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A spokesperson at ESMA then said that the regulator was working with market participants and other stakeholders to address stablecoin-related issues presented in MiCA.
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She compared gold and BTC, stating that when gold price increases, production goes up, as does the rate of increase in the supply of gold — a factor that “can not happen with Bitcoin.”
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The appointment of the former CFTC commissioner could shift the scales in a long-debated jurisdictional lack of clarity over cryptocurrencies between the CFTC and the US Securities and Exchange Commission.
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Currently the head of policy at Andreessen Horowitz’s crypto division, a16z, Quintenz’s background includes overseeing key policy initiatives at the CFTC between 2017 and 2021.
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“People use Bitcoin as a speculative asset. It’s just like gold, only it’s virtual, it’s digital,” he said at the DealBook Summit in New York on Dec. 4.
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As Cointelegraph reported, Bitcoin found intense buying pressure on the day Jerome Powell, chair of the United States Federal Reserve, reiterated that he considers it a “competitor” to gold.
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“This comes just 5 minutes after Bitcoin crossed the historic $100,000 level,” The Kobeissi Letter said in an X post.
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In hitting six figures, BTC/USD now reflects the seventh-most valuable asset in the world by market cap, higher than silver and top global firms, including Meta and Saudi Aramco.
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Bitcoin became a $2 trillion asset, the world’s seventh-largest, after crossing $100,000 for the first time.
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While market sentiment helps decision-making, Kraken recommended using a more “methodical approach,” relying on technical analysis and planned crypto trading strategies.
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The survey also highlighted that 63% of holders acknowledged that emotional decisions had negatively affected their digital asset portfolio. According to Kraken, this underscores the real-world consequences of investing while relying on market sentiments.
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Meanwhile, 81% of the survey participants said they made investment decisions based on FUD, while 84% said they acted based on FOMO when there were price surges.
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Even though some survey participants feel like they missed out, a lot of the respondents may believe in the potential gains that can come out of their crypto investments. The survey results showed that about 84% are still looking forward to future opportunities in crypto investments.
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Many respondents feel they already lost out on potential gains. According to Kraken, 88% of the survey participants say they’ve missed major gains.
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However, XRP’s daily relative strength index is still overbought at 82 on the daily chart, so the chances of another pullback remain relatively high.
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This puts the upper target for XRP price at $4.28, marking new all-time highs for the sixth- cryptocurrency by market capitalization.
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The pattern will resolve after the price breaks above the upper trendline of the flag at $1.46 and potentially rise by as much as the previous uptrend’s height.
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A bull flag is a bullish continuation setup that forms after the price consolidates inside a down-sloping range following a sharp price ascent.
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