GM Readers. Today's BitDegree scoop is here š
Today's selection:
- š¼Gensler Speaks
- šŗMarket Maker's Dance Floor
- š§©ļøThursday Quiz
- š°Bite-Sized News
- šSelected Meme of The Day
GENSLER BEFORE CONGRESS
During a speech in front of Congress, the Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, confirmed that Bitcoin is not considered a security.
However, he did not explain whether Bitcoin is viewed as a commodity.
While testifying, Congressman McHenry criticized Gary Gensler for lacking transparency in dealings with the now-bankrupt crypto-exchange FTX and its founder, Sam Bankman-Fried. McHenry expressed dissatisfaction with the "lack of response" from the SEC Chairman to Congress's efforts, deeming Gensler's reluctance to disclose details of his relationship with FTX and Bankman-Fried unacceptable.
Furthermore, the SEC Chairman was warned of potential legal action if the Commission continues to perceive itself above the law and neglects its duties.
For instance, shortly before the hearings, the SEC delayed decisions on ARKInvest, 21Shares, and GlobalXETFs' Bitcoin ETF applications.
Moreover, Gary Gensler declined to confirm to Congress whether he would approve a spot Bitcoin-ETF.
In a notable visual moment, Coinbase's "STAND WITH CRYPTO" logo appeared behind Gary Gensler during the hearing.
top-right corner š
Last but not least, Gary Gensler confirmed that purchasing a Pokemon card does not constitute a security transaction. However, he was uncertain when asked about purchasing a tokenized Pokemon card on the blockchain.
What can one add to this? Clearly, many things remain unclear.
TL;DR:Ā At a Congressional hearing, SEC's Gensler clarified Bitcoin isn't a security but sidestepped its commodity status. Amidst FTX scrutiny and Bitcoin ETF hesitations, Gensler affirmed physical Pokemon cards aren't securities, but he was uncertain about tokenized ones.
DRAMATIC RISE & FALL
As can be observed, there are no significant news-driven price shifts currently.
Instead, the primary influence is the ambiguity in the behavior of regulators ā there's a scarcity of genuine price movements.
Nonetheless, the market is ruthless right now. The largest market makers won't miss a chance to influence the market to their benefit.
Let's examine the ETH chart from yesterday:
Ever glance at a chart and notice it shooting up only to plummet right back down in a brief span?Ā
This dramatic movement can be called the "razor" or "Burj Khalifa" effect, as vividly captured in the accompanying picture!
Remarkably, the chart is nearing those high values once more, but at a more gradual pace. Brace for volatility!
Best of luck, and do not get trapped by mere market sentiments.
TLDR: The market's current movement is shaped by regulatory uncertainty, not major news. The ETH chart recently displayed a sharp "Burj Khalifa" peak and dip
Ā THURSDAY QUIZ
A few days ago, you effortlessly located the Bitcoin logo. Can you find the Ethereum logo just as easily today? See if you can spot the Ethereum logo hidden amidst a series of numbers (4).Give it a try!
SELECTED MEME OF THE DAY
