Bitcoin, the most valuable and well-known cryptocurrency in the world, once again experienced a significant price surge, surpassing the $24,000 mark for the first time in its history. This recent surge in Bitcoin’s value has caught the attention of investors and traders around the world, and many are now wondering where BTC’s next target might be.
The SEC’s Crypto Asset Review Radar Heats Up: What to Expect in 2023
The United States Securities and Exchange Commission (SEC) recently reaffirmed its commitment to protecting investors and ensuring compliance with federal securities laws and regulations. In its list of review priorities published on February 7, 2023, the SEC identified “emerging technologies and crypto-assets” as a key area of focus for the year. This attention will primarily be directed to broker-dealers and registered investment advisers (RIAs) who use these technologies.
On February 9, 2023, the SEC accused Payward Ventures Inc, which trades as Kraken, of failing to register the offering and sale of their crypto-asset service. As part of the settlement, Kraken paid a US$30 million fine and stopped offering its crypto asset staking services to US clients.
SEC Chairman Gary Gensler has emphasized the need for intermediaries to provide the appropriate information and safeguards required by securities laws when offering investment contracts in exchange for investor tokens, whether either through staking as a service, loan or other means.
Kraken is not the only crypto company to have faced enforcement action by the SEC. In January 2023, the SEC charged Nexo Capital Inc US$22.5 million for failing to register its crypto lending product with US investors. Nexo has also agreed to stop offering its crypto asset lending product.
These enforcement actions underscore the SEC’s increasing scrutiny of the crypto industry, with the goal of ensuring investors are properly protected and market participants comply with securities laws and regulations.
As regulatory frameworks continue to evolve, it is crucial for businesses operating in the crypto industry to remain vigilant and informed of the latest regulatory developments to avoid possible penalties and reputational damage.
Bahrain’s Leading Hotel Now Accepts Bitcoin: A Milestone for Crypto Adoption in the Arab World
The Novotel Bahrain Al Dana Resort has allegedly set a pioneering benchmark by adopting cryptocurrencies as a viable form of compensation in the country’s hospitality industry. This recent move towards digitizing monetary assets has been echoed in various other hotels located across the Arabian Peninsula, including W Dubai – The Palm and Palazzo Versace Dubai, which have followed suit in recent months.
According to recent reports, Novotel Bahrain Al Dana Resort has partnered with Eazy Financial Services to allow guests to pay their accommodation fees with cryptocurrencies. The hotel plans to set up bespoke kiosks at its outlets to facilitate this offer via the Binance app.
This strategic decision was authorized by the Central Bank of Bahrain, making Novotel Bahrain Al Dana Resort the first hotel in the kingdom where this payment method can be used. Managing Director Amid Yazji expressed his enthusiasm in the following statement:
“Keeping up to date with evolving technology and our enduring commitment to providing our valued guests with the highest levels of service, we are delighted to announce that we are the first hotel in the Kingdom of Bahrain and the region to implement implement cutting-edge digital payment technologies through our partnership with Eazy Financial Services.”
As more people continue to adopt cryptocurrencies, prices for popular digital assets, including Bitcoin and other altcoins, are growing in popularity and support.
Bitcoin is currently trading at $24,600, with a 24-hour trading volume of $38 billion and a 3% increase in the past 24 hours.
Bitcoin saw an uptrend after finding support at the 50% Fibonacci retracement level, which stood at $23,325. A recent candle close above this mark induced a buying bias in the market and added to the positive sentiment in the market.
Looking ahead, Bitcoin’s next hurdle lies at $25,300. If there is a bullish crossover beyond this level, the price of BTC may be propelled higher to reach $26,000.
The 50-day moving average also supports the possibility of a sustained uptrend in Bitcoin. Investors interested in capitalizing on this trend could keep an eye on the $24,250 level as a potential entry point for a long Bitcoin position.
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