Bingbon Chart

Source: TradingView& Bingbon

Bitcoin extends rebounds and continues to see weak gains past $31,000. After dipping beneath $30,000 earlier this week, BTC remains stable without panic selling. However, BTC is still likely to test the support level at $25,000 in next weeks. In another respect, BTC would substantially recover if it manages to break through the $33,000 mark. Bitcoin’s daily trading volume had hit a sharp decline in the market since June. Bitcoin volatility continues to follow the dropping price, which has come close to the next key support level at $28,500.  After the price crash beneath $30,000, a bounce on current support levels could see an upward trend above the $33,200 consolidation level. This would be a resistance level that traders should be keeping a close eye on.

Today’s Headline

The Securities and Exchange Commission(SEC) will soon announce new rules for the regulation and registration of security-based swaps, including cryptocurrency. Gensler, SEC Chairman, had told SEC staff to coordinate its rules with ones already taking effect at the CFTC. The SEC will put out a fresh proposed rule for public comment and harmonize such derivatives rules with similar ones already in place at the Commodity Futures Trading Commission. The SEC issued the first proposed rules for securities-based swap execution in 2011. Gensler also pointed out that any token or similar crypto product priced off the value of securities must adjust to securities laws, even when launched on a decentralized platform.