Bitcoin Ranges, Nasdaq ATH And Coinbase CEO Meets With FED

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Last Updated on 3 July 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Bitcoin stays flat and has been ranging for more than a month now between $30k and $40k. It comes as the US economy rebounds from the vaccine roll out and the tech heavy Nasdaq and the broader S&P 500 showed new records on Friday after a better than expected jobs report.

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Bitcoin ranging

The world’s biggest cryptocurrency remains in a tight range as we enter Sunday. It needs to hold on to the $30,000 level in order to have a chance of seeing a renewed bull run start after the summer, which many analysts hope will happen after a lackluster month of June.

Just like 2020, they now foresee further ranging during the summer. Several levels, like $30,000 on the downside and $34,000 on the upside, grow in importance.

$34,000 is a key level for accelerated moves to the up or downside with highest gamma exposure for both puts and calls.

Pankaj Balani, CEO of crypto platform Delta Exchange, explained.

As spot trades lower, the market has yet to find its footing. As long as players write upside exposure in size, a rangebound play with more downside risk seems likely.

Biden administration interested in crypto

Althouth the Biden administration has so far, in name of FED Chair Jay Powell and Treasury Secretary Janet Yellen, taken a mostly hostile approach towards crypto, all that could turn as of late.

The fact that China has vowed to crack down hard on cryptocurrency in order to promote its own CBDC (central bank digital currency) has ruffled quite a few feathers in Washington.

As such, Coinbase CEO was invited to meet with Fed Chair Jay Powell in order to give the US politicians and policy makers more insight in the world of cryptocurrencies.

Coinbase CEO Armstrong explained the pair had spoken about China’s central bank digital currency, which he claimed wa:

A threat to U.S. reserve currency status long term.

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