10.02.202309:33 Forex Analysis & Reviews: The pressure on the cryptocurrency market is increasing

In light of recent discussions about the beginning of a global economic recession and the escalation of SEC actions aimed at regulating the space of cryptocurrencies, the exchange rate of bitcoin and ether has significantly decreased, which is not surprising.

The Securities and Exchange Commission's Hester Peirce publicly criticized her organization's persecution of the cryptocurrency industry yesterday, calling it "paternalistic and lazy" and questioning whether a hostile regulator is the best course of action for the sector. In an article published on Thursday, Peirce, who was appointed to her position by President Donald Trump in 2018, expressed her disagreement with the SEC's claim that prohibiting staking on cryptocurrency exchanges.

Let me remind you that the exchange was accused of engaging in an unauthorized offer and sale of securities through its lending platform in the SEC's action against Kraken, which was settled without admitting or denying wrongdoing. According to Peirce, this was not the primary issue that required attention. "Whether someone accepts or disagrees with this view, the more important question is whether the SEC must grant permission for such operations." The SEC registration process is not currently used for proposals relating to cryptocurrency staking. She added that applying enforcement actions in this situation is not an ethical or effective form of regulation.

More recently, Congress, the White House, and SEC Chairman Gary Gensler have asked for tougher regulation of the cryptocurrency sector. To restrict the growth of the cryptocurrency business, Gensler and his SEC Enforcement team have already started to take more aggressive action than the Department of Justice or politicians.

It's important to note that the SEC's actions were described as a step toward investors who didn't receive the information they deserved in yesterday's press release announcing the settlement of SEC problems with Kraken. Here is a clear indication that the SEC will no longer permit a recurrence of the events that led to the collapse and bankruptcy of FTX last year when the company's owners did whatever they pleased with consumers' money.

Regarding the technological state of bitcoin right now, it is still under a lot of pressure. The bulls' immediate objective is to defend the $21700 level after missing $22,500. Only after the return and consolidation around $22,580, which will reinstate the positive trend with the possibility of updating $23,350 and $24,000, will it be feasible to discuss the restoration of the buyers' initiative. The $25,034 level will be the farthest target, where significant profit-taking and a rollback of bitcoin may take place. The $21,700 level will need to be protected if the pressure on the trading instrument continues because a breach would be a blow to the asset. This will put pressure back on bitcoin and create a direct path to $20,740. The first cryptocurrency ever created will "drop" in this location along with $19,770 if this level is broken.

The breakdown of the nearest resistance at $1,604 is what ether buyers are concentrating on. This is going to be sufficient to establish a foothold at the current highs and keep the bullish trend going. However, the market will not be significantly altered as a result. The amount will only be returned to the ether, with the possibility of growth to a maximum of $1,758 if there is a consolidation over $1,690. The $1,819 area will be further off target. While keeping pressure on the trading instrument, the level of $1,534 will be in play, just below which $ 1410 is seen. If it succeeds, the trading instrument will rise to a minimum of $1,320. It will be extremely difficult for bitcoin owners to trade below $1,260.