Do you need some comfort after seeing bitcoin drop under $80,000 yesterday?
We managed to climb back above that level this morning, but only slightly — at least at the time I was writing this. I hope I didn’t jinx it. ETH is still holding onto $2,100.
Jason Yanowitz, the co-host of the Empire Roundup for this week’s episode, shared his views on the market. There are three possible outcomes for him: the start of the bear or the end of the 4-year cycle.
Pullback is the best option for those who voted.
“ I feel very convicted that this is not a bear market. So let me just [go] on the record, this is not a bear market,” According to him, there’s a 20-30% possibility that this signals the end of a four-year cycle. However, there’s also an 80-90% chance it is just a market correction.
Yanowitz used 2021 to illustrate the recent 56% drop in bitcoin prices.
“ ETH drew down 61%, SOL drew down 67%. And a lot of other things, in the middle of the year — in the middle of what we look back and think [of as the] 2021 peak bull market — drew down like 70 to 80%. I just think people are very quick to forget that,” “He said”
If Yanowitz is right — and my reporting this week is in favor of what he’s said — then the harsh truth is that pullbacks are tough and anxiety inducing, but they’re not forever.
The Brits got it right with this one. Keep calm, and keep going.
Last night, the SEC released a statement about memecoins. After spending time with it, I would describe this as mixed, but I lean towards optimism.
Start with what’s good. The SEC implemented the Howey Test without any lawsuit! Huge. This is great for them. It’s exactly what the industry has wanted to see — and no one had to file a lawsuit or a FOIA for this clarity.
David Sacks, the crypto-czar, may have set the stage for the statement. In late January, he said that memecoins were more like collectibles rather than securities.
Hester Peirce (SEC Commissioner and Head of the New Crypto Task Force) also stated that memecoins do not fall under SEC jurisdiction during an interview conducted earlier in the month.
Why does the SEC’s changed stance seem to be a bit of a mix? The SEC’s new stance is a mixed bag because it seems like the industry may have to regulate itself, which means memecoins can still be traded.
Noting that the SEC doesn’t completely wash its hands, “fraudulent conduct” The federal government can take action against anyone selling or offering memecoins.
The timing of this announcement was perfect: we’re beginning to see the memecoin market slow down. That could mean that investors are concentrating their attention elsewhere and leaving behind the memecoin buzz.
In my view, it is okay for them to live in their bubble. We don’t want memecoins taking up so much space, but — bear with me here — I’m not sure I totally see them as something akin to baseball cards. But I do think that they are like penny stocks, or more of the same as slot machines. The people who want to invest their money should do so. You need to make sure that everyone is aware of what they are doing.
We only need to wait for the flight of higher-quality tokens that are backed up by solid fundamentals and we can start cooking.
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets? Or maybe you have lost access to your Bitcoin wallet? Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly. This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
