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Bitcoin is heading for a golden cross on the daily chart! A golden cross occurs when the 50-day moving average exceeds the 200-day moving average on the upside. While the technical indicator is nothing more than a simple indicator of an asset’s dynamics and recent price trends, it is particularly followed and watched by traders and large capital distributors in the financial system. .
Below is the historical feedback on different time periods for golden crosses throughout bitcoin’s history:
Source: Kraken Intelligence
While technical indicators are almost irrelevant in terms of bitcoin’s long-term adoption as a global monetary network, the golden cross is encouraging for momentum-driven traders and could signal the next step for the market. bitcoin is near.
Gary Gensler comes for “Crypto”
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler testified before the U.S. Senate Banking Committee today with focus on cryptocurrency trading and lending platforms, the coins of stable value and the legal status of offering and selling crypto tokens that can be classified as securities. In a paper highlighting the key points from Gensler presented today and published previously, the following was said:
“Make no mistake: as long as there are securities on these trading platforms, under our laws they have to register with the Commission, unless they can qualify for an exemption. ”
Gensler also notably shot Coinbase, pointing out that it is “not registered with us even though they have tokens on their exchange which may be securities,” following CEO Brian Armstrong’s tweet thread denigrating the SEC earlier in September, where it called the commission “summary.”
This is the key distinction between “cryptocurrencies” and bitcoin. Bitcoin is sufficiently decentralized and the immaculate design of the asset class separates it from all the other “crypto” out there. To quote Gensler again, this time from comments made in early August of this year:
“In this work, I have come to believe that while there has been a lot of hype masquerading as a reality in crypto, Nakamoto’s innovation is real. Moreover, he has been and could continue to be a catalyst for change in the areas of finance and money … Basically, Nakamoto was trying to create some form of private money without a central intermediary, such as a central bank or a commercial bank. banks. ”
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