U.S. Senator Cynthia Lummis from Wyoming commented on the falling price of bitcoin on Tuesday in an interview with Fox Business. She was asked how she felt about bitcoin’s price falling to below $30K. The senator replied, “I’m really excited about it because as soon as it drops a little more I’m going to buy some more.”
She then shared a story of another investment she made previously. “My favorite stock that I own is a company called United Rentals. I bought it and it dropped like a rock. I held onto it and … it has performed beautifully over the years for me. And I see bitcoin doing the same kind of thing because the fundamentals are good.”
Senator Lummis was also asked if she wanted any kind of regulation for bitcoin. “I do,” she affirmed. “I want to have a level playing field.” She elaborated that the rules should be simple and easy to understand for digital assets and cryptocurrencies, emphasizing that they should not be “overly restrictive because we want to see increased innovation in this space.”
Lummis revealed last year that she is a bitcoin holder and has been saying that the cryptocurrency is a great store of value. “I was struck by how innovative bitcoin is with its decentralized public ledger and a fixed supply,” she explained at the time.
The senator plans to convince her colleagues in Congress about the benefits of bitcoin. “I want to make sure everybody understands that this is a great store of value,” she previously said.
Senator Lummis is not the only one who plans to take advantage of the falling price of bitcoin and buy the dip. Microstrategy just purchased 13,005 bitcoins and Rich Dad Poor Dad author Robert Kiyosaki recently revealed that he is waiting for the BTC price to fall to $24K to buy some more coins.
Bitcoin Bulls Run Amok: Short Traders Hit with $90 Million Loss Amidst Unstoppable Surge
The relentless surge in Bitcoin’s prices has left short traders reeling as highly leveraged futures bets against the cryptocurrency incurred losses totaling $90 million on Tuesday alone.
This follows an additional $70 million in short liquidations on Monday, contributing to Bitcoin’s remarkable climb from $39,000 to $44,000 this week.
According to data from CoinGlass, most of these liquidations transpired on major crypto exchanges, including Binance, OKX, and Huobi.
The substantial liquidation figures have the potential to signal either a local top or bottom in a significant price movement, providing valuable insights for traders looking to strategically position themselves.
The surge in trading volumes, up by 25% in the past week, coupled with the growth in open interest from $17.2 billion to $20.2 billion since the beginning of December, underlines the increased market activity around Bitcoin.
Several factors are contributing to Bitcoin’s recent growth. Optimism is swirling around the potential approval of a spot exchange-traded fund (ETF) in the U.S., with traders factoring in anticipated rate cuts, buoying riskier assets like technology stocks and Bitcoin.
Additionally, the possibility of sovereign adoption is gaining traction as leaders in major economies express a Bitcoin-friendly stance.
Over the weekend, a notable group of traders committed to a $200 million BTC futures position, emphasizing the sustained demand for exposure to Bitcoin.
Amid continuous updates and changes in spot ETF applications, some industry observers foresee Bitcoin prices surpassing the $48,000 level in the coming weeks, further intensifying the cryptocurrency’s bullish momentum.
Bitcoin Surpasses $42,000 Mark, Ethereum Follows Suit, Triggering Crypto Rally
Bitcoin Breaks $40,000 Price Levels Amidst Optimism and Regulatory Developments
Bitcoin on Monday broke $40,000 resistance levels following a 2.9% surge in price to $40,867 per coin.
The world’s largest digital currency has now appreciated by 146% in 2023 as more institutional investors continue to increase their investments in the unregulated cryptocurrency space.
Investors are exhibiting growing confidence in the Federal Reserve’s apparent conclusion of rate hikes amid a cooling inflation backdrop.
This shift in sentiment has redirected attention to the anticipated extent of rate cuts in the coming year, prompting a rally across global markets.
The cryptocurrency industry is currently in anticipation as regulatory decisions, particularly regarding applications for the first US spot Bitcoin exchange-traded funds (ETFs), hang in the balance.
Bloomberg Intelligence anticipates the approval of a batch of these ETFs by the Securities & Exchange Commission (SEC) by January.
“Bitcoin continues to be supported by optimism around SEC approval for an ETF and Fed rate cuts in 2024,” noted Tony Sycamore, a market analyst at IG Australia Pty.
Technical analysis points to $42,330 as the next significant level to monitor in Bitcoin’s upward trajectory.
Despite recent crackdowns in the industry, including legal actions against figures like Sam Bankman-Fried and Binance, Bitcoin has proven resilient.
Optimists argue that these regulatory measures, alongside the potential approval of ETFs, signify the maturation of the crypto industry and the prospect of a broader investor base.
According to Su Yen Chia, co-founder of the Asia Crypto Alliance, recent enforcement actions “have instilled confidence among investors,” noting that Bitcoin is aligning with momentum in traditional finance as expectations of Fed rate hikes fade.
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