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Bitcoin: Intraday Analysis & Setup update

KEY POINTS:
  • The U.S. Securities and Exchange Commission’s former head of internet enforcement believes that there are two reasons why crypto prices are up. The first concerns regulatory oversight of the cryptocurrency industry, while the second revolves around the concept of the greater fool theory. The former SEC official also dismissed the reported 90% likelihood of the SEC approving a bitcoin spot ETF as “absolutely absurd.”

Stark Explains Why Crypto Prices Are Up

Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark shared his view on why the price of bitcoin has rallied in a lengthy post on social media platform X Monday. Stark is currently president of cybersecurity firm John Reed Stark Consulting. He founded and served as chief of the SEC Office of Internet Enforcement for 11 years. He was also an SEC enforcement attorney for 15 years.

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