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SEC’s Chairman Gensler Takes Aggressive Stance on Tokens – Blockchain News, Opinion, TV and Jobs
Published
1 year agoon
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adminBy Marcus Sotiriou, Market Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK).
Bitcoin dropped below $23,000 over the weekend, after SEC Chairman Gary Gensler’s opinion on which tokens are securities within digital asset trading was made clear. He told the New York Magazine, “Everything other than bitcoin. You can find a website, you can find a group of entrepreneurs, they might set up their legal entities in a tax haven offshore, they might have a foundation, they might lawyer it up to try to arbitrage and make it hard jurisdictionally or so forth.” This infers that even though crypto founders might be using various legal methods to protect themselves, they still fall within securities laws.
If we look at the total number of tokens that Gensler seems to think need to be registered with the SEC within the digital asset trading market, it becomes larger than the entirety of all SEC-registered public companies, which is over 9,000.
I think we need to ask what is the SEC’s capacity to prosecute digital asset trading companies. If they were able to prosecute less than 500 companies, they will probably be losing ground relative to new tokens being created. Then, you have to prioritise prosecuting certain companies over others – how can do you determine this? Ultimately, Gensler’s opinion is not the law, and every case the SEC brings up has to be proven in court. The longer this uncertainty is in limbo though, the worse it is for the whole industry.
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Bitcoin
Bitcoin Just Entered a ‘Second Danger Zone,’ Warns Crypto Analyst – Here Are His Targets
Published
4 hours agoon
April 27, 2024By
adminA cryptocurrency analyst and trader is warning that Bitcoin (BTC) may see another move to the downside in the next two weeks.
The analyst pseudonymously known as Rekt Capital tells his 74,300 YouTube subscribers that the current Bitcoin correction may be mirroring its 2016 halving price action when BTC witnessed two corrective waves: one before the halving and another after the halving.
According to the analyst, the historical precedent suggests that it is within the realm of possibility for BTC to witness another pullback within weeks after the most recent halving.
“If you look at these halving retraces, a small portion of them occur before the halving. But the majority of these pullbacks and consolidation periods occur after the halving…
In 2016, we had a slightly different scenario where 28 days before the halving, we saw this pre-halving retrace kick start… Pre-halving we already saw that initial downside wick that crashed. But after the halving, we saw additional downside so in effect, this danger zone did not just end before the halving. It extended a few more weeks after the halving…
If we think about the pre-halving danger zone 1714206893, we need to also potentially factor in or at least consider a potential danger zone after the halving – so, a second danger zone.”
The pseudonymous analyst says that based on historical price action, Bitcoin could trade within the post-halving danger zone until next month.
“So if the halving was last week then technically we have a three-week window of 21 days… Maybe even less than that right now because it’s the [27th] of April…
So just over two weeks left for this post-halving danger zone based on historical tendencies in 2016 for this post-halving danger zone to come to full fruition.”
According to Rekt Capital, Bitcoin’s current support zone at around the $60,000 price could prove to be enduring if it holds over the next couple of weeks.
“It’s about these next two weeks, these two pivotal weeks. Can we continue to hold on at the range low here [around $60,000]? And if we do within the next two weeks, then that gives us a fair degree of confidence that maybe, just maybe, this re-accumulation range low is going to continue to hold.”
At time of writing, Bitcoin is trading for $62,871, down over 3% in the past day.
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Bitcoin
Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead
Published
8 hours agoon
April 27, 2024By
adminIn a controversial report, Forbes unveiled a list of 20 “crypto billion-dollar zombies,” Layer 1 (L1) tokens, which the news outlet defines as crypto assets with substantial valuations but “limited utility beyond speculative trading.”
These cryptocurrencies and projects include Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others.
XRP And Ethereum Classic In The Spotlight
Ripple Labs, the company behind XRP, was highlighted as a prominent crypto zombie. Despite XRP’s active trading volume of around $2 billion daily, Forbes asserts that the token’s primary purpose remains “speculative” and “lacking meaningful utility.”
However, Ripple Labs and XRP are not alone in this regard. Forbes reveals that 50 blockchains, excluding Bitcoin (BTC) and Ethereum (ETH), currently trade at values surpassing $1 billion, with at least 20 of them classified as “functional zombies.” Collectively, these 20 blockchains hold a market value of $116 billion, despite having “limited user bases.”
According to Forbes, an example of a “functional zombie” is Ethereum Classic, which maintains the distinction of being the original Ethereum chain.
While ETC has a market value of $4.6 billion, its fee generation in 2023 was less than $41,000, raising questions about the blockchain’s viability for the news organization.
Another crypto project in Forbes’ report is Tezos, which raised $230 million through an initial coin offering (ICO) in 2017.
Tezos’ XTZ token currently holds a market capitalization of $1.2 billion. However, the blockchain’s fee earnings were meager, with $5,640 in February 2024 and a total of $177,653 for all of 2023.
Algorand, once hailed as an “Ethereum killer” due to its capability of processing 7,500 transactions per second, faces similar challenges.
Despite a market cap of $2 billion and a treasury holding of $500 million, Algorand earned $63,000 in blockchain transaction fees throughout 2023. For Forbes, this casts doubt on its actual adoption and utility.
Crypto ‘Zombie’ Blockchains
The zombie blockchains are categorized into two groups by Forbes: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum.
Spin-off zombies include Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic.
These blockchains, collectively valued at $23 billion, reportedly emerged from “disagreements” among programmers regarding the governance and direction of the original chains.
Forbes notes that when such conflicts arise, hard forks occur, resulting in new networks that share the same transaction history as their predecessors. The agency claims that their market value “often exceeds” their real-world usage.
Overall, The report highlights a growing disparity between the valuations of certain projects in the cryptocurrency industry and their actual utility and usage. Consequently, Forbes refers to these projects as “zombies.”
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Crypto Analyst Predicts Massive Move For Bitcoin, What’s The Target?
Published
16 hours agoon
April 26, 2024By
adminDespite BTC’s recent unimpressive price action, crypto analyst Doctor Profit has shared his bullish sentiment for Bitcoin and the broader crypto market. The analyst further suggested that a parabolic move was imminent and that crypto investors should position themselves accordingly.
Crypto Market Preparing For A “Third Industrial Revolution”
Doctor Profit mentioned in an X (formerly Twitter) post that the crypto market “is preparing itself for the third Industrial Revolution,” thereby hinting at a trend reversal for Bitcoin and altcoins soon enough. “Be part of it, or regret for [a] lifetime,” the crypto analyst added as he warned crypto investors of missing this market rally.
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In a previous X post, Doctor Profit gave an idea of what to expect from the crypto market (Bitcoin in particular) when it makes its next leg up. He stated that the flagship crypto will rise to $84,000 after it is done trading the sideway range between $60,000 and $72,000. In another X post, he claimed that the super cycle will start after Bitcoin hits $72,000.
Meanwhile, Doctor Profit suggested that the price corrections experienced were normal and usually occur in each crypto cycle. He further remarked that the 10 to 20% price fluctuations weren’t big moves. His statement echoes the sentiment of Alex Thorn, Head of Research at Galaxy Digital, who previously warned that bull markets weren’t “straight lines up.”
Bitcoin Is In The Re-Accumulation Period
In a recent X (formerly Twitter) post, crypto analyst Rekt Capital confirmed that Bitcoin is currently in the Re-Accumulation phase, which occurs after the Bitcoin Halving. He further noted that the goal now “is for Bitcoin to move sideways to catch a breather, for the market to cool off after [a] fantastic Pre-Halving price performance.
According to Rekt Capital, this Re-Accumulation period can last for multiple weeks “and even up to 150 days.” The analyst revealed that once this period is over, Bitcoin will experience a breakout from this sideways range, followed by a parabolic uptrend.
This uptrend phase is said to last for over a year. However, with the probability of this being an accelerated market cycle, Rekt Capital remarked that the duration for this uptrend could be cut in half. Crypto analysts like Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, predict that the flagship crypto will rise as high as $100,000 when that time comes.
At the time of writing, Bitcoin is trading at around $64,360, up in the last 24 hours according to data from CoinMarketCap.
BTC bears pull down price | Source: BTCUSD on Tradingview.com
Featured image from Kapersky, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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