Crypto bull market during heavy regulatory pressure
Hello HODLers,
Just some thoughts I had after looking back at all the news of the past few days and listening to my favorite podcasts.
The timing of this bull market seems quite odd to me as we are in the crosshair of regulators and the fight is going on everywhere.
From China over the past few months, to Binance and other exchanges being forced to lower anonymity and increase KYC procedures and now these Crypto Tax amendments that should be voted on in Washington.
On the latter, it seems the senate will consider the amendments in a meeting today. More information in this article form Decrypt.
The Ethereum Burn narrative?
We all know this leg-up was started by all the tweets and hype about the London HardFork and the inclusion of a burning mechanism. I have read a lot of posts and yes, some ETH is burned BUT ETH is NOT deflationnary as the amount of ETH burned on every block is not more than the newly created Ethereum.
On the supply/demand side this is great but it does not change the overall balance in the short term. At least that is what I think.
Binance and BSC are under fire
If you have read my articles, I liked BSC despite the centralization. I liked it because it seemed to have its own innovation ecosystem on the DeFi and more recently the Gaming front.
As I believe gaming IS the mainstream adoption path to crypto (as seen in the Philippines with Axie Infinity), I was betting on $BNB and $CAKE.
Nevertheless, I had to rethink my strategy following the crazy regulatory pressure the chinese company has been under.
- Lowering of non-KYC withdrawal (from 2BTC to 0.07 BTC)
- Delisting of most Derivatives for Nordics and some European countries
- Had to close its UK subsidiary
- US Subsidiary seems like it will also have to close very soon following Brian Brooks resignation
The latest news is the final blow for me as Brian Brooks is a top U.S. banking regulator. If he resigned he KNOWS heat is coming and do not want to be associated with Binance anymore.
From a geopolitical point of view, it seems clear that the US will not let Binance be the #1 exchange or Smart Chain.
Therefore, I might just watch this huge proxy war between the US and China from further away.
CAKE/BTC 1D
So why are we going up?
I honestly do not know but I am enjoying it while cashing in on some tokens to increase my stablecoins assets in order to farm like a Boomer at c.30% APY hehe.
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I think instead of currency we should treat crypto as a tradable asset and if it happens then many countries might not be having the issues since they don't want to have an alternative for their fiat currency. As you mentioned about Binance then yes they are going through a hard time and hope they come out of it soon.
Although BTC and eth prices have done better in the last couple of days but it can't be considered as bull run
Well look at us a few days later? Enjoying some amazing returns and no more FUD.
I guess we should always look at btc or crypto in the long run hehe
Hi @vlemon
I think the war against cryptos is going to continue, and getting harder and harder. The big states know that mass adoption is on the way, it doesn't suit them. As much as we like it or not, we know the dollar is still the most important currency, but this could change, and the world economy wobble a lot more. why are cryptos going up in price, no idea, but I am glad it is so.
Indeed but I feel if we can hold a bit more they will understand that a war against crpto is a war against their own people and innovation. Therefore in Western countries as they are being elected, they seem to realize it could hurt their popularity.
Just my thoughts hehe
hello @vlemon,
this market does not seem to have a very clear end, this worries me as the system can collapse at any time leaving us little time to react to a change in trend, although we all expect our investments to grow the truth is that very few people make a profit, generally people just increase the amount of money invested and if the market falls, they will quickly lose more than the initial investment.
Well it seems I was once again too worried of maybe too early. We will know soon I guess. I am glad to not be the only one thinking about these issues.