Saylor believes huge institutional money will proliferate the Bitcoin market as confusion and anxiety subside with increased crypto regulatory clarity.
The Bitcoin (BTC) market has been the largest beneficiary of the ongoing legal charges against Binance and Coinbase Global Inc (NASDAQ: COIN) despite the increased bearish sentiments. According to market data provided by TradingView and Coingecko, Bitcoin’s dominance has hit a two-year high of around 49 percent. However, Michael J Saylor, the executive chairman and president of MicroStrategy Inc (NASDAQ: MSTR), while speaking in a Bloomberg Crypto interview noted that the Bitcoin market is slated to rise amid heightened regulatory scrutiny in the United States.
Saylor noted that the SEC crackdown on the altcoin market will help Bitcoin gain more dominance. Furthermore, Saylor insisted that institutional money is expected to proliferate the Bitcoin market once confusion and anxiety are eliminated from the market.
“Regulatory clarity is going to drive Bitcoin adoption by eliminating the confusion & anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the Crypto industry rationalizes around $BTC and goes mainstream,” Saylor noted.
With Bitcoin halving less than a year away from now, Saylor believes Bitcoin is slated to comfortably 10X from current prices. In the history of crypto assets, Bitcoin’s halving has triggered a larger bull market.
However, Saylor thinks most of the altcoins will go to zero due to a lack of utility in the future. Moreover, the United States government wants to stamp the authority of the dollar as a global reserve currency through the introduction of a Central Bank Digital Currency (CBDC).
Nonetheless, the United States only controls approximately 25 percent of global economic activities, thus leaving significant space for the altcoin market to thrive. Furthermore, more markets including Europe, Hong Kong, the Middle East, and Singapore, among others, are positively welcoming the crypto market.
Bitcoin and the Market Outlook
Following the United States SEC legal charges against Binance and Coinbase, the amount of Bitcoins held in exchanges has fallen to the lowest level since 2018. According to on-chain data provided by market intelligence platform Santiment, approximately 6.4 percent of Bitcoin supply is held on exchanges compared to 16 percent during the 2020 Black Thursday.
📉 #Bitcoin‘s exchange supply has now fallen to its lowest level since February, 2018. Traders continue moving $BTC to self custody during the uncertainty surrounding #Binance & #Coinbase. As long as these #SEC lawsuits loom, this trend should continue. https://t.co/CBOxJ8oA07 pic.twitter.com/c7MQyMswgp
— Santiment (@santimentfeed) June 14, 2023
The trend is expected to continue as long as the SEC keeps on charging crypto firms, whereby crypto investors are expected to use non-custodial wallets more.
Meanwhile, the Bitcoin market continues to face heightened bearish sentiment after struggling to regain $26k as a support level in the past few days. The top digital asset is expected to fall further from current levels in the coming weeks following last week’s close below the 200 MA. Additionally, the 50 and 200 WMA shows the Bitcoin market is under sell pressure after recording the first death cross in the recent past.