Bitcoin, weak after two-day correction

SEC Chairman "Cryptocurrency Regulation Stance Will Continue Unchanged"
BTC, Facing Adjustment Amid Lack of Positive News...Altcoins too
Paul Tudor Jones "BTC Will Rise in Price Due to Inflation After US Election"

Bitcoin (BTC) showed a weak uptrend on the 23rd as it struggled with adjustments.

The news that Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), will continue the existing regulatory stance on the cryptocurrency market next year acted as a negative factor for the market.

In an appearance on a Bitcoin-focused documentary produced by Bloomberg, Chairman Gensler said, "The SEC has been protecting the market based on clear laws that have been in place for 90 years, and this stance will remain unchanged. Regulatory enforcement in the cryptocurrency market will continue."

Gensler, who is seen as a figure who has caused numerous frictions with the cryptocurrency industry by enforcing regulations on major companies in the cryptocurrency market starting with the lawsuit against Ripple in December 2020, is evaluated as such.

In the absence of visible positive news in the market, the sharp drop the previous day is cited as the main cause of the fear among investors, leading to the weak uptrend of Bitcoin and the overall market. While Bitcoin was range-bound, most altcoins also remained range-bound without strength.

Only 'lightweight' altcoins with low market capitalization recorded an increase of about 3% or more.

◇Bitcoin = As of 4:30 pm on the 23rd based on Upbit, the price of Bitcoin is 924.1 million won. Bitcoin's market dominance was 58.55%.

Despite Bitcoin's range-bound movement, experts have expressed optimistic long-term prospects for Bitcoin.

Paul Tudor Jones, the legendary hedge fund manager on Wall Street, predicted a rise in Bitcoin's price due to the inflation that will occur after the U.S. presidential election.

In an interview with CNBC on the 22nd, Jones said, "Regardless of who wins the U.S. presidential election, inflation will eventually become a problem," and explained that he is increasing his exposure to Bitcoin and gold as a hedge.

Jones said, "There is a high possibility of inflation resurfacing regardless of who wins this election, but the situation will be more serious if Trump wins," and added, "I am betting on the long-term rise of Bitcoin as part of an inflation hedge and a Trump trade."

◇Rising Coins = As of 4:30 pm on the 23rd based on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was Zeta Chain (ZETA), which rose about 6.3%.

Zeta Chain is the first universal Layer 1 project composed of cryptocurrency industry experts. It aims to build a platform that provides universal accessibility, simplicity, and usefulness across all blockchains. It also launched its mainnet beta in February.

Zeta Chain has secured liquidity across multiple networks and built an omnichain that binds fragmented multiple chains together. This solves the problems of cross-chain and multi-chain, and opens up the cryptocurrency and global financial ecosystem to everyone.

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 71 points, entering the 'Greed' stage. The Greed stage is a period of high price volatility and trading volume, where prices are rising. There is a high possibility of forming a short-term peak, so caution is required when selling.