{"id":570007,"date":"2024-01-17T20:00:42","date_gmt":"2024-01-17T20:00:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=570007"},"modified":"2024-06-11T08:26:22","modified_gmt":"2024-06-11T08:26:22","slug":"bitcoin-on-thin-ice-peter-schiff-warns-impending-sec-regulations-could-tank-prices","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-on-thin-ice-peter-schiff-warns-impending-sec-regulations-could-tank-prices\/","title":{"rendered":"Bitcoin On Thin Ice: Peter Schiff Warns Impending SEC Regulations Could Tank Prices"},"content":{"rendered":"

Prominent economist and vocal crypto skeptic Peter Schiff has once again stirred the pot with his latest prognosis<\/a> on Bitcoin (BTC). Schiff, known for his critical stance on digital currencies, has raised eyebrows with his latest post, where he warns of impending regulatory changes that could trouble Bitcoin’s transaction costs and future price trajectory.<\/p>\n

Regulatory Changes On The Horizon<\/h2>\n

Schiff’s warnings are anchored in his belief that the US Securities and Exchange Commission (SEC), under the leadership of Gary Gensler, is poised to introduce new, more stringent regulations for cryptocurrencies.<\/p>\n

Related Reading: Bitcoin Price Signals Recovery But The Bears Are Not Out of Woods Yet<\/a><\/div>\n

According to Schiff, these regulations will likely significantly increase the operational costs of Bitcoin transactions. He argues that this hike in transaction costs will erode Bitcoin’s practicality as a digital currency, potentially leading to a sharp decrease in its market value<\/a>.<\/p>\n

\n

Since @GaryGensler<\/a> was backed into a corner on spot #BitcoinETFs<\/a> approval, I think he will soon introduce new onerous #crypto<\/a> regulations that will substantially increase the cost of #Bitcoin<\/a> transactions, further undermining its “use” case, resulting in a sharp decline in price.<\/p>\n

\u2014 Peter Schiff (@PeterSchiff) January 17, 2024<\/a><\/p><\/blockquote>\n

Schiff interprets Gensler’s recent actions, especially regarding approving spot Bitcoin exchange-traded funds (ETFs), as a precursor to these anticipated regulatory measures.<\/p>\n

Despite the looming threat of increased regulation, some industry observers have pointed to Gensler’s previous classification of Bitcoin as a commodity. This categorization, they argue<\/a>, might present challenges to the SEC’s scope of regulation.<\/p>\n

However, Schiff counters this view by suggesting that the focus of any impending regulatory changes could be more aligned with anti-money laundering efforts rather than strictly within the ambit of securities law.<\/p>\n

\n

He thinks most are securities. But he may even change his mind on Bitcoin. But my thought is that new regulations will relate to AML, not securities law.<\/p>\n

\u2014 Peter Schiff (@PeterSchiff) January 17, 2024<\/a><\/p><\/blockquote>\n

Technical Analysis Adds To Bearish Sentiment On Bitcoin<\/h2>\n

Supporting Schiff’s bearish outlook, market analyst Bitcoinhyper has recently identified<\/a> a bearish pattern on Bitcoin\u2019s chart. According to the analyst, a double-top pattern on the stochastic oscillator, a well-regarded momentum indicator, has emerged<\/a>, signifying potential bearish movement ahead.<\/p>\n

This technical observation aligns with recent market trends, where Bitcoin has shown downward movement following the formation of this pattern. Bitcoinhyper\u2019s analysis supports the idea of further corrections, suggesting that Bitcoin’s peak might already be established.<\/p>\n

As Bitcoin navigates through these uncertain waters, on-chain data from IntoTheBlock presents<\/a> another challenge. The data shows that Bitcoin is currently facing a robust on-chain resistance zone<\/a>.<\/p>\n

This resistance is gauged by the volume of Bitcoin acquired by investors within the price range of $42,700 to $44,000. Approximately 2.68 million addresses holding over a million BTC<\/a> are clustered in this range, creating a formidable barrier for price movements.<\/p>\n

Related Reading: Bitcoin Bearish Forecast: Analyst Signals Continued Downfall<\/a><\/div>\n

Bitcoin’s trading price currently hovers around $42,601, reflecting a 0.9% decrease over the last 24 hours and nearly a 5% decline over the past week. This price action is further compounded by a notable decrease in trading volume, which has dipped from last week’s $40 billion to below $30 billion today, indicating reduced market activity.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

This sluggish market performance comes in the wake of fading excitement over the recent spot ETF approvals<\/a> and an absence of significant market-driving news.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Prominent economist and vocal crypto skeptic Peter Schiff has once again stirred the pot with his latest prognosis on Bitcoin (BTC). Schiff, known for his critical stance on digital currencies, has raised eyebrows with his latest post, where he warns of impending regulatory changes that could trouble Bitcoin’s transaction costs and future price trajectory. Regulatory Changes On The Horizon Schiff’s warnings are anchored in his belief that the US Securities and Exchange Commission (SEC), under the leadership of Gary Gensler, is poised to introduce new, more stringent regulations for cryptocurrencies. Related Reading: Bitcoin Price Signals Recovery But The Bears Are Not Out of Woods Yet According to Schiff, these regulations will likely significantly increase the operational costs of Bitcoin transactions. He argues that this hike in transaction costs will erode Bitcoin’s practicality as a digital currency, potentially leading to a sharp decrease in its market value. Since @GaryGensler was backed into a corner on spot #BitcoinETFs approval, I think he will soon introduce new onerous #crypto regulations that will substantially increase the cost of #Bitcoin transactions, further undermining its “use” case, resulting in a sharp decline in price. \u2014 Peter Schiff (@PeterSchiff) January 17, 2024 Schiff interprets Gensler’s recent actions, especially regarding approving spot Bitcoin exchange-traded funds (ETFs), as a precursor to these anticipated regulatory measures. Despite the looming threat of increased regulation, some industry observers have pointed to Gensler’s previous classification of Bitcoin as a commodity. This categorization, they argue, might present challenges to the SEC’s scope of regulation. However, Schiff counters this view by suggesting that the focus of any impending regulatory changes could be more aligned with anti-money laundering efforts rather than strictly within the ambit of securities law. He thinks most are securities. But he may even change his mind on Bitcoin. But my thought is that new regulations will relate to AML, not securities law. \u2014 Peter Schiff (@PeterSchiff) January 17, 2024 Technical Analysis Adds To Bearish Sentiment On Bitcoin Supporting Schiff’s bearish outlook, market analyst Bitcoinhyper has recently identified a bearish pattern on Bitcoin\u2019s chart. According to the analyst, a double-top pattern on the stochastic oscillator, a well-regarded momentum indicator, has emerged, signifying potential bearish movement ahead. This technical observation aligns with recent market trends, where Bitcoin has shown downward movement following the formation of this pattern. Bitcoinhyper\u2019s analysis supports the idea of further corrections, suggesting that Bitcoin’s peak might already be established. As Bitcoin navigates through these uncertain waters, on-chain data from IntoTheBlock presents another challenge. The data shows that Bitcoin is currently facing a robust on-chain resistance zone. This resistance is gauged by the volume of Bitcoin acquired by investors within the price range of $42,700 to $44,000. Approximately 2.68 million addresses holding over a million BTC are clustered in this range, creating a formidable barrier for price movements. Related Reading: Bitcoin Bearish Forecast: Analyst Signals Continued Downfall Bitcoin’s trading price currently hovers around $42,601, reflecting a 0.9% decrease over the last 24 hours and nearly a 5% decline over the past week. This price action is further compounded by a notable decrease in trading volume, which has dipped from last week’s $40 billion to below $30 billion today, indicating reduced market activity. This sluggish market performance comes in the wake of fading excitement over the recent spot ETF approvals and an absence of significant market-driving news. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":570010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790,6664,6743],"class_list":["post-570007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt","tag-crypto","tag-us-sec"],"acf":[],"yoast_head":"\nBitcoin On Thin Ice: Peter Schiff Warns Impending SEC Regulations Could Tank Prices<\/title>\n<meta name=\"description\" content=\"Prominent economist and crypto skeptic Peter Schiff has once again stirred the pot with his latest prognosis on Bitcoin (BTC). 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These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin On Thin Ice: Peter Schiff Warns Impending SEC Regulations Could Tank Prices","url":"http:\/\/uniquehot.com\/news\/bitcoin-on-thin-ice-peter-schiff-warns-impending-sec-regulations-could-tank-prices\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-on-thin-ice-peter-schiff-warns-impending-sec-regulations-could-tank-prices\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Bitcoin-On-Thin-Ice.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Bitcoin-On-Thin-Ice.jpg?fit=515%2C334"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt","crypto","us sec"],"dateCreated":"2024-01-17T20:00:42Z","datePublished":"2024-01-17T20:00:42Z","dateModified":"2024-06-11T08:26:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin On Thin Ice: Peter Schiff Warns Impending SEC Regulations Could Tank Prices\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-on-thin-ice-peter-schiff-warns-impending-sec-regulations-could-tank-prices\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-on-thin-ice-peter-schiff-warns-impending-sec-regulations-could-tank-prices\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-On-Thin-Ice.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Bitcoin-On-Thin-Ice.jpg?fit=515%2C334\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\",\"crypto\",\"us sec\"],\"dateCreated\":\"2024-01-17T20:00:42Z\",\"datePublished\":\"2024-01-17T20:00:42Z\",\"dateModified\":\"2024-06-11T08:26:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Bitcoin-On-Thin-Ice.jpg?fit=515%2C334","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/570007"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=570007"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/570007\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/570010"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=570007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=570007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=570007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}