- Amidst global economic uncertainties, Bitcoin’s value remains below $27K, with investors being cautious due to U.S. debt ceiling dilemmas and regulatory concerns in the crypto market.
- Despite the cautionary stance of major crypto firms like Coinbase due to regulatory uncertainties, market maker Flowdesk is optimistic about expanding in the U.S. and has opened an office in New York.
Bitcoin Stagnates amid Economic Uncertainties
As Asian markets start trading, Bitcoin continues to waver under $27K, down approximately 3.1% over the past day. This downturn is largely attributed to the global macroeconomic uncertainties that have persisted over the past twelve days. The prolonged deadlock over the U.S. debt ceiling, alongside increasing inflation rates and crypto regulation disputes, have instilled a sense of unease among investors.
Edward Moya, a senior market analyst for Oanda, sees Bitcoin holding a steady position near the lower limit of its trading range.
“Bitcoin remains rangebound and should continue to consolidate near the lower boundaries of its downward sloping trading range, with the $25,000 level providing massive support,”
he shared in an email correspondence. Additionally, Ether traded at about $1,800, down 2.8% from the previous day, with the CoinDesk Market Index revealing a 3% downturn in crypto markets performance.
Flowdesk’s Optimistic Expansion Plans amidst U.S. Regulatory Uncertainties
In stark contrast to other major crypto entities that have lost enthusiasm for the U.S. market, Flowdesk, a market maker and liquidity provider, sees significant opportunities in the country. Its CEO, Guilhem Chaumont, perceives the U.S. as a central hub for the crypto market. Despite regulatory challenges, Chaumont believes that his company’s commitment to compliance will enable it to thrive in the U.S. market.
The CEO recently revealed to CoinDesk that Flowdesk has just inaugurated a New York office, indicating plans for further expansion. Chaumont feels the U.S. capital markets’ sophistication and size are a worthy exchange for the regulatory obstacles faced. Furthermore, he foresees a positive convergence of crypto and traditional finance regulations and the potential for a talent bridge between the sectors.
“Crypto is not going to happen without regulation. And if that means that regulation needs to be TradFi levels, we are on this side, as we prefer to have this than having no regulation basically,”
he stated. He believes that the merging of these two regulatory frameworks is a positive development, as it could lead to a significant influx of talent into the crypto industry.
Even in a world that lacks purpose-built regulation for crypto, Chaumont suggests that compromise is sometimes necessary, considering the future of crypto trading involves more and more regulated assets.