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Ether Proponents And Popular U.S Attorney Directly Quiz SEC Chairman On Ethereum’s Security Status

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If XRP Is Deemed A Security, Ethereum Might Be Next In Line, Fears Market Players

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Ethereum, the second-largest cryptocurrency by market cap, is gaining stamina as the network is rapidly accelerating towards its planned migration to being a proof-of-stake protocol, especially with the successful launch of the London hardfork on mainnet earlier this month.

Already, progress is being recorded in the network’s journey to having a deflationary economy with a total of 52,703 ether valued at $170 million having been burned as of this writing. Added to that, Ethereum is the leading platform for DeFi protocols, and NFTs minting and trading.

This year, Ethereum DeFi protocols including Aave, Maker, Uniswap, and Compound are among the top 10 DeFi platforms and have a total value locked (TVL) of over $84 billion. Decentralized exchanges on the Ethereum blockchain too have recorded massive successes, with a total value locked of around $10 billion.

This success has also engendered institutional interest in Ethereum. Similar to Bitcoin, there have been multiple applications to the SEC for Ethereum ETFs, which have not been replied to. On-chain data from 2020 reported in April by Two Prime – a digital assets investment management firm – also indicated that large-scale institutional purchases temporarily overwhelmed coin mining production and strained the ability of trading exchanges to meet demand. 

This has made it important for regulations in the U.S. around the asset class to be clarified for investors to have better guidance in their decisions. One interested market participant, Attorney Jeremy Hogan, of Hogan and Hogan legal, made popular by their YouTube channel, Legal Briefs, has asked SEC chair, Gary Gensler, to once and for all clear the uncertainty.

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Responding to a tweet by Gensler on Twitter, the attorney asked for a straightforward YES or NO answer from Gensler on the question of whether Ethereum is a security or not. As of this writing, the question which has gotten a lot of attention and backing has yet to be responded to by Gensler. Hogan has, however, repeated the question, restating that a simple answer would suffice to allay concerns on the matter in the follow-up tweet.

“Dear @GaryGensler,
We know you understand Ethereum very well. We also understand you recently said that U.S. securities laws are “very clear.” Therefore, the millions of Americans who own Ether would like to know the answer to a SIMPLE question: is Ether a security? YES. or, NO”

While no response has been forthcoming from the regulatory body or its chair, the crypto-community has already taken up the conversation. Attorney Hogan himself, on his YouTube channel, while weighing in on the question, gave the Ethereum network an SEC danger rating of 4/10, citing his reason to be that the network seems to have been operating as a security. 

He notes that in 2014, Ethereum raised $18 million dollars in a presale event, also in 2018 when the DAO hack occurred, the Ethereum foundation – the organization that is the loosely centralized manager of the blockchain – took decisions that were shown to have bearing on the price of Ethereum by deciding to do a hard fork of the network.

ETHUSD
ETHUSD Chart By TradingView

Hogan argues that the SEC can see the network as a security for those reasons. However, the SEC, through one of its directors, William Hinman, has in the past testified that Ether was not a security – a stance that is still controversial as the SEC has recently doubled back on the stance recently in its case with Ripple, declaring it the opinion of Hinman and not the SEC.

Until there is a clear definition of where cryptocurrencies and Ethereum, in particular, stand with regulators, there will be skepticism from investors, which will also intensify the discussion around Ether’s regulatory status.

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Source: https://zycrypto.com/ether-proponents-and-popular-u-s-attorney-directly-quiz-sec-chairman-on-ethereums-security-status/

Blockchain

CFTC Examining Possible Insider Trading at Binance: Bloomberg

CFTC Examining Possible Insider Trading at Binance: Bloomberg

Rate this post The U.S. Commodities Futures Trading Commission (CFTC) has expanded the scope of its investigations into Binance to include possible insider trading at the exchange. CFTC Expands Investigation into Binance over Insider Trading Binance, which was already being probed for selling Bitcoin-related derivates in the U.S., is now facing an inquiry over insider trading, according to a report from Bloomberg. The report states that the CFTC has been reaching out to witnesses in recent weeks for more information on the matter.  As the world’s largest cryptocurrency exchange, Binance sees transactions worth billions every day. That also provides the company with privileged information about transactions, which is being questioned by the regulators.  For its part, the company stated that it has a “zero-tolerance” policy and a “strict ethical code” to prevent misconduct that could harm its customers.  “At Binance, we have a zero-tolerance policy for insider trading and a strict ethical code related to any type of behavior that could have a negative impact on our customers or industry,” a Binance spokesperson said. Binance’s regulatory woes in the U.S. extend beyond the CFTC investigation. The Department of Justice (DOJ) and the Internal Revenue Service (IRS) are also scanning the exchange for any links to money laundering and tax evasion in the country. Binance’s Continued Regulatory Headache Regulatory compliance has been an ongoing issue at Binance. The company’s founder and CEO Changpeng Zhao, also known as CZ, believes that there has been a “hyper-focus on regulation when it comes to Binance.” So far, the company has received official warnings in the UK, Japan, Cayman Islands, Hong Kong, Malaysia, and Thailand.  To counter scrutiny, the company has hired several former regulators and introduced mandatory know-your-customer (KYC) requirements for all its users. Just last month, Binance announced that it has hired Greg Monahan, former U.S. Treasury Criminal Investigator, as its Global Money Laundering Reporting Officer (GMLRO).

The post CFTC Examining Possible Insider Trading at Binance: Bloomberg appeared first on Cryptoknowmics-Crypto News and Media Platform.

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The U.S. Commodities Futures Trading Commission (CFTC) has expanded the scope of its investigations into Binance to include possible insider trading at the exchange.

CFTC Expands Investigation into Binance over Insider Trading

Binance, which was already being probed for selling Bitcoin-related derivates in the U.S., is now facing an inquiry over insider trading, according to a report from Bloomberg.

The report states that the CFTC has been reaching out to witnesses in recent weeks for more information on the matter. 

As the world’s largest cryptocurrency exchange, Binance sees transactions worth billions every day. That also provides the company with privileged information about transactions, which is being questioned by the regulators. 

For its part, the company stated that it has a “zero-tolerance” policy and a “strict ethical code” to prevent misconduct that could harm its customers. 

“At Binance, we have a zero-tolerance policy for insider trading and a strict ethical code related to any type of behavior that could have a negative impact on our customers or industry,” a Binance spokesperson said.

Binance’s regulatory woes in the U.S. extend beyond the CFTC investigation. The Department of Justice (DOJ) and the Internal Revenue Service (IRS) are also scanning the exchange for any links to money laundering and tax evasion in the country.

Binance’s Continued Regulatory Headache

Regulatory compliance has been an ongoing issue at Binance. The company’s founder and CEO Changpeng Zhao, also known as CZ, believes that there has been a “hyper-focus on regulation when it comes to Binance.”

So far, the company has received official warnings in the UK, Japan, Cayman Islands, Hong Kong, Malaysia, and Thailand. 

To counter scrutiny, the company has hired several former regulators and introduced mandatory know-your-customer (KYC) requirements for all its users. Just last month, Binance announced that it has hired Greg Monahan, former U.S. Treasury Criminal Investigator, as its Global Money Laundering Reporting Officer (GMLRO).

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Source: https://www.cryptoknowmics.com/news/cftc-examining-possible-insider-trading-at-binance/

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QTUM Technical Analysis: Price to Look for Support Near $10.31

QTUM Technical Analysis: Price to Look for Support Near $10.31

Rate this post QTUM is another decentralized platform that transfers smart contracts. It uses the Proof-of-Stake (PoS) consensus, which means the node operators are rewarded for validating transactions. Moreover, it is a DGP governed blockchain. Let us look at the technical analysis of QTUM. Past Performance On September 11, 2021, QTUM opened at $12.78. On September 17, 2021, QTUM closed at $12.50. Thus, in the past week, the QTUM price has decreased by approximately 2%. In the last 24 hours, QTUM has traded between $12.30-$13.07. https://www.tradingview.com/x/JHAWkjFs/ QTUM Technical Analysis At the time of press, the price is at $12.27, which is near its long-term support level. Moreover, the token is currently forming its base between the range of $15.29 and $10.08. A break-out or a break-down from this range will decide the future of QTUM. Till then, let us have a look at what the indicators are indicating; The MACD and signal lines are in the positive range, thus, suggesting a buy signal. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, being the lagging indicator, we will have to wait and watch if the trend reversal is on the horizon or not. Currently, the RSI indicator is at 51%. It is constantly facing rejection at the 44% mark and currently, is taking constant support at the 45% mark. Thus, selling pressures are slowly mounting. We have to wait and watch if it becomes strong enough to bring about a bullish trend reversal. Until then, we can assume it will bounce back from this level. On the daily chart, the OBV indicator has broken its long-term downtrend and picked an upward trajectory. Thus, buying volumes are higher than selling volumes. In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend. Day-Ahead and Tomorrow Currently, the price is below the second Fibonacci pivot point of $15.03. If the bears take over from this position, then the price is likely to fall below the first, second, and third support levels of $12.21, $11.28, and $10.31, respectively. However, chances of it breaking out are higher. Thus, we can wait for another bull trigger and then expect the price to breakout. Post which, the price will test resistance at $14.35. If the price breaks this level on the upside, traders can take a long position, keeping the next target at $15.53.

The post QTUM Technical Analysis: Price to Look for Support Near $10.31 appeared first on Cryptoknowmics-Crypto News and Media Platform.

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QTUM is another decentralized platform that transfers smart contracts. It uses the Proof-of-Stake (PoS) consensus, which means the node operators are rewarded for validating transactions. Moreover, it is a DGP governed blockchain. Let us look at the technical analysis of QTUM.

Past Performance

On September 11, 2021, QTUM opened at $12.78. On September 17, 2021, QTUM closed at $12.50. Thus, in the past week, the QTUM price has decreased by approximately 2%. In the last 24 hours, QTUM has traded between $12.30-$13.07.

TradingView Chart

QTUM Technical Analysis

At the time of press, the price is at $12.27, which is near its long-term support level. Moreover, the token is currently forming its base between the range of $15.29 and $10.08. A break-out or a break-down from this range will decide the future of QTUM. Till then, let us have a look at what the indicators are indicating;

The MACD and signal lines are in the positive range, thus, suggesting a buy signal. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, being the lagging indicator, we will have to wait and watch if the trend reversal is on the horizon or not.

Currently, the RSI indicator is at 51%. It is constantly facing rejection at the 44% mark and currently, is taking constant support at the 45% mark. Thus, selling pressures are slowly mounting. We have to wait and watch if it becomes strong enough to bring about a bullish trend reversal. Until then, we can assume it will bounce back from this level.

On the daily chart, the OBV indicator has broken its long-term downtrend and picked an upward trajectory. Thus, buying volumes are higher than selling volumes.

In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

Day-Ahead and Tomorrow

Currently, the price is below the second Fibonacci pivot point of $15.03. If the bears take over from this position, then the price is likely to fall below the first, second, and third support levels of $12.21, $11.28, and $10.31, respectively.

However, chances of it breaking out are higher. Thus, we can wait for another bull trigger and then expect the price to breakout. Post which, the price will test resistance at $14.35. If the price breaks this level on the upside, traders can take a long position, keeping the next target at $15.53.

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Source: https://www.cryptoknowmics.com/news/qtum-technical-analysis-price-to-look-for-support-near-10-31/

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Uniswap in a False Breakout, Resumes Downward Correction

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Sep 18, 2021 at 10:40 // News

The price of UNI is trying to move back up

The price of Uniswap (UNI) has fallen into the downtrend zone as the price reached the low of $25.08. As the price breaks below the moving averages, there is a likelihood of further downward movement in the price.

Today, the price of UNI is trying to move back up and reach the earlier high of $28. It is a difficult task for the buyers to regain the previous high of $28 as the altcoin is facing another rejection at $25.18. If the altcoin gets rejected at the recent high, the market will fall back to the low of $22. However, the uptrend will resume if the price finds support above $22. The $22 support has held in the price action so far. For the cryptocurrency to resume its upward momentum, buyers need UNI to hold above the moving averages.

Uniswap indicator reading

The altcoin is at level 47 of the Relative Strength Index for period 14. The cryptocurrency is in the downtrend zone and below the midline 50. The price of the crypto is below the moving averages, indicating a possible downward movement of the altcoin. UNI is above the 25% range of the daily stochastic. The cryptocurrency is in bullish momentum but faces rejection at the recent high.

UNIUSD(_Daily_Chart)_-_SEPT._18.png

Technical indicators:

Major Resistance Levels – $55.00 and $57.00

Major Support Levels – $22.00 and $20.00

What is the next direction for Uniswap

According to the 4-hour chart, the price of Uniswap (UNI) continues to be in a downward correction. The cryptocurrency is hovering between the $22 and $25 levels, having broken through the $25 resistance. The selling pressure is pushing the altcoin back into the range bound zone. Today, the bulls are retesting the resistance to break it. It is likely that altcoin will continue its downward correction.

UNIUSD(4_Hour_Chart)_-SEPT.18.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.

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Source: https://coinidol.com/uniswap-false-breakout/

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