Monat: Juni 2022

The cryptocurrency is recovering after a poor start to the day, with most coins still in the red zone.

The cryptocurrency market has had a poor start to the day. The market was down by more than 2% earlier today but is slowly recovering and is only down by 1.25% at the time of this analysis. 

The total cryptocurrency market cap stands above $950 billion. The bulls could look to push this past the $1 trillion mark in the coming days if last week’s momentum can be repeated.

Bitcoin, the world’s leading cryptocurrency, is down by 1.3% in the last 24 hours. The coin dropped below the $21k psychological level a few hours ago but has bounced back and now trades above $21,100.

The bulls have been able to keep Bitcoin above the $20k mark over the past few days. It dropped below $18k earlier this month but has maintained its value above $20k since then.

Key levels to watch

The BTC/USD 4-hour chart is neutral as Bitcoin has slightly underperformed over the past 24 hours.

The MACD line is around the neutral zone, indicating that Bitcoin is neither bullish nor bearish at the moment. The 14-day relative strength index of 51 shows that Bitcoin is no longer in the oversold region. However, it is also some way off from entering the overbought territory.

If the bulls continue to push harder, BTC could cross the first major resistance level at $21,519 before the end of the day. However, it would need the support of the broader market to move past the $22,899 resistance level for the first time in a week.

The broader market is still bearish, and this could see BTC lose its $20,500 support level in the coming hours. A drop below $20,500 could push Bitcoin below the $20k level for the second time in less than a week.

The post Bitcoin maintains its price above $21k as the market slowly recovers appeared first on CoinJournal.

There is no precise regulation of cryptocurrencies in the United States at the moment, but regulators are focusing their attention on the industry.

Gary Gensler, the chairman of the Security and Exchange Commission (SEC), has pointed out that he believes Bitcoin is the only security. He made this statement during an interview with CNBC on Monday.

When asked about the regulatory efforts by the SEC and the Commodity Futures Trading Commission (CFTC), Gensler said most cryptocurrencies fall under securities. He added that he believes only Bitcoin is a commodity. Gensler said;

“This is a highly speculative asset class. We’ve known this for a long time. The ups and downs of this speculative asset class. When people invest in bitcoin and hundreds of other crypto tokens, they hope for a return, just like when they invest in other financial assets. Many cryptocurrencies have the key attributes of securities, which means they fall under the SEC. Some, like bitcoin, and that’s the only one I’m going to say, are commodities.”

Gensler pointed out that there needs to be a collaboration between the SEC, the CFTC and the banking regulator to ensure that cryptocurrency investors are adequately protected. 

He complained that most tokens currently available in the cryptocurrency market are non-compliant with the financial regulators in place. 

The SEC chair was also asked about stablecoins. Stablecoins have become a hot topic within the financial ecosystem. The recent collapse of the UST stablecoin has seen regulators in various parts of the world turn their attention to stablecoins.

Gensler pointed out that work needs to be done around stablecoins. He added that banking regulators need to ensure that the investing public is protected from stablecoins. He stated that;

“There’s a lot of risk in crypto, and there’s also a lot of risk in classic securities markets. In the U.S, we have market regulators like the CFTC and the SEC to help protect the public against fraud and manipulation in the markets.”

Bitcoin has dropped below $21k after losing more than 1% of its value in the last 24 hours.

The post Bitcoin is a commodity, says SEC’s Gary Gensler appeared first on CoinJournal.