Bitcoin Faces Pressure as SEC Postpones New Rule
The cryptocurrency market trended lower during Friday's trading (August 14). Bitcoin hovered around US$62,819, down approximately 1.2% for the day after briefly touching US$63,918. BTC also dipped as low as US$62,648, indicating that selling pressure persists below the psychological US$63,000 level.
Weakness was also evident across other major crypto assets. Ethereum traded around US$1,624.95, XRP at US$1.059, and Solana around US$77.97. Meanwhile, Cardano sat near US$0.183 (down about 1.2%), BNB weakened 0.8% to US$607.81, and Dogecoin fell roughly 0.7% to US$0.0699.
Market pressure mounted after the US Securities and Exchange Commission (SEC) abruptly canceled a meeting scheduled to discuss new crypto industry rules. The agenda was expected to include a regulatory exemption that could make it easier for crypto firms to raise capital outside of traditional securities offering regulations. The SEC stated the meeting was postponed due to unexpected scheduling conflicts.
Sentiment was further dampened by the delay of the "innovation exemption" plan for tokenized securities. This policy is viewed as crucial, as it could provide space for companies to develop blockchain-based stock trading and new digital asset models. Uncertainty deepened after the US Senate entered recess without finalizing the Clarity Act—a regulation expected to provide a clearer legal framework for the crypto industry.
On the macro front, conditions actually favor risk assets. The US Producer Price Index (PPI) for July showed no month-over-month increase, while the Consumer Price Index (CPI) indicated relatively controlled inflationary pressure. Markets now estimate only a 32%–35% probability of a Federal Reserve interest rate hike in September, a significant drop from the previous week. However, this sentiment has so far primarily boosted technology and AI stocks rather than the cryptocurrency market.
Newsmaker Analysis: The cryptocurrency market is currently caught in a tug-of-war between increasingly positive macro fundamentals and uncertainty regarding US regulations. For Bitcoin, the US$62,600–US$63,000 range serves as a critical support level. If BTC breaks back above US$64,000, it could open the door for a recovery toward the US$65,000–US$66,000 range. However, a drop below US$62,600 could deepen the correction. Altcoins such as Ethereum, Solana, XRP, BNB, Cardano, and Dogecoin are likely to continue tracking Bitcoin's movements until a new regulatory catalyst emerges from the SEC. (arl)
Source: Newsmaker.id
