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Regulatory hurdles and market volatility worry crypto investors

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In a recent video by Crypto Banter, notable crypto investor Ian Balina expressed apprehension about the future of cryptocurrency in the US, with the recent regulatory pressures considered a major concern.

Balina, along with other key players in the industry, see this development as part of the disruptive evolution of a technology that challenges traditional power structures. They are of the view that, although there may be casualties along the way, the technology will ultimately become so revolutionary that governments will either embrace it or risk falling behind more forward-thinking nations.

Regulatory attacks on crypto

Regulatory bodies’ recent coordinated efforts against the crypto market have been a cause for alarm among investors and enthusiasts. This is described in the video as part of the natural progression of a disruptive technology that challenges conventional power structures.

Peter McCormack, in an episode of his podcast, also voiced concern over the potential U.S. government crackdown on cryptocurrency, but remains optimistic that the data suggests crypto will come out victorious in this perceived fight.

McCormack believes investors should continue to purchase cryptocurrencies despite the fear and uncertainty. His advice is against panic selling as fear is prevalent across the market. He encourages buying when sentiment is low, pointing out that the market operates in cycles and that investors should stay composed and patient during downturns.

Key market indicators

Bitcoin (BTC), recently closing below the 200 week moving average, is projected to bounce back above this important indicator in the coming weeks. The 200 week moving average is generally seen as the most significant indicator of bitcoin’s long-term trend, and a close above $26,500 is needed for it to continue its positive trend.

Simultaneously, bitcoin dominance has broken a trend unseen since July 2018, signifying the rise of ethereum as another almost indestructible player alongside bitcoin in the next crypto cycle.

As the U.S. Securities and Exchange Commission (SEC) continues to scrutinize tokens classified as securities, other cryptocurrencies are exhibiting resilience, emerging stronger as they survive these attacks.

The SEC vs. crypto

Raoul Pal, in a podcast episode, spoke about the ongoing tussle between the SEC and crypto. He likens the SEC to a fire and safety manager, whose mandate is to protect investors and thus, sees everything as a potential security to regulate.

Despite criticism from the crypto community towards SEC Chair, Gary Gensler, the Pal insists that Gensler’s role is to prevent financial fires, rather than to make the U.S. more competitive in blockchain technologies.

Outlook on US crypto regulation

Mike Novogratz, founder of Galaxy Digital, posits that recent U.S. Government attacks on cryptocurrencies are their most substantial attempts yet to disrupt the sector, but ultimately, they will fail.

This sentiment is echoed by venture capital firm Andreessen Horowitz, which has decided to expand its operations to the U.K. due to the country’s supportive stance towards blockchain and crypto regulation.

In the U.S., blockchain supporters form a considerable portion of the electorate, and Novogratz believes no political party can afford to alienate this demographic, especially with the U.S. election looming in 2024.

Anticipating a shift

As the crypto market evolves and adapts to regulatory pressures, a shift is anticipated that could make the U.S. less critical and more favorable to crypto. Such a shift, prompted by the passionate crypto community, could occur within the coming six to twelve months.

Despite the unease, the consensus among market observers is that investing, not selling, is the more prudent strategy during this period.

The host of Crypto Banter, Ran Neuner, has also voiced his anxieties and the difficulties of unloading some of his crypto assets amidst the current market downturn.

Neuner has been focusing on upcoming events in the crypto world, such as the impending release of the Hinman documents in the Ripple vs. SEC case, which could significantly impact the classification of other cryptocurrencies as securities.

Important developments on the horizon

Notably, Ripple recently emerged victorious in its lawsuit against the SEC, with the court ruling that documents pertaining to William Hinman’s decision that ethereum was not a security must be made public.

Additionally, Binance US is currently facing a hearing to decide whether the SEC can freeze its assets, with potential criminal action against Binance CEO CZ and the company looming. BNB token, the native cryptocurrency of Binance, has taken a hit and faces potential liquidations.

Meanwhile, CoinW remains the sole U.S. partner for trading cryptocurrencies without know your customer (KYC) procedures, as BitGet is currently closed.

Amid these uncertain times, Neuner continues to underscore the importance of rational and calculated decision-making over emotional trading. The future may be hazy, but experienced traders can still navigate these tumultuous periods.

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