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  Bitcoin's (BTC) month-to-date chart is very bearish, and the sub-$18,000 level seen over the weekend was the lowest price seen since December 2020. Bulls' current hope depends on turning $20,000 to support, but derivatives metrics tell a completely different story as professional traders are still extremely skeptical. BTC-USD 12-hour price at Kraken. Source: TradingView It’s important to remember that the S&P 500 index dropped 11% in June, and even multi-billion dollar companies like Netflix, PayPal and Caesars Entertainment have corrected with 71%, 61% and 57% losses, respectively. The U.S. Federal Open Market Committee raised its benchmark interest rate by 75 basis points on June 15, and Federal Reserve Chairman Jerome Powell hinted that more aggressive tightening could be in store as the monetary authority continues to struggle to curb inflation. However, investors and analysts fear this move will increase the recession risk. According to a Bank of America note to clie...

  Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam seemingly wants to leverage its probable future position as watchdog of the Bitcoin market to encourage a reduction of the peer-to-peer (P2P) currency’s energy use and incentivize consumers to find less energy-intensive alternatives. The regulating agency will oversee Bitcoin if the Lummis-Gillibrand landmark legislation gets approved. The bill, which was introduced yesterday, needs to go through four committees in the Senate before being put to a vote on the Senate floor. “In terms of the relationship between the current use case [of cryptocurrencies] and the energy consumption from mining, I think there’s a pretty significant dislocation right now; and we need to remove that dislocation,” Behnam said in a live interview with The Washington Post on Wednesday. Bitcoin’s energy consumption has been debated fiercely since last year when Tesla stopped accepting payments in BTC for its electric vehicles a couple of month...