CFTC Chair Rostin Behnam weighs in on crypto regulation.
Cardano celebrates their 5th birthday.
Charles Hoskinson shares his views on venture capitalists and CBDCs.
My name is Ben.
And this is your nightly crypto news wrap-up.
Let's get it!
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It should be fairly simple to put things up and delegate responsibility.
Like swaps, the futures, options, those are all your purview.
Things that are based on securities could be the SEC's.
Can't you guys get along?
Can't you share?
- Will that-- - We do get along.
- Is that going to happen? - We can share.
We have shared. We will share.
But for us, the CFTC, the difficulty is,
as you know, we're a derivatives regulator.
We don't oversee cash markets.
So the authority that I've been asking Congress for is cash authority
so that we can go into the Bitcoin cash market,
the Ether cash market and the other digital commodity tokens.
But Gary Gensler says that those are securities.
Well, we're going to have to figure that out I think legislatively
because this is a new asset class,
and there are different components and characteristics of this asset class
as opposed to traditional asset classes.
We have to rely on 70-year-old case law
to determine what's the security, what's the commodity.
Figuring out which crypto projects are securities or commodities
is like a game of musical chairs,
or, better yet, a game of darts with blindfolds on!
It's beyond me why or how they magically decide which is what,
but obviously, it's better for us if more projects get regulated by the CFTC
rather than dirty Gary Gensler and the SEC.
CFTC Chair Rostin Behnam stated that he wants to fill the gaps in crypto regulation.
It's no secret that there's still a lot of clarity that needs to be defined
on both sides of the fence.
But at least the CFTC is expanding and holding the SEC accountable
for their aggressive style of regulation by enforcement.
Like Behnam said on CNBC,
it's becoming a lot less like a turf war
and more like a productive conversation between the two parties.
Considering the alternative,
let's hope that the dialogue stays open between them
and the gaps in crypto regulation are filled by people who have our best interest at heart.
Let's go ahead right now and pass it to Frankie Candles for a market watch.
Thanks, Ben!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $19,427.
Up about 1.6% on the day
Ethereum coming in at $1,337
Up about a half percent on the day
Now, guys, I want to bring you over to the Bitcoin chart
because we've had some mixed signals on the chart,
as well as just some crazy price action recently.
I do think we have a little bit of a teachable moment here,
especially if you're looking to get into some trades.
I want to show you how I was able to identify this move to the upside,
as well as this little pullback we're getting,
which I am currently in a short that I just took live on my stream
with the Candle Mafia just a few minutes ago
and is now in profit.
And you could see here, last night, we did lose very important support,
but we also did put in a bullish divergence on the 15-minute timeframe.
And you can see that by your low and your lower low on price
with your low and higher low on your momentum waves.
And this is called a bullish divergence.
And typically you do see price come up from these bullish divergences.
You can see you came up.
You kind of bing-bonged around a little bit
but eventually caught your support and came to the upside.
And it was a beautiful bullish divergence.
And I just wanted to show you guys how you can identify these to catch these moves.
And right here, you can see the opposite happening,
where you have your higher highs on price
with your lower highs on your momentum waves.
And that is a bearish divergence,
which is where you typically see price come down.
And this was the trade I just took live with the Candle Mafia on my livestream
on the Frankie Candles YouTube channel.
And if you guys are interested in learning more about that
and watching these trades live,
you could check my YouTube channel out at Frankie Candles
or @Frankie_Candles on all socials.
Back to the news.
Thanks, Frank!
Nice calves.
Just a few days after completing the five days of the Vasil upgrade,
today, Cardano is celebrating their 5th birthday.
It's only right that I take a moment to congratulate Cardano,
Charles and their entire crew at IOHK
saying I'm impressed with everything they've done and how far they've come in the past five years.
That would be nothing short of an understatement.
And if you're bullish on ADA, make sure to let us know down in the chat.
Looking forward to the next five years of innovation from the Cardano community.
Happy Birthday, Cardano!
Last week, at Miannet 2022 in NYC,
Charles Hoskinson weighed in on why venture capitalists have avoided Cardano.
But he does think that the VCs will change their mind in the future.
He stated the VCs haven't been interested in Cardano
because ADA doesn't have any ponzinomics for them.
Charles is spot on by saying that greed is their thing
and the VCs get their fix by turning a quick profit
from dumping their early distribution bags on retail investors
who weren't there for the pre-release.
Unlike a lot of projects,
ADA had a great Gini coefficient,
meaning that there was no insider distribution of any of their tokens in the beginning.
And for that reason, the VC stayed away.
That doesn't mean that they won't change their minds.
Charles believes that the VCs will ape into ADA by 2023 or 2024
because the Cardano dApps ecosystem is going to be a rocket ship to the moon.
When the ADA dApps start getting multi-billion-dollar valuations,
the VCs won't be able to help themselves.
I can only imagine what that will translate to in terms of price action.
And this is the kind of stuff you have to take into account
when you think about ADA being a long-term hold in your portfolio.
Listen.
I've been and will always be very bullish on Cardano.
That's not just because of the tokenomics and the popularity,
but because I love the philosophy.
I completely agree with Charles on many topics,
especially his views on CBDCs.
He recently told Cheeky Crypto
that CBDCs are the single most dangerous innovation we've ever seen in monetary policy.
And I couldn't agree with this more.
I mean,
why would we partake in a world
where financial privacy becomes a thing of the past?
What if you're accused of something and they can't locate you?
Guess what?
They'll just shut off your access to your own money
with a click of one button.
It's a slippery slope.
And we already know the lengths the government will go to
to have complete control.
We have to rise up and band together to fight for our financial freedom.
So make sure to go ahead and join our political Discord,
BitSquad Policy,
to join the conversation and help fight save decentralization.
That's all I got.
Be blessed.
BitBoy out.