Investing.com – It was the first cryptocurrency to emerge. In terms of market capitalization, it is still the undisputed number 1. BTC owes this to its popularity and the fact that it is limited to a maximum of 21 million units.
But there is also another reason, because Bitcoin is the only digital currency recognized as a commodity by regulators. In recent years, the United States Securities and Exchange Commission (SEC) has filed numerous lawsuits against cryptocurrencies, which it considers unregistered securities. So far, the authority has not lost a single one of these disputes.
The lawsuit against the SEC has been going on for more than two years now and a lawsuit could soon be faced. The CFTC and the SEC have announced in recent weeks that Ethereum should be a security since the move to Proof-of-Stake (PoS).
Microstrategy CEO Michael Saylor fully agrees because XRP and ETH are only owned by a small group of people control:
“It’s pretty obvious…these are corporations. These companies control a large part of it. They sell the tokens to the general public, but they have never taken their companies public. There is no disclosure. »
In the case of Saylor, the Ethereum Foundation and ConsenSys are the custodians of the cryptocurrency. A concentration of power which, according to him, is also found at FTT and .
Saylor even goes so far as to say that almost all altcoins are securities because the basic idea of decentralization is often wishful thinking:
“The best thing for the world would be for the SEC to remove just about every piece. They are all unethical.
The controversies sparked by FTX regarding the crypto sector have the potential to have a lasting impact on the market. If they decide to take drastic action, the air will quickly turn thin for many well-known altcoins.
Bitcoin Technical Price Marks
Bitcoin is currently up 0.36% at $16,826 while the weekly loss is -1.53%.
Yesterday’s lowest December close was $16,835. If the decline below the 23.6% Fibo retracement of $16,986 is confirmed today, the decline is likely to extend towards the November 28th low at $16,013.
Below that, there would be more scope for losses towards the cycle low of $15,504.
A recovery towards the 38.2% Fibo retracement of $17,841 will only be possible if the 23.6% Fibo retracement is successfully recovered. Above that, the next resistance is at $18,179 55-day followed by the 50% Fibo retracement at $18,533.
By Marco Oehrl
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