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SEC Ramps Up Crypto Asset Examination
February 19, 2023March 2, 2023

Bitcoin Price Surges Past $24,000 as SEC Ramps Up Crypto Asset Examination and Bahrain’s Leading Hotel Adopts Cryptocurrencies

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Table of Contents

  • SEC Ramps Up Crypto Asset Examination
  • Crypto adoption
  • Bitcoin Price Movement
  • Novotel Bahrain Al Dana Resort

Bitcoin has once again made headlines with its price surging past $24,000 for the first time in 2023. Investors and traders worldwide are paying attention, and many are wondering where the next target for BTC might be. However, while the crypto industry continues to experience positive growth, it also faces increased regulatory scrutiny from organizations such as the US Securities and Exchange Commission (SEC).

In its list of examination priorities released on February 7, 2023, the SEC identified “Emerging Technologies and Crypto-Assets” as a key area of focus for the year. The focus will be primarily directed towards broker-dealers and Registered Investment Advisors (RIAs) that use such technologies. This enforcement action is in line with the SEC’s mission to safeguard investors and ensure compliance with federal securities laws and regulations.

SEC Ramps Up Crypto Asset Examination

On February 9, 2023, the SEC charged Payward Ventures Inc, which operates as Kraken, for failing to register the offer and sale of their crypto-asset service. As part of the settlement, Kraken paid a fine of US$ 30 million and ceased offering its crypto asset staking services to US customers. These enforcement actions underscore the SEC’s increasing scrutiny of the crypto industry, with the aim of ensuring that investors are adequately protected and that market participants comply with securities laws and regulations.

Kraken is not the only crypto company that has faced SEC enforcement action. In January 2023, the SEC charged Nexo Capital Inc US$ 22.5 million for failing to register its crypto lending product with US investors. Nexo also agreed to stop offering its crypto asset lending product. It is crucial for companies operating in the crypto industry to remain vigilant and informed about the latest regulatory developments to avoid potential penalties and reputational damage.

Crypto adoption

While regulatory frameworks continue to evolve, the crypto industry’s adoption continues to expand globally. In a recent move, the Novotel Bahrain Al Dana Resort became the first hotel in the Kingdom of Bahrain to accept cryptocurrencies as payment. The hotel has partnered with Eazy Financial Services to allow guests to pay their accommodation expenses with cryptocurrencies. The Central Bank of Bahrain has authorized this payment method, allowing the hotel to become the first in the region to implement cutting-edge digital payment technologies.

The move towards digitalization of monetary assets has also been echoed by various other hotels on the Arabian Peninsula, including W Dubai – The Palm and Palazzo Versace Dubai, which have followed suit in recent months. The general manager of Novotel Bahrain Al Dana Resort, Amid Yazji, expressed his excitement about the development and commitment to providing guests with the best service levels.

Bitcoin Price Movement

The adoption of cryptocurrencies continues to gain momentum, with popular digital assets such as Bitcoin and other altcoins gaining traction and support. Bitcoin’s current price stands at $24,600, with a 24-hour trading volume of $38 billion and a 3% increase in the past 24 hours.

Bitcoin’s recent bullish trend after discovering support at the 50% Fibonacci retracement level has induced a buying trend in the market and bolstered positive market sentiment. The next hurdle for Bitcoin is at $25,300, and a bullish crossover beyond this level could propel the BTC price higher to reach $26,000. The 50-day moving average also supports the possibility of a sustained upward trend in Bitcoin.

Investors interested in capitalizing on this trend could keep an eye on the $24,250 level as a potential entry point for a long position in Bitcoin. However, as regulatory scrutiny of the crypto industry increases, it is important for investors to exercise caution and remain informed about the latest developments.

Novotel Bahrain Al Dana Resort

In conclusion, the adoption of cryptocurrencies continues to expand globally, with the Novotel Bahrain Al Dana Resort becoming the first hotel in the Kingdom of Bahrain to accept cryptocurrencies as payment. The crypto industry has also faced increased regulatory scrutiny

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