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SEC Chairman Says Crypto Markets Need Regulations to Prevent Fraud

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SEC chairman Gary Gensler said on Friday that greater protection for investors is required in cryptocurrency markets. 

Gensler is no stranger to the cryptocurrency world. The former Goldman Sachs investment banker has long been viewed as a strong candidate to take the SEC chairman role.  

Gensler was sworn in a few weeks ago as Joe Biden’s choice for the next head of the SEC. During Obama’s presidency, Gensler was in charge of the Commodity Futures Trading Commission (CFTC) and was in charge of regulating derivatives.

What makes this particularly interesting is that he will become the first crypto and blockchain expert to hold the highly regarded position. A former MIT professor, he taught a course entitled “Blockchain and Money” and believes the two are a “catalyst for change.” Gensler stated at his SEC nomination hearing:

Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion. But they’ve also raised new issues of investor protection that we still need to attend to.”

Despite his support and optimism, the new SEC chairman also expressed concern about the protections investors are not getting in the crypto asset market. Gensler understands the attraction of bitcoin and other coins, but worries investors are taking on more risk than necessary

“It’s a digital, scarce store of value, but highly volatile,” Gensler says. “And there’s investors that want to trade that, and trade that for its volatility, in some cases just because it is lower correlation with other markets. I think that we need greater investor protection there.”

He believes that as long as technology continues to change the way consumers interact with markets, regulations to protect said consumers have to keep pace. 

He went on to say that he believes BTC is a “speculative” store of value and that the Securities and Exchange Commission should remain “tech neutral” when looking at innovations in markets. 

The new chairman believes there needs to be an official authority for a regulator to oversee digital currency exchanges.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/sec-chairman-says-crypto-markets-need-regulations-to-prevent-fraud/

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The Magnificent Seven: TEL, ETC, QTUM, DOGE, OMG, EOS, LSK — Biggest Gainers, April 30 – May 7

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BeInCrypto looks at the seven altcoins that increased the most over the past seven days, from April 30 to May 7.

These altcoins are:

  • Telcoin (TEL) – 420%
  • Ethereum Classic (ETC) – 295%
  • Qtum (QTUM) – 118%
  • Dogecoin (DOGE) – 100%
  • OMG Network (OMG) – 99%
  • EOS (EOS) – 90%
  • Lisk (LSK) – 74%

TEL

TEL has been moving upwards since April 23. In a span of 13 days, it increased by 1,000%, leading to an all-time high price $0.049. Since then, the token has decreased slightly.

TEL has already moved above the 1.61 Fib projection of waves 1-3, indicating that wave five has extended.

If it decreases, the closest support levels are found at $0.026 and $0.021, respectively. They are created by the 0.5 and 0.618 Fib retracement levels.

TEL Parabola
Chart By TradingView

ETC

ETC began a massive upward movement on May 3, culminating with an all-time high price of $176, reached on May 6. This amounted to an upward movement of 292%.

The high was made right at the 3.61 external Fib retracement of the entire previous decrease, measuring from the all-time high. Afterwards, ETC decreased slightly since and is currently trading at $139.

If the current upward movement extends, the next resistance area would be found at $207, the 4.61 external Fib retracement.

ETC Parabola
Chart By TradingView

QTUM

QTUM has increased considerably this week. However, unlike TEL & ETC, it is nowhere close to reaching its all-time high. 

To the contrary, it is still below the $43-$53 resistance area, which is created by the 0.5 – 0.618 Fib retracement levels. 

While QTUM is likely to reach it, a rejection would be expected once it does, at least in the short-term.

QTUM Upward Move
Chart By TradingView

DOGE

DOGE has been moving upwards since April 23, when it had reached a low of $0.159. As a result, it managed to reach a new all-time high price of $0.696 on May 5, which amounted to an increase of 336%.

The high was made just above at the 1.61 external Fib retracement resistance, found at $0.627, causing a rejection. 

However, DOGE bounced once more after the rejection. 

If the movement extends, there is a confluence of resistance levels found near $0.90.

DOGE Move
Chart By TradingView

OMG

OMG has increased considerably this week, managing to reach a new yearly high of $15.35. Still, unlike ETC, the token is nowhere close to reaching a new all-time high. 

To the contrary, it has just reached the 0.5 Fib retracement level when measuring from the entire downward movement. Consequently, the entire $14.40-$17.75 area is likely to provide strong resistance.

Afterwards, if OMG manages to clear it, it is likely to move towards a new all-time high price.

OMG Movement
Chart By TradingView

EOS

EOS increased considerably this week, managing to break out above the long-term resistance area found at $8. Previously, it had been trading below this level since August 2019. 

As a result, it has managed to reach a high of $13.65, just between the 0.5-0.618 Fib retracement levels. However, it was rejected once it did, and is currently trading near $11.

EOS Breakout
Chart By TradingView

LSK

LSK has been moving upwards since April 23, when it was trading at a low of $3.14. Today, it managed to reach a new all-time high price of $11.50, amounting to an increase of 271%. 

The high was made just above the 1.61 external Fib retracement level of the previous drop. This is the first significant resistance level.

Therefore, if LSK manages to clear it, the next resistance area would be found at $14.57.

LSK All-Time High
Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/tel-etc-qtum-doge-omg-eos-lsk-biggest-gainers-april-30-may-7/

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Digital Currencies to Be Part of the Future, Says CEO of Rockefeller Capital Management

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With the popularity of digital currencies on the rise, a number of business entities are searching for ways to enter the spade themselves. 

Bitcoin (BTC) continues to stand alone atop the mountain that is a cryptocurrency, for now. Other coins such as ethereum (ETH) have captured the attention of investors after a sharp spike in price.

Even the meme crypto dogecoin (DOGE) has been gaining a lot of traction lately. DOGE recently hit new highs right around the time that Elon Musk began trending due to an upcoming SNL appearance.  

Businesses getting involved

Not only are businesses getting involved, but U.S.-based banks are also clamoring to break into the cryptocurrency world. Reports suggest that these banks will soon allow clients to connect with digital currency lenders.  

Wall Street has already made the move after news broke this week of the S&P Dow Jones Indexes launching three new indices that are designed to track the performance of cryptocurrencies. In the meantime, major payment processors like Mastercard and Visa have started to accept crypto. 

A number of Wall Street firms such as JPMorgan will soon provide investors with bitcoin funds, while Goldman Sachs has launched bitcoin derivatives for investors. Meanwhile, Morgan Stanley will offer high-end clients a trio of bitcoin funds to work with. 

Despite this, some wealth management firms are not entirely convinced of the viability of crypto.

Not ready to offer crypto just yet

At a recent Bloomberg Wealth Summit meeting, both Gregory J. Fleming, CEO of Rockefeller Capital Management, and Sarah Levy, Betterment’s CEO, were questioned about the future of digital currency within the industry. 

“Our view on the whole crypto and digital currency space is that this is a change that is in the early stages, and you see that in the volatility around the price of the different ways of participating in this,” stated Fleming. “It is probably something that is more secular in nature, though. Digital currencies are going to be part of the future.”

Levy was also cautious, but, optimistic about the future of cryptocurrencies. 

“I think we’re in early innings on crypto. I think we’re believers that if we can provide the right kind of context and advice that it’s okay to participate in some of these newer asset classes. And so I’d like us to find a way to responsibly offer crypto but I can’t say that we’re there yet. I think we’re still in kind of watch and learn mode right now.”

While both CEOs are well aware of their client’s desire for investing in digital currencies, they are making the move slowly with a great amount of caution. Neither Levy nor Fleming is ready to offer crypto just yet. 

Despite the CEOs reticence to bring their companies into the crypto game, they both appear to be proponents of the industry itself. Fleming has shown a great amount of optimism surrounding digital currencies, even calling them a “game-changer”

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/digital-currencies-part-of-the-future/

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Dogecoin Craze Outpacing Other Coins, Even Companies

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Dogecoin (DOGE) has increased in value so rapidly, it has outpaced both bitcoin (BTC) and ethereum (ETH) by magnitudes, as well as large financial institutions.

For a cryptocurrency originally created as a joke, dogecoin has exceeded all expectations. But as recently as January of this year, dogecoin was trading for just a fraction of a penny. In February, the price rose significantly to over $0.05.

However, dogecoin really took off in April, increasing in value eight-fold to $0.40, before retracing. References from stalwart fans Mark Cuban and Elon Musk then gave it another boost. Thus far, dogecoin reached an all-time high of $0.65 on May 6.

Outshining bitcoin

Its rapid ascent has now seen it surpass gains of other notable cryptocurrencies and even companies. For instance, as monumental as bitcoin’s rise has been, in the past year its price has only risen over 500%. Even greater still has been Ethereum price gain, at over 1,600%. Meanwhile, dogecoin towers over both with an outrageous return of over $24,000, according to CoinGecko. 

The comparative gains were put into perspective by a recent tweet from personal finance blogger Nick Maggiulli. “Putting all three U.S. stimulus checks into dogecoin now exceeds $500,000,” he tweeted.

Conversely, if stimulus check recipients put their cash into bitcoin it would be worth around $15,000. Recently, a survey found around 10% of stimulus check funds may have been used to buy crypto and stocks. This amounts to nearly $40 billion of the $380 billion in direct stimulus check deposits.

Explosive demand

Even in the past week, dogecoin has essentially doubled in value. Earlier BIC reported that being valued at $49.8 billion meant it was valued higher than the Ford Motor Company ($45.2 billion) and social media giant, Twitter ($44.1 billion).

At that point it ranked at #255 on the Asset Dash rankings. Now, less than a week later, the coin jumped nearly 100 places to #156, with a valuation over $80 billion. It has now surpassed financial conglomerate CME Group (#175) and crypto exchange Coinbase (#193).

Demand for dogecoin is so outrageous, it reportedly even single-handedly crashed several exchanges. On April 16, mobile exchange Robinhood crashed just as trading volumes for dogecoin were spiking. The largest crypto exchange in India also struggled to keep pace with demand for dogecoin.

WazirX’s systems denied access to many users because they incorrectly perceived the surging volumes as a cyberattack. Meanwhile, other exchanges are scrambling to offer the digital asset, such as trading platform eToro and cryptocurrency exchange Gemini.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/dogecoin-craze-outpacing-other-coins-even-companies/

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