Bitcoin (BTC) has seen a decrease in its price near $67,700 due to various factors such as a $300 million hack at a Japanese crypto exchange and President Biden’s veto of a bill regarding SEC crypto regulations. Vitalik Buterin, the co-founder of Ethereum, discussed the Bitcoin blocksize debate, highlighting the lack of technical skills among advocates for larger blocks. He recommended new technologies like ZK-SNARKs to address scalability issues. However, these technical discussions are not expected to have an immediate impact on BTC price, focusing more on historical events and technical improvements.
DMM Bitcoin, a Japanese cryptocurrency exchange, experienced a major hack losing 4,502.9 Bitcoins valued at about $300 million. The exchange has taken swift preventive measures to prevent further losses, suspending spot purchases and warning users of potential delays in Japanese yen withdrawals. Despite the incident, DMM Bitcoin has promised full reimbursement to its customers and has enhanced its security protocols. This hack could influence Bitcoin’s price with increased concerns about security and trust in cryptocurrency exchanges.
President Biden has vetoed legislation backed by both the House and Senate, aiming to overturn SEC crypto regulations that would require certain corporations to classify crypto assets as liabilities. This move was primarily supported by Republicans, with Biden expressing concerns about weakening the SEC’s ability to protect investors. This veto signals ongoing regulatory uncertainty in the cryptocurrency market, potentially impacting Bitcoin’s price by increasing investor caution and market volatility.
In terms of price analysis, Bitcoin is currently trading at around $67,623 with crucial pivot points at $68,070. Resistance levels are at $68,800, $69,800, and $70,600, while support levels are at $67,500, $66,650, and $65,932. Technical indicators suggest a neutral to bearish sentiment, with a potential upward trendline supporting Bitcoin. Traders should monitor key levels for potential market movements, with a breakout above $67,900 indicating a bullish trend and a break below suggesting a selling bias.
In addition to Bitcoin news, the Sealana presale is approaching its goal, offering $SEAL tokens at $0.022 per token. With a current raise of $3,775,149 out of the $4,122,480 goal, time is running out with less than 3 days left until the price increases. Sealana, an endearing seal deeply immersed in the Solana ecosystem, is on the hunt for the next big meme coin. Traders can join the excitement and be part of the Sealana journey by participating in the presale and diving into the Solana ecosystem.
