• Bitcoin trading at $117,947.97 (-0.40%), with BNB below the 750 USDT level
• The global market capitalization of digital currencies reached $3.68 trillion (+0.12%)
• The strategic Bitcoin reserve was launched with the goal of accumulating one million Bitcoins
• Analysts' forecasts for Bitcoin price reaching $250,000 by 2025
Regulatory developments
• The joint statement from the Federal Reserve (the U.S. central bank), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) establishes a framework for risk management for banks offering digital asset custody services
• The GENIUS Act establishes a federal framework for stablecoins, allowing both depository and non-depository institutions to register
• Powell confirmed that banks can offer digital currency services with appropriate controls for risk management
• The CBDC Anti-Surveillance State Act prohibits the issuance of central bank digital currency without prior approval
Trading impacts
• Bitcoin is trading within a cumulative range between a support level of $117,000 and a resistance level of $120,000
• "Risk mitigation" in the market ahead of Federal Reserve decisions, not a reversal of trend
• The GENIUS Act opens opportunities in sectors related to stablecoins
• The strategic Bitcoin reserve represents a long-term supportive factor
• Recent weak data on jobs may accelerate the Federal Reserve's rate cut schedule
Market outlook
• The Federal Reserve's reassessment of old regulatory guidelines indicates an improvement in the regulatory environment
• Financial institutions are increasingly relying on digital currencies amid clarity in the regulatory framework
• Short-term volatility remains due to uncertainty in major economic factors
• Traders should adopt risk management frameworks similar to those approved by regulators
