Regulation is good for BTC price action

Bitcoin Price(BTC)

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Categories: Bitcoins Cryptocurrency

Regulation is good for BTC price action

Bitcoin-focused financial services firm New York Digital Investment Group (NYDIG) has released a report finding that increased regulatory clarity was beneficial to the price and adoption of bitcoin. Regulatory clarity is often cited as a significant hurdle, the report said. Institutional adoption, although the NYDIG maintains the opposite view, believes that adoption will increase once investors "know the rules of the road."

To test its thesis, the company looked at historical events related to digital asset regulation in several international jurisdictions. These incidents include matters including tax, accounting, payments, mining, the legal status of exchanges and other service providers, or even the legality of the crypto assets themselves.

Aside from China, where regulations have had a detrimental effect on the price, studies in all other jurisdictions presented clear evidence that increased regulatory clarity was favorable to the price of bitcoin, both on an absolute basis and on a relative basis. This was especially the case in the six- and 12-month timeframes.

The implication then is that regulatory clarity, despite its flaws, is appreciated by investors. Given that retail accounts for only a quarter of the volume, it is little surprise that regulation brings with it positive price action over longer time frames.

With bitcoin falling below its previous cycle's all-time high, one wonders what the impact of the recently issued US "crypto bill", called the Lumis-Gillibrand Responsible Financial Innovation Act, will be once passed.

Bitcoin Price, NYDIG, Crypto Asset, Digital Asset, Crypto Bill, Cryptocurrency

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