Daily News | Major American Bank Reveals ‘A New Wave’ Could Trigger A $15T Earthquake For The Crypto Industry, US House Committee Prepares For Key Vote On Digital Asset Regulation

Crypto Daily Digest: Major American Bank Reveals ‘A New Wave’ Could Trigger A $15 Trillion Earthquake For The Crypto Industry

After BlackRock’s announcement of the EDX exchange deployment and their continual vies for a Bitcoin ETF, the cryptocurrency market has surged in Optimism, leading to substantial price inclines and bullish sentiment throughout investors and analysts alike. In line with BlackRock’s pro-crypto initiatives, various other major asset managers and traditional finance (TradFi) companies taking a slice of the crypto pie, the cryptocurrency market is poised for huge inflows and mainstream adoption according to a survey conducted by Laser Digital, which has revealed that 96% of professional investors managing almost $5 trillion are keen to invest in cryptocurrencies, on top of BlackRock’s near $10 trillion in assets under management potentially being opened up to the cryptocurrency market.

With this huge momentum and optimism, assets such as BTC, ETH, BNB, XRP, ADA, DOGE, TRON, SOL, and MATIC have all received substantially bullish price predictions, which analysts forecast could happen “very quickly”. The Laser Digital chief utive, Jez Mohidden, stated in a report to CoinDesk, “Our comprehensive study reveals that the majority of institutional investors surveyed saw a clear role for digital assets in the investment management landscape, and the benefits they can bring, such as greater diversification of portfolios.”

The 303 professional investors surveyed represent a group that manages $4.95 trillion in assets, with 82% of the investors having a positive outlook on both Bitcoin and Ethereum, with a further 88% stating that they or their clients were considering investing in cryptocurrency.

With huge institutional TradFi players such as BlackRock pursuing cryptocurrency integration in a regulated way by seeking approval from the SEC, their interest has galvanized the crypto industry and reignited the enthusiasm that has been gradually sapped away from the crypto market in recent months due to regulatory action from the SEC and various decimating price crashes.

Commenting on the matter, Alex Adelman, the chief utive of Bitcoin rewards app Lolli, stated: “As the world’s largest asset manager, BlackRock’s initiative to file a Bitcoin ETF shows that there is increasingly strong demand for exposure to Bitcoin among its clients, which include some of the biggest institutions in the world.”

Technical Overview: Bitcoin (BTC) $30,044.53 (+0.41%) - Neutral Outlook

As of today, Bitcoin has broken and closed above the 20-day exponential moving average (EMA) of $26,934 and pushed to a daily high of $30,613. After resistance from the bears on the 18th, Bitcoin pushed back into the bullish channel. Aggressive buying has since ensued, sparked initially on June 20th and continuing into today, signaling a short-term trend change. It is likely that the bears will try and viciously defend the current level and push Bitcoin back below the $30k resistance, however, providing the bulls can maintain their current optimistic momentum, Bitcoin has the potential to soar toward the next critical resistance zone of $38k. Yet, the bears could potentially trap the bulls and yank the price back below the moving averages, which could result in long-term liquidation and threaten the $25,250 support zone.

Overview:

Closest daily support zone: 30063 - 30143
Closest daily resistance zone: 30318 - 30240
Key Level: 30613 (Daily High, Six-Week High)

Daily Resistance zones
30375 - 30484
30318 - 30240
30115 - 30227

Daily Support zones
30304 - 30385
30063 - 30143
30046 - 30108

Macro: US House Committee Prepares For Key Vote On Digital Asset Regulation

The US House Financial Services Committee is set to vote on new legislation aimed at establishing a clearer pathway for digital assets to move from security status to a commodity, as well as detailing a comprehensive regulatory framework for stablecoins. A branch of the US congressional committee drafting new rules for digital assets plans to debate, and potentially advance two new proposed laws.

The House Financial Services Committee Chair, Patrick McHenry, R-NC., told his panel earlier today that he intends to coordinate a session focused on debating, changing, and likely advancing legislation that would prompt the transformation of cryptos from security investment status to commodities, which have lower reporting and regulatory requirements, alongside other market structure-related provisions.

However, a separate branch of discussion is set to be centered entirely around stablecoins, likely considering the flurry of decimating de-peggings and elaborate scams that have toppled stablecoins into oblivion and scammed investors out of billions of dollars. In a separate bill, McHenry and Federal Reserve Chair Jerome Powell, R-Ark, are set to primarily write this bill together as a means of fleshing out regulations for stablecoins and advancing the bull to the full House of Representatives.