Bitcoin (BTC) has been consolidating between $94,000 and $100,000 for nearly two weeks, with reports from Bitfinex indicating increased macro-correlation and maturity as a risk asset. Moreover, a QCP Capital report suggests the crypto options market remains on the sidelines, awaiting concrete policy changes over pro-crypto rhetoric.
The cryptocurrency market’s cap is 3% lower than a week ago. But even worse, the bulls have failed to form a reversal to growth over the past two weeks. The crypto market is forming a trend of lower local highs, showing a 14% decline over the last month. The 3.3 trillion level acts as local resistance, turning the market down.
Elon Musk’s Department of Government Efficiency (D.O.G.E.) is investigating the SEC, seeking reports on waste, fraud, and inefficiency within the agency. This move has sparked debate within the crypto industry, as some argue that dismantling the SEC could hurt the sector, which has recently benefited from the Commission’s evolving stance.