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HomeNewsBitcoin takes a dive! Will it sink to $25K? Investors brace for...

Bitcoin takes a dive! Will it sink to $25K? Investors brace for more losses while pondering: Can BTC ever be the new gold?

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    • Bitcoin’s price is showing signs of growth as blockchain congestion eases.
    • Investors are keeping a close eye on inflation as a key concern in the crypto market.

Bitcoin Ticks Up as Congestion Wanes and Investors Ponder the Next Price Spur

Bitcoin’s price is beginning to recover as blockchain congestion eases. On-chain data shows that the number of unconfirmed transactions has dipped, and fees for sending transactions have settled. As the cryptocurrency begins to show signs of growth, investors are wondering what will cause the next big move in prices.

Inflation remains a chief concern among everyone from the Federal Reserve to crypto traders. In an interview with CoinDesk TV, eToro investment analyst Callie Cox argues that while bitcoin is still risky, it remains a defensive asset that is benefiting from both its traditional and emerging roles as a value store during lower rates. Cox is also watching Ethereum as a riskier investment but recognizes its economic value and the number of projects being developed on the Ethereum blockchain.

SAM Bankman-Fried’s Motion to Dismiss Raises Questions About the Reach of the Commodities Exchange Act

In a court filing published yesterday, former FTX CEO Sam Bankman-Fried moved to dismiss the majority of the charges against him. One part of his legal team’s move to dismiss the allegations of commodities fraud: extraterritoriality. Bankman-Fried’s legal team argues in a filing that the commodities fraud charges would necessitate an extraterritorial application of the Commodities Exchange Act (CEA), which is not permissible as the CEA only applies to domestic conduct.

Unfortunately, the CFTC’s increasingly expanded view of its jurisdiction will likely be challenged, especially against offshore exchanges and participants that have limited ties to the United States. This is dangerous territory for the CFTC, as it raises questions about jurisdiction and regulatory overreach. Hopefully, Bankman-Fried’s case will test the extraterritorial tendencies of U.S. regulators in court and enshrine them in case law, providing the industry with certainty about where the U.S. can and cannot reach.

Conclusion

Bitcoin’s price is showing signs of growth as congestion on the blockchain eases, and investors are keeping a close eye on inflation. Meanwhile, the extraterritoriality debate is once again at the forefront of a crypto court case, raising questions about the reach of U.S. authorities. It remains to be seen how the case will play out, but hopefully, it will provide the industry with some certainty about where U.S. regulators can and cannot reach.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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