Bitcoin Battles at $38,000... SEC Chair Says "Feels Like the Wild West... Strong Regulation Needed"

[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Cryptocurrency Bitcoin is testing whether it can hold the $38,000 support level. U.S. regulatory authorities have once again emphasized the need for regulation of cryptocurrencies.

According to CoinMarketCap on the 3rd (local time), the price of Bitcoin is trading at $38,100, down 2.4% compared to 24 hours ago. On the same day, Bitcoin's price fell to the $37,000 range during intraday trading.

Ethereum is trading at $2,470, down 5%, and Dogecoin is trading at 19.4 cents, down 4.1%.

Cryptocurrency investors paid close attention to remarks made by Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), on the day. Chairman Gensler reiterated his strong commitment to strengthening cryptocurrency oversight at the Aspen Security Forum held that day.

Chairman Gensler said, "We are currently not adequately protecting investors in the cryptocurrency market. Honestly, it’s like the Wild West," defining the current cryptocurrency market as 'lawless' and emphasizing, "We need more resources to protect investors."

Chairman Gensler went on to criticize that "most cryptocurrencies are speculative and there is a high possibility of price manipulation," and repeatedly stressed the need for regulation of stablecoins, DeFi, and cryptocurrency-related lending institutions.

News also emerged that Bitcoin miners’ revenues surged. According to Arcane Research, Bitcoin miners earned $971 million in revenue in July. This is a 16% increase compared to $893 million in June.

Due to China’s mining regulations, the mining difficulty, referred to as 'hash rate,' decreased, improving the profitability of miners.

This content was produced with the assistance of AI translation services.