Here’s what’s happening:
price: Bitcoin, Ethereum, and other major cryptocurrencies fluctuated wildly over the course of the 24-hour period.
insight: Cryptocurrencies and their regulators are struggling to find a linguistic consensus, says CoinDesk columnist Daniel Kuhn.
Bitcoin surpasses $29,000
Over the course of 24 hours, Bitcoin went from good to bad to somewhere in between.
The largest cryptocurrency by market cap recently traded above $29,000, up more than 2.4% from the previous day, but well below its Wednesday morning peak of $30,000. BTC dropped to $27,264 at one point. This is because the investor factored in about $310 million in losses from the liquidation of both long and short positions in his one-day period.
In an email to CoinDesk, Markus Levin, co-founder of blockchain-based geospatial oracle network XYO Network, discussed the possible impact of another rumor that the US government is dumping large amounts of bitcoin. also pointed out. Cryptocurrency exchange Mt. Gox is sold on the market. But Levin was optimistic, adding that the market had recovered quickly.
“These seem to be mostly just rumors, but what’s interesting about all of this is how much of the selling triggered by this event was ultimately absorbed by the market,” he wrote. The market is currently quite jerky, but Bitcoin looks to be going from strength to strength since its lows late last year.”
Ether recently traded at around $1,910, up 2.4% over the past 24 hours, not far from Wednesday’s opening. The second-largest cryptocurrency by market value fell below $1,800 at some point on Wednesday. The CoinDesk Market Index, a measure of crypto market performance, has recently risen by around 1.9%.
Asian markets were mixed on Thursday morning, with the Hang Seng and Nikkei gaining slightly. So did the US market, where the Nasdaq rose 0.4% while the S&P 500 fell 0.3%.
Can the crypto industry find consensus with its regulators?
One of the problems that arises as the industry grows is that it becomes harder to tell if everyone speaks the same language. This is as clear as the conversation between the builders of decentralized finance (DeFi) and financial regulators. Can consensus find linguistic consensus?
For the most part, US financial watchdogs (and international bodies that are essentially offshoots of the US Treasury Department) have stated that cryptocurrencies clearly fit into existing regulatory frameworks. Perhaps the Crypto governing rules have already been written.
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So with U.S. Securities and Exchange Commission Chairman Gary Gensler telling crypto operators to “come and register” with agencies, FinCEN advocates for stricter KYC/AML requirements across cryptocurrencies. there is.
Cryptocurrencies have, with exceptions, touted their status as square pegs that don’t fit into the round hole of the so-called Howie test (the guidance the SEC uses to determine whether a security is a security). Expect profits based on the efforts of others”).
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