Blockchain News

First Mover Asia: Solana in the Green After Weekend Deep Freeze

After two weekend protocol problems froze transactions, Solana is up 4%. The Solana Foundation is investigating the crash and will release its findings soon.

Bitcoin remains at $23,475. The largest digital asset gained 1.5% in 24 hours. Ether rose 2.7% to $1,636.


On CoinDesk TV, Fairlead Strategies CEO and managing partner Katie Stockton stated bitcoin is “overbought” and tough to surpass $25,000.


She added the overbought condition suggests resistance remains.

Stockton claims ether resembles bitcoin. Both are top-down markets where macro forces determine price “as opposed to the inherent value of things.”

“Eth looks precisely like bitcoin, the range there as outlined by resistance around $1,670,” she said.BitBull Capital CEO Joe DiPasquale said bitcoin is seeking support during a slight market adjustment.”Bitcoin might reach $25,000 and $30,000. If this is rejected, $20,000 and $18,000 may follow “Emailing CoinDesk, he stated.

On Tuesday and Thursday, the U.S. will report February consumer confidence and jobless claims. On Tuesday and Thursday, the People’s Bank of China will report its balance of trade and inflation.Crypto will be watched closely next week when the world’s two largest economies release significant economic statistics.

The Securities and Exchange Commission’s (SEC) recent decision to force New York-based Paxos to stop issuing its partner Binance’s BUSD stablecoin is the most controversial. Critics properly queried how a token meant not to vary in price can be a security.Fortune reports that the SEC may not have considered securities legislation in that action. Binance automatically exchanged competitor-issued stablecoins into BUSD. That looks like antitrust, not security, to me.

The crypto community, with its anti-middleman decentralized attitude, should support monopolistic behavior prosecution. Why is the SEC involved instead of the nation’s trustbuster, the FTC?

Two lessons:Another reminder that the SEC is asserting jurisdiction wherever it can without explicit crypto legislation. It’s turf conflict and political posturing after FTX, when crypto is a suitable whipping boy.

The crypto community has misjudged its U.S. government allies. Advocates should simultaneously work with the FTC to enforce a decentralized market structure for their own industry and with their allies in Congress to prevent the SEC from crimping mass adoption and undermining blockchain-based challenges to monopolies in other industries, such as finance and internet platforms. Instead, the sector blames the SEC, which Chairman Gary Gensler has played well as his agency has taken action against Binance/Paxos, Kraken, Terra-Luna, and now Voyager Digital debtors.


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