NO HUGE CATALYZE THAT CAUSED BITCOIN TO DROP

What an interesting week it has been so far for the broader crypto markets. There is also a looming talk about further impending crashes for both stocks and crypto. We have some major crackdowns happening on the executive level within the SEC. Right now, Bitcoin has dropped 6% in the past week coming down to that $28,500 price level. Within the RSI for the daily charts, we are seeing it come down to a neutral level at 49 after hovering around the 70s zone within the overbought territory the last week. There has not been any huge catalyze that caused Bitcoin to drop but at the same time, we are getting ongoing regulations from the CFTC and the SEC in addition to the fact that inflation is still not done yet and the markets could be pricing in two more possible rate hikes.

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In the most recent interview that Brian Armstrong held surrounding the entire regulatory situation, he went ahead and stated that the UK might be the next alternative place that Coinbase could move over to. A day after Brian Armstrong made these remarks, Coinbase revealed that it got a license based out of Bermuda and it was reportedly set to launch a derivatives exchange and this could be happening as soon as this week. You should remember that Coinbase went ahead and receive something called a Well Notice from back of March 22nd from the SEC indicating a possible enforcement action on the fact that they were not making US regulations happy.

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The headline that we have just been getting through in and throughout is just the fact that Coinbase or any one of these crypto projects has continued to face possible violations of securities law. Needless to say, the SEC and any other companies within the area have not been doing a very good job. This has led to politicians and members of Congress going ahead and absolutely just grilling the SEC chairman at his first House oversight hearing in 18 months as they claim. His crackdown on crypto has failed to bring stability to digital assets markets. Keep in mind that the whole thing, that we have seen with FTX and Terra LUNA happened during the oversight that Gary Gensler has been taking in office.

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A trending article that recently came out just in the past two days Decrypt titled Gary Gensler pull a Kim Kardashian by shilling Algorand. There is just so much hypocrisy within the space when we have something from the SEC that is trying to claim that Algorand is now unregistered security while there is also a video of him shilling this cryptocurrency. His lack of transparency has led to some of the biggest companies leaving the United States. We are continuing to see other nations right now, taking a big pile of what crypto could have been within the United States. It is not only making it even more complicated for the entire industry but he's forcing out money within the United States.