The price of Bitcoin has been relatively flat over the weekend, holding the $30,000 support level for the time being. Now Bitcoin is moving within a predictable range after seeing an initial brief breakthrough of $32,000 last week. Despite regaining $31,000 support and so far not retesting $30,000, BTC is still teetering above $30,000 due to the lack of strong bulls. This year’s correction from its all-time high is the second-longest in the bull market history. Over the past few weeks, it has been stalling around resistance levels of $31,000 – $33,000. So Bitcoin price may stay in this range for a while. The current downward trend is the second-longest drop since 2013 and there could be a lot more time left on the bull recovery.
Today, Secretary of the Treasury Janet Yellen met the President’s Working Group on Financial Markets (PWG), in addition to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, to discuss joint work on stablecoins. While general regulations for cryptocurrencies are still on the way, Yellen has highlighted the need for synergy among financial regulators in the country with respect to Stablecoins. Most Stablecoins are backed by fiat currencies – like Tether (USDT), which is backed by the US dollar. Both Tether and USDC are too big to fail and will most likely continue to exist. If Yellen shut down over 100 billion dollars in market activity, this could cause systemic risk to crypto.