Although market instability persists, Bitcoin went up to 1.35% last weekend. It hit the $51,600 final price on Sunday. Presently, the price remains stable, with two noteworthy developments unfolding. The Texas Blockchain Council, in conjunction with Riot Platforms, secured a legal triumph against energy authorities in the United States.
There are demands to clarify regulations in Nigeria to help the sector grow. This demand persists despite concerns about possible bans and vague policies. On the other hand, the temporary block on US energy regulators depicts continuing discussions about cryptocurrency mining regulations. This may encourage investors to have a more positive perspective. Observers are keeping a close eye on the price of Bitcoin. A robust performance in its value could pave the way for a promising future in the cryptocurrency market.
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Legal Win for Bitcoin: TRO Limits Energy Regulators
A lawsuit was filed by the Texas Blockchain Council (TBC) and Riot Platforms. As a result, a US District Judge has ordered a TRO that constrains some American energy regulatory entities.
The TBC and Riot Platforms asked for a Temporary Restraining Order (TRO) to test the data collection practices of the energy regulators regarding cryptocurrency mining. They claimed it could cost a lot to follow the regulations, introduce legal risks, and disclose business secrets. The corresponding decision may represent that energy regulators are going too far. It may show judicial awareness about the effects of crypto regulations.
It may also lead to detailed analyses and insurance policies that stabilize regulatory targets with innovation and growth in the cryptocurrency realm.
Bitcoin ETF Flow – 24 Feb 2024
All data now in, except perhaps for the Galaxy/Invesco product
Friday was a strong day, with +$232.3m of net inflow. Also, the outflow for GBTC was just $44m, lowest level since 11th Jan pic.twitter.com/1Q0OtjEJLt
— BitMEX Research (@BitMEXResearch) February 24, 2024
Nigeria’s Regulatory Clarity
In Nigeria, people are concerned about the future of cryptocurrencies. The uncertainty surrounding government regulations and ongoing discussions about potentially prohibiting certain platforms contribute to this situation.
Nathaniel Luz of Flincap is one of the influential players in the cryptocurrency world. He has expressed the importance of implementing clear regulations to reduce misunderstandings and concerns that relate crypto investments to the country’s economic problems.
In 2021, Nigeria lifted a ban on cryptocurrency trading. However, companies still encounter licensing issues that eventually hinder the industry’s growth. The vast number of peer-to-peer trades in Nigeria stresses the importance of clear guidelines to facilitate innovation and strengthen investor trust in this growing market.
Carlson Group Embraces Bitcoin ETFs
The Carlson Group has an asset base of $30 billion. It has expanded its investment choices by including four Bitcoin ETFs from BlackRock, Fidelity, Bitwise, and Franklin Templeton. This selection was done by considering trading activity, asset growth, and cost-effective pricing.
This shows how these ETFs are significant for increasing institutional investors’ interest in cryptocurrencies. This decision by the Carlson Group reveals that financial advisors consider Bitcoin to be a good investment choice for their clients. The swift market effect can depend on the speed of implementation by buying and selling platforms.
Bayo Onanuga has short memory. You can’t effectively ban crypto. China did in 2017, their citizen trade it till date. Nigeria did in 2017, Nigeria became the 8 largest crypto trading country.
Focus on fiscal policies such as eliminating corruption, blocking wastages, improving… https://t.co/6U2flrNp5Y
— That Naija Guy™ (@IamThatNaijaGuy) February 21, 2024
Bitcoin market analysis
The price of Bitcoin may change quickly based on how quickly trading platforms provide these new investment options. The potential of trading platforms to offer these options will also immediately influence the crypto market. On February 26th, Bitcoin’s price stays steady at around $51,600 without significant changes.
As per a positive analysis, the market’s turning point is anticipated to be at $52,515. The stock market has recognized three critical points where prices may struggle to soar: $53,943, $55,214, and $56,497. Conversely, potential levels where prices may find support are $50,783, $49,527, and $48,321. The market’s RSI indicator is at 55. It suggests that currently, it is neither too high nor too low. The 50-day EMA for Bitcoin is $51,079.
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