WARNING: NO More CRYPTO Bail Outs! (CAN BITCOIN Survive 'ONE RULE BOOK' Regulation?)
Sam bankman freed suggests that other players in the game are secretly insolvent and despite false rumors of liquidation, microstrategy is still purchasing more bitcoin. My name is deezy. This is your crypto nightly news. Wrap up lets get it in many of these financial assets. Crypto financial assets have the key attributes of the security, so some of them theyre under the securities and exchange commission, some like bitcoin uh, my predecessors and others have said: theyre theyre a commodity working together. Theres two great market regulators in this country. I have the honor to chair the cftc terrific agency. I have the honor now to chair the securities and exchange commission a little bit different remits, a little bit different approaches, but working together with the banking regulators as well. Theres theres work to be done there around whats called stable coins theres a lot of work to be done to really protect the investing public and many of these tokens right now, theyre, potentially non compliant and ill leave it at that jim as dirty gary ginsler stumbles And stutters, through his thoughts on national television im sure some of us were relieved to hear that at least bitcoin gets a pass as a commodity. That means its regulated by the cftc, the commodities future trading commission and not the sec. The securities and exchange commission. The problem with murky regulation in crypto is that ginsler and the gang at the sec want to pick and choose what coins are commodities and what coins are securities, regardless of the distinction.
Its been reported that gary ginsler has proposed a one rule book to regulate all crypto assets, because securities and commodities are basically indistinguishable. He wants to put them all under the same umbrella to avoid gaps in oversight, prevent fraudulent practices and, of course, protect investors. Dont freak out yet its just a proposal and the other regulating bodies must all be in agreement. But considering ginzar used to be the chair at the cftc, something tells me he has a monopoly on the space and the crypto investors he claims he wants to protect. Are about to pay for a hotel on boardwalk lets, pass it over to our guy frankie candles for our market watch thanks deez. All right guys lets jump in and do a little market watch here. Weve got bitcoin coming in at 20 093 dollars down about one percent on the day, ethereum coming in at 10.97, down about four percent on the day lets go ahead and check our top movers ustc up a hundred percent on the day and 928 on the week. Interesting zrx up about ten percent on the day, stx up about five percent on the day, dogecoin up about five percent compound up about five percent and uniswap up about four and a half percent guys. The markets are still a little hard to read. We do have some bullish things happening on the longer time frames, which would, in my opinion, hold a little more weight than the lower time frames.
But it does seem like there are some bearish things on the lower timeframe. So mixed signals, as this has kind of been the story that bitcoins been telling lately so just be careful out there if youre trading. But if you guys want to follow me, its frankie candles on youtube or frankie underscore candles on all socials back to the news. Sam bankman free, the mother teresa of crypto, is a saint for providing the bailout money to blockfy and voyager, but hes only one man and he cant save everyone. He must know something we dont about whats, going on behind the scenes at other exchanges, because in a recent interview with forbes sam warned that customers might not be aware of the trouble theyre about to be in because some third tier exchanges are secretly insolvent. Its not that hard to believe some companies are too far out to swim. Their way in i just dont, like that, the user base is usually the last to find out when that happens, but lets face it. This is what bear markets do. These are the times where the cream rises to the top, and the weaker companies drown weve seen what happened to celsius. A court in the virgin islands, just ordered liquidation of three arrow capital were in a recession. More interest hikes are coming at this point. The question is whos. Next, i want to circle back on what weve been saying since the start of the year.
Developing a long term mindset is paramount to your success in crypto. The patient will prevail. There is a light at the end of the tunnel. The question is: are you still going to be here when we get there? I say this because, despite the bear market, the recession, the interest hikes whales, are still out there and theyre still accumulating its always a bullish signal when whales are accumulating, because that means institutional investors are focusing on the future. So you should too swim with the whales right, even if the price goes down to 50 to even 90, more percent from here with a long term. Mindset a buy right now is still a win in due time, while putting the rumors of liquidation to rest. Michael saylors company microstrategy just purchased another 480 bitcoin valued at roughly 10 million dollars according to sailors, tweet microstrategy now holds 129 699 bitcoin, which was acquired for a little under 4 billion, keep in mind, even if the price goes down more from here. This big bitcoin buy is a win for them, since the average price they bought their bitcoin at is roughly around 30k. This purchase dollar cost averaged their overall position down even more for a retail investor, its never a good idea to buy into a downtrend. But if you do want to start accumulating now, focusing on bitcoin is better idea than trying to ape into the next meme coin. Remember bitcoin is treated as a commodity that gives it immunity against the heavy regulation that might come for the coins.
Ginsler wants to define as securities these next couple months are going to be pivotal for the crypto space so be sure to tune in so you dont miss out on these gains.