Will Government Crack Down On Bitcoin And Other Cryptos?
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This winter has been quite the rollercoaster ride for the ecosystem of exchange platforms specializing in cryptocurrencies. Bitcoin’s dramatic bull run of November through early January prompted surging demand for transactions across all tokens. The United States Commodity Futures Trading Commission (CFTC) indicted four senior members of BitMEX, subsequently arresting one of them.
Outgoing Treasury Secretary Steven Mnuchin proposed new regulations that would require exchanges to maintain detailed records on people who transfer certain thresholds of coin value and to file currency transaction reports (CTRs) in many situations. Now the Biden administration has announced a freeze on Mnuchin’s proposal, much to the relief of the exchanges and traders alike.
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Currently, Bitstamp is the only large cryptocurrency exchange that officially withdrew XRP support due to the SEC s lawsuit. Cinneamhain Ventures partner Adam Cochran hinted that Coinbase was considering delisting XRP. However, the information has not been officially confirmed yet.
XRP is on the verge of the abyss
XRP crashed to $0.21 following the SEC s decision. By the time of writing, the token has partially regained ground to trade at $0.29. However, despite the recovery, it is still nearly 50% down on a weekly basis.
From the technical point of view, XRP stays below the daily EMA200, which is an ominous sign for the coin. This technical line served as formidable support since June 23; thus, if the price fails to return above this area, the sell-off may start gaining traction with the next focus on the recent low of $0.21 and $0.17. This area limited XRP decline earlier this year.