The crypto market experienced a widespread selloff on April 19, resulting in over $160 million in assets being liquidated within an hour and a total of $250 million liquidated over the past day.Bitcoin’s price dipped 2.4% to $29,000, while Ethereum saw a sharp decline below the $2,000 mark, dropping over 5.8% in 24 hours.This has left traders alarmed and has sent shockwaves throughout the industry.What next? Read on.Altcoins Follow Suit Prominent altcoins, such as Binance Coin (BNB), XRP, Cardano, Dogecoin, Polygon (MATIC), and Solana, also experienced a nearly 5% drop, contributing to the 3% decline in the global crypto market cap, which now stands at $1.23 trillion.Data from Coinglass highlights over $175 million in longs liquidated on April 19, with almost 75,000 traders affected within the last day.The largest single liquidation was a $3.02 million order on Binance’s BTCUSDT pair.
As the market struggles, bulls are striving to protect pivotal levels for Bitcoin and Ethereum.The majority of liquidations were longs, possibly indicating a long squeeze.Related: Bitcoin Price Forecast: BTC Price To Hit $45k by May 20th: Research Analysts Weigh In – Coinpedia Fintech News Ethereum-Bitcoin Pair Outlook Crypto analyst Smart Contracter says he is monitoring the Ethereum-Bitcoin (ETH/BTC) pair closely.He believes the pair has likely reached its 2023 low at 0.062 BTC ($1,879) and is poised for a sustained uptrend in the coming months.He predicts that the pair will trade well over 0.10 ($3,032) by year-end, signaling Ethereum’s value is rising faster than Bitcoin.Currently, the ETH/BTC pair trades at 0.069 BTC or $2,092.Smart Contracter also highlights that Ethereum has broken through a key resistance level on its weekly chart that has stifled its growth for almost a year.
He suggests that it’s time to “overcome the PTSD (post-traumatic stress disorder) and get back into the mindset of the good old days.” As of press time, Bitcoin’s value stands at $29,212, while Ethereum is trading at $1,981.Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.Leave a Reply [Cancel reply](/news/why-crypto-market-is-down-today-what-caused-250-million-liquidations-in-24-hours/#respond) Leave a Reply Crypto news Gary Gensler Stumbles On Whether Ethereum Is A Security Or A Commodity The House Financial Services Committee is holding a hearing to perform oversight of the Securities and Exchange Commission.Republicans on the committee have stated that they are dedicated to holding Chair Gensler responsible for his strategy of regulating the digital asset ecosystem through enforcement, his reckless regulatory agenda, and his disregard for the Commission’s capital formation mandate.When questioned about the status of Ethereum as to whether it is a security or commodity.Gensler falters before the house.
SEC Chair Gary Gensler Gets Grilled On Crypto Regulation In The U.S.House Hearing In his opening remarks, Representative Patrick McHenry brought up the commission’s “punishing” of companies who deal in digital assets through regulation and enforcement without a clear route to compliance.The congressman renewed proposals for legislation that would provide “clear rules of the road” for cryptocurrency.
Further, to Chairman McHenry’s dismay, the SEC Chair evaded a direct response when Gensler inquired if Ethereum (ETH) was a security or a commodity.The Chair of the House Committee repeatedly questioned Gensler about ETH in particular given the 50 enforcement actions, to which Gensler attempted to respond in a generic manner by saying, “It depends on the facts of the law.” Gensler’s vague comments were repeatedly highlighted by McHenry, who cited the SEC chair’s desire to classify Bitcoin as a commodity and hinted at earlier, private discussions on ETH before the hearing.“Clearly an asset cannot be both a commodity and a security,” said McHenry.“I’m asking you, sitting in your chair now, to make an assessment under the laws as exist, is Ether a commodity or a security?” “You have pre-judged on this: you’ve taken 50 enforcement actions.
We’re finding out as we go, as you file suit, as people get Wells notices, on what is security in your view, in your agency’s view.” Gensler had previously stated in his pre-hearing testimony that cryptocurrency intermediates were engaging in securities transactions and should register with the SEC.An all-Republican coalition of lawmakers challenged this position in a letter denouncing the SEC’s viewpoints.Regulatory frameworks that are incompatible with the underlying technology and inapplicable to laws governing the issuing of securities, according to the letter, were imposed on crypto businesses by the SEC.The crypto community, which has long criticized Gary Gensler’s leadership of the SEC and its policies, has praised the inquiries made by Rep.
Patrick McHenry.Some have said that Gensler ought to be removed from his role as SEC chairman immediately and should be replaced by somebody with more industry knowledge.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.
He has also interviewed a few prominent experts within the cryptocurrency space.Crypto news Bittrex and Former CEO Charged by SEC, 6 Tokens Named as Securities Bittrex, a crypto asset trading platform, and its former CEO William Shihara has been charged by the US Securities and Exchange Commission (SEC) for running an unregistered national securities exchange, broker, and clearing agency.Bittrex Global GmbH, a foreign affiliate of Bittrex, has also been charged for failing to register as a national securities exchange.According to the SEC, Bittrex and Shihara coordinated with issuers to remove certain “problematic statements” to avoid regulatory scrutiny.
Bittrex earned at least $1.3 billion in revenues from servicing investors as a broker, exchange, and clearing agency without registering any of these activities with the Commission.OMG Network (OMG), Dash (DASH), Algorand (ALGO), Monolith (TKN), Naga (NGC), and Real Estate Protocol (IHT) have all been named in the Bittrex lawsuit as securities.Following the release of the lawsuit, Algorand experienced a 2.5% drop to $0.22.However, the crypto community remains optimistic that the SEC will lose the case, and that price fluctuations are only temporary.
Bittrex responds to SEC’s action Bittrex has stated that they have been requesting clarification from the SEC regarding securities, but have yet to receive a clear response.Despite their plans to cease operations by April 30th, the SEC is now taking legal action against them.Many believe that the SEC is attempting to push cryptocurrency out of the United States Conflict Arises Richie Lai, the co-founder of Bittrex, has tweeted about the SEC’s charges against the company, stating that they had been trying to work with the regulator for years to determine which crypto assets were securities.He further noted that the SEC filed the lawsuit against the company after it announced plans to leave the US, which is not how governments are supposed to work.
Lai also mentioned that they look forward to fighting the charges in court.The Need for Cohesion in the Crypto Industry Cryptocurrency commentator and lawyer Jeremy Hogan has weighed in on the Securities and Exchange Commission (SEC) charges against Bittrex, saying that the SEC is hoping for a quick win to establish that the six tokens in question are securities.
Hogan suggests that the Algorand Foundation and the other five projects should intervene in the lawsuit under Rule 24 and fight together against the SEC.He also recommends that if the projects do not fight voluntarily, Bittrex should move to bring them in with a Motion to Dismiss for failure to add an indispensable party (Rule 19) and force the SEC to bring them in.Hogan believes that the exchanges and projects must work together or face the consequences separately.He also argues that Bittrex cannot successfully argue that Algo or another token is not a security and that the projects must unite to fight against the SEC’s allegations.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.
He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.He has also interviewed a few prominent experts within the cryptocurrency space.Crypto news New York Adopts Regulation For Crypto Company Supervision, Enhancing Safety And Consumer Protection In a significant move to strengthen the oversight of the burgeoning crypto industry, the New York Department of Financial Services (NYDFS) has adopted new regulations aimed at enhancing consumer protection and ensuring the safety and soundness of crypto companies.Under the new framework, companies will be required to comply with rigorous standards for capitalization, cybersecurity protection, and anti-money laundering protocols.Rigorous Standards for Capitalization, Cybersecurity, and AML Protocols The New York Department of Financial Services (NYDFS) has introduced a new regulation outlining the assessment criteria for costs associated with the supervision of crypto companies.
As part of the regulation, companies will be required to meet stringent standards in capitalization, cybersecurity protection, and anti-money laundering protocols, according to a statement released by the NYDFS on Monday.NYDFS Superintendent Adrienne Harris stated, “As the first prudential regulator of virtual currency in the nation, New York has created a framework that sets the highest standards for safety, soundness, and consumer protection while fostering responsible growth.” She added, “This regulation provides the Department with additional tools and resources to regulate the virtual currency industry now and in the future, as innovators create new products and use cases for digital assets.” Bitlicense Holders Subject to New Regulation The new regulation will only apply to companies that possess a DFS-issued Bitlicense, a business license granted by the NYDFS allowing firms to operate in New York.Currently, just 22 companies hold such a license.Approximately a year ago, the New York State Senate announced its intention to bolster the NYDFS’s efforts in overseeing the cryptocurrency sector.
The goal was to align the regulator’s oversight of cryptocurrencies with the level of scrutiny applied to more traditional banks and financial services firms.
The adoption of this new regulation is a significant step forward for the NYDFS and the crypto industry, as it demonstrates New York’s commitment to upholding the highest standards in safety, consumer protection, and responsible growth.
As the world of digital assets continues to evolve and expand, the NYDFS’s proactive approach to regulation ensures that both businesses and consumers can benefit from a secure and well-regulated environment.As the cryptocurrency landscape continues to develop, it is crucial for regulators like the NYDFS to stay ahead of the curve and adapt their frameworks to accommodate the rapidly changing market.The adoption of this new regulation is a clear example of New York’s aim to provide a secure and well-regulated crypto sphere for web3 users.With more innovations and use cases for digital assets expected in the future, the NYDFS’s proactive approach to regulation will be key to maintaining the safety, soundness, and consumer protection that the market demands.Was this writing helpful? No Yes Shayan Chowdhury Shayan is a digital nomad and a professional journalist.He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.
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