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Bitcoin Rebounds to $30,000 Despite Gary Gensler’s Warnings

Published 05/20/2022, 07:02 AM
Updated 05/20/2022, 07:30 AM
© Reuters. Bitcoin Rebounds to $30,000 Despite Gary Gensler’s Warnings

  • Bitcoin (BTC) rallied by 5.63% on Thursday.
  • Gary Gensler failed to scare investors after warning them that other cryptos could be facing something similar to Terra’s demise.
  • According to CoinMarketCap, BTC is currently worth $30,287.20.

Bitcoin (BTC) rallied by 5.63% on Thursday. This happened despite the former SEC Chair, Gary Gensler, warning investors of the possibility of even more crypto pain. BTC reversed its 5.75% loss from Wednesday by ending the day on $30,282.

Bitcoin hit a mid-afternoon high of $30,505 before breaking through the First Major resistance Level at $30,024 to test the resistance at the 50-day EMA before ending the day below $30,300.

The bearish sentiment from the US equity markets failed to rub off on the crypto markets, which means that people could be starting to look beyond Terra LUNA and TerraUSD (UST).

This also means that Gary Gensler failed to scare investors after warning them that other cryptos could be facing something similar to Terra’s demise. Gensler has predicted many crypto failures in the past.

Continue reading on CoinQuora

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