Bitcoin Price Doubles Due to Crypto Regulations?

Bitcoin Price Can Double

Behnam's comments come at a time when the crypto industry is facing intense global scrutiny in countries such as Brazil and Australia. In Uncle Sam's country, Tether USD (USDT) has had many legal cases.

On the other hand, some countries such as Japan and the United Arab Emirates are open to crypto and Web3 as an opportunity to grow the economy.Behnam said, the wave of regulation facing crypto is not necessarily a bad thing. Crypto institutions thrive on regulation, thrive with clear regulations and balanced rules of the game because crypto institutions are smart, fast and have abundant resources.

Decrypt launches, Behnam said the CFTC's funding model and resources prevent the regulator from working on industry-wide regulation of the crypto that can help reduce crime.He revealed that the majority of cases carried out by the CFTC depend on reporting, consumer complaints and anonymous information. This is due to the lack of funding for the CFTC to carry out the investigation independently.

The head of the CFTC confirmed that he supports a bill proposed by the US Senate Agriculture Committee that would designate the CFTC as the main regulator for the US crypto industry.The designation will clarify the agency responsible for regulation of the crypto industry in the US. Currently, cryptocurrencies in the US are regulated by the CFTC and the Securities Exchange Commission (SEC) resulting in frequent regulatory disputes and ambiguity.

On-chain analytics firm Glassnode revealed that BTC is far from doubling in price. Long-term investors were pressured by sluggish market conditions so that they experienced a decline in profit levels equivalent to the lowest level in the 2018 bear market.The majority of these investors bought BTC at an average price of US$32 thousand. According to Glassnode data, the group of investors who bought BTC in 2021-2022 are now selling at an average loss of 42 percent.