- Bitcoin is likely to retest the $30,000 mark, according to BitBull Capital, as it continues to consolidate after a downward trend.
- The crypto industry has been spending significantly less on lobbying compared to other sectors, an issue that may need rectification considering the regulatory hostility.
The Bitcoin Stalemate and Its Potential Rebound
Hello, Asia! The cryptocurrency market is continuing to show signs of volatility as Bitcoin and Ethereum record a steady drop in their values. Bitcoin started the Asian trading week at $26,779, marking a 1.3% decline, while Ethereum slid down by 0.8% to $1,806.
Throughout the past month, Bitcoin has mainly been in a consolidation phase, a situation characterized by minor price fluctuations but overall stability. This phase signifies a relatively calm period for investors following last year’s tumultuous price roller-coaster. Joe DiPasquale, CEO of BitBull Capital, suggests that Bitcoin’s corrective levels between $27,000 and $25,000 could serve as a springboard for a possible retest of the $30,000 mark in the coming days.
TORN Token’s Resurgence and Crypto Lobbying Deficit
In other crypto news, Tornado Cash’s TORN token is on the path of recovery after the protocol’s DAO was victimized by vote fraud over the weekend. This attack was not an exploit or a hack, but rather a case of deceptive proposal masking, which permitted unauthorized access to all governance votes through hidden malicious code. The attack led to the TORN token’s value falling by 40%, but it’s now recuperating.
Meanwhile, the spending power of the crypto industry on lobbying remains strikingly low compared to other industries. According to data from political watchdog Open Secrets, first-quarter federal lobbying has exceeded $1 billion for the second year running. Industries such as healthcare, finance, real estate, and energy lead the pack in lobbying expenditure.
The crypto industry’s lobbying spend stood at a meager $21.6 million in 2022, a figure that doesn’t even place it in the top 20. This trend is alarming, especially considering the growing regulatory hostility faced by the crypto sector.
The industry’s political contributions to election campaigns saw a tenfold increase from 2020 to 2022, totaling $2.3 million in the latter year. Prominent contributors included Coinbase, which spent a staggering $3.4 million on lobbying alone. Despite this, the crypto industry needs to ramp up its lobbying efforts to better represent its interests in the political sphere.
Bitcoin and the entire crypto industry face numerous challenges as they strive to achieve mainstream adoption. However, with strategic maneuvering and robust lobbying, these hurdles can be overcome, setting the stage for a promising future in the crypto space.