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Crush Crypto Core
In recent events, the U.S. SEC has taken legal action against crypto exchange Coinbase, a day following a similar lawsuit against its competitor, Binance. While it's disheartening to witness SEC's aggressive stance towards the crypto industry, it becomes increasingly apparent that their objective is more combative rather than protective of investors.
Coinbase and Binance will likely consolidate efforts to challenge SEC in court, given the regulator's actions are deemed unjustifiable. It's noteworthy that Coinbase, during its public listing, had disclosed all relevant documentation to the SEC for thorough scrutiny, which essentially endorsed its business model. This makes the recent charges over offering staking products, mentioned 57 times in the reviewed documents, quite ironic🤦♂️
Furthermore, SEC has also filed a motion for a temporary restraining order (TRO) and preliminary injunction against Binance.US, aiming to freeze its corporate assets. Despite this, users' assets remain secure and unaffected.
In response to the tumultuous news, the market has displayed an unexpected resilience. In fact, Bitcoin's value began to surge shortly after, offsetting Monday's downturn. Although we're still trading under our trackline, such price behavior is indeed a promising sign👌$BTC
It's crucial to remember that market bottoms are often seen when prices cease to react negatively to adverse news, just as market peaks occur when prices no longer respond positively to encouraging news.
Currently, Bitcoin behaves as if the majority of panic-induced selling over the past 1.5 years has been exhausted. Hence, our decision to enter the market with the rest of our hedge seems like a wise move at this juncture✅$BTC