- Some crypto experts bode well for the Ripple future suggesting it could become the next Bitcoin
- Bitcoin takes a step back following the SEC statement saying online platforms trading cryptocurrencies need to register with the agency
- Japanese regulator order to suspend activity for two domestic crypto exchanges
Major cryptocurrencies took a hit yesterday extending their decline begun the day before. As far as crypto revelations are concerned there was a particularly significant report from the US Securities and Exchange Commission. On top of that we got interesting opinions expressed by some cryptocurrency pundits with regard to Ripple, and negative news from Japan where the local financial regulator has ordered to suspend activity of two domestic crypto exchanges. That said, let’s begin with the story concerning Ripple as its technical landscape seems to be especially of note right now.
Ripple slipped below a lower limit of the channel, hence bulls are likely to face some difficulties if they would want to come back above it once again. Once that fail to do so, a pullback toward $0.55 or so might be on the cards. Source: xStation5
Will Ripple have a chance to become the new Bitcoin?
This is the question for which everybody would want to know an answer but of course it’s remarkably hard to foresee where Ripple could be for some time. Having said that, there are some crypto exports who have already voiced their upbeat remarks why this digital currency may be straightening going forward. One of them, Craig Cole from CryptoMaps, sees a chance for Ripple if we see faster transaction speeds along with lower fees - the two features which could make it easier to financial market to embrace the virtual currency. Keep in mind that Ripple helps financial institutions save money and according to him Ripple could even climb the levels where Bitcoin have already been (of course if getting more institutions are fond of it).
Bitcoin comes back below a $10k mark following the SEC announcement
Bitcoin witnessed a sell-off on Wednesday which brought the cryptocurrency back below $10k in the aftermath of the SEC’s communique requiring digital asset exchanges to register with the agency. Falls are a response to fears that tightening regulations could restrict future trading. However, it needs to be said that the new regulation is to concern virtual assets being considered securities. In this place it’s worth referring to the opinion expressed by Spencer Bogart, partner at Blockchain Capital, who said that "of all crypto assets, Bitcoin seems least likely to be deemed a security — by a long shot". While it’s too early to say if the new law has a negative impact in the long-term, traders reacted right off the bat pushing the price below $10k. Bitcoin lost ground after the SEC chose to tighten its grip on crypto exchanges. Source: xStation5
While the SEC’s decision seems to be not unequivocal steps taken by the Japanese financial regulator (FSA) are unambiguous. Namely, the FSA ordered a month-long suspension for two domestic cryptocurrency exchanges - FSHO and Bit Station taking effect from today. The watchdog ruled that seven trading platforms (Tech Bureau, GMO Coin, Mister Exchange, Bike Limited, Coincheck plus the two above-mentioned) in total must improve their system security measures and submit a written improvement plan by 22 March. The prime reason is the latest $500 million heist that sparked the ongoing probe by the agency.
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