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‘Rush of radical rulemakings’ — Hester Peirce criticizes SEC agenda

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SEC Commissioner Hester Peirce believes the cryptocurrency bear market will be good for the industry, but warned of an increase in fraudsters in these “turbulent times.

SEC Commissioner Hester Peirce believes that the current downturn in the cryptocurrency market could create a more sustainable foundation for the industry. In a tough environment, it will be easier for investors to see which projects can still exist in the long term and which will soon disappear.

Regulators will also be able to see how the market behaves in times of severe stress to better understand its trends. Pierce mentioned the Terra debacle and the suspension of crypto-assets on the Celsius platform, saying the agency will not “sit back and watch from afar. This means that regulators will not relax their requirements to “bail out” cryptocurrency projects.

Peirce added that it remains friendly to the cryptocurrency industry. According to Peirce, cryptocurrencies lack a “bailout mechanism,” but this can be called one of the advantages of the market that allows it to self-regulate. Also, Peirce advised investors to be wary of any cryptocurrency projects that promise high returns.

Fraudsters can take advantage of the desperation of investors affected by the market crash. Peirce has always advocated for sensible regulation of cryptocurrencies that would protect investors’ rights, but without hindering innovation. This month, Peirce spoke out in favor of bitcoin ETFs, urging the SEC to stop denying companies wishing to launch this investment product.

According to Peirce, even she has difficulty understanding the agency’s heightened resistance to launching bitcoin spot ETFs, aside from the fact that the SEC intends to extend stricter standards to all digital asset products. In May, Peirce urged the U.S. Congress to get involved in developing regulation of stablecoin to prevent situations like the one with UST from arising.

Cryptocurrency

Institutional crypto asset products saw record weekly outflows of $423M

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Institutional crypto asset products saw record weekly outflows of $423M

Digital asset investment products saw record outflows totaling $423 million last week, with institutional investors from Canada representing nearly all of the carnage.

According to the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, Canadian investors offloaded a whopping $487.5 worth of digital asset products between June 20 and June 24.

Flows by Asset: CoinShares

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Cryptocurrency

‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

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‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

For Maurice Mureau, CEO of crypto investment fund operator Hodl, there’s “not a lot left” to invest in anymore. With soaring inflation, bonds are no go, real estate is getting more difficult but there is one asset class that’s (unsurprisingly) catching the fund manager’s attention — cryptocurrencies. During the European Blockchain Convention in Barcelona this week, Cointelegraph editor Aaron Wood sat down with Mureau, who gave his insight on the outlook of the digital assets investment landscape.

“It’s just like the end of the 90s with the internet bubble, so you’re still early in the space,” said Mureau. “A very solid use case for crypto is becoming apparent in the gaming industry, where people invest time that you can earn from it, and that’s all arranged by the blockchain.” He reiterated that there would be only 21 million Bitcoin in existence with no more printing. Therefore, alluding to hyperinflation in Turkey and Argentina, Mureau said that central banks can’t print more of the digital currency. “So that, for me, makes for a very safe hedge. Thirty percent volatility in asset prices can be bad, but not if you lose 70% on your local currency’s purchasing power each year.”

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Cryptocurrency

Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

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Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

Bear markets have historically been challenging to navigate for traders and the conventional set of “reliable” indicators that determine good entry points are unable to predict how long a crypto winter might last.

Bitcoin’s (BTC) recent recovery back above the psychologically important price level of $20,000 was a sign to many traders that the bottom was in, but a deeper dive into the data suggests that the short-term relief rally might not be enough proof of a macro-level trend change.

BTC/USD price normalized since all-time high (Current vs. 2017 peak) source: Delphi Digital
ETH/USD price percent drawdown (current vs. prior ATH). Source: Delphi Digital
BTC/USD weekly price vs. 14-week RSI. Source: Delphi Digital
BTC/USD price vs. 200-week SMA and 14-week RSI. Source: Delphi Digital
Crypto Fear & Greed Index. Source: Alternative
BTC/USD vs. Fed funds rate vs. Fed balance sheet. Source: Delphi Digital
BTC/USD price vs. percentage of supply in profit. Source: Delphi Digital

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