Bitcoin, Ethereum, Dogecoin Rise After Congress Grills SEC Chair: Analyst Sees 'Up Season' Only After Apex Crypto Drops To This Level

Major cryptocurrencies experienced an uptick on Wednesday evening following a statement from the U.S. Securities and Exchange Commission Chair Gary Gensler. 

During his congressional testimony, Gensler maintained a confrontational approach towards crypto “hucksters.”

What Happened: During testimony before the House Financial Services Committee, Gensler expressed his ongoing concerns about how cryptocurrency companies handle customer funds. He emphasized the problems that arise from commingling assets, stating that this approach "is a recipe that's not led to good results."

In his testimony, Gensler reiterated that Bitcoin is not a security, emphasizing that it does not meet the criteria outlined in the Howey Test, which is the widely accepted standard for determining securities.

“It does not meet the Howey Test, which is the law of the land for being a security. It’s not security.”

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Currently, the global crypto market capitalization stands at $1.05 trillion, a 0.32% decrease in the last day.

The S&P 500 inched up by 0.02% to reach a closing level of 4,274.51, and the Nasdaq Composite saw a gain of 0.22% as it finished the session at 13,092.85.

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Analyst Notes: Crypto analyst Michael Van de Poppe predicts that Bitcoin will soar and surpass crucial levels. He suggests that if Bitcoin reaches $26,500, it is highly probable to climb even further to $30,000 by October.

Crypto Tony predicts an up-season will resume once Bitcoin drops down to $20,000. "We are not going to magically teleport with minimal liquidity in the market right now."

Analyst Benjamin Cowen observed that the current rally following the BTC death cross has mainly resulted in lower highs, a pattern that is typically seen. In this scenario, Cowen says, "The general idea is the BTC pumps into the death cross, finds a lower high, and the downtrend continues."

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