, instead of creating a proactive approach,” said Sonnenschein.
Grayscale is currently suing the SEC. The regulator opposes the conversion of the GBTC trust into a BTC spot exchange-traded fund. Sonnenshine is confident that the SEC “hindered the development of Bitcoin adoption in the US regulatory sphere.” A crypto enthusiast encourages US investors to use foreign crypto platforms.
Meanwhile, Adam Farthing of B2C2 believes that bitcoin needs to break the $25,000 mark to grow.
“Bulls are wondering if the current momentum could start a new cycle. The resistance around $25,000 is probably key. It will be a tough nut to crack,” the expert shared his opinion.
According to the crypto analyst, after passing this mark, “outsiders” who want to return to the market will again demonstrate interest in the market.
And Bernstein analysts Gautam Chkhugani and Manas Agrawal are not positive. They believe that the likelihood of the rally continuing is rather small, as there are no signs of “any new injections” of funds into the industry.
“We believe that institutional capital will begin to position itself in cryptocurrency in 2023 as it becomes an increasingly regulated asset class,” the experts shared their forecast.
What do you think?