Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, recently noted that Bitcoin (BTC) and the crypto industry could record a significant boost from the regulatory move headed by his organization.
Behnam noted that a clearer regulatory pathway would open up the industry to institutional investments. The CFTC chair argued that the only way for hopes of institutional inflow into the space can be achieved is through a regulatory framework for the market. The CFTC boss noted: “Growth might occur if we have a well-regulated space.” He added, “Bitcoin’s price may double if a market is CFTC-regulated.”
Behnam has always been an advocate of regulatory clarity, an area many have pointed out is lacking in the crypto space. In the past few months, the CFTC, the US Securities and Exchange Commission (SEC), and other regulatory agencies have fought to be in charge of monitoring the cryptocurrency space.
However, none of the agencies have deemed it necessary to release formal guidelines for crypto companies, preferring instead to churn out regulatory precedent through enforcement actions.
Behnam explained: “Non-bank [crypto] institutions thrive on regulation, they thrive on regulatory certainty, they thrive on a level playing field.” He added, “And they may say otherwise, they might bicker about the type of regulation – but what they love most is regulation because they are the smartest, the fastest, and the most well-resourced. With those attributes, they can beat everyone else in the market.”
Key Bitcoin Levels to Watch — September 29
Bitcoin continued its choppy ride around the $19,000 mark on Thursday as traders lost interest in expecting a breakout.
Bears seem to lack the push to drag the benchmark cryptocurrency below the $18,500 mark, suggesting that this level might be the bottom for BTC. However, bulls cannot also get the cryptocurrency past the $19,600 hurdle leaving it in a floating state.
Regardless, a bullish breakout over the coming days and weeks is more likely than the opposite, considering the $18,500 support appears unlikely to give any time soon.
Meanwhile, my resistance levels are at $19,600, $20,000, and $20,500, and my key support levels are at $19,000, $18,500, and $18,000.
Total Market Capitalization: $934.2 billion
Bitcoin Market Capitalization: $368.5 billion
Bitcoin Dominance: 39.4%
Market Rank: #1
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