Bitcoin price slides for third day, heads back down toward $20,000

Bitcoin price slides for a third day, once again threatening to fall below the crucial $20,000 mark. At the time of writing, BTC is changing hands at $20,604.

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BTC/USD 4-hour chart | Source: TradingView

Bitcoin price slides; Mixed Crypto Legacy in Hong Kong for the FCA’s Incoming CEO

Crypto markets weakened over the weekend, with bitcoin sliding for a third straight day and falling back toward $20,000 as of press time on Sunday. Some analysts are now pinning $17,000 as a key market support level.

More strong bidding around the $17,000 level, if Bitcoin falls there again, will be a strong signal for the bulls and may indicate the formation of a potential bottom around that price. Traders this week will be watching for the latest U.S. consumer price index reading, expected Wednesday. The report could influence market expectations over the Federal Reserve’s next move, at a meeting later this month; as of the last reading, inflation was at its fastest in four decades.

One point of consideration: This past Friday’s report on U.S. jobs growth in June has alleviated some concerns that the country is already in a recession; that should make it easier for the Federal Reserve to proceed with interest-rate increases of 75 basis points (0.75% point), or three times as fast as in past rate-hiking cycles.

The U.K’s Financial Conduct Authority (FCA), the nation’s financial watchdog, announced Friday that Ashley Alder, the CEO of Hong Kong’s Securities and Futures Commission, will assume the post of chair in January 2023. While Adler has a long list of accomplishments regulating Hong Kong’s traditional finance securities market, his curriculum vitae isn’t as stellar when dealing with crypto.

Hong Kong’s recently passed licensing regime for exchanges, which is overseen by Adler’s SFC, excludes non-accredited investors from trading on these exchanges (called Virtual Asset Service Providers, or VASPs, per local terminology). For as much criticism as the U.S. Securities and Exchange Commission’s Gary Gensler gets, this is never something that the SEC has considered.
Secondly, any exchange that serves Hong Kong, even if located abroad, would need to comply with these same licensing requirements.

The overall cryptocurrency market cap stands at $917 trillion, and Bitcoin’s dominance rate is 42.8%.

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