Day: June 17, 2023

The SEC Stabilization Act seeks to fire SEC Chair Gary Gensler and redistribute power within the agency, while BlackRock applies for the first spot Bitcoin ETF in the U.S. Amidst these developments, the crypto market continues to evolve and face uncertainties, highlighting the importance of staying informed.

Litecoin recently experienced an 8% price increase, fueling speculation about reaching the $1,000 mark by 2023. However, market conditions indicate this is unlikely. Instead, investors could explore alternatives like Wall Street Memes’ viral $WSM coin, which amassed over $8 million in a few weeks.

Binance USD’s market cap recently dipped over $1 billion, amid challenges including a Wells Notice, NYDFS order to halt issuance, and an SEC lawsuit. This raises questions about the future of dollar-pegged stablecoins and regulatory influence on their operations and adoption.

The crypto market shows signs of recovery as the U.S. inflation rate cools and the Fed abstains from raising interest rates. Leading cryptocurrencies report nominal gains, while Binance faces legal battles with the SEC. Key events this week include discussions on central bank digital currencies and support for a draft bill to regulate cryptocurrencies, indicating that regulatory debates play a crucial role in shaping the future of the crypto market.

On June 14th, the XRP price experienced a significant decrease, finding support at the long-coming support trendline. Lower price rejection candles demonstrate increased demand, potentially initiating a recovery. However, uncertainty remains due to a narrow trading range, and traders should closely monitor market signals before making investment decisions.

Dogecoin experienced a sell-off on June 10th, forming a long-tail rejection candle at the base support of its falling channel pattern, signaling a potential increase in demand pressure. A breakout above the $0.063 resistance level could trigger a relief rally, but market indicators imply ongoing uncertainty and instability. Traders must closely monitor developments before investing.

BlackRock’s iShares Bitcoin ETF application with the SEC differs from Grayscale Bitcoin Trust (GBTC) due to its redemption feature, which seeks to closely track Bitcoin’s spot price. The case’s outcome could shape Bitcoin investment products’ future and market sentiment.

The Ethereum price recently retraced 23.5% to a long-anticipated support trendline, with decreasing volume hinting at a possible bullish reversal. Accumulation at the critical trendline and a weekly long-tail hammer candle suggest a higher likelihood of a bullish reversal. However, investors should conduct thorough research before investing, as market conditions are subject to change.

The crypto market shows growth, rebounding from previous lows with an increased market capitalization of $1.05 trillion, amid oversold levels and prospects of the SEC approving the first Bitcoin ETF. Technical analysis suggests a recovery trend and anticipation around BlackRock’s Bitcoin ETF application, which could significantly impact the crypto market.

BlackRock’s filing for a Bitcoin ETF has sparked mixed reactions in the crypto industry. While some believe it could benefit existing trusts like Grayscale and pave the way for more ETF products, others question if the SEC will approve the application. BlackRock’s success could set a major precedent and significantly impact the US cryptocurrency ecosystem.

As interest rates rise, the Web3 space will contract, eliminating unfavorable actors and speculative projects. The industry must demonstrate resilience, build sustainable solutions, and prioritize security, stability, and practical utility over volatile, high-risk investments in the post-ZIRP world.

The crypto market faces uncertainty with Bitcoin showing a bearish trend of over 3% this week. Key insights from Santiment and Glassnode reveal a rise in BTC whale transactions, while Bitcoin’s Spent Output Profit Ratio faces difficulty. Analysts emphasize the importance of Short-Term Holder Cost-Basis and thorough market research for investors.

The Bitcoin price found support at $25,000, sparking a 7% increase in market value within three days. The current decline follows a falling wedge pattern, and a breakout could indicate a resumption of recovery, potentially propelling the price to reach $30,000. Market sentiment during the second half of June may also influence price trajectories.

Delio, South Korea’s leading crypto lending company, recently suspended withdrawals amid the Lugpool scandal. CEO Jeong Sang-ho plans to gradually resume withdrawals, but uncertainties linger due to Haru Investment’s ongoing bankruptcy procedures. Delio aims to secure capital and normalize operations, highlighting the importance of thorough market research before investing in cryptocurrencies.