Cryptocurrency

Bitcoin

Impact

Gary

<![CDATA[<figure class="image"><img src="https://cimg.co/news/123255/326043/24.jpg" srcset="https://cimg.co/news/123255/326043/responsive-images/24___media_library_original_1280_720.jpg 1280w, https://cimg.co/news/123255/326043/responsive-images/24___media_library_original_1200_675.jpg 1200w, https://cimg.co/news/123255/326043/responsive-images/24___media_library_original_900_506.jpg 900w, https://cimg.co/news/123255/326043/responsive-images/24___media_library_original_720_405.jpg 720w, https://cimg.co/news/123255/326043/responsive-images/24___media_library_original_600_338.jpg 600w, https://cimg.co/news/123255/326043/responsive-images/24___media_library_original_300_169.jpg 300w" width="1280" class="content-img" alt=""></figure><p>In the rapidly evolving landscape of cryptocurrency, <a href="https://www.tradingview.com/symbols/BTCUSD/">Bitcoin</a> has experienced a notable 10% decline, prompting a surge of interest and speculation. The current trading price of Bitcoin stands at $26,200, reflecting a marginal decrease.&nbsp;</p><p>This price movement coincides with a noteworthy event: a <a href="https://en.wikipedia.org/wiki/United_States_Congress">US lawmaker's</a> critical assessment of the SEC's approach to rulemaking, which has reverberated through the market, influencing the sentiment surrounding BTC's price trajectory.&nbsp;</p><p>Furthermore, economist Peter Schiff's vocal criticisms of Federal Reserve policies and cautionary remarks about future inflation have complicated the ongoing Bitcoin discussion.&nbsp;</p><p>In this update, we analyze these developments and their impact on Bitcoin's outlook, as well as the likelihood of BTC finding support at $26,000.</p><h2 id="strong-us-lawmaker-s-comments-impact-bitcoin-price-sentiment-amid-sec-rulemaking-critique-strong"><strong>US Lawmaker's Comments Impact Bitcoin Price Sentiment Amid SEC Rulemaking Critique</strong></h2><p><a href="https://en.wikipedia.org/wiki/Frank_Lucas_(Oklahoma_politician)">US Congressman Frank Lucas (R-OK)</a> 's criticism of SEC Chair Gary Gensler's hurried and ill-analyzed rulemaking approach influences BTC prices.</p><p>Lucas warns of potential economic harm as the repercussions of these rules transcend sectors.</p><p>As a key <a href="https://financialservices.house.gov/">House Financial Services Committee</a> member, Lucas expresses concern about the scale and implications of SEC rule changes that impact interconnected financial products and markets.</p><figure class="media"><oembed url="https://twitter.com/FinancialCmte/status/1693643177729671524"></oembed></figure><p>Gensler's enforcement-focused crypto regulations draw rebuke, with predictions of a continuous regulatory onslaught.&nbsp;</p><p>Ongoing scrutiny of SEC and FINRA's <a href="https://finance.yahoo.com/news/republicans-gensler-prometheum-got-sec-064504216.html">questionable approval of Prometheum</a> and the legal battle against Ripple Labs over XRP adds uncertainty, affecting investor sentiment towards BTC.&nbsp;</p><p>The market remains sensitive to regulatory actions and legal conflicts, contributing to BTC price fluctuations.</p><h2 id="strong-concerns-raised-about-fed-policies-and-future-inflation-by-economist-peter-schiff-strong"><strong>Concerns Raised About Fed Policies and Future Inflation by Economist Peter Schiff</strong></h2><p>Renowned economist Peter Schiff warns that the Federal Reserve's two-decade policy blunders have caused substantial damage to the economy and will lead to dire outcomes.&nbsp;</p><p>Schiff believes the Fed's attempt to combat inflation is doomed to fail, despite market optimism.</p><figure class="media"><oembed url="https://twitter.com/NesaraGesara0/status/1693977372289274075"></oembed></figure><p>He emphasizes that the current economic strength doesn't warrant such confidence, as the prevailing bubble economy, fueled by debt and excessive consumption, defies conventional economic wisdom.&nbsp;</p><p>Schiff critiques the perception that economic slowdown curbs inflation and says there will be more inflation.&nbsp;</p><p>He underscores that gold's restrained surge is influenced by misplaced market faith in the Fed's success, which he vehemently denies.&nbsp;</p><p>These comments from Schiff added concerns about inflation in the market and capped further loss in BTC value.</p><h2 id="strong-bitcoin-price-prediction-strong"><strong>Bitcoin Price Prediction&nbsp;</strong></h2><p>The popular digital currency Bitcoin has rebounded from the support level of $25,500. Currently, the BTC/USD is indicating some bullish correction, which may propel it towards the $27,400 level.</p><figure class="image"><img src="https://cimg.co/news/123255/326036/btc-aug-24.jpg" srcset="https://cimg.co/news/123255/326036/responsive-images/btc-aug-24___media_library_original_1730_954.jpg 1730w, https://cimg.co/news/123255/326036/responsive-images/btc-aug-24___media_library_original_1200_662.jpg 1200w, https://cimg.co/news/123255/326036/responsive-images/btc-aug-24___media_library_original_900_496.jpg 900w, https://cimg.co/news/123255/326036/responsive-images/btc-aug-24___media_library_original_720_397.jpg 720w, https://cimg.co/news/123255/326036/responsive-images/btc-aug-24___media_library_original_600_331.jpg 600w, https://cimg.co/news/123255/326036/responsive-images/btc-aug-24___media_library_original_300_165.jpg 300w" width="1730" class="content-img" alt=""><figcaption><strong>Bitcoin Price Chart - Source: Tradingview</strong></figcaption></figure><p>On the positive side, a bullish breakout above $27,400 level could push BTC towards the $28,650 mark. Furthermore, BTC may potentially climb towards $30,300.</p><p>On the other hand, a bearish breakout of $25,450 level may cause a decline toward $24,100.</p><h2 id="strong-top-15-cryptocurrencies-to-watch-in-2023-strong"><strong>Top 15 Cryptocurrencies to Watch in 2023</strong></h2><p>Stay informed about the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly exploring our carefully selected collection of the top 15 digital assets to watch in 2023.</p><p>This thoughtfully curated list has been compiled by industry experts from Industry Talk and <i>Cryptonews</i>, ensuring that you receive professional recommendations and valuable insights.</p><p>Stay ahead of the game and discover the potential of these cryptocurrencies as you navigate the ever-changing world of digital assets.</p><div class="raw-html-embed"><div style="background: #920047;margin-bottom: 20px;width: 50%;text-align: center;padding: 8px;border-radius: 5px;background-image: linear-gradient(107deg,#930046,#59008a);color: white;padding-left: 1em;padding-right: 1em; font-size: 16px;"><a style="text-decoration:none;color:white" href="https://cryptonews.com/news/new-cryptocurrency.htm" target="_blank" rel="nofollow noindex">See the 15 Cryptocurrencies</a></div></div><h2 id="strong-find-the-best-price-to-buy-sell-cryptocurrency-strong"><strong>Find The Best Price to Buy/Sell Cryptocurrency</strong></h2><figure class="image"><img src="https://cimg.co/news/123255/326037/tracker.jpg" srcset="https://cimg.co/news/123255/326037/responsive-images/tracker___media_library_original_1534_576.jpg 1534w, https://cimg.co/news/123255/326037/responsive-images/tracker___media_library_original_1200_451.jpg 1200w, https://cimg.co/news/123255/326037/responsive-images/tracker___media_library_original_900_338.jpg 900w, https://cimg.co/news/123255/326037/responsive-images/tracker___media_library_original_720_270.jpg 720w, https://cimg.co/news/123255/326037/responsive-images/tracker___media_library_original_600_225.jpg 600w, https://cimg.co/news/123255/326037/responsive-images/tracker___media_library_original_300_113.jpg 300w" width="1534" class="content-img" alt=""><figcaption><strong>Cryptocurrency Price Tracker - Source: Cryptonews</strong></figcaption></figure><p><i><sup>Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication - cryptocurrencies are highly volatile investments with considerable risk, always do your own research.</sup></i></p>
]]>

Bitcoin Price Prediction as BTC Drops 10% – Will BTC Gain Support Near $26,000?

Table of Contents

Cryptonews.com

Other articles published on Aug 24, 2023

Bots Rake in Over $2 Million in Profits Sniping Friend.Tech Keys, Here’s How They Made Millions

Worldcoin Faces Global Regulatory Hurdles Amid Expansion

Snoop Dogg and Skechers Collaborate for Dr. Bombay Collection

Ripple vs. SEC: Key Dates and Upcoming Deadlines

Shibarium Is LIVE & Sees Surge in Contract Deployments: A Fun Weekend Ahead for Shiba Inu’s Layer...

Elon Musk Praises Pro-Bitcoin Candidate Vivek Ramaswamy

Join our free newsletter for daily crypto updates!