Investing.com – Bitcoin was the first cryptocurrency to emerge. In terms of market capitalization, it is still the undisputed number 1 today, thanks to its popularity and the fact that BTC 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 regulatory authorities. In recent years, the United States Securities Commission (SEC) has conducted numerous lawsuits against cryptocurrencies which, in its view, are unregistered securities. So far, the authority has not lost a single one of these disputes.
The SEC’s legal proceeding against it has been going on for more than two years and may also face litigation soon. In recent weeks, the CFTC and the SEC have both advised that Ethereum should be considered a security since the switch to proof of stake (PoS).
Microstrategy CEO Michael Saylor wholeheartedly agrees, as XRP and ETH are only controlled by a small group of people:
“It’s pretty obvious…these are companies. These companies control a lot of it. They sell the tokens to the general public, but they’ve never taken their companies public. There’s no disclosure.” .
In the case of EthereumEther, Saylor appoints the Ethereum Foundation and ConsenSys as the administrators of the cryptocurrency. A concentration of power which, from his point of view, 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 pure wishful thinking:
“The best thing for the world would be for the SEC to remove just about every coin. They’re all unethical.”
The controversies triggered by FTX regarding the crypto sector have the potential to influence the market in the long term. If the latter decide to act with firmness, the air will become thin quickly, even for many known altcoins.
Bitcoin technical courses
Bitcoin is currently rising by 0.36% with a price of 16,826 dollars, while the weekly loss amounts to -1.53%.
Yesterday it hit its lowest December closing price of $16,835. If the decline below the 23.6 percent Fibo retracement of $16,986 is confirmed today, expect an extension of the downside move towards the November 28 low at $16,013. .
Below that, room for losses towards the cyclical low of $15,504 would increase.
It is only if we manage to regain the 23.6% Fibo retracement in a sustainable way that a recovery towards the 38.2% Fibo retracement of $17,841 will be possible. Beyond that, the next resistance is at the 55-day MA of $18,179, followed by the 50% Fibo retracement at $18,533.
By Marco Oehrl