Legendary analyst says Bitcoin will face significant downturn momentum in the near term but pump…
Owen Lau explained uncertainty in the US crypto sector is creating very high confusion among Coinbase (COIN) stock investors and also predicted that Bitcoin may face high fluctuations shortly until a new catalyst comes into effect.
The current trade price of Bitcoin (BTC) is $42,479 & this trade price is 1.3% higher over the last 24 hours.
In the latest interview with Yahoo Finance, Oppenheimer analyst Owen Lau talked about the unclear crypto regulatory policies in the US jurisdiction.
Lau dragged attention toward the legal hurdles faced by the top American crypto exchange Coinbase (COIN), a highly regulated digital assets trading platform which has been in legal conflict with the United States Securities and Exchange Commission (SEC) since mid-2023.
“There is still a regulatory overhang; we still don’t have clear regulations in the United States right now.”
Analyst said that in the absence of any clear crypto-focused rules, this crypto exchange is struggling badly in the lawsuit battle and this is creating a very big problem for the Coinbase (COIN) stock investors.
Lau noted that unclear crypto laws cause high fluctuations in the trade price of COIN stock and also this is a very big problem for them to make perfect investment decisions.
Despite the regulatory hurdles, the trade price of COIN stock surged nearly 67% in the last three months and Bloomberg litigation analyst Elliot Stein believes that there is a 70% chance that Coinbase will get out of this legal hurdle.
COIN stock price
In the last 30 days, the trade price of COIN stock crashed nearly 30%.
Before the first hearing of the Coinbase vs SEC suit, the majority of the experts claimed that Coinbase would successfully dismiss the majority of the SEC’s charges but after the hearing people realised that the SEC was strong in this case with several allegations against Coinbase’s crypto services.
Bitcoin price
Lau shared his prediction on the Bitcoin trade price and said that Bitcoin will face significant downs shortly but surely will follow a big rally when a new catalyst comes.
“I do think that in the near term, there will be some downward momentum on Bitcoin until the next catalyst.”
Read also: US CFTC chairman says there is no regulatory oversight for the cash market of Bitcoin & Crypto
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