Bitcoin / U.S. dollar BITSTAMP:BTCUSD

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BITCOIN UPDATE: -Bitcoin ( BTC ) was back in the red on Wednesday, as markets reacted to comments from U.S. Federal Reserve Chair Jerome Powell.

On Tuesday evening, Powell stated that more regulation is needed in the crypto market, with recent declines in price highlighting “structural issues.”

Powell said of the current relationship between defi and traditional finance in his comments: “Ultimately that’s not a stable equilibrium and we need to be very careful about … how crypto activities are taken within the regulatory perimeter.”
Following the remarks, BTC /USD slipped to an intraday low of $18,553.30 earlier in the session, less than a day after hitting a peak of $20,338.46.

As a result of today’s sell-off, bitcoin moved closer to its key support point of $18,300. However, bulls have responded, pushing the price away from this level.

Currently, BTC is trading at $19.559.35, as traders seem to have closed out earlier shorts, giving way to some bullish sentiment.

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