Bitcoin Price Prediction: BTC Stabilizes Near $35,000 Amid SEC Hiring Woes & Rising Fees
As the digital currency market continues to evolve, Bitcoin faces a new set of challenges and endorsements. Currently priced at $34,901, Bitcoin has seen a slight decline of 0.25% as of Tuesday.
The US Securities and Exchange Commission is grappling with its own set of issues, particularly the difficulty in recruiting cryptocurrency experts due to restrictions on employees owning digital assets. Meanwhile, the Bitcoin network is experiencing a significant transaction backlog, causing fees to skyrocket by an unprecedented 4,000%.
Amidst these developments, investment heavyweight Cathie Wood remains unwavering in her support for Bitcoin, advocating for its advantages over traditional assets like gold and cash, especially in a potentially deflationary economic climate.
These factors collectively contribute to a complex backdrop for Bitcoin’s price trajectory in the near term.
The U.S. Securities and Exchange Commission’s (SEC) Office of Inspector General has published a report highlighting the agency’s struggles to recruit cryptocurrency experts. The study points out a scarcity of qualified candidates, intense competition from the private sector, and applicants’ reluctance to divest their cryptocurrency holdings due to SEC rules that prohibit such ownership.
The SEC is struggling to hire crypto experts, because they seem to want to HODL
The Securities and Exchange Commission’s Office of Inspector General, which supervises the financial regulator, says the agency is having a hard time hiring crypto expert…https://t.co/K8n9THfMCA
— Block Journal (@blockjournal) November 6, 2023
Concurrently, the SEC has escalated its enforcement actions within the crypto space, pursuing cases against individuals and companies, including Justin Sun
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