Bitcoin Faces Selling Pressure Amidst Evolving US Crypto Regulation and Strong Exchange Volumes
Bitcoin Faces Selling Pressure Amidst Evolving US Crypto Regulation and Strong Exchange Volumes
Bitcoin's recent rally met significant resistance at $108K, primarily due to increased selling pressure from long-time holders, with exchange inflows from these entities doubling normal levels. Simultaneously, the US Senate has initiated a bipartisan effort to introduce a new crypto bill, seeking to define digital commodities and bolster consumer protections, with a focus on CFTC oversight alongside the SEC. In broader market news, eToro's Q3 earnings showed a robust 3x year-over-year surge in crypto trading volumes, contributing to a $57M net income, although hedging costs impacted overall profitability, leading to a planned $150M share buyback.
Bitcoin's rally post-shutdown stalled near $108K due to persistent LTH selling. Analysts warn LTH exchange inflows are double normal levels, creating strong supply resistance.
The Senate released a bipartisan crypto bill centering oversight on the CFTC while coordinating with the SEC. The draft is a first step toward defining digital commodities and strengthening consumer protection.
eToro posts strong Q3 with crypto volumes surging 3x YoY, though hedging costs limit profits. Firm reports $57M net income and launches $150M buyback.