Get the latest Crypto market updates and insights, including Solana's rise and bitcoin's overbought condition. Plus, a discussion on crypto lobbying.
Cryptocurrency Market Update: Solana Rebounds, Bitcoin Overbought, and Crypto Lobbying Needs a Reset
Solana has rebounded by 4% following two crashes over the weekend, freezing transactions. Bitcoin is trading flat at $23,475, with the largest digital asset up 1.5% in the last 24 hours. Ether is up 2.7% to $1,636. According to Katie Stockton, founder, and managing partner at Fairlead Strategies, bitcoin appears "overbought," making it difficult to clear $25,000. Stockton says Ether is looking just like bitcoin, and both are part of a top-down-oriented market where macro forces are price action "as opposed to the fundamental value of things."
Joe DiPasquale, CEO of crypto fund manager BitBull Capital, adds that bitcoin is attempting to find support during a minor price correction. "If bitcoin remains in the current range, we are likely to see $25,000 and then $30,000. A rejection from here could see $20,000 first, followed by $18,000," he said in an email to CoinDesk. With the U.S. and China scheduled to announce important economic data next week, all eyes will be on crypto to see if it can overcome key resistance levels.
In other news, CoinDesk Chief Content Officer Michael Casey suggests that crypto lobbying needs a reset. While the SEC's recent actions against crypto entities have stirred the industry's ire, the agency's move forcing New York-based Paxos to cease issuing its partner Binance's BUSD stablecoin is the most deserving of an outcry. Critics rightfully asked how a token that's explicitly designed not to fluctuate in price could be considered a security. However, a recent account in Fortune suggests the SEC may not have been thinking of securities law at all in that action. Binance was automatically converting competitor-issued stablecoins held by its exchange's customers into BUSD. To Casey, that looks like an antitrust concern, not one of BUSD being security.
Crypto lobbying efforts must improve to ensure future regulation is effective. The crypto community should work with the FTC to enforce a decentralized market structure for their own industry and prevent the SEC from crimping mass adoption and undermining blockchain-based challenges to monopolies in other industries, such as finance and internet platforms.
