US Senators urge SEC Chairman to deny new crypto ETFs: Report
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The past couple of weeks has seen the bull run in full swing, with Bitcoin, the alpha cryptocurrency, leading the charge. From new all-time highs to massive inflows, this cycle has left investors excited for more.
However, despite these new milestones, analysts are urging caution, warning that a short-term pullback may be on the horizon as technical indicators suggest that the market is overdue for a breather.
In Washington, US Senators are turning up the heat on the SEC, urging Chairman Gary Gensler to take a more stringent approach to crypto ETFs. The lawmakers cite concerns over investor protection and the need for accurate information about these investment products, proposing measures such as vetting communication channels and cracking down on misleading names for Bitcoin ETPs.
With all this buzz in the industry, longtime Bitcoin skeptic Peter Schiff has admitted to regretting his decision not to invest in the cryptocurrency back in the 2010s. Despite his history of predicting Bitcoin’s downfall, Schiff now acknowledges that he may have missed out on a once-in-a-lifetime opportunity.
The crypto world is a wild ride, and it’s not for the faint of heart. Bulls are running in the open, bears are lurking in the shadows, and regulators are trying to step in and keep up with the pace.
Today’s Newsletter
- US Senators urge SEC Chairman to deny new crypto ETFs: Report
- Bitcoin could drop to $58K as cool-off period is imminent, Swissblock says
- Bitcoin critic Peter Schiff regrets not getting into Bitcoin in the 2010s
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REGULATION
US Senators urge SEC Chairman to deny new crypto ETFs: Report
Senators Jack Reed and Laphonza Butler are turning up the heat on the SEC, urging Chairman Gary Gensler to slam the brakes on new crypto ETFs. In a letter reportedly sent to Gensler on Mar. 11, the lawmakers waved the red flag, citing concerns over investor protection and the need for accurate information about these investment products.
They argue that the SEC’s approval of crypto ETPs has given Wall Street the green light to sell volatile cryptocurrency investments to ordinary Americans.
The Senators propose a series of measures to tackle what they see as a threat to consumer safety, including vetting communication channels used by brokers and advisers to distribute information on Bitcoin ETPs, reviewing financial professionals’ recommendations to ensure client interests remain paramount, and cracking down on the use of vague or misleading names for these products in official filings and documents.
If Gensler heeds their call, it could potentially impact the chances of a spot Ethereum ETF approval in the US come May, as the lawmakers express doubt about the trading volumes and integrity of other cryptocurrencies to support associated ETPs. [cryptobriefing]
MARKETS
Bitcoin could drop to $58K as cool-off period is imminent, Swissblock says
Bitcoin’s rally has been nothing short of impressive, with the king of cryptocurrencies nearly doubling in price since late January without any significant pullbacks. However, digital asset analytics firm Swissblock is tapping the brakes, warning that a cooling-off period could be imminent.
They point to the negative bearish divergence between Bitcoin’s price inching higher and the dwindling relative strength index (RSI) on the 4-hour chart as a sign that lower prices may be on the horizon.
Swissblock analysts predict that the pullback could materialize as soon as the next few days, with Bitcoin potentially dropping to the $58,000-$59,000 range, representing a 20% decline from current prices.
However, they emphasize that this is not the top and that the uptrend will eventually resume to new highs. Crypto investment services firm Matrixport echoes this sentiment, noting that skyrocketing meme coin prices could also signal an impending pullback, as rotating profits from large-cap cryptos to riskier tokens often marks the last stage in a crypto uptrend. [coindesk]
BITCOIN
Bitcoin critic Peter Schiff regrets not getting into Bitcoin in the 2010s
A prominent gold investor and stockbroker, Schiff has been known for his vocal skepticism of Bitcoin, dismissing it as a worthless Ponzi scheme and predicting its collapse for years. However, in a recent debate on the Impact Theory podcast with Raoul Pal, CEO of Real Vision, Schiff admitted to regretting his decision not to buy Bitcoin in the 2010s when it cost mere dollars.
Schiff acknowledged that a hypothetical investment of $10,000 to $100,000 at that time could have made him “worth hundreds of millions.”
Despite this admission, Schiff maintains that he would have bought Bitcoin only to bet “on other people being dumb enough to buy it and pay a higher price.” He also conceded that Bitcoin did not collapse as he had predicted, and his stance on other aspects of the crypto world, such as NFTs, appears to have shifted, as evidenced by his launch of an NFT collection called “Golden Triumph” on Bitcoin Ordinals in May last year.
This change of heart from a longtime critic serves as a testament to Bitcoin’s resilience and growth over the past decade. [cryptobriefing]
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Other News
Next Week’s Token Unlocks
- ALGO is set to unlock $4.8M, increasing the supply by 0.2%, with a market cap of $2.3B.
- APE has a scheduled unlock of $33.5M, contributing to a supply increase of 2.5%, positioned with a market cap of $1.3B.
- IMX anticipates an unlock of $103M, which translates to a 2.4% supply rise, alongside a market cap of $4.2B.
- ID will see an unlock amounting to $128M, marking an 18.2% increase in supply, with a current market cap of $706M.
- DYDX is preparing for an unlock of $7.9M, indicating a 0.7% supply increment, and is noted with a market cap of $1.1B.
- MANTA will undergo an unlock of $26M, leading to a 3.1% rise in supply, and holds a market cap of $835M.
- KDA has an unlock of $1.5M on the horizon, which will increase the supply by 0.3%, currently with a market cap of $456M.
- PIXEL is gearing up for a substantial unlock of $38.8M, leading to a significant 7% supply growth, and stands with a market cap of nearly $546M.
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Nexo is giving out 10 BTC in rewards until the Bitcoin halving.
Vince & Diego
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