Despite the relatively bullish price level of Bitcoin (BTC), the premier digital currency is still generally moving against expectations, as highlighted by Mike McGlone, Bloomberg Intelligence's senior macro strategist. At the time of writing, BTC is up by 2.03% over the past 24 hours to $29,470.71. Per the current price outlook, Bitcoin has now completely pared off the losses it accrued in the trailing seven-day period.
Despite this impressive recovery, Mike McGlone opines that Bitcoin is revealing a problem based on the premise that the stock market must rise before it also moves in a remarkable way. The strategist said Bitcoin is the lone crypto untouched in the U.S. regulatory crackdown, a statement that shows the premier cryptocurrency is the only coin that the Securities and Exchange Commission (SEC) regards as a nonsecurity.
Bitcoin May Be Revealing a Problem: The #StockMarket Must Rise - #Bitcoin appears as a lone crypto under the radar of the US regulatory crackdown, meaning the benchmark likely should be outperforming most risk assets, but it isn't. pic.twitter.com/jpjIOjN6CE— Mike McGlone (@mikemcglone11) August 2, 2023
While not all digital currencies have been explicitly named as securities, a recent revelation from Coinbase CEO Brian Armstrong that the SEC asked it to delist all crypto except Bitcoin is proof that Bitcoin is the only coin perceived by the market regulator as a commodity or digital utility enabler.
These sentiments are supposed to trigger interest among investors cutting across both retail and institutional investors, but whether or not these interests exist, they are not translating to a price surge.
Changing bullish game for Bitcoin
Bitcoin has been trading in a very close range for some weeks now, with a potential breakout being projected in the long run. With a few months left in the year, the expectations from the industry that the United States SEC will approve the first spot Bitcoin Exchange Traded Fund (ETF) are bound to fuel optimism that can boost price growth in the long term.
At this time, a number of mainstream financial giants led by BlackRock are in the race to secure approval for the spot Bitcoin ETF, with the countdown already underway.