All core devs – execution (ACDE) call recap by Tim Beiko
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CRO, the native token of the Cronos blockchain, an open-source, interoperable, and Cosmos-based platform, a centralized crypto asset exchange, is steady despite some community members fearing that the United States Securities and Exchange Commission (SEC), the primary securities regulator in that country, could soon target Crypto.com, the crypto exchange and developer of the blockchain. CRO Stabilizes Despite Fears The SEC Might Sue Crypto.com As of writing on June 8, CRO is trading at $0.05889, stable in the last 24 hours against the USD, Bitcoin, and Ethereum. All the same, with the CRO average daily trading volumes at $9,098,498, it is down over 25% in the last trading day. The double-digit contraction in the previous 24 hours comes less than 72 hours after the SEC sued Binance, a dominant cryptocurrency exchange, alleging that it has been facilitating the trading of unregistered securities and illegally allowing Americans to access the platform. The SEC has filed 13 charges against the Changpeng Zhao-led exchange. Related Reading: Bitcoin Bearish Signal: Dormant 1,433 BTC Moves After 10+ Years The regulator also sued Coinbase in federal court in New York, claiming that, like Binance, the crypto exchange had listed and profited from the trading of unregistered securities. Tokens the SEC claim are securities include ADA, the native currency of Cardano; MANA, the token behind Decentraland; SAND, the ERC-20 token priming The SandBox; ALGO, the native currency of the Algorand proof-of-stake blockchain, and MATIC by Polygon. Stablecoin, BUSD; NEAR by the NEAR Protocol; CHZ by Chiliz, are some of the tokens mentioned and which the SEC alleges are unregistered securities. Even so, there was no express mention of CRO in any of the two lawsuits filed by the regulator against the two largest cryptocurrency exchanges. At the same time, it should be noted that Crypto.com also allows the trading of most tokens that the SEC alleges are unregistered securities. What’s Common in All Tokens The SEC Alleges Are Securities? Within the Cronos blockchain, CRO is used to pay gas fees. Also, because the platform uses a proof-of-stake consensus algorithm, users can stake CRO and receive rewards. Moreover, users can access the decentralized finance (DeFi) ecosystem in Cronos by holding CRO. In 2018, Crypto.com completed its initial coin offering (ICO), raising over $26 million, which also saw the launch of the CRO token. Observers have noted that of all the tokens the SEC claims are securities, they all conducted successful crowdfundings. Additionally, the projects accused of issuing securities also pledged to their respective communities that they would continue improving the underlying protocol via ongoing development. Related Reading: Stablecoin Market Cap Decreases, But Whales Remain Unfazed: Santiment With this, some of their funds were used to cater for marketing. Furthermore, each of these teams used social media channels and forums like Twitter, Discord, and others to highlight the advantages of their respective protocols. The determination of whether a token qualifies as a utility, such as Bitcoin, or an unregistered security rests with the judge. Until a ruling is made, exchanges may take precautionary measures, including delisting the asset, to ensure compliance with applicable regulations. Feature Image From Canva, Chart from TradingView
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Gensler argued that securities laws helped prevent stock market scams once they were passed in the 1930s and can benefit the crypto market of today.
I posted this earlier as a “self story” so it was removed, so instead, here's a more thought out analysis, with justified personal opinions in the end. As do some here, I live In a Third World Country. The one I'm in is in multiple crises, including being the number one country with the most…
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MATIC has experienced a downward trend over the past few months, but there is a possibility of a reversal. In the last 24 hours, the altcoin attempted a slight 0.2% increase, but the weekly chart showed a 13% depreciation, indicating a strong bearish dominance from a technical standpoint. Both demand and accumulation indicators were negative, despite some buying strength attempting to recover. As Bitcoin surged above the $26,000 mark, many altcoins, including MATIC, are also attempting to move upward on their respective charts. Related Reading: “XRP Very Important,” Top Analyst Predicts Which Tokens Could Profit From The SEC War However, for the altcoin to reverse its price action, it is crucial for Bitcoin to maintain a price above $26,000. Additionally, buying strength needs to enter the market during the immediate trading sessions. MATIC faces an important overhead resistance level that it must surpass in order to experience a significant rally. The decline in MATIC’s market capitalization indicates a low buying strength on the chart. MATIC Price Analysis: One-Day Chart At the time of writing, MATIC was trading at $0.77, which is close to its multi-month low of $0.75, recorded 6 months ago. The coin is facing overhead resistance at $0.80, and if it manages to break past that level, it might attempt to reach $0.93. Notably, the coin has formed a descending wedge pattern, which is typically associated with a bullish price reversal. In the event of an upside breakout, MATIC could potentially rally as high as $1.50. However, there is a possibility that the altcoin may find support at the $0.76 level. Failing to remain above this level could result in MATIC trading below the $0.74 price mark. It is worth noting that the amount of MATIC traded in the last session was low, indicating a higher selling strength on the chart. Technical Analysis Following the rejection at the $0.84 resistance level, buyers have lost confidence in MATIC. The Relative Strength Index (RSI) currently sits below the half-line and below the 30-mark, indicating that the coin is oversold at the moment. Additionally, the price of the coin has fallen below the 20-Simple Moving Average line. This suggested low demand and sellers driving the price momentum. However, if MATIC makes an attempt to rise above the $0.84 mark, it could attract renewed demand and bring back the bulls. This would increase the likelihood of a further rally in the price of the asset. Based on the technical indicators, the coin formed sell signals at the current time. The Moving Average Convergence Divergence (MACD) indicator, which measures price momentum and reversals, displayed red histograms associated with sell signals on the chart. This suggests a potential downward movement in price. Related Reading: Shiba Inu Hits Crucial Barrier – How This May Impact Investor Sentiment The Bollinger Bands, which assess price volatility and potential fluctuations, have diverged. This indicates that there might be increased volatility in the price of MATIC over the upcoming trading sessions, potentially leading to a price reversal. Featured Image From UnSplash, Charts From TradingView.com
BTC’s price recovered quickly from this week’s swing low, but derivatives data hints that a challenging road lies ahead.
Poke holes in my plan to have a “cold” metamask wallet since Ledger blew themselves up: Step 1: Create a new wallet in a separate browser from where I do my day to day trading. This is to ensure if my very active wallets sign a malicious transaction it doesn’t effect other wallets in that…
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