Bitcoin(BTC) is expected to see the best performance in history in September, thanks to global interest rate cuts, but SEC Chair Gary Gensler is not impressed, as he maintains BTC is not a security.
Bitcoin has risen by 11.27% in a month, compared with an average decline of 5.9% in September over the past decade. One of the factors behind Bitcoin being bullish is the global rate cuts that have shifted the US to looser monetary policy.
But the charts and market sentiment do not impress Gensler(as always). In a recent interview, Gensler reiterated his skepticism as he said “Bitcoin is not a security and investors can now express their views on Bitcoin through ETF products”.
His views seem a little ironic as Bitcoin continues to rally and is currently trading at $65,737.89, at the time of writing. Emphasizing on Bitcoin’s bullish run, crypto exchange Kraken also pointed out that if Bitcoin fails to “decisively” break through $65,000, it may indicate that it will enter a period of weakness. But the current trends speak otherwise.
Apart from the green candle, Bitcoin is expected to see a further positive sentiment after US cryptocurrency regulation will be clearer in the months post election. In short, Bitcoin’s surge is here to stay, and when it comes to Republican lawmakers who are confident about crypto, Bitcoin could be an answer to the US’s debt.
However, Gensler also refused to comment on Trump’s proposed U.S. Bitcoin strategic reserve plan, saying it was “due to his duties and election season considerations”. Stressing upon his authority, Gensler said current laws empower SEC to regulate the crypto sector, and alluding at the crypto industry’s dislike for him, he added that “not liking the rules is not the same as having no rules.” Gensler also pointed out that the crypto finds it difficult in building trust, as many industry leaders have been jailed or bankrupt, and without trust and investor protection, it is ‘difficult for the innovation sector to survive’.
Also Read: Gary Gensler’s Verdict on Bitcoin; Community Seeks Regulatory Clarity
Source: https://www.cryptonewsz.com/global-rate-cuts-boost-bitcoin/