Note: "This analysis is an adaptation from the work of Mati Greenspan, Senior market analyst at eToro
- CFTC seeks public comments on Ethereum and its network
- Bitcoin still hovers around its support zone from 3000 USD to 3500 USD
- A large number of short circuits has been noted in all markets indicating that we may see a rebound
CFTC is trying to understand Ethereum
Ethereum has been a winning coin for anyone who has looked at crypts over Bitcoin. In some cases, Ethereum has been a better currency and has changed the way the world looks at cryptocurrencies. Even with problems of scalability that creep in and the currency that faces a tough competition, many enthusiastic crypts believe that money is only a step away from returning to its winning ways. During the bull market in 2017, the next big thing for Wall Street was destined to be the future of Ethereum and it looks like it's coming back to the regulators menu.
As the world goes further towards the tokenisation of financial assets, the service of blocking future prices for Bitcoin and Ethereum could become essential for entrepreneurs. Therefore, the CFTC in the United States now asks the community to help understand the needs of the sector so that they can meet them. In an information request (RFI) to be published in the Federal Register, the CFTC asked for public feedback on a range of questions related to technology, opportunities, risks, mechanics, use cases and markets underlying, related to Ether and the Ethereum network. The CFTC has set a deadline for all comments to be received within 60 days of publication in the Federal Register. The RFI also seeks to understand the similarities and distinctions between Ether and Bitcoin, as well as the opportunities, challenges and risks specific to Ether.
Markets have found the bottom?
With all the advances in the cryptography industry lately, it is extremely difficult to understand why prices have fallen in the last month. There was a big bitcoin slip that's happening since November 14th. From its all-time high to the new low last Friday, the bitcoin dropped by a total of 84%, which is more or less in line with the level of retracements that the asset has seen in previous cycles.
As previously discussed when the bitcoin broke below the psychological level of $ 5,000, the current support area is between $ 3,000 and $ 3,500. So it's a lot in this area right now. A downward violation could certainly cause further sales and a lower minimum. However, a strong push upward from these levels could actually serve to shift the sentiment and change the trend. With the high number of short sellers in various stock exchanges right now, even a small push could potentially have a small compression on the market. Even with a small squeeze, prices could reach over $ 5,000, triggering a bull run again
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.