The price of Btc is currently around $50,019.50. A price the blockchain network has tried to break since last month. September proved to be a dull month for Bitcoin, and experts are optimistic about a bullish October.
This month is famous for its aggression when it comes to bullish reverses. Looking at BTC trends from 2013, this Crypto has closed its October seasons with profits.
Last year, for instance, Bitcoin closed September standing at less than $11,000 but rebounded the following month to around $14,000. Similarly, in 2019, it bounced back with over ten per cent in October after a fourteen percent decline in September.
US Federal Reserve Chairman Jerome Powell believes that the Crypto market is regulated. Additionally, Powell says that a ban like that of China is not a possibility.
Jerome Powell also said that a CBDC (Central Bank Digital Currency) could perform many functions Crypto and stablecoins perform. The only difference is that CBDC won’t involve regulatory risks.
The US (SEC) regulations and China’s BTC Ban
These expectations come amidst the China ban on all Crypto matters and the SEC regulatory measures in the United States.
The SEC (Security and Exchange Commission) is an independent agency of the United States federal government.
This regulatory agency plays a couple of roles in marketing, including;
- Protecting investors
- Maintaining fairness
- Ensuring order
- Maintaining efficiency
- Facilitating capital formation
Crypto investors, however, feel that this agency is not pleased with the decentralization experienced in the Crypto market. Therefore desperate to control Cryptocurrencies.
China has attacked Bitcoin since 2013, and seven years later, they have banned its mining and other Crypto-related activities. This ban made BTC experience a bearish effect.
Miners migrated to countries that are Crypto friendly, and the market made a slight comeback.
Just like the SEC, China claims the Crypto network is prone to fraudulent crimes. Another reason could be the country’s plan to have a state-dominated economy. The Crypto world will interfere with the digital Yuan.
Additionally, the Asian country claims that the mining of Bitcoin is a threat to the environment as it aims to be a carbon-neutral mid-century.
In Bitcoin’s defence NYDIG (New York Digital Investment Group) carried out research and published it. The paper was titled Bitcoin Net Zero states that the price fluctuations of Bitcoin will not affect its energy consumption level.
The team concluded that the Crypto world could go green if they choose cleaner energy sources. Additionally, tokenizing Carbon credits will also deal with the environmental effect.
Annually, the BTC network consumes close to eight TWh of electricity. This amount is equivalent to the annual amount of energy output by 23 coal-fired power plants.
Conclusion
In summary, following past trends, October seems promising for BTC.
Additionally, investors are optimistic despite the challenges facing Bitcoin and cryptocurrency in general (like the China ban and regulatory measures) by the US.
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