While still waiting for full regulatory clarity, Sam Bankman-Fried head of FTX has written and proposed his own set of regulations; plus our weekly BTC and ETH analysis
- Ftx US Will Begin Analysis to Determine Whether Assets Are Securities Before Listing Them
- Bitcoin/USD – When Will $BTC Move?
Ftx US Will Begin Analysis to Determine Whether Assets Are Securities Before Listing Them
While still waiting for full regulatory clarity and guidelines from the SEC, Sam Bankman-Fried (SBF) has written a set of suggested standards for the crypto industry. Bankman says that FTX US will not list assets its lawyers believe to be securities.
SBF also stated that while US regulators have said tokens like Bitcoin are not securities, “there are a number which are unclear.” Until there is more clarity on the issue, FTX US will have its legal team conduct analyses on each asset it want to list under a system known as the Howey Test.
Bankman added that if FTX’s internal analysis finds a token is not a security, it would be treated as a commodity unless the SEC or court suggest otherwise. If the crypto exchange determined that an asset may be a security, it would not list the token in the US unless there is a clear path for registration.
In Addition, SBF also argued for knowledge-based investor qualification over the current income/asset-based qualifying system in place.
BTC/USD – When Will $BTC Move?
BTC Daily Chart
BTC Weekly Chart
At the time of writing, bitcoin is priced at $19.3k and is still showing a lack of momentum as it sits above its range support at $18.9k. As long as bitcoin can continue to hold this price one should not look to short support.
The most important psychological/round number that price needs to close over on a weekly timeframe is the $20k handle which was also the prior 2017 ATH level. A close over this level would lead me to believe we revisit the top of the range at $21.7k.
Bitcoin Bull Scenario
Bitcoin maintains price over the range support level and reclaims $20k on a weekly timeframe. A move to the range high located near $21.7k is likely.
Bitcoin Bear Scenario
Bitcoin loses the $18.9k range support on a daily closing basis and either $16k or $14k is the next area to watch as support.
ETH Daily Chart
ETH Weekly Chart
At the time of writing, Ethereum is trading at about $1348, and has now been in its current range for 5 weeks. Last week we mentioned a short term area of resistance located just above at the $1337 level. Since then, ethereum has managed to close over this level, and the next area to focus on is at the previous cycles ATH located at $1420.
If price can manage to break through and reclaim the level on a daily or weekly closing basis, the next area to target would be the weekly level at $1.8k.
Ethereum Bull Scenario
Ethereum closes through the prior 2017 ATH level and the next area to watch for is the weekly $1.8k resistance.
Ethereum Bear Scenario
Ethereum loses the $1.2k level and the next area of support should fall near the $1k handle.