Tough Questions for Gensler in Parliament
Patrick McHenry, who was the first to speak at the session, harshly criticized the SEC for not taking any action against the problems experienced since the last meeting. He then pointed out that Gensler has repeatedly stated that the law is clear and unambiguous, but his practices have harmed investors.
When asked why he thinks Bitcoin is not an investment contract, Gensler stated that he thinks so because of some statements in Bitcoin’s Howey test.
Towards the end of the meeting, Gensler was asked about the court’s decision in the Bitcoin case between Grayscale and the SEC. Gensler, on the other hand, dismissed the issue as still under review.
Curve Founder Settles All Debt at Aave
Curve founder Michael Egorov continues to pay off crypto debts that caused CRV a lot of headaches in July-August. Egorov finally settled his remaining debt on Aave with USDT worth 11 million dollars, which he invested in Aave V2 yesterday. According to Debank, Egorov still owes $42.7 million and the debts are collateralized by CRVs worth a total of $132.5 million. So for Egorov to liquidate, the CRV would have to depreciate by 66%.
The Correlation Between Bitcoin and Stocks Continues to Divergence
The correlation between bitcoin and stocks has moved away from the high levels seen in the last few years. This shows that Bitcoin is starting to decouple from traditional markets. Increasing institutional interest in cryptocurrencies and being seen as hedge funds seem to be some of the reasons for this.
Chainlink’s CCIP Brought to Coinbase
Chainlink, the decentralized “oracle” network, has made its interoperability protocol (CCIP) available on its base network. With this development, Link’s price increased by 10%. The start of the price increase can be attributed to the successful conclusion of SWIFT transactions in August.
Sixth Swiss Bank SDX Joins Crypto Exchange
Hypothekarbank Lenzburg, a Swiss bank with over $7 billion in assets, became the sixth Swiss bank to join the cryptocurrency exchange Six Digital Exchange (SDX), according to an update on September 27. After Hypothekarbank Lenzburg joined SDX’s central securities depository, trading in digital securities such as bonds and stocks became active.
Aptos and Thala Launch $1 Million Fund to Develop New DeFi Protocols
The Aptos Foundation has announced that it will join forces with Thala Labs to create a $1 million fund for the creation of new DeFi protocols. Thala Labs said that Thala Foundry could raise up to 5 million dollars after the successful implementation of the protocols.
Does Maker(MKR’s RWA Portfolio Addition Affect Investors?
MakerDAO continues to expand its RWA portfolio with the addition of $101 million. The tokenization of RWAs is expected to create great value in the Web 3 industry. MakerDAO now has an investment of 3.1 billion with the latest addition. We think this is the reason for the recent rise.
Another Postponement Decision from the SEC
The SEC announced that it has postponed the ARK21Shares and VanEck Ethereum ETFs. ARK21Shares’ application was postponed to January 10, 2024 and VanEck’s application was postponed to December 25.
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BITCOIN(BTC)
Bitcoin is priced at $ 26,460 with a 0.33% gain in value as of today morning hours. Bitcoin, which reached 26,750 levels by breaking the middle of the horizontal band with a lot of volume yesterday at noon, fell back to 26,300, where the movement started again with Gensler’s speech. At the moment, we have crossed the middle of the horizontal band again. According to some reports, the average pricing of the options expiring on Friday is 26,500. For this reason, we may see the price around 26,500 until Friday. After the loss of the 26,400 level, our first support place seems to be 26,000 dollars again, then 25,600. If it sags to 25,600, we are likely to see the 27,500 level this time with the momentum it can take.
ETHEREUM(ETH)
ETH, which gained 0.73% as of morning hours, is priced at $ 1610. In Ethereum, we see that the pricing between 1530-1745 continues on the 4-hour chart. Ethereum, which increased along with Bitcoin at noon yesterday, hit the $ 1633 level, but it was not strong enough to reach the middle of the horizontal band. If we exceed the $1638 level, we can see the $1750 level again. In the downward movement, our first support point seems to be 1550 dollars after 1575 dollars.
RIPPLE(XRP)
As of morning hours, XRP is priced at $0.4984, down 0.18%. Yesterday, we see that 0.5075 is now working as resistance in 4 hours in XRP, which could not experience a bullish rise with Bitcoin. XRP, which is in a good demand zone for the moment, may first recover the 0.5 level and then the 0.55 level as the market starts to price positively. In case of a loss of 0.4880, our first support point seems to be 0.4745.
AVALANCHE(AVAX)
AVAX is pricing at $ 9 levels with a 0.78% gain in value as of morning hours. AVAX, which was rejected at 9.20 yesterday, found support again at 8.80. Above 9.05, it may first go to 9.30 and then to 9.50. At a loss of $9, we are likely to see $8.8 levels first.
SOLANA(SOL)
SOL is pricing at 19.24 with a gain of 0.57% as of morning hours. SOL, which saw 19.50 levels with yesterday’s movement, continues its upward movement from the support zone in the range of 18.70 – 18.90 after being rejected. If the 19.50 level is won, we are likely to see $20. In case of loss of 18.70, 18 dollars will be our first support level.
CHAINLINK(LINK)
As of morning hours, LINK is pricing at 7.583 with a 0.81% loss in value. LINK, which had a very good momentum yesterday, is currently trying to gain a foothold around 7.58, the first support level after being rejected at 7.92. If it cannot find support, it will try to find support again at 7.28. If 7.28 is lost, we can see $7 levels. In the scenario above 7.58, the upward movement will continue and the first target will be to maintain above 7.92. The next levels to be exceeded are 8,145 and 8,464.
