SEC’s Gensler: Bitcoin no be security; Hamster Kombat don change face as di market cap don drop pass Notcoin; Bitcoin don enta $65k
Gary Gensler don talk again say SEC go still dey stand for Bitcoin matter and again im dey badmouth di crypto industry say dem no follow rules
On Thursday, Sept. 26, U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler talk say Bitcoin no be security, when he dey yarn with Squawk Box hosts for CNBC. No be di first tym wey Gensler and di SEC don show say dem no too accept crypto’s leading token. SEC don reason di $1.2 trillion asset as non-security commodity.
Under chairman Gensler, di agency don approve lyk 10 spot Bitcoin exchange-traded funds and dem accept Bitcoin for American exchanges lyk Nasdaq.
For Ethereum, exchange-traded funds also don get approval di same way, but di SEC no too gree for di second-largest cryptocurrency. Di SEC don open plenty investigations for Ethereum service providers lyk Consensys, Uniswap, and other crypto trading facilitators lyk Coinbase.
Di SEC and Gensler never gree classify Ethereum as security or non-security, but dem still dey enforce federal rules on top Ethereum ecosystem participants.
U.S. policymakers, especially for di House of Representatives, don talk say Gensler dey cause confusion for di digital asset industry,say im dey use made-up words lyk “crypto asset security” for legal actions.
E no too tey dis week, For one Congressional hearing wey all five SEC commissioners attend, dem change am for Gensler because of aw e dey block blockchain innovation and im dey cause confusion for di crypto market.
For di hearing and di CNBC interview, Gensler repeat di talk wey im talk say pipu no dey comply and poor disclosures dey apun for di crypto space. E talk say rules for di industry dey, but di participants no dey follow am and dem dey demand special treatment.
"Look, not liking the rules is not the same as, there aren't rules," says @GaryGensler on crypto regulation. "I think there's a lot that have profited off of the public's interest in this field but profited without the proper disclosures."
Him testimony and statements no match wetin Robinhood Markets lead attorney Dan Gallagher talk. For one hearing last week, Gallagher talk say di commission no answer Robinhood as dem dey try register.
Gallagher, wey be former SEC employee, talk say either di agency staff delay response or no respond at all for some cases. SEC Commissioner Hester Peirce also chook mouth say similar tins dey apun for di regulator and she support Gallagher’s view say Congress suppose enta di mata to manage di policy gap wey di SEC inaction dey cause on purpose.
Hamster Kombat don change face as di market cap don drop pass Notcoin
Hamster Kombat token don fall more than 30% afta di airdrop and token listing wey plenti pipu bin dey expect.
Hamster Kombat (HMSTR) don crash reach $0.0088, wey make di total value waka go $574 million. Dis one don make am become di 110th biggest cryptocurrency. E first price bin low pass di pre-market futures high of $0.3865.
Dem don list am for big central exchanges like Binance, OKX, MEXC, Gate.io, Woo, and KuCoin. Binance even launch one "earn" program wey go give pipu chance to win 100 million HMSTR tokens.
Data from CoinGecko show say Hamster get max supply cap of 100 billion tokens, and 64.3 billion of dem dey circulate. Di price drop fi be because many pipu wey collect airdrop don dey sell dia tokens.
Hamster Kombat value show say e still small pass Notcoin. Notcoin na di first tap-to-earn token wey don list, wey get market cap of over $871 million.
Normally, Hamster get bigger ecosystem pass Notcoin. E get over 300 million players, 37.6 million YouTube subscribers, and 14.3 million followers for X.
One of di reasons wey fit make di price drop na because Hamster get over 35 million tokens wey dem don lock, while all di 102.4 million tokens of Notcoin dey circulate.
Di biggest short-term risk for Hamster be say plenti pipu wey don gada billions of tokens for di past few months fit start to sell. Normally, new tokens for Telegram dey always drop small afta dem launch.
For example, Catizen first jump reach $1.150 afta launch but e don drop more than 38%. Notcoin and Pixelverse sef don drops wella from dia all-time highs.
If we look am like dis, Hamster Kombat airdrop apun when plenty cryptocurrencies dey rise, Bitcoin rise enta $64,700, and di total value of all coins don increase by 3.7% reach $2.26 trillion.
Other tokens wey pipu bin expect don disappoint before. For example, Sweat Economy don drop 94% from e record high, even tho Sweatcoin get over 50 million users before dem do SWEAT token airdrop.
Bitcoin Price Don Test Important Resistance Level for $65,000, Thanks to Whales and Sharks Weh Dey Buy Plenti and Strong Technical Factors
Bitcoin don enta one technical bull market after e rise pass 21% from di lowest level wey e don reach dis month. According to Santiment, na di plenti buying by whales and sharks cause dis price action.
🐳📈 Bitcoin has officially reached a $65K market value for the first time since August 1st. Continued whale and shark accumulation has undeniably been a factor, preventing BTC from seeing sustained drops. $4.08B in BTC has been accumulated by 10+ BTC wallets in 6 months.
MicroStrategy, wey be di biggest corporate Bitcoin holder, dey lead for di buying. Earlier dis month, di company buy coins wey worth $458 million, wey make dia total holding reach 252,220.
Institutional investors sef don dey buy more Bitcoin. Data show say all funds don see inflows for five straight days, with net inflows dis month wey reach $600 million.
Di gains don dey linked to di way interest rates dey fall for plenti countries, rising global money supply, and recent moves by di Chinese government. The government dey plan to inject $142 billion enta di economy. All dis factors don make investors feel like taking more risk, as we fit see from di fear and greed index.
Bitcoin sef dey react to di way US public debt don increase pass $35.4 trillion, with yearly interest payments close to $1 trillion. Traders believe say Bitcoin and gold na better assets to use guide against normal risk.
Plus, Bitcoin price don steady because technical indicators don improve. E been form inverse head and shoulders pattern, e avoid death cross pattern, and di Relative Strength Index (RSI) don continue to rise, wey show say momentum dey build.
But Bitcoin no safe yet. Di clear bullish breakout go apun when e move pass di upper side of di descending trendline wey connect di highest swings since March.