CPI comes bad, but crypto holds and makes pump and back to up channel.
BTC after CPI break resistance and show strength to push more up. Break into 23k resistance zone
and consolidating over 22k will show strength to next leg up.
ETH hold and push aboce 1530$ resistance and show strength for next leg up. Will follow market in
XRP finally shows some strength and push into the resistance line 0.39$. Trade with small leverage still
could be a bull trap.
LINK is pushed back from 7$ resistance and looking for the next leg down for support. Still consolidating
under 7$. Dangerous to trade, enter long only if hold above 7$.
SOL break above 22$ support and if holds we could see the next leg up. The next target is 24$ good long
setup with tight stop loss.
DXY holds support and now pushing into 103.8 resistance if broke we could see next leg up to 105
Crypto/stock daily news:
ALL EYEZ ON BUSD
You thought regulators would give us a chance to breathe after the Kraken staking shutdown?
Yesterday, the New York Department of Financial Services (NYDFS) announced it’s cracking down
on Paxos, a stablecoin issuer.
Here’s everything you need to know:
Paxos has been directed by the NYDFS to stop minting new BUSD tokens. BUSD = Binance USD. It’s
the 3rd largest stablecoin (Note: It’s named after Binance, but it’s wholly owned and managed by
Paxos. Confusing, I know)
The existing BUSD remains fully backed and will be redeemable through February 2024. Paxos will
continue to manage BUSD dollar reserves, which are always backed 1:1 with U.S. dollar-denominated reserves. (So don’t worry, if you have BUSD it isn’t gone)
Paxos has ended its relationship with Binance. And just like that, the 5-year stablecoin marriage is
But wait! There’s more… According to a WSJ report, the SEC has issued a Wells notice to Paxos and
will be suing the stablecoin issuer for selling BUSD tokens as an unregistered security.
A Wells notice is a letter that tells companies the SEC is going to take action. It’s a warning that
things are [not] Well.
Why this matters: This is big because regulators are now coming after the largest cryptocurrencies
and the SEC is claiming that a stablecoin can be categorized as a security.
You see, Gary Gensler (the head of the SEC) is a lot like that one friend that’s always too scared to
go up to a girl at a bar, so his friend always does it. But instead of checking out girls, Gary checks
out companies that sell assets. And instead of telling them they’re cute, he tells them whether
they’re security or not.
Now Gary’s got his eyes set on BUSD. And if this claim that it’s a security holds, it could set a big
precedent & impact how the future of crypto is (or isn’t) built.
After bad CPI results Crypto show strenght and hold at support. Now strenght in crypto is coming
back but trade with care and long only at support. Still dangerous to trade with big leverage.
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