Midweek Update: BTC’s ‘Manufactured’ Price Movement & Lutnick For Commerce Secretary

The crypto world is like uncharted waters at the moment. Something or the other is happening, and investors need to stay updated. This piece is meant to scratch that itch. Here, we will be looking at the latest news of what is happening in the digital currency world as we reach the middle of the third month of February. Stick around to learn all you can about events that have affected BTC pricing, along with new regulatory decisions that can shape the community. 

BTC’s ‘Manufactured’ Price Movement 

BTC saw some sunlight as the market entered a busy Wednesday. It is not much, but the BTC price shows bullish tendencies. These bullish tendencies have brought some hope to the BTC community. However, it has also raised concerns about market manipulation since the currency is still operating in a tight corridor despite the consistent inflow of institutional funds.  

BTC has been bound to the range for over two months. CoinTelegraph shows that the coin has been operating between $92,400 support and $106,500 resistance since 18th December. Experts like Samson Mow, CEO of Jan3 and founder of Pixelmatic, believe this range-bound movement might be manufactured.  

In an event arranged by Coindesk in Hong Kong, Samson was heard saying, “If you look at the price movement, we peak, and then we stay steady and chop sideways. And it’s good, you can say it’s consolidation, but it just looks very manufactured.” 

Lutnick For Commerce Secretary 

In other news, the US Senate confirmed President Trump and his associates had picked Howard Lutnick as commerce secretary with a 52-45 vote. Lutnick was Trump’s first choice. Lutnick immediately stepped down from his CEO role at Cantor Fitzgerald. Cantor Fitzgerald is an investment company with established ties to Tether.  

Lutnick might have won his seat, but he faced some backlash. Senator Elizabeth Warren publicly raised concerns about choosing Lutnick as Commerce Secretary. Senator Warren referred to Lutnick’s “deep involvement with and support for Tether, a known facilitator of criminal activity that has been described as ‘outlaws’ favorite cryptocurrency.’’ Therefore raising concern for regulatory abuse.  

This change in power could be great for BTC, as Lutnick publicly claimed he is a ‘fan’ of the token. Therefore, sources suggest that this appointment could work as a catalyst to help BTC prosper and finally break its resistance.