Bitcoin Price Analysis and Prediction: Spain approves investing in crypto! Bitcoin fails the run to $9000 mark. Tuesday, May 22
Volatility has become part and parcel of the emerging crypto market, creating a unique dynamism that cannot be found anywhere else and sometimes defying predictions and analysis. Players in the market are still coming to terms with the dynamics at play, hence the reason why last week saw a slide of more than 9 percent drop contrary to general expectation. Although, a slight regain was recorded yesterday, bringing the market capitalization to $377 billion at press time.
One may put up the perspective, regarding the bearish take of the market on two factors: the hostile posture of banks and the lack of regulatory clarity. Although big names like JPMorgan, Goldman Sach and Bank of America are beginning to soften their position and have stopped their verbal assault on the industry, the atmosphere generally is not supportive.
Spain Approve Fund investing in Cryptocurrencies
When it comes to notable positive news, which can affect the market in any way, Spain’s National Securities Market Commission has answered for the following question: „Can a fund registered by the CNMV directly invest in cryptocurrencies?“ Commission replied: „This type of funds would have a legal place in Law 22/2014, which regulates, in addition to venture capital entities, other collective investment entities of closed type and their management entities.“ In general, as there are no solid laws yet regulating cryptocurrencies, many governments struggle to think of a way to deal with cryptocurrencies, often considering them assets, stocks or securities. Europa Press reported earlier this month that the CNMV „will apply securities regulations to cryptocurrencies until there is European regulation.“
Bitcoin (BTC) Price Analysis
In the past two days, Bitcoin went on a brave run to try to break $9000 mark once again. However, it found resistance at around $8550 and wasn't able to go any further. You can see on the chart that it stayed for couple of hours above $8500 and then began again it's road downwards. It is currently trading at $8234. Will there by next runs for $9000 mark again soon?
BTC/USD Chart, Tuesday May 22nd:
Whatever is your take on the performance of Bitcoin in recent time, it remains the king in the cryptocurrency market with more than a 37 percent share of the total market. It remains the currency to beat, although this is not in any way dismissing the negative impact its downward spiral has had on investor confidence but the fundamental indicators of bitcoin remain strong.
Bitcoin in particular is clearly not out of the woods yet as the bear grip seems to have strengthened in the past week. We may have it go below before recovering and then creating a bullish scenario later in the year, breaking finally the $9000 and reaching confidently $10,000. However, there are few changes in perception of Bitcoin and cryptocurrencies in general that need to change before it happens. People now are too afraid to spend their BTC and instead prefer only to "hodl". That's not what currencies have been created for and don't act surprised when currency without little to no utility losses on its value, as speculations and promises about decentralized future are not enough to send the price to the moon any more.
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