The White House and Crypto
The Exodus of China
The thought process here is to sign or not sign an executive order that would essentially create an agency or add to the powers of existing agencies for everything Crypto. This would include adding a position to the White House in the form of a Crypto Czar.
This story is a bit fractured. On one hand, yes, the White House should look into Crypto because based on all of the Admins responses so far and all of the committees held in Congress over the last few years… one thing is very clear. THEY HAVE NO CLUE WHAT CRYPTO IS.
On the other hand, they have a “Concern over investor protections”. Let’s be very clear about something here. These are the same people who allowed Hedge Funds and millionaires to get away with their GME Squeez while DESTROYING retail investors. These are the same people who allow retail to take positions and then handcuff them to the position overnight if they don’t have $30K in their trading account.
From what I have seen, Regulators and the US Government have gone out of their way to HELP their millionaire friends and DESTROY you and me. So, if it comes from the White House – it’s probably NOT a good idea.
Check this Bloomberg Article
Pack your bags everyone – the train is leaving!
Per the China Securities Journal, “more than 20 “crypto-related companies have “announced their withdrawal from the Chinese market” in recent days.
The final straw the recent re-ban of all things crypto. In a twist of irony and the ultimate form of hypocrisy, China is still working on their own China Crypto Token – digitizing their cash equivalent.
You really can’t blame anyone for leaving as the companies have been fighting for years just to be able to run their business – everything from exchanges to mining to support systems for the Crypto ecosystem.
In my opinion – anything that stifles adoption, creativity and progress in the Crypto space is the sworn enemy of freedom and I hope that every last person, business or company that is crypto-related leaves China and their misunderstanding and hate for Crypto in the dust once and for all. When the World prospers from Crypto – China will be left with a paper bill worth as little as it was intended to in the first place – absolutely Nothing.
Check this Crypto News Article
The 24H biggest winners were XRP and DOT with the 24H biggest losers being SOL with AVAX as a very distant second.
LUNA, UNI, and AVAX are the only three trading under $1B in Volume and some of this can be attributed to the fact that staking said coins will earn you a reward as opposed to treading them.
Crypto Fear and Greed
The momentum for Greed is picking up and we can see that in the Price Action across the board as well. The broader market has been slowly trying to test local resistances and in some cases – breaking out of those resistances.
The BIG DOG - Bitcoin
At one point yesterday, Bitcoin was up $2300 but instead of keeping it there, it gave nearly everything back by the time the Daily candle closed out.
The candle itself represents a failed rally from the Bulls and a Short-Term win for the Bears. The Bad News for the Bears is that so far today, the Bulls are very close to meeting what they did yesterday. This forces the Bears to stay on their toes as they don’t want to give anything to the Weekend Warriors for free.
Overall Volume is nothing to be celebrating about but this is expected if this area acts as it did back in April/May. The idea for this consolidation period would be for Alts to have a Run while the overall Dominance is still down.
Fantom is still hot. 2.26 was the level we liked as Resistance and we have seen a local pullback since that level was hit yesterday. A Bigger pullback between 1.66 and 1.80 is certainly not out of the question but there are definitely some buyers hanging around the H4 9 EMA with a whole other round of buyers at the H4 20 EMA.
We cover Moving Averages in fairly deep detail if you are not familiar with them. For today, just know that there are two rounds of Buyers that live on the H4 Chart – and they have already bought the 9 pretty well.
What Is Fantom (FTM)?
Together with its in-house token FTM, Fantom aims to solve problems associated with smart-contract platforms, specifically transaction speed, which developers say they have reduced to under two seconds.
The Fantom Foundation, which oversees the Fantom product offering, was originally created in 2018, with the launch of OPERA, Fantom’s mainnet, coming in December 2019.