Bitcoin Slips to $63K as Crypto Market Faces More U.S. Regulatory Pressure

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Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

Robinhood disclosed its crypto arm received warning from the SEC that could foreshadow enforcement action.A move to above $65,000 early Monday quickly reversed and prices were pressured further after popular brokerage Robinhood discloseda Wells Notice over the weekend from the U.S. Securities and Exchange Commission , a move that often foreshadows an enforcement action against a company.

Despite the halt in the rally, crypto hedge fund QCP Capital observed renewed demand for bitcoin call options for September with a strike prices of $75,000 and $100,000, underscoring the increased optimism that BTC will climb to higher prices over the next few months. Richard Byworth, managing partner of Syzcapital, said in an X post that"there's talk" in Hong Kong about adding the crypto products to the so-called Stock Connect facility, which would allow qualified mainland Chinese investors to access eligible shares listed in Hong Kong.

"Although the dip to $56,500 may have completed the correction, I still expect to see a price of $52-55,000 before wave 4 completes," Glover said, referring to the Elliot Wave theory, a technical analysis that assumes that asset prices move in repetitive wave patterns.

 

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