Where will Bitcoin end the year?

(ORDO NEWS) — After a short correction, Bitcoin went back to growth and recovered to $ 63,000. Market participants explain this dynamics by the return of the main cryptocurrency rate to a long-term upward trend, which may result in a consistent movement of BTC / USD towards $ 90,000.

Recall that at the end of last week, the value of bitcoin came under pressure from calls from the US authorities to start regulating stablecoins by the US Securities and Exchange Commission (SEC). If the national Congress approves the relevant bill, the same legal provisions will apply to stablecoins as to bank deposits, and the SEC will receive additional opportunities to influence the cryptocurrency sector. The US Commodity Futures Trading Commission (CFTC) has also demanded the expansion of powers to control the digital finance sphere.

It should be noted that just a week later, the negative impact of this background almost completely disappeared. Moreover, in the potential regulation by the SEC, the most optimistic crypto enthusiasts also found advantages in the form of the emergence of clear control and supervision over the emission of stablecoins, thanks to which the situation of a sudden collapse of the issuer of the main link between traditional money and cryptocurrency will be impossible.

Meanwhile, the SEC has rejected a new application from management company Valkyrie to launch an exchange-traded fund (ETF) for leveraged bitcoin futures. At the moment, officials are not ready to regulate new exchange-traded products. US Treasury Secretary Janet Yellen has proposed a tax on unrealized capital gains. In this case, investors will be forced to make deductions to the treasury when the rate of cryptocurrencies grows, even if at that moment they are not trading and just have coins in their wallets. At the same time, Yellen clarified that if this proposal is approved, the new tax will affect only large investors.

Such a news background once again proves that global regulators have nevertheless come to the realization that the cryptocurrency market has become an integral part of the global financial market. For this reason, they no longer try to ban, restrict or outlaw cryptocurrency. Instead, there is active work on the legal approval of the entire cryptocurrency industry, which provides excellent opportunities for traders to continue to invest in it, confident that the profits received can be disposed of in the same way as ordinary money.

Against this background, we recommend that you continue to adhere to the scenario in which this year BTC / USD will close closer to $ 90,000.

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