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Steven Nerayoff Slams US SEC’s Crypto Stance: Calls For Clarity And Innovation
As the debate over cryptocurrency regulation continues, former advisor to the Ethereum network Steven Nerayoff has become a public voice criticizing the approach taken by the United States Securities and Exchange Commission (SEC) towards crypto, especially under the leadership of the agency’s Chairman Gary Gensler. N
erayoff’s criticism goes beyond regulatory policy to consider the wider ramifications for the cryptocurrency market, citing the harm done by Gensler and Joseph Lubin, the co-founder of Ethereum.
Impact On Crypto From Bad ActorsEthereum‘s security status has been a significant discussion in the crypto industry with the SEC planning enforcement proceedings to regulate ETH as a security. However, the former ETH advisor Steven Nerayoff believes the industry is not at odds with Ethereum, but rather with Joseph Lubin and other negative actors, particularly the SEC chair Gary Gensler.
According to Nerayoff, the Ethereum co-founder and other bad actors have seriously damaged the crypto sector with their actions over time. As a result, crypto’s total market capitalization has declined, hindering ecosystem expansion and defrauding the public of hundreds of billions, possibly trillions of dollars.
He explained that by putting their financial gain ahead of the creation of dApps and true value, the market cap has seen lesser growth in comparison to what Nerayoff had anticipated. “It is clear that if not for them, the market cap could easily be 10x or more of its current value,” he stated.
Nerayoff claims Lubin is the height of ambiguity and uncertainty, trying to play a victim card despite his litigation against the SEC regarding Ethereum and his response to the Commission’s questions concerning MetaMask.
Last month, the SEC filed a Wells Notice to Consensys while mainly aiming at its MetaMask wallet service, indicating a potential regulatory dispute. Lubin, responding to the SEC’s move, claimed that the agency is pursuing a strategic series of enforcement actions instead of having transparent rules and open communication, thereby endangering the crypto landscape.
However, Nerayoff, dissatisfied with Lubin’s response, thinks it is nothing more than a devious scheme from the ETH co-founder, carried out in concert with Gary Gensler and the SEC.
He further stated that it is evident that Lubin is afraid of his failure and the evidence is there. “From securities fraud to market manipulation, colluding with foreign governments and US government agencies, he has done it all,” Nerayoff stated. These actions, according to Narayoff, committed by Lubin could potentially send him to prison for a long time.
Need For Regulatory Transparency And GrowthGiven the negative impact caused by these bad actors over the years, Nerayoff has stressed the need for appropriate supervision and clarity, which are vital for the development of the crypto landscape.
The Ethereum former advisor noted that investors have been harmed due to these wrong actions, and it is only proper that these dishonest people should be brought to justice. “It is time to demand transparency, the industry deserves better than what these bad actors have given it, and it is time to take action to ensure that crypto thrives for the better,” he added.
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Trump Campaign Develops Bitcoin Agenda With Industry Expert: Details
David Bailey, CEO of Bitcoin Magazine, has publicly announced his collaboration with Donald Trump’s campaign to forge a crypto-friendly agenda, potentially shaping future US policy on digital assets. Using the social media platform X, Bailey detailed his direct involvement in crafting a strategic vision for BTC and other cryptocurrencies under a potential Trump administration
A $100 million War Chest For BitcoinBailey announced, “For the past month we have been working with the Trump campaign to develop their Bitcoin and crypto policy agenda. We proposed a comprehensive executive order for President Trump to sign on day 1.” This executive order is expected to lay the groundwork for a more crypto-friendly regulatory environment, reflecting the campaign’s strategic approach to digital assets.
Bailey also emphasized the campaign’s commitment, stating, “We intend to raise a $100 million war chest for the campaign to ensure the next President of the United States is pro Bitcoin.”
This development follows Trump’s recent remarks at the Trump Cards NFT Gala, where he criticized the current administration’s stance on cryptocurrencies. Trump quipped, “[Biden] has no idea. But look, [he’s] very much against it. The Democrats are very much against it.” He further aligned himself with pro-crypto sentiments, indicating, “If you like crypto in any form, and it comes in a lot of different forms, if you’re in favor of crypto, you better vote for me.”
The announcement by Bailey sparked diverse reactions within the crypto community. Sweep (@0xSweep), a well-known crypto influencer, commented, “Bitcoin doesn’t need Trump. Trump needs Bitcoin.” Bailey responded by emphasizing the mutual benefits of this alliance, suggesting a strategic partnership rather than a one-sided dependency.
Bailey elaborated on the potential impact of a pro-BTC presidency, stating, “As Bitcoin’s trajectory becomes undeniable this cycle, the establishment is going to fight us tooth and nail. A pro-Bitcoin presidency buys us 4 years of status quo at a minimum (maybe more).” This perspective highlights the critical window of opportunity for the Bitcoin and crypto community to solidify its position within the US financial system.
Addressing the political nuances, Bailey asserted, “Bitcoin is not a partisan issue, it’s apolitical. However, we will mobilize to defend ourselves.” He clarified that the community’s support is more about opposing the current administration rather than an outright endorsement of Trump, saying, “We’re not voting for Trump per se, we’re voting against Biden. The only person to blame for that is Biden.”
Bailey also made a bold statement about the community’s political influence: “It’s time for Bitcoin to elect the next President of the United States.” This statement underscores the increasing recognition and potential clout of digital currencies in US electoral politics.
The dialogue between Trump, Bailey, and the broader cryptocurrency community suggests a significant shift in the political landscape concerning digital assets. As the US presidential election approaches, the BTC policies of candidates could become a pivotal issue for winning the election, influencing not only the future of regulatory landscapes but also the broader acceptance and integration of digital currencies in the US economy.
At press time, BTC traded at $60,896.
Solana Price Prediction – Could Solana Regain Bullish Momentum And Push To $200?
Solana has seen its price struggling to return to bullish levels for the past month. Solana previously reached $208 on March 18 after a strong price uptick spanning over five months. However, this cross over $200 was very brief as Solana dipped to $167 before reversing and reaching $203 again on April 1.
Again, this cross over $200 was also brief and Solana has been on a downfall since then. Interestingly, the recent price level has put Solana on a 30% correction in the past six weeks. While this is a hard crash, Solana is now looking prime to resume its uptrend, with indicators now flashing bullish.
Solana To Regain Bullish Momentum?Solana’s parabolic price rise from October 2023 to April 2024 led to an overheated market that was bound to correct. This rise was mostly exacerbated by the surge in popularity of Solana meme coins and the general bullish crypto market greed spearheaded by Bitcoin.
This uptick saw Solana briefly overtaking BNB in market cap rankings after fully displacing XRP and ADA. However, as the greed flipped to caution, Solana started to correct with the rest of the market.
Solana dipped to a low of $120 on May 1 with the bulls defending this price support. According to a crypto analyst known pseudonymously as Inmortal, this was the last major price correction for Solana in the current market cycle.
As a result, Solana now finds itself ranging around a minor support at $140. Per a SOL chart shared by Inmortal on social media, the crypto is now ready to march to a fresh all-time high of $320.
Last dip ever$SOL pic.twitter.com/SDfxYCT6EC
— Inmortal (@inmortalcrypto) May 5, 2024
Inmortal is not the only analyst predicting a bullish Solana move. Analysts Maximilian FX and Orson Fawley also believe Solana is ready to beat the $200 price mark again.
Price Levels To Watch For Solana’s Next MoveAt the time of writing, Solana is trading at $145, down over 30% from its yearly high of $208. After such a sharp drop Solana has created some key price levels to watch during its next big move. The first notable price resistance is at $158.
If Solana can break back above $160, it may signal the correction is over and the uptrend has resumed. Other resistance levels on the journey to $200 are around $175 and $185. On the other hand, a drop below $140 risks a move toward the next major support level at $120.
Although the overall crypto market sentiment is currently neutral, the environment remains favorable for a SOL price recovery.
Featured image from melanciadesign.com, chart from TradingView
Gas Gone Cheap! Ethereum Fees Plunge 93% To Rock Bottom Prices
Ethereum users are rejoicing over a dramatic drop in gas fees, with the network experiencing its lowest point since early 2020. This translates into significantly cheaper transactions, making the platform more accessible for everyday users and developers. However, experts caution that this fee fiesta might be temporary, raising questions about the long-term health of the network.
Ethereum Gas Prices Hit Rock BottomData from from BitInfoCharts shows intraday gas fees dropping 93% from the peak of $30 just six months ago. This translates to a significant cost reduction for various activities on the Ethereum blockchain. Simple asset swaps now cost around $5, while minting NFTs has become a much more affordable endeavor at roughly $9.
This newfound affordability is attributed to a confluence of factors. The recent Cancun-Deneb upgrade is believed to have played a role in optimizing network efficiency. Additionally, a general downturn in network activity coincides with a calmer period in the broader cryptocurrency market.
A Boon For Users, But A Challenge For MinersWhile users are celebrating the lower fees, concerns linger about the long-term sustainability of this trend. The near-zero “blob fee” suggests a lack of demand for block space, raising the specter of future congestion and fee spikes. Additionally, lower fees could negatively impact the profitability of miners who secure the Ethereum network.
According to analysts, this situation is a double-edged sword. While lower fees are great for users, they could make it more economical for large players to dominate block space, hindering decentralization.
The Quest For Scalability: Enter Multi-Dimensional GasThe recent gas fee developments highlight the ongoing struggle to optimize Ethereum’s scalability and affordability. In response to these challenges, Vitalik Buterin, the platform’s founder, has proposed a significant upgrade introducing the concept of “multi-dimensional gas.”
This upgrade aims to provide Ethereum with greater flexibility in managing various resources. By taking a more nuanced approach to resource allocation, the network could potentially improve transaction throughput without compromising security.
A Look Ahead: Will Ethereum Maintain Its Momentum?The dramatic drop in gas fees serves as a welcome respite for Ethereum users. However, the long-term viability of these low fees remains uncertain. The network’s ability to handle future surges in demand and maintain a healthy balance between user experience, miner profitability, and decentralization will be crucial for its continued success.
The proposed multi-dimensional gas mechanism embodies the ongoing efforts to address these challenges. As the Ethereum ecosystem continues to evolve, its ability to adapt and innovate will determine its position in the ever-changing landscape of blockchain technology.
Featured image from AutoDeal, chart from TradingView
Bitcoin ‘Danger Zone’ In 2 Days: Crypto Expert Explains What This Means
Crypto analyst Rekt Capital has dropped a peculiar analysis on when Bitcoin might resume its upward trajectory. According to a post on social media platform X by the popular analyst, Bitcoin could finally exit the “danger zone” in the next two days.
This prediction has come amidst speculations on when and whether Bitcoin would continue a price surge as current price action shows the crypto is now ranging around the $68,000 price level.
Bitcoin Exiting Danger Zone: What Does This Mean?Bitcoin has been subject to various price outlooks from different crypto analysts in the past few weeks, especially after the recent completion of the halving. While some analysts are predicting a price drop to as low as $52,000, others are still bullish. Rekt Capital’s recent outlook regarding the cryptocurrency puts him among the latter category of analysts who remain bullish.
Rekt Capital’s bullish prognosis regarding Bitcoin seems to be very intriguing, as he’s going by a peculiar term which he called the danger zone. His outlook on the danger zone is based on Bitcoin’s price action in 2016. The cryptocurrency, in his opinion, is currently mirroring its price movement in 2016.
As he noted in a BTCUSD one-week time frame chart, Bitcoin has largely been in a correction phase after the halving, which he called the re-accumulation range. However, Bitcoin created a wick that extended below the low of the re-accumulation range just like it did in a three-week window after the 2016 halving.
This wick extension refers particularly to Bitcoin’s break below the $60,000 price level early last week as it extended to the $56,000 price mark. According to him, the extension of this week means that Bitcoin has satisfied the Post-Halving danger zone and it could end in just the next two days.
Bitcoin indeed downside wicked below the Re-Accumulation Range Low just like in 2016
Thus price-wise, the Post-Halving “Danger Zone” purple has been satisfied
Time-wise however, the “Danger Zone” officially ends in 2 days$BTC #Crypto #Bitcoin https://t.co/5GHCnZrmB1 pic.twitter.com/Qnx9zAevAy
— Rekt Capital (@rektcapital) May 11, 2024
Undoubtedly, Bitcoin’s breakout above this zone means it is now free from a strong move to the downside. From this point, all the roads lead to a price uptick if it continues to mirror the 2016 price action. Although Rekt Capital did not give a particular price target, his chart analysis indicates Bitcoin surging above $180,000, representing a 200% increase from the current price level.
What’s Next For Bitcoin?At the time of writing, Bitcoin was trading at $60,728 and is down by 4.7% in the past seven days. The crypto is yet to return to the $70,000 price level since early April. It appears as if the supply and demand effect of the halving has yet to be factored into the price of BTC.
Historically, Bitcoin has experienced price surges between six to nine months after past halvings. This means the cryptocurrency could still continue to dilly-dally around $60,000 for some time, giving investors more time to accumulate before a strong price increase.
Featured image from www.projectmasam.com, chart from TradingView
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