The US dollar is losing momentum and causing the market to decline. Is this a healthy pushback, or is something bigger at play?
BTC has dropped even further, hitting its lower target at $28k, and is now trading around $28,800.
The next support level will be crucial in determining the next push-up. If the support does not
hold, we may see a retest of support at $27,800.
ETH has also dropped, reaching mid-support at $1920, but is now pushing back towards resistance
at $2020. There may be a possible pushback from resistance, leading to a new low of $1850.
XRP has dropped below $0.5 and is still falling toward its lower support line at $0.45. At the
moment, there is still no significant trading volume or buying pressure.
LINK is currently holding at its $7.7 support level, and it needs to continue doing so if the push
back is still ongoing. The next big resistance level to break is $8.
SOL is now trading at its $22 support level after a big drop, and it needs to hold if the pushback
toward $30 is still active. The next support level is in the mid-$20 range.
DXY is consolidating at 101.6 and preparing for its next leg up.
Crypto/stock daily news:
CONGRESS VS. GARY G.
We had ourselves an ultimate showdown yesterday, ladies and gents.
It was Gary Gensler (SEC Chair, crypto public enemy No. 1, etc.) vs. Congress. The reason for the brawl? How the SEC regulates the crypto industry.
The whole thing lasted ~3 hours, and since ain’t nobody got time for that (except us!) we rounded up the highlights for you.
Here ya go:
1. Gensler couldn’t (wouldn’t?) answer if ETH was a security
Listen, dodging questions has a time & a place. I’m an expert myself when my mom calls to ask if I’m flossing regularly.
But Gary took it to the next level. Senators asked him at least a half dozen times if ETH was a security, and Gary just pulled a: He said things like “it depends on the facts and the law” and “Mr. Chair, you would not want me to prejudge…”(Reminder that Gensler said in February that all tokens except Bitcoin are securities.)
So why does this matter? Because Gensler said over and over Tuesday that the space has all the clarity it needs to comply. But he couldn’t give a clear answer on how ETH should be regulated.
2. He thinks crypto laws are clear. Everyone else says otherwise.
Gensler thinks existing TradFi rules can work in regulating crypto.
So in his mind, the rules are clear – crypto is just choosing to be non-compliant.
The existing laws don’t mesh perfectly with crypto platforms. He’s even acknowledged that, as lawmakers pointed out in an open letter.
He still urges the industry to register with the SEC. Even though he hasn’t specifically explained to crypto firms how to comply.
That’s why some are worried the U.S. could fall behind in crypto innovation. Crypto companies could leave since it’s all so confusing.
Gary referenced that in the hearing:
“We’re trying to drive it to compliance, and if they’re not complying with the laws, then they should not be offering their products to U.S. investors.”
3. He’s all for a new regulatory framework for stablecoins though
One senator asked if he’d support Congress in drafting that up.
He said yes… only if the SEC/CFTC could still crack down on fraud.
4. One congressman is trying to oust Gary from the SEC
Rep. Warren Davidson intro-ed a bill last week that would remove Gary as SEC chairman. Homeboy’s not playin’ around…
And he brought it up at the hearing, too:
“Chairman Gensler, your record of failures to protect investors and abuses of power make it clear that we need to restructure” the SEC, Davidson said.
5. Gensler said he doesn’t own any crypto, including Bitcoin
Neither does his staff – SEC ethics rules prohibit it.
Crypto Twitter pointed out that that’s kinda like being a lifeguard without knowing how to swim though.
Especially because he taught a Blockchain and Money course at MIT before joining the SEC.
6. Gensler said it’s AI that’s the most transformative tech of our time, not crypto.
Did an AI bot force him to say that? Blink if you can hear us, Gary.
The Milk Road Take: The hearing did not make our boy Gary look good. Keep in mind, these things are always going to be total political theater.
But critics think the SEC is regulating crypto by enforcement. He didn’t do much to reassure them otherwise Tuesday.
Gary, you might want to stay off Twitter for a while…
The market is pushing back after big resistance hit. This is healthy for market and for next push-up.
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