Ethereum
What to Expect From Bitcoin, Ethereum, and XRP When the SEC Treats Cryptocurrencies as Securities
- Bitcoin is trading above $62,500 on Monday, holding above key support as the head of the US SEC’s enforcement division says the Howey test applies to cryptos.
- Ethereum and XRP are trading above key support, extending gains of nearly 3% on the day.
- Gurbir Grewal noted at a recent conference that the principle definition of securities applies to cryptos and stressed the need to combat crypto fraud.
Bitcoin, Ethereum and XRP Update
- Gurbir Grewal, chief enforcement officer at the U.S. Securities & Exchange Commission (SEC), said the Howey test applies to cryptocurrencies. The Howey test is a legal framework set out by the U.S. Supreme Court to determine whether a transaction qualifies as an investment contract (security) and can therefore be regulated by the SEC.
- Grewal Remarks that several courts have issued decisions reaffirming the application of the Howey test to cryptocurrencies.
- Grewal’s statement directly conflicts with Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam’s statement that 70 to 80 percent of cryptocurrencies are commodities, including Bitcoin and Ethereum.
- Bitcoin held onto its fresh gains, holding steady above $62,500 on Monday, while Ethereum and XRP are trading above $3,100 and $0.533 at the time of writing.
- Bitcoin saw the fifth-largest weekly inflows on record as institutions pumped in $1.35 billion worth of BTC funds, according to a recent report from Coinshares. report.
- Bitcoin, Ethereum and XRP are holding their own, even as the two US agencies continue to fight over who will regulate cryptocurrencies.
Map of the day
FLOKI/USDT Daily Chart
FLOKI, a cryptocurrency that ranks among the top 100 assets by market capitalization, has extended its gains and erased its losses from the second week of July. FLOKI is trading at $0.000159 at the time of writing.
The meme currency is poised to extend its gains by over 15% and rally to the lower boundary of the fair value gap (FVG) at $0.000183, as seen on the daily chart above. The momentum indicator, the moving average convergence divergence (MACD), supports the thesis with green histogram bars above the neutral line and the MACD line crossing above the signal line.
FLOKI could find support at the July 13 high of $0.000144 in case of a correction.
Market Updates
- The assassination attempt on former US President Donald Trump has been followed by a surge in cryptocurrencies as traders anticipate Trump’s victory in the November election.
- Bitcoin Surges Past $60,000 as Market Anticipates Pro-Crypto Former President Donald Trump’s Re-Election
- QCP Capital analysts maintained a bullish medium-term view as demand for Bitcoin among institutions remains high, as evidenced by capital inflows.
- Scroll has landed a spot in the top 10 Ethereum Layer 2 protocols with an increase in the total value of cryptocurrencies locked on its platform. Scroll’s TVL is $1.01 billion as of Monday, according to data from L2Beat.
Industry News
- Alex Pertsev, the co-founder of Tornado Cash, was denied bail by a Dutch court on Friday. Pertsev was found guilty of laundering $1.2 billion in funds through the cryptocurrency mixing service. The sentence is five years and four months.
- US presidential candidate Donald Trump’s team has confirmed that the former president will speak at the Bitcoin conference on July 27, according to the team at Bitcoin Magazine.
- Golem, the project that raised funds through an ICO in 2016, sent 4,049 Ether, worth over $12.93 million, to Coinbase and Binance. The project also holds an additional $211 million worth of Ethereum.