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Crypto community votes to fire head of US crypto regulator

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does the sec have jurisdiction over cryptocurrency

The SEC and crypto regulation are in the spotlight again. Members of the crypto community demand the dismissal of the current head of the U.S. Securities and Exchange Commission (SEC) Gary Gensler. A petition demanding the commissioner’s removal from office has racked up over 18,000 signatures on, now

SEC and crypto regulation: Motion to fire

The petition’s author argues that Gary Gensler should leave office because he didn’t protect investors from Citadel’s illegal actions. The SEC head is also accused of obstruction of justice.

“Because of Mr. Gensler’s crimes, millions of retail investors have been defrauded of countless millions of dollars. We are talking about working class, middle class, poor people, and institutional investors,” the petition says.

What’s wrong with Gary Gensler

While the question of whether the sec has jurisdiction over cryptocurrency used to be a hot-button issue, it’s no longer being asked anywhere because of Gary Gensler. At the end of July 2022, Gary Gensler was accused of exceeding his authority. The author of the appeal was a member of the U.S. House of Representatives, Tom Emmer. 

In his opinion, the SEC became a “power-hungry” governing body under Gensler’s leadership. Instead of a constructive dialog with market participants, Tom Emmer said, the Commission forces companies to go “on the carpet” and then forces them to act in the interests of the regulator.

Tom Emmer also drew attention to the fact that the SEC puts pressure on companies that are outside the jurisdiction of the regulatory body. The member of the U.S. House of Representatives believes that this approach does not leave room for the Commission to work effectively to address the problems of market participants.

Recall that Gary Gensler took over as head of the SEC in April 2021. His predecessor, Jay Clayton, is remembered by the crypto community for his negative attitude towards crypto-ETFs. Many market participants hoped that with the arrival of the new commissioner, who even before taking office became famous as a crypto-enthusiast, the financial instrument would still appear on the market. Expectations have been partially realized. Under Gary Gensler’s leadership, the SEC approved the launch of a bitcoin futures-based crypto-ETF. A spot exchange-traded fund, on the other hand, is still the dream of investors.

Gary Gensler also didn’t meet the hopes of market participants who were waiting for the end of Jay Clayton’s conflict with California crypto startup Ripple, unleashed in late 2020 by the SEC. Recall that the regulator accused the company of illegally selling securities in the form of XRP tokens.

What awaits the head of the SEC

There are many comments below the petition’s posts on the web from market participants ready to sign the document, unhappy with the actions of the head of the SEC. We can assume that soon the number of signatures may increase significantly. The appearance of the petition at does not oblige the SEC to do anything. However, many signatures may force the regulator to consider the issue.


Bitcoin onchain metric are stronger than ever

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bitcoin onchain metrics

Galaxy Digital analysts published a report that examined key bitcoins onchain metrics (BTC), compared the world’s main cryptocurrency to other asset classes and explained what events could be the catalyst for the coming price rally. The company is confident that the bulls have plenty of reasons to remain optimistic – even despite difficult macroeconomic conditions.

BTC has become the best performing asset of 2023

Bitcoin is the best performing asset in 2023 compared to a lot of stocks, fixed income securities, indices, and commodities. It shows the best or some of the best performance over various time horizons (except for 1 year), and it looks even stronger over the long haul.

In addition, bitcoin’s correlation with the Nasdaq and S&P 500 stock indices has begun to decline, while its correlation with gold, which is considered a classic haven asset, has risen sharply. This happened against the backdrop of the crisis that engulfed U.S. banks and led to the closure of Silicon Valley Bank, Silvergate and Signature.

Given the nature of the current crisis, in which the system of partial bank reserves is tested for strength, the fundamental characteristics of the BTC favorably distinguish it from traditional assets.

Accumulation, not driving price rally speculation

A number of key market indicators indicate that bitcoin’s price rally is driven by the accumulation of coins on the spot, not speculation in the derivatives market. The futures funding indicator has remained virtually unchanged since the beginning of 2023 – meaning that the market is net-neutral regarding speculative positioning. The same can be said about volume and open interest in the CME.

The total number of addresses with non-zero balances also continues to grow rapidly, with more than 45 million wallets holding BTC today. At the same time, most of them have never spent coins, but only received new ones.

The approaching halving will affect the level of inflation in the BTC network

The next bitcoin halving will occur in April 2024 and will cause the network’s inflation rate to fall below 1%. The halving events of 2012, 2016 and 2020 catalyzed a price rally and reached a new all-time high as investor demand for BTC quickly exceeded the declining supply level.

This event will put bitcoin among the most stable assets and make it less susceptible to inflation than gold and silver.

Early we reported that Whales are interested in Litecoin, again.

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Whales are interested in Litecoin, again: will it help LTC price return to the $100 mark

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Litecoin price forecast

In February, Litecoin, albeit briefly, returned to the $100 level for the first time since the collapse of the Terra ecosystem in May 2022. In early March, the price of the asset dipped below the $70 mark again. But that didn’t seem to hinder the whales’ plans, as large holders actively bought LTC during the correction.

Whale activity continues to rise

According to analyst firm IntoTheBlock, the average LTC transaction size increased more than 600% in March 2023, from $13,355 to $81,022.

The increase in average transaction size as the price pulls back signals an influx of large investors looking to buy back the decline in the asset. Given the financial strength of the whales, this could push LTC to another rally in the coming weeks.

Litecoin price forecast – could reach the $110 mark

Santiment’s Market to Realized Value Ratio (MVRV) shows that investors who bought Litecoin in the last 30 days made a 10% profit. According to historical MVRV readings, LTC holders have often captured profits of around 20%. This means that the $100 level is likely to be the next resistance zone.

If the price of the asset can combine above $100, the coin may continue its upward movement towards $115. However, bears can reverse the situation if the LTC falls below $80. With further declines, LTC could fall back below $70.

Early we reported that China intends to work with crypto-businesses through Hong Kong.

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China intends to work with crypto-businesses through Hong Kong

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Banking for crypto-businesses

Hong Kong subsidiaries of major Chinese banks began to provide services for local cryptocurrency firms involved in projects related to Bitcoin, altcoins and various startups. It was reported by Bloomberg, citing sources in the region.

It is alleged that the local branches of Bank of Communications, Bank of China and Shanghai Pudong Development Bank have begun, or are working to provide banking services to crypto-businesses. According to the publication, a representative of an unnamed Chinese bank even visited the office of a crypto firm to promote the services of the financial institution. A top manager of an unnamed large Chinese bank said in a media commentary that banks promote their services in Hong Kong due to the tacit approval of Beijing. The interest in the business is also due to the uncertainty around lending to the local market, they said.

Loyal attitude to the market of cryptocurrencies in Hong Kong has already “bounced back” to local investors with considerable losses. According to calculations by local law enforcement agencies, the region lost over $200 million in 2022 alone. 2,336 cases of crypto-fraud were registered in Hong Kong in 2022.

However, Chinese authorities’ interest is not limited to the crypto market. In early March, the South China Morning Post reported that China intends to stimulate the digitalization of the economy in Hong Kong with its own currency. The authorities are offering citizens a 20% discount for making payments in digital yuan. At the same time, the promotion is valid only for Hong Kong citizens and only in the southern technology center of Shenzhen (connecting China and Hong Kong).

Recall that in the fall of 2022, Hong Kong authorities announced plans to develop a cryptocurrency market in the region. According to the Hong Kong government’s website, the authorities will work with local regulators to create “favorable conditions” for developing the local cryptocurrency industry.

Early we reported that Cryptotraders lost more than $250,000,000 in liquidations after Fed rate hike.

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