- At the time of writing, Bitcoin is trading at $42,038, down 0.64% in the last 24 hours.
- if the price manages to go below $40,550 level, then it will likely test $39,370 level.
U.S Senator Elizabeth Warren has been an outspoken opponent of the crypto sector, and she has now introduced a bill to make it more subject to regulation.
Titled the “Digital Asset Anti-Money Laundering Act of 2023,” the measure requests that the United States Financial Crimes Enforcement Network (FinCEN) establish protocols for identifying and reporting questionable transactions utilizing anonymous digital assets like Bitcoin.
Yesterday, Bitcoin plummeted from about $44,000 to around $40,550 due to an unforeseen decline that spurred a flash collapse. As a result of this action, holdings totaling over $200 million were liquidated, with $197 million in long positions and $8.23 million in short ones. Additionally, $1.2 billion in open interest was blown out by this decline.
High Volatility Expected
Investors are bracing for the impending US CPI figures, which are likely to cause a stir. Bitcoin may likely reach $37,800, a critical support level, if the new CPI rates have a negative effect.
The Federal Open Market Committee (FOMC) meeting, set to take place on December 13, 2023, is being closely watched by market participants, including traders and investors. Fed Chair Jerome Powell’s decision on the future of the benchmark interest rate has been the subject of much speculation.
At the time of writing, Bitcoin is trading at $42,038, down 0.64% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 23.55%.
If the price manages to go above $42,470 level, then it will climb further to test $43,770 resistance level. However, if the price manages to go below $40,550 level, then it will likely test $39,370 support level.
