Bitcoin rises above $24,000 despite regulator scrutiny

Bitcoin prices are up big today as the crypto markets seem to be shrugging off any crackdown attempts that include New York regulators aiming to end issuance of the Binance token as well as SEC chair Gary Gensler's proposed changes to acquire companies to gain or maintain registration in order to hold customer assets. And wow, suddenly Bitcoin top of mind with investors coming back here. Just I just find it shocking that we're seeing this move higher just given all the silly activity in the space and it hasn't been pretty. Yeah, I mean, and there has been so much activity even over the past 24 to 48 hours. Just here yesterday when we were at the desk, it was the SEC and SEC chair Gary Gensler that was really looking to institute this new move to make sure that firms are actually required or have to register in order to be custodians or have some type of kind of account holding process for their own customers. And basically what that would do as I was understanding it in real time at the time is basically they could not act as a bank or kind of holding accounts without registering through the SEC and then wouldn't be able to stake some of those coins that they hold as well in accounts under custody, which would impact a portion of their revenue as well. Now that is for some of the publicly traded companies, notably a company in Coinbase that does have its own staking practice.

But even in the price action that we've seen of Bitcoin, based on some of the data that's come through, it seems like this is the reaction that's taking place as a result of a bit of a short squeeze as well here in this near term. And there's been some interesting data in terms of the liquidation of more than $60 million worth of short positions, coin glass actually tracking some of that data. And that was what was particularly sticking out to me with regard to the move that we've seen most recently over these past five days too. Past five days, yes. If you look at the intraday chart, I believe we see a leg down when we got those Mester headlines, right? Because if she's saying there was a compelling case for a 50 basis point rise at the last meeting, I'm seeing it on my chart. I don't know what, anyway, but regardless, you have to think that if there is a view that higher rates are going to be a little bit more persistent, so you see a leg down there, that that's not going to be good for Bitcoin. It hasn't been good for Bitcoin, right? So that's just something to keep out an eye on.

And just a reminder, yeah, we've had this rally. Like this is kind of what Bitcoin does. Yeah. Yeah. Well, it seems to, it seems to. I don't know how much to make of it. I guess is what I'm trying to say.

I think she's been fueled by this expectation that, you know, we get that pause and fed rates, but this is, this Mester commentary this morning is striking. And it is more hawkish than what we have heard from members the past week or so after that big fed meeting. It is. And for everybody who was tracking when there would be more of the appetite to get back into risk assets, perhaps there's none more risky than a volatile holding or asset like cryptocurrency and Bitcoin specifically here. Being the poster child, that's going to get a lot of the attention in the fanfare. But I think after this washout, it's really just going to be the focus on which projects, which tokens and coins are left after the dust settles here too. And even more than dust after the avalanche perhaps subsides in this ice age that we've heard some of the crypto, crypto profiles talk about it as right now.

Loving the metaphors, man. Trying. You know we had Avalabs on yesterday? So Avalabs, excuse me. So you're thinking about the. Did you ever think about what leg down and leg up means? I've been listening to these stock market terms for all these years. It just sounds funny. Do I take a step down? Is that what we're getting at? Yeah, a leg down.

I'm just decoding things in real time for audience. So I just can't help myself. I guess I get it anyway. Gap up, gap down. I like that. That one's, these are understand.

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