Full-Blown Attack
It’s been a wild 48 hours in the Crypto space, with Gensler coming down on both Coinbase and Binance. An additional announcement in regard to BNB, Cardano, and a number of other altcoins being deemed securities is yet another disappointing performance by Gensler. However, none of this is unexpected. In February of this year, I warned of an acceleration and intensification in regard to regulatory pressure, especially, from the SEC.
The market had an initial knee-jerk moment but managed to regain composure, much to Gary’s surprise, I’m sure. Coincidentally, I had just published an article addressing how the market needed to learn to shrug these events off and simply continue forward. It was great to see the market do exactly that, as there is no real merit for a significant correction. The majority of all this is merely noise.
Markets have to learn to filter out the noise and only respond to valid catalysts. Gary’s recent aggression and persistence in stating that “We don’t need more digital currencies” was clearly a moment of emotional weakness that spoke volumes to anyone paying attention. A little too personal, or “invested”, for someone just overseeing and ensuring fair and safe practices, if you ask me.
Gensler will most likely keep coming. However, this week marked a rather monumental event in that Gary has now played his ace. Smacking both Coinbase and Binance, along with declaring top-tier altcoins securities is pretty much up there, wouldn’t you say? What’s left in the bag? He has attacked the two largest and most influential companies in the US. Perhaps Crypto.com is also on his radar, but anything from here on out is second to the card he has just played.
Bitcoin Now Needs To Hold
It is possible we see a little more blood from these altcoins that have been categorized by the SEC. However, the most important aspect is… Bitcoin needs to hold! Ideally, BTC needs to hold this $26k level, or even $25K. This is now crucial, as it will also send a very strong message. Crypto investors need to see that this is now in fact a battle. You have to just stand your ground. This is a calculated attack.
In another recent article, I addressed the amalgamation of Crypto and TradFi. This has been the agenda all along. Break it down and capture it. The powers that be have no intention of allowing an alternative monetary system. However, they have no problem incorporating it into their existing model, provided it is under their control and authority. Crypto is in a chapter that has nothing to do with gains.
This chapter is a fight for independence and even survival. It’s time to stand with determination and resolve. It’s not time to sell. Had this event taken place six months ago, I would be bearish. However, we are in the midst of a shift. The banking collapse has also done much to solidify a reversal and deliver a message of Bitcoin’s relevance and importance.
Final Thoughts
Gary Gensler and his team are now running out of ammunition. The world’s need for Bitcoin is now much greater than the FUD that is being dished out. It’s this very dynamic that secures a victory, provided we don’t surrender to the tactics of fear and intimidation. The weekend is also upon us, so that could be interesting. Hopefully, by this time next week, BTC is above $28K and we have seen some progress in regard to Coinbase and Binance. All the best, see you soon!
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This article was first published on Sapphire Crypto.
Good blockchain projects like hive will have a future no matter what.
I don't think anyone who has been in crypto for a few years gives two shits what Gensler and his cronies are doing. They are becoming more and more non relevant as time ticks by and as the world opens up no one will pay any attention. Sad for the US crypto community but we have to move on and hope they catch us up again later down the line.
As confidence wanes in the bank's money, people will hold on more tightly to an alternative that will "float" on top of the ever-expanding fiat currency.
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