Bitcoin, Ethereum to shake off 'toothless adversary' SEC as FOMC looms
Bitcoin (BTC) and Ether (ETH) are due volatility — but not thanks to “toothless” United States regulators, new analysis says.
In its latest market update on June 9, trading firm QCP Capital told market participants to gear up for macro-fueled price action for BTC and ETH.
Related: Why is Bitcoin price stuck?
The dust is continuing to settle on this week’s main macro stories — lawsuits against exchanges Binance and Coinbase from the U.S. Securities and Exchange Commission (SEC).
More upheaval will come in future, QCP believes, as the macro environment from next week onward becomes much more unpredictable.
The SEC and Chair Gary Gensler, however, even if they continue to go after crypto, will not spark the mass price depreciation that some fear.
“Once again trigger-happy Gensler and his SEC cronies wielded their ‘securities’ threat on their favourite whipping industry. However as we have maintained before, BTC/ETH will continue to treat the SEC as a toothless adversary – especially as it becomes crystal clear that the term ‘security’ will not apply to either,” it wrote.
What could put the cat among the pigeons, QCP warns, is the U.S. Department of Justice or other arms of the establishment.
“And if one of them gets involved, then the case becomes more serious and all bets are off,” it continued.
The days following the exchange lawsuits have so far seen crypto market sentiment withstand the pressure, with the Crypto Fear & Greed Index staying rooted at 50/100 — "neutral" territory.
Beyond that SEC itself, meanwhile, next week’s macro data reports could provide a trigger of their own.
Related: Bitcoin price can gain 60% if ‘textbook’ chart pattern confirms — Trader
The Consumer Price Index (CPI) print for May is due June 13,
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