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Bitcoin continued to fall, triggered by the recent interview with SEC chief Gary Gensler. He talked about the industry and cryptocurrencies in general, but this time he seriously changed his tone saying: "Cryptocurrencies are a highly speculative asset class, the value of which in many cases is determined by nothing but the willingness of investors to pay." This goes far beyond his earlier statements, which suggests that the pressure from Fed and other officials who do not share the same sentiments on cryptocurrencies is quite high.
Gensler also noted that digital assets tend to rise and fall dramatically, without opening up anything new for investors. Thus, it is important to limit the negative impact of digital innovation on the stability of the US financial system. This is very difficult to oppose because it has long been clear to everyone that the new era of digital assets pushes the existing banking foundations, services and operating principles far into the bottom.
The SEC chief mentioned that the tasks of his department include protecting investors and ensuring the stability of the financial system, but this phrase occurs in almost every of his public interviews, which once again leads to the fact that regulation of crypto markets and exchanges cannot be done immediately and in the very near future. As such, outlook for Bitcoin and other tokens remains positive since interest in them also continues to grow.
On a different note, Coinbase recently announced that it is abandoning its plan to launch a credit and deposit program. The main driver of this decision was the threat of SEC that it will sue the company if it proceeds with the program
"Hundreds of thousands of clients from all over the country have registered with us, and we want to thank you all for your interest. We will not stop looking for ways to offer our customers innovative, proven programs and products, "said Coinbase.
Back in June, Coinbase introduced a lending program where users can earn interest on USD coins (USDC) at rates more than 50 times higher than traditional savings accounts. To be precise, users could earn a guaranteed 4% a year, which is not tied to the central bank's interest rate. Unsurprisingly, the SEC disagreed with this approach since the current interest rate in the US is 0-0.25%. It gave security as a reason why Coinbase should not launch the program, but more precise explanations were not provided.
Meanwhile, AMC Entertainment CEO Adam Aron asked users on Twitter if his cinema network should add Dogecoin to the list of cryptocurrencies it will accept for online payments. Aron confirmed last week that his company will accept Ethereum, Litecoin and Bitcoin Cash by the end of this year, in addition to Bitcoin for online payments.
Talking about Bitcoin, a lot currently depends on $ 42,580 because a break through it will result in a deeper fall to $ 37,300 and $ 33,800. But if investors manage to push the token to above $ 45,900, the rate will rise to $ 50,400 and $ 54,400.
In Ethereum, a lot depends on $ 3,000 because a break through it will result in a further drop to $ 2,700 and $ 2,400. But if investors manage to push the token above the level, the rate will rise to $ 3,330 and $ 3,700.
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