The price of Bitcoin is currently trading at $30,095, experiencing a minor drop of less than 0.10% on Wednesday.
Despite this slight dip, Bitcoin remains resilient above the crucial $30,000 level, bolstered by the assurance from Cathie Wood of further support for BTC.
Notably, US Congressman Ritchie Torres has criticized SEC Chair Gary Gensler for his unfavorable stance on cryptocurrency, highlighting the success of Ripple as a counterargument.
Cathie Wood’s Support and Bitcoin’s Price Outlook
The price of Bitcoin remains above $30,000, and Cathie Wood has expressed her belief that BTC has gained further support.
According to Wood, Bitcoin is an insurance policy, particularly in light of the March bank failures.
She praises the asset for its decentralization and transparency, emphasizing how these qualities mitigate the risk of severe recessions like the one experienced in 2008-2009.
In a Bloomberg interview, Cathie Wood revised her price estimate for Bitcoin to $1.5 million by 2030.
Wood attributes this projection to the growing trust in BTC within Ark Invest and labels it as the bull case, while providing a bear case estimate of $625,000.
Wood’s unwavering faith in Bitcoin’s potential is encouraging despite the excessively optimistic projection.
As one of the most respected voices in the crypto world, her optimism helps solidify Bitcoin’s status as a revolutionary asset.
Wood’s remarks have also helped prevent further losses in BTC value.
US Congressman Criticizes SEC Chair’s Approach to Cryptocurrency and Highlights Ripple’s Success
US Congressman Ritchie Torres has criticized SEC Chair Gary Gensler for what he perceives as unjustified attacks on cryptocurrencies.
Torres specifically pointed to the recent victory by Ripple Labs and urged Gensler to acknowledge the clarity provided by the court decision.
The congressman believes that the SEC should focus its efforts on targeting bad actors engaged in fraud and market manipulation, rather than pursuing a blanket approach towards cryptocurrency.
Torres commends Judge Analisa Torres for establishing a distinction between securities and commodities, dubbing it the “Torres Doctrine” in honor of the judge.
He argues that the SEC lacks the legal authority to regulate digital assets unrelated to an actual security offering.
House Majority Whip Tom Emmer joined others in applauding Ripple Labs’ partial victory on July 14, describing it as a “monumental development” and suggesting that it should be enshrined in law.
Meanwhile, Senator Torres has directed the SEC to investigate Elon Musk’s involvement with Tesla and Twitter, creating further scrutiny in the cryptocurrency markets.
Mixed views on the Ripple Labs v. SEC litigation have impacted the movement of BTC.
Bitcoin Price Prediction
Bitcoin’s price outlook for Wednesday suggests that the $29,500 level is currently serving as a critical support level with a $30,000 mark that has a psychological significance.
Significant price movements may be limited if Bitcoin remains within the $30,200 to $29,550 range.
A breakout above e $30,200 could target levels around $30,900 or even $31,500.
Conversely, a bearish breakdown below $29,500 could push Bitcoin toward the $29,000 level.
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