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Why Is US SEC Chair Gary Gensler Accusing D.O.G.E Chief Elon Musk?
With just over a month left for his tenure at the office, US SEC Chair Gary Gensler has slapped a notice on tech billionaire Elon Musk by initiating an investigation into Neuralink, Musk’s brain-computer interface (BCI) company. Musk’s lawyer Alex Spiro has responded to this by putting out the details of the charges.
Gary Gensler Targets Elon Musk In A Neuralink Probe
The U.S. Securities and Exchange Commission (SEC) will be preparing for additional charges against Tesla Chair Elon Musk while also reopening an investigation into his neurotechnology company, Neuralink.
Musk’s lawyer, Alex Spiro, has responded to the SEC chair Gary Gensler in a letter shared on the social media platform X. The letter notes that the US SEC has given Musk a 48-hour deadline to accept the monetary settlement or face charges on “numerous counts”.
However, the securities regulator has failed to mention the exact nature of these charges while referring to a multi-year investigation by the agency. Additionally, the SEC has revived its probe into Neuralink, Musk’s brain-computer interface venture. Musk wrote: “Oh Gary, how could you do this to me?”
Calls for an investigation into Neuralink first surfaced back in 2023. Back then lawmakers raised concerns over Musk’s claims regarding the safety of the company’s brain implant technology. Slamming the SEC, Musk’s lawyer Alex Spiro said that the recent SEC actions are nothing but an “endless investigation campaign” targeting the billionaire entrepreneur.
US SEC Chair Gary Gensler holds a very bad reputation, especially in the crypto space, for his high-handed regulatory approach. Ripple CEO Brad Garlinghouse said that the company lost more than $150 million in a legal battle with the SEC because of Gensler.
Elon Musk’s history with the SEC includes a $20 million settlement in 2018 over his tweets claiming that Tesla would go private and that the necessary funding had been secured. Elon Musk also tasked his AI, Grok, with creating an illustration of SEC Chair Gary Gensler. The resulting image depicted a snail in a business suit, referencing Gary the Snail from SpongeBob SquarePants.
Asked @Grok to draw a picture of @GaryGensler. Very flattering, I think!
— Elon Musk (@elonmusk) December 12, 2024
Will Paul Atkins Transform Crypto
The crypto community has been celebrating Gary Gensler’s ouster calling it an end to the tough regulatory regime for the industry. All eyes are on incoming SEC chair Paul Atkins who is set to revive the SEC with friendlier crypto reforms.
“Under his leadership, the SEC may move away from aggressive tactics that prioritize headline-grabbing penalties over substantive outcomes,” wrote lawyers at US legal firm Anderson PC.
On the other hand, Elon Musk will be working at the Department of Government Efficiency (D.O.G.E) and has recently proposed measures to end US inflation with the focus on cutting the federal spending.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ethena price remains concerningly eyed by crypto market participants against the backdrop of a severe bearish trajectory. ENA erased nearly 4% in the past 24 hours, in sync with a renowned market maker dumping over $10 million worth of tokens. Thus, traders and investors anticipate additional short-term volatility in the coin, whilst it recently faced rejection at a key resistance of $0.48.
Ethena Price Gains Bearish Momentum, Here’s Why
On-chain data from Arkham Intelligence on March 22 signaled that market maker Amber Group deposited $10.35 million worth of ENA to Binance. Out of the deposits, $2.5 million worth of tokens were acquired from the same crypto exchange two weeks ago. This accumulation took place at an average price of $0.3979.
On the other hand, Amber Group received $7.85 million worth of coins from the Ethena Claim address. These tokens were received between April 2024 and July 2024.
For context, the market maker’s massive dump to Binance impacts a crypto’s supply dynamics. In turn, market participants expect short-term volatility in price. However, speculations of a bolstered movement also prevail as this endeavor will increase liquidity and trading volumes, thereby magnetizing investors.
Ethena Token Unlocks: Another Vital Barrier For Price?
Simultaneously, ENA tokenomics faces additional heat amid massive token unlocks recorded this month. Notably, Cryptorank’s data flagged 2.06 billion coins, worth 13.9% of the total supply, unlocked on March 5.
Meanwhile, 94.19 million coins, worth 0.63% of the asset’s total supply, were unlocked on March 2. These unlocks substantially increase the asset’s market supply, negatively impacting demand and price sentiments.
Another massive unlock of 94.19 million coins is set to occur on April 2. Further, 171.85 million tokens will be unlocked on April 5. As a result, traders and investors reflect highly concerning sentiments surrounding Ethena price action ahead as the supply inflates.
How Is The Crypto Delivering As The Month Ends?
At the time of reporting, Ethena price crashed nearly 4% and exchanged hands at $0.3581. The coin bottomed and peaked at $0.3497 and $0.3763 in the past 24 hours. Notably, the waning price action comes in sync with Amber Group’s massive dump to the top crypto exchange.
Whereas, the weekly and monthly charts show a dip of 1% and 11%, respectively. The broader slumping action falls in line with the massive token unlocks mentioned above.
Renowned market trader and analyst Sjuul/AltCryptoGems took to X, revealing that ENA again faced crucial resistance at $0.48, slamming the chances for a pump ahead. “If bulls fail to defend this demand, it would be a pretty bad sign,” the analyst concluded amid bearish dynamics taking over.
Additionally, an Ethena price prediction by CoinGape indicated that the crypto’s 3-month bias indicator is tilting in favor of bears. This has further pushed traders and investors to take a cautious trading approach on the token.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin (BTC) price volatility is slowing down as the coin’s capitulation continues. At the time of writing, Bitcoin’s price was changing hands for $84,278.83 as it pared off the losses accrued in earlier trading. At this pace, the question now hinges on whether BTC can form sustainable support at the $84,000 price mark or whether further drawdown lies ahead.
Core Bitcoin Price Metric to Watch
According to Glassnode data, BTC Short-Term Holders (STH) are under increasing pressure. This group’s unrealized losses have surged, pushing many STH coins into losses. As revealed, their holdings are now nearing the two-standard deviation threshold.
Despite this outlook, the data platform hinted that losses remain within historical bull market bounds. Specifically, it noted that these losses are less severe than the May 2021 sell-off from the all-time high. Glassnode said the rolling 30-day losses for STH have topped $7 billion. It confirmed that “this remains well below prior capitulation events, such as the $19.8B and $20.7B losses in 2021-22.”
BTC price jumped to an ATH above $109,000 in January but has since dropped by 22.79%. While experts predicted a drop of over 35%, the limited loss from holders can form a good rebound basis.
BTC Price Bottom In, Here Are Triggers for Rally
Over the past week, Bitcoin has rallied within very tight price ranges, from a low of $81,300 to a high of $87,320. Some market observers believe the coin has attained its floor price and might be set for a rebound.
While firms like Strategy have kept Bitcoin purchase plans alive with Strife’s perpetual stock offering, the Global Money Supply M2 also lays a positive basis for growth. With the current outlook, the projection that the $83,00 level is the BTC price floor is resounding among analysts.
The shift in regulation and the backing of Bitcoin by President Donald Trump creates a tailwind for the coin’s proponents. At the Digital Asset Summit earlier this week, President Trump reiterated the plan to make the US the crypto capital of the world.
Several government agencies have shifted their policies in this regard, which might attract investors in the long term.
How High Can Bitcoin Valuation Rise?
Despite the slowdown in growth in recent weeks, many market leaders are still confident in the coin’s prospects. As reported earlier by CoinGape, Bitwise CIO Matt Hougan maintained the price target of $1 million by 2029. He cited a longer-term reaction to macroeconomic uncertainties as the basis for his prediction.
While this Bitcoin price prediction appears lofty, others believe Bitcoin may cross $200,000 once the bull rally returns. With spot Bitcoin ETF hype and other growing institutional adoption, BTC price has an arguably bright future.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Despite the recent attempt by the bulls, Ethereum price has struggled to regain past $2,000 levels recently. Market analysts believe that there’s enough possibility that ETH could see another 50% drop to $1,000 as some early ETH whales resolve to heavy profit booking.
Ethereum Price Struggles to Regain $2,000
Amid the overall market uncertainty, Ethereum continues to face some selling pressure as bulls fail to regain control over $2,000 levels. Crypto analyst Ali Martinez has stated that investors should maintain caution before building fresh positions in ETH.
“Ethereum hits $2,000. Cool, but zoom out! The big picture is brewing something bigger,” Martinez stated. As per the below chart shared by Martinez, if bulls fail to hold the Ethereum price above $2,050, it risks further falling to the next support at $1,500, and even below all the way to $1,095 levels, per his recent ETH price prediction.
As of press time, the ETH price is trading 2.26% down at $1,973 with its daily trading volume dropping over 40% to $12.21 billion. Furthermore, the ETH futures open interest has also dropped 4% under $20 billion. A recent ETH price prediction also hints that the crypto will hover near $2K for some time ahead.
Early ETH Whale Sells 34,125 Coins
Blockchain analytics platform SpotonChain reported that a major ETH whale appears to have secured a massive profit of $65.66 million, marking a staggering 4,156% return on investment. The whale’s holdings date back to March 2017 when they acquired the ETH from platforms like Changelly, Bitfinex, ShapeShift, and Binance at an average cost of just $46.3 per token.
The whale, identified as “0x086,” deposited its entire ETH holdings of 34,125 ETH to crypto exchange Coinbase a few hours ago. This transaction happened at an average Ethereum price of $1,970.
Currently, the ETH whale activity remains mixed as some big players are moving it from exchange and moving it to staking to earn the extra yield. These are specifically the long-term ETH holders holding with diamond hands.
BlackRock Explains Why Ethereum ETFs Are Struggling
Despite Ethereum price eyeing a relief rally past $2,000, there’s no major relief for spot Ethereum ETFs. The outflows have continued through March 2025 so far, highlighting a major drop in institutional sentiment.
While speaking at the Digital Asset Summit (DAS) in New York City, BlackRock’s head of digital assets Robbie Mitchnick explained the real reason behind this fall. Mitchnick suggested that the ETFs could have performed better if they had included staking, noting that the absence of this feature made the launch “less perfect.”
“A staking yield is a meaningful part of how you can generate investment return in this space. And all the [Ether] ETFs, of course, at launch did not have staking,” he said.
On Thursday, crypto asset manager Bitwise filed a proposal to introduce staking on Ethereum ETFs. The New York Stock Exchange (NYSE) has proposed amendments to allow the listing and trading of shares for the Bitwise Ethereum ETF, incorporating staking capabilities.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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