Gary Gensler proposes the "one rule book" to rule them all.
Sam Bankman-Fried suggests that other players in the game are secretly insolvent.
And despite false rumors of liquidation,
MicroStrategy is still purchasing more Bitcoin.
My name is Deezy.
This is your crypto nightly news wrap-up.
Let's get it!
And many of these financial assets,
crypto financial assets,
have the key attributes of the security.
So some of them,
they're under the Securities and Exchange Commission.
Some like Bitcoin,
my predecessors and others have said they're a commodity.
Working together,
there's two great market regulators in this country I have the honor to chair.
The CFTC, terrific agency.
I have the honor now to chair the Securities and Exchange Commission.
A little bit different remits, a little bit different approaches,
but working together with the banking regulators as well.
There's work to be done there around what's called stablecoins.
There's a lot of work to be done to really protect the investing public.
And many of these tokens right now,
they're potentially non-compliant.
And I'll leave it at that, Jim.
As dirty Gary Gensler stumbles and stutters through his thoughts on national television,
I'm sure some of us were relieved to hear that at least Bitcoin gets a pass as a commodity.
That means it's regulated by the CFTC,
the Commodity Futures Trading Commission,
and not the SEC,
the Securities and Exchange Commission.
The problem with murky regulation in crypto is that Gensler and the gang at the SEC
want to pick and choose what coins are commodities and what coins are securities.
Regardless of the distinction,
it's been reported that Gary Gensler has proposed a one rule book to regulate all crypto assets.
Because securities and commodities are basically indistinguishable,
he wants to put them all under the same umbrella
to avoid gaps in oversight,
prevent fraudulent practices
and, of course,
"protect investors"
Don't freak out yet.
It's just a proposal
and the other regulating bodies must all be in agreement.
But considering Gensler used to be the chair at the CFTC,
something tells me he has a monopoly on the space
and the crypto investors he claims he wants to protect
are about to pay for a hotel on boardwalk.
Let's pass it over to our guy Frankie Candles for our market watch.
Thanks, Deez!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $20,093.
Down about 1% on the day
Ethereum coming in at $1,097
Down about 4% on the day
Let's go ahead and check our top movers.
USTC up 100% on the day and 928% on the week
Interesting.
ZRX up about 10% on the day
STX up about 5% on the day
Dogecoin up about 5%
Compound up about 5%
And Uniswap up about 4.5%
Guys, the markets are still a little hard to read.
We do have some bullish things happening on the longer timeframes,
which would, in my opinion, hold a little more weight than the lower timeframes.
But it does seem like there are some bearish things on the lower timeframes.
So mixed signals.
As this has kind of been the story that Bitcoin has been telling lately.
So just be careful out there if you're trading.
But if you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Sam Bankman-Fried, the Mother Teresa of crypto,
is a saint for providing the bailout money to BlockFi and Voyager,
but he's only one man and he can't save everyone.
He must know something we don't about what's going on behind the scenes at other exchanges
because in a recent interview with Forbes,
Sam warned that customers might not be aware of the trouble they're about to be in
because some third-tier exchanges are secretly insolvent.
It's not that hard to believe some companies are too far out to swim their way in.
I just don't like that the user base is usually the last to find out when that happens.
But let's face it.
This is what bear markets do.
These are the times where the cream rises to the top and the weaker companies drown.
We've seen what happened to Celsius.
A court in the Virgin Islands just ordered liquidation of Three Arrows Capital.
We're in a recession.
More interest hikes are coming.
At this point, the question is,
who's next?
I want to circle back on what we've been saying since the start of the year.
Developing a long-term mindset is paramount to your success in crypto.
The patient will prevail.
There is a light at the end of the tunnel.
The question is,
are you still going to be here when we get there?
I say this because despite the bear market, the recession, the interest hikes,
whales are still out there and they're still accumulating.
It's always a bullish signal when whales are accumulating
because that means institutional investors are focusing on the future.
So you should too.
Swim with the whales, right?
Even if the price goes down to 50% to even 90% more from here,
with a long-term mindset, a buy right now is still a win in due time.
While putting the rumors of liquidation to rest,
Michael Saylor's company MicroStrategy just purchased another 480 Bitcoin
valued at roughly $10 million.
According to Saylor's tweet,
MicroStrategy now holds 129,699 Bitcoin
which was acquired for a little under $4 billion.
Keep in mind, even if the price goes down more from here,
this big Bitcoin buy is a win for them.
Since the average price they bought their Bitcoin at is roughly around $30K,
this purchase dollar-cost average their overall position down even more.
For a retail investor, it's never a good idea to buy into a downtrend.
But if you do want to start accumulating now,
focusing on Bitcoin is better idea than trying to ape into the next memecoin.
Remember, Bitcoin is treated as a commodity.
That gives it immunity against the heavy regulation
that might come for the coins Gensler wants to define as securities.
These next couple months are going to be pivotal for the crypto space,
so be sure to tune in so you don't miss out on these gains.
That's all I got.
Be blessed.
Deezy out.