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Bitcoin Price Forecast: Will BTC Break $58K as Kraken Refutes SEC and Trump Backs Crypto?

Bitcoin Cryptocurrency
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Arslan Butt
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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Bitcoin has been at the center of recent developments in the digital asset space, with its price hovering around $58,000 amid key market events.

Kraken is disputing the SEC’s claims that certain digital assets are securities, while MicroStrategy now holds 1.17% of all Bitcoin.

Additionally, Donald Trump’s new cryptocurrency venture offers few operational details but signals his growing support for digital assets.

Kraken Refutes SEC Claims That Digital Assets Are Securities

Kraken has rejected the U.S. Securities and Exchange Commission’s (SEC) claims that providing certain digital assets violates federal securities laws. In a court filing on September 12, Kraken argued that assets like Solana (SOL) and Cardano (ADA) are not legally classified as securities or investment contracts.

Meanwhile, in the UK, a bill was introduced to clarify the legal status of cryptocurrency as personal property. In Brazil, the suspension on bank accounts linked to Starlink and X was lifted after a $3 million fine was paid. Additionally, Coinbase has launched a $6 million legal defense fund to assist NFT enterprises facing regulatory challenges.

Kraken’s rebuttal of the SEC’s claims could bolster confidence in cryptocurrency exchanges and contribute to regulatory clarity, especially with the UK’s effort to make crypto ownership clearer. While these developments may positively affect Bitcoin and other digital assets, ongoing legal disputes continue to pose risks.

Michael Saylor’s MicroStrategy Holds 1.17% of All Bitcoin

Under Michael Saylor’s leadership, MicroStrategy now owns over 245,000 Bitcoin, representing 1.17% of the total Bitcoin supply. This figure surpasses the holdings of most Bitcoin ETFs, including Grayscale’s GBTC and Fidelity’s FBTC.

MicroStrategy has steadily increased its Bitcoin holdings since August 2020, with the most recent purchase of 18,300 BTC for $1.11 billion, bringing its total to 244,800 BTC, bought at an aggregate cost of $9.45 billion.

Despite MicroStrategy’s growing Bitcoin reserves, the price of BTC has dropped to $58,077, partly due to uncertainty around the Federal Reserve’s anticipated interest rate cuts.

However, recent inflows of $436 million into Bitcoin suggest renewed investor interest. MicroStrategy’s continued acquisition of Bitcoin reinforces long-term investor confidence in the cryptocurrency.

Trump’s Cryptocurrency Launch Offers Few Details

At a recent live event, Donald Trump introduced World Liberty Financial, a new cryptocurrency venture. However, he provided limited information about the company’s operations.

Once skeptical of digital assets, Trump now supports cryptocurrencies as part of his reelection campaign.

The initiative, spearheaded by his sons, Donald Jr. and Eric, aims to transform digital asset financing. Trump envisions the U.S. becoming the “crypto capital of the planet” through relaxed regulations.

Impact on BTC Prices: Should Trump’s policies foster wider adoption of digital assets, his growing support for cryptocurrencies could boost investor confidence and drive Bitcoin prices higher.

Daily Technical Outlook: Bitcoin (BTC/USD) – September 17, 2024

Bitcoin has surged past the key psychological resistance at $59,000, signaling strong buying interest. The recent breakout above this level has also pushed BTC above its 50-EMA, currently at $58,788, indicating renewed bullish momentum.

With the price stabilizing above the $59,000 level, immediate resistance sits at $60,408, followed by the next target at $61,575. If Bitcoin maintains its upward trajectory, these levels could come into play in the short term.

Bitcoin Price Chart - Source: Tradingview

On the downside, immediate support lies around $57,668, and a break below this could see prices revisit the $56,568 support zone. The RSI has risen to 56.93, reflecting improving bullish momentum, but there’s still room for additional buying pressure before entering overbought territory.

Key Summary Insights:

  • Breakout above $59,000 confirms a bullish trend, with eyes on $60,408.
  • 50-EMA support at $58,788 reinforces the upward bias.
  • RSI at 56.93 suggests further buying room before overbought levels.

Bitcoin Adoption Grows as Crypto All-Stars Nears $1M in Presale

Bitcoin’s growing adoption continues to fuel interest in innovative platforms like Crypto All-Stars, which is nearing the $1.2M mark in its presale.

With only one day left, the platform has raised $ 1,295,243 out of a $1,536,150 target. The current rate stands at 1 $STARS = $0.0014419, offering investors a limited-time opportunity before the price increases.

Crypto All-Stars merges Bitcoin’s market influence with meme coin staking, providing unique options for both Bitcoin and meme coin holders.

https://twitter.com/all_stars_coin/status/1822245802363830716

Since its launch, the platform has rapidly gained traction, raising $730,000 within its first week. Investors looking to diversify can purchase $STARS using ETH, USDT, BNB, or even a card.

Visit the Crypto All-Stars website to join the presale before it ends. Stay updated via X (Twitter) and Telegram for future developments.

  • Presale Raised: $1.29M out of $1.53M target
  • 1 $STARS = $0.0014477
  • Time Remaining: 1 day before the price increase

Buy Crypto All-Stars Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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