The United States Securities and Exchange Commission (SEC) announced two new offices in addition to the seven present to facilitate exclusive support in reviewing issuer filings. Aimed purely at dealing with crypto assets, one of the two new offices is meant to be the regulatory body’s solution to the increasing influx of crypto issuers in the country.
The two new offices – an Office of Crypto Assets and an Office of Industrial Applications and Services will function under the Division of Corporation Finance’s Disclosure Review Program (DRP) and specialize in “providing a focused review of issuer filings,” the SEC stated.
The authority also confirmed that the Office of Crypto Assets would continue the work performed across the DRP to review filings involving crypto assets.
Assigning companies and filings to one office will enable the DRP to focus its resources and expertise better to address the unique and evolving filing review issues related to crypto assets, it added.
Renee Jones, director of the Division of Corporation Finance SEC, explained that the rate of growth of cryptocurrencies had shown the need to provide greater and more specialized support in the DRP’s Office of Finance. She elaborated:
“The creation of these new offices will enable the DRP to enhance its focus in the areas of crypto assets, financial institutions, life sciences, and industrial applications and services and facilitate our ability to meet our mission.
Last week SEC Chairman Gary Gensler said that he had instructed the SEC staff to work directly with entrepreneurs to get their tokens registered and regulated, where appropriate, as securities.
The other new office- the Office of Industrial Applications and Services, will focus on non-pharma, non-biotech, and non-medicinal products from the Office of Life Sciences.
Bitcoin price has had a tough performance in 2022. After soaring to an all-time high of near $70,000 in 2021, the price has collapsed to about $20,000. This means that it has fallen by more than 68% from its all-time high. So, should you buy the BTC dip?
Why has BTC dipped?
There are several reasons why Bitcoin price has crashed hard in the past few months. First, Bitcoin crashed because of the falling fiscal monetary in the United States. Unlike in 2020 and 2021, the American government has not announced any major fiscal stimulus policies. In 2021, the country provided trillions of dollars in fiscal stimulus, some of which ended in Bitcoin.
Second, the BTC price crashed because of the actions by the Federal Reserve. After keeping interest rates extremely low for years, the Fed embraced an extremely hawkish tone this year. It has hiked interest rates by 225 basis points this year and started reducing its balance sheet.
In most periods, risky assets tend to underperform in a period of high-interest rates. Indeed, the three top American indices like the Dow Jones, Nasdaq 100, and S&P 500 have all moved into a bear market as stocks slip. Similarly, other popular assets like gold and silver have also pulled back.
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Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
Meanwhile, it seems like demand for Bitcoin has dropped sharply recently. For one, on-chain data shows that the level of activity in the network has been falling. In addition, results from companies like Block and Coinbase showed that the number of Bitcoin traders has been falling.
So, should you buy the Bitcoin dip? In my view, I believe that one can start buying this dip using a dollar-cost averaging technique. For one, it seems like the coin is forming a double-bottom pattern. Also, there are signs that inflation is easing, which will see the Fed start slowing its hikes in the coming months.
Bitcoin price prediction
The four-hour chart shows that the BTC/USD price is forming a double-top pattern, whose floor was at 17,708. In price action analysis, this pattern is usually a bullish sign. At the same time, the accumulation and distribution indicator has moved slightly upwards.
Therefore, there is a likelihood that the coin will start rising as long as bulls are able to remain above the key support at $17,708. However, as I wrote on Friday, a drop below this support will see the coin crash to below $13,000.
Cardano price has made a spectacular recovery in the past two weeks as investors wait for the upcoming Ethereum Merge. It has rallied from August’s low of $0.4248 to a high of $0.5244, giving it a market cap of over $17 billion.
Why is ADA recovering?
Cardano is an Ethereum-killer that aims to be the leading platform for building apps in decentralized finance (DeFi), non-fungible tokens (NFT), and the metaverse. Developers started building on its platform in 2021 following the Alonzo hard fork.
In the past few months, the number of developers building on Cardano has been rising. According to its website, there are now over 1,000 developers building apps in all sectors. However, it appears that the network has not had substantial success.
For example, its DeFi ecosystem now has a total value locked (TVL) of about $192 million, making it smaller than other newer blockchains like Cronos and Avalanche. MinSwap, which has a TVL of $48.8 million, has a market dominance of 53%.
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The next key catalyst for Cardano price will be the upcoming Vasil hard fork that will happen in September. This will be an important fork that will make the platform substantially faster and more accommodating to developers. There is a likelihood that ADA price will continue rising toward this hard fork.
Meanwhile, like all cryptocurrencies, ADA price will also react to the upcoming Ethereum Merge. Merge is a transition that will see the network move from a proof-of-work (PoW) into a proof-of-stake (PoS). Historically, the price of cryptocurrencies tend to move in sync.
Another key catalyst that will affect the price of Cardano will be the actions of the Federal Reserve. With inflation slipping, there is a likelihood that the Fed will start slowing its aggressive rate hike in the coming months.
Cardano price prediction
The four-hour chart shows that Cardano price has been in a strong bullish trend in the past few weeks. It has moved above the important resistance level at $0.4823, which was the highest point on 26th August. It was also the upper side of the ascending triangle pattern.
Meanwhile, ADA price has also moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral point. It has also invalidated the double-top pattern, which is usually a bearish sign.
Therefore, there is a likelihood that Cardano will continue rising in the near term as buyers target the key resistance at $0.5947, which is about 17% above the current level. Therefore, there is a likelihood that Cardano will keep rising ahead of merge and Vasil hard fork.
In its most recent SEC filing, business intelligence software company MicroStrategy has revealed its intention to buy more Bitcoin, Bloomberg reported yesterday. With over 129,000 BTC in its possession, MicroStrategy is already the largest corporate shareholder of Bitcoin.
The prospectus, filed on Friday, stated that MicroStrategy has entered into an agreement to sell $500 million in shares of Class A common stock to investment bank Cowen & Co.
Despite the uncertainties and fluctuations in the Bitcoin market, the firm intends to continue to pursue its goal of acquiring more BTC:
“We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement.”
While no specific date was provided for the sale, the firm also added that it aims to retain future earnings for either the purchase of additional Bitcoin or the development of the software business.
As recently shown by Bitcoin Treasuries data, MicroStrategy’s BTC reserve has dipped to nearly $2.8 billion. This could be a motivator for the firm’s intentions to buy the dip.
Bitcoin traded below $20,000 last week, a steep decrease from its all-time high of $68,789 in November 2021. Further wild fluctuations in the price of Bitcoin could impact its decision on future holdings, the firm explained:
“Future fluctuations in Bitcoin trading prices may result in our converting Bitcoin purchased with the net proceeds from this offering into cash with a value substantially below the net proceeds from this offering”
The company further stated that it may sell Bitcoin to generate cash for “treasury management and other general corporate purposes.” However, it has no plans to trade derivative contracts with its holding. The firm will continue to monitor market conditions to determine its further steps.
In August, MicroStrategy co-founder Michael Saylor stepped down from his position as CEO to focus on his advocacy efforts on Bitcoin holding.
Despite many predictions that the cryptocurrency market could be headed lower, it shows remarkable resilience. Buying volumes are rising, and Bitcoin is rallying back to $20k after slipping to $18k. However, it is altcoins that are showing the most promise at the moment, with some of them currently making double-digit gains. If this trend continues, then this could be an excellent time to start buying into high-potential altcoins that could rally for the better part of September. With this background in mind, let’s look at some of the altcoins that can easily 3X in September.
Terra Classic (LUNC)
Terra Classic (LUNC) is making headlines at the moment for its meteoric rise recently. In the last 7-days, Terra Classic has been up by over 80%, and the momentum continues to rise. Terra Classic is likely to keep going up in value because of the accelerated coin burn it is going through at the moment. This means Terra supply is dropping fast, even as demand continues to rise. With FOMO building up now that LUNA is back in the top 50 cryptocurrencies, there is a good chance that this cryptocurrency could easily 3X, or more, within the month.
As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:
1. Buy ETH on a regulated exchange or broker, like eToro ›
We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask
You’ll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and ‚connect‘ your wallet to it.
4. You can now swap your ETH for LUNC
Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.
Cosmos (ATOM)
Cosmos (ATOM) has been gaining momentum fast in the last 24 hours. ATOM is up by over 10% in this period, and upside momentum is rising. ATOM is supported by increased bullish momentum across the market and its internal fundamentals driving its adoption. Recently, Cosmos introduced the Interchain Developer Academy. This aims to increase the number of people building on the Cosmos network. However, in the very short term, the broader market momentum and the various airdrops are likely to give ATOM a boost in value. With growing momentum at a time when Bitcoin is still sluggish, FOMO could easily see ATOM 3X by the end of the month.
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Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
Shiba Inu (SHIB) is yet to gain momentum this week, but all odds seem to be in its favor it the broader market continues going up. One thing that gives Shiba Inu an edge in the short term is the accelerated token burn that has taken place over the last few weeks. Hundreds of millions of Shiba Inu are being burned every day, a factor that could see Shiba Inu rally due to supply and demand factors. At the same time, the fact that SHIB is pretty cheap makes it easily accessible to small investors looking to buy into crypto and take advantage of the next cryptocurrency bull run. A combination of shrinking supply, and an attractive price, makes SHIB a cryptocurrency with the potential to 3X in the month. It could be a perfect buy now that it is still consolidating.
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Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
