In one of the few times Gary Gensler has expressed his most direct views on the cryptocurrency market since taking office, the new chairman of the SEC finally came out to comment in the early morning hours amid the recent raging bullish performance of the cryptocurrency market.
Gary Gensler, chairman of the SEC, asked Congress to make some key decisions on cryptocurrency regulation, commenting, “This marketplace for crypto assets, with a market cap approaching $2 trillion, could benefit from better investor protection. I think only Congress can really address this issue and would do well to consider whether to bring greater investor protections to cryptocurrency exchanges. Currently, there is no regulatory framework in the SEC or CFTC for trading on these exchanges. There is currently no market regulator around these cryptocurrency exchanges, so there are effectively no protections against fraud or manipulation.”
As we have mentioned before about this issue, the U.S. regulators will certainly take appropriate regulatory measures for cryptocurrencies, but since cryptocurrencies are a completely different market, it is bound to be less than sound for the regulators to adopt the same management approach as other financial markets or exchanges to manage this market, and at the moment, according to the SEC chairman, it seems that they are not currently finding a more appropriate regulatory This is rather awkward, the whole market is currently waiting for the regulatory wind, the result of the SEC said this question they will not do.
However, from the mouth of Gary Gensler, we can learn that the SEC or the entire U.S. regulators are really paying more and more attention to the cryptocurrency market, otherwise they would not be so torn about the regulation of the market, after all, the current market has a market value of 2 trillion dollars, which is already one-fifth of the gold market. Increase.
No specific regulatory rules have been set and no organizations continue to enter the cryptocurrency market, such as Goldman Sachs and Citi.
Investment bank Goldman Sachs is launching a no principal delivery forward (NDF) service for investors, a derivative pegged to the price of bitcoin and paid in cash. The bank will protect itself from volatility by trading CME bitcoin futures in block trades, with Girard-Perregaux (Cumberland DRW) as its trading partner.
And Citi is also under consideration, with Citi’s global head of foreign exchange trading, Itay Tuchman, saying the bank has not yet made a decision on whether to offer cryptocurrency-related services to clients, but he said trading, custody and financing are all under consideration. tuchman said, “We should not do anything that is not safe and healthy. We will enter (the cryptocurrency market) when we are confident that we can build a product that is beneficial to our customers and that regulators can support.”
As more and more traditions enter the cryptocurrency market, this market will become more and more important in the minds of regulators, and there will be no bias towards a one-size-fits-all approach when considering regulatory tools, and arguably, the cryptocurrency market will become safer and safer.
Here again, we can see that the first choice of these institutions to enter the cryptocurrency market is basically Bitcoin and at most one more ETH, while other cryptocurrencies are basically rarely the object of consideration for these institutions.
So the recent market raging bull market still needs to have bitcoin as support, but now bitcoin obviously can’t go up, on the one hand, the current good for bitcoin itself is not stimulating enough to directly pull up the price of the currency. On the other hand, there are too many long orders in the current contract market, and the bankers won’t just let the price of the currency pull up.
Based on this situation we can conclude that if bitcoin does not pull up, the higher the other mainstream coins pull up the greater the risk, the mainstream coins rise is a liquidity transfer problem, if bitcoin rises, it will suck the liquidity of the other mainstream coins, when the time will still fall. In short next if bitcoin wants to open the next wave of gains, at least will usher in a wave of adjustment, on the one hand, the contract market long and short positions to adjust to a balance, on the other hand is to make liquidity flow back, after bitcoin is expected to open the next wave of gains.
Back to the market, the market at eight o’clock in the morning after a wave of high then fell into a retracement, the lowest fell to $ 55,000 near the current is temporarily back to $ 56,000 above, from the last two will bring $ 55,000 near the market rebound performance, this position has some buying support.
From the medium-term trend is currently not to worry about, last week’s weekly level adjustment to the Boll near the middle rail, last week directly a big positive pull up, this week a slight pullback over but is now also successfully pulled up, is still in the long trend, from the average line is also in all levels above the average line.
In fact, the recent market is basically the extent of per capita analysts, especially everyone’s hands took a long time coins, have not bad rise, we can do just in the general direction of mastering some, on the other hand, it slightly remind you of the risk, so that everyone in such a hot market to keep a trace of sobriety.
Although it is currently the other mainstream coins rising, bitcoin looks like it is dragging its feet, but even if you do not trade bitcoin you have to pay attention to the trend of bitcoin, because other coins up bitcoin may not rise, but when bitcoin falls, the other coins are likely to fall.
Intraday support is concerned about the daily Boll mid-rail near $55,000, and the pressure level above is first at $57,000.
ETH: ETH in recent days to go although relatively subtle, but still continue to break new high state, yesterday is the first breakthrough of $ 3600, the strength of today’s rebound also looks okay, the last two days is independent of the market slightly for a slow. Just this wave pulled up without a decent retracement, the next time if you accelerate up again should pay attention to some.
The reason for the recent ETC rise we also said, mainly because ETH next may have POS to POW, so the original part of the ETH miners are afraid that there is no POS to dig in the future, so they turn to ETC, which is a short-term good expectation to cash, long-term words or take it easy.
The three major platform coins are relatively divergent, like BNB is mainly following the trend of the market, the short-term is based on a small retracement, while OKB retracement in the past few days is relatively large, today once retraced to near $30, the retracement range is close to one-third, after the previous rush high, above the profit-taking disk fled a lot, HT is also the same, but the HT side of the HRCO node selection officially opened, so today is a small wave of counter-trend rebound, OKB and HT can continue to focus on the later.
DeFi: When the liquidity within the market is attracted by the old mainstream coins, DeFi is currently not much favored, but two days ago SUSHI has begun to power up, DeFi’s story still has something to tell, just stay tuned.
DOT: The current activity is still not enough, and the signs of flight after the rush high are too obvious, it is still recommended to wait for a wave of retracement.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/bitcoin-regulatory-issues-hard-to-beat-secdoes-not-affect-financial-giants-continue-to-enter-the-market/
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