Bitcoin traded in a range last week as price rally paused. The price is below $28,000 currently. Bitcoin price is still in consolidation mode midway between Fibonacci 161.8 and Fibonacci 261.8 levels. The RSI indicator left the overbought zone as the consolidation continued. The price looks set to resume advancing as bulls consolidate their market control, barring unexpected changes in market sentiment.
Equity markets recovery continued last week after Federal Reserve unveiled a ninth straight interest rate hike raising rates from 4.75% to 5%. Meanwhile US prosecutors filed criminal fraud charges against the Terraform Labs founder Do Kwon, White House issued a report criticizing the US digital asset ecosystem, whereas the Florida Governor proposed a law to ban central bank digital currencies (CBDCs.)
Federal prosecutors filed criminal fraud charges against Do Kwon in addition to civil charges brought earlier by the US Securities and Exchange Commission. Do Kwon was arrested by police in Montenegro. Kwon is being charged with conspiracy to defraud, commodities fraud, securities fraud, wire fraud and conspiracy to engage in market manipulation. US Department of Justice would seek his extradition to the US.
The new report of Biden administration argues that US digital asset ecosystem is fraught with many shortcomings that create issues for consumers, the financial system and the environment. The "Economic Report of the President," published last Monday, is an annual publication by the Council of Economic Advisers. The report said that many cryptocurrencies " do not have a fundamental value" and noted other issues with the sector.
Florida Governor and possible Republican U.S. presidential candidate Ron DeSantis proposes a law to prohibit the use of a national central bank digital currency as money within his state. The proposed law would also prohibit in Florida the use of a CBDC issued by any overseas central bank while the governor calls on other states to adopt similar legislation.
