The Gap Between The Crypto Industry And Regulators Has Never Been Wider

For the past five years, cryptocurrency entrepreneurs have been in fierce disagreement with U.S. regulators over an existential question: whether certain digital assets are securities, or investment contracts that need to be registered with the Securities and Exchange Commission. The stakes are high–if a cryptocurrency is deemed a security in a U.S. court, it basically dies in the American crypto ecosystem. That’s because it can’t currently be traded on any cryptocurrency exchange, since none of them has a national securities exchange license.

Two weeks ago, the SEC filed a complaint in federal court asserting that nine tokens available to trade on Coinbase were securities, and the decree initially sounded like a step toward more regulatory clarity. But the SEC didn’t explain what makes the tokens different from other cryptocurrencies, and after the complaint came out, Coinbase published a blog post titled, “Coinbase does not list securities. End of story.” The episode was just the latest sign that the gap between the industry and regulators has never been bigger.

“The SEC chairman has publicly asserted that digital assets other than bitcoin are securities,” says Jai Massari, a former partner at law firm Davis Polk and now chief legal officer at blockchain startup Lightspark. Yet crypto companies have “necessarily taken the position that digital assets are generally not securities,” she says. It’s a stunning place for an industry to be, with near 100% disagreement between regulators and companies on a foundational question. “How this plays out in the coming months will shape the future of much of the existing crypto industry,” Massari says.

Until now, the SEC has kept an arms-length distance from defining which cryptocurrencies are securities, providing ambiguous guidance in public and private meetings with companies, according to securities lawyers Forbes spoke with. In its recent claim that nine Coinbase-listed tokens are securities, it invoked a set of guidelines called the Howey Test to make its argument. But the test is too vague and malleable to produce clear results, Massari and Davis Polk partner Joe Hall have written. Meanwhile, the cryptocurrency industry has kept marching forward with the implicit belief that few digital assets are securities.

In January 2021, when President Biden selected Gary Gensler as the new chairman of the SEC, many in the industry pointed out that Gensler had taught a blockchain course at MIT and hoped he’d provide more regulatory clarity on which digital assets are securities. But that hasn’t happened, and it’s largely because of the political muck Gensler would find himself in if he did so, says Joe Hall, who has been a Davis Polk partner for 23 years and has been working on crypto regulation since 2013.

“When there’s a trillion-dollar market, any SEC chairman has to know that if he or she wades into that, it can be completely consuming and put them in the middle of a food fight between traditional financial services and crypto companies. Those are the worst kinds of fights to be in,” he says. “You have vested interests on both sides. It can consume an incredible amount of time and resources … you have to deal with your overlords on Capitol Hill.”

The “Pottery Barn rule”—a principle of “you break it, you buy it”–also exacerbates the situation for regulators. If the SEC says a certain cryptocurrency isn’t a security, it’s treated like an endorsement, attorneys say. Later on, if something goes awry with the asset and consumers lose a lot of money, Gensler will be heavily criticized by congressional oversight committees and the media, according to Hall.

“It’s easy to criticize the SEC from the outside,” Hall adds. “But I know exactly why they’re doing it. There is just no benefit from the point of view of an individual to stick your neck out and actually try to solve the problem. It’s much easier to bring enforcement actions against people for violating the laws.” An SEC spokesperson declined to comment for this article.

As crypto companies keep operating despite the risk of SEC enforcement actions, Hall doesn’t think those businesses are acting naively, or that they believe they can safely ignore what the SEC is doing. For better or worse, they’re just moving ahead despite the risks and uncertainty. “If you weren’t willing to live with regulatory uncertainty, there’s just no way you could operate in the business,” he says.

More recently, crypto companies have developed the financial strength and confidence to go head to head with the SEC. In late June, crypto asset manager Grayscale sued the SEC for failing to allow the company to convert the Grayscale Bitcoin Investment Trust (GBTC), a bitcoin-based investment vehicle that it released in 2013, into a spot bitcoin exchange-traded fund (ETF), which would make the investment more accessible to the average U.S. investor.

How will the fundamental disagreement between regulators and the industry get resolved? “There’s no point in hoping that anyone at the SEC or a change in guard will result in the cavalry riding in,” Hall says. “We really need to turn to Congress to solve it.”

I lead our fintech coverage at Forbes and also cover crypto. I edit our annual Fintech 50 and 30 Under 30 for fintech, and I’ve written frequently about leadership and corporate

Source: The Gap Between The Crypto Industry And Regulators Has Never Been Wider

Critics by

There are a number of technology and finance experts who say that cryptocurrency is a purely speculative asset, and one that serves no real purpose. And this month, a group of them wrote a letter to leaders in Congress, asking that they: “Ensure that individuals in the U.S. and elsewhere are not left vulnerable to predatory finance, fraud, and systemic economic risks in the name of technological potential which does not exist.”

One of the signatories was Molly White, a software engineer who runs the blog Web3 Is Going Just Great, which documents instances of fraud and catastrophe in the crypto universe. And she is not a fan of the new bill. “It is very much what I think the cryptocurrency industry was hoping to see from regulators, which is a very limited set of regulations applied to the industry,” she said.

Some in the industry have responded positively so far. The Crypto Council for Innovation called it a significant step forward, and the Blockchain Association called it a “milestone moment.”

White says cryptocurrencies aren’t like traditional commodities like wheat or oil, so the CFTC shouldn’t be the main regulatory muscle.”Cryptocurrencies are more like securities because people broadly put money into them hoping for a return on their investment,” White said. “And when someone is engaging with something as an investment, that’s a good sign that it should go to the SEC.”

What’s more, White said the CFTC simply wasn’t equipped to handle the workload — even if the bill allows the CFTC to impose a fee on digital asset exchanges to help fund its large role.”There would need to be a major change in the amount of resources going to the CFTC for them to suddenly take on this enormous and much broader set of issues than they’ve dealt with in the past,” she said. “And the SEC is frankly just more experienced in this field already.”

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Crypto regulation: US and UK regulators join hands Cryptopolitan

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The Recent Crypto Crash Has Hurt Many First-Time Investors

Like millions of people, Michelle Milkowski bought Bitcoin and other digital currencies as the crypto industry spent millions of dollars on marketing. For Michelle Milkowski, who lives in Renton, Washington, one thing led to another.

Because her son’s daycare closed in the early days of the pandemic, she had some extra cash. So, like millions of other people, Milkowski downloaded the Robinhood trading app. Back then, the stock market was at the beginning of what would become a record-setting run, and Milkowski’s new pastime became profitable.

She kept trading shares, but in early 2021, something else caught her eye: Milkowski noticed the value of Bitcoin had reached $60,000. “I just couldn’t believe it,” she says, noting she first heard of the popular cryptocurrency in 2016, when its price was less than a hundredth of that. “I felt like I’d just missed the boat, because I could have bought it before it skyrocketed.”Last spring, Milkowski took another look at Bitcoin, and she took a leap. “Better late than never,” she remembers thinking.

First, Milkowski bought $500. Then, $10,000. By the end of last year, Milkowski estimates, she had spent close to $30,000 on crypto. In hindsight, the timing was terrible. Like many first-time investors, Milkowski bought digital currencies as they were approaching all-time highs, and as companies were spending tens of millions of dollars on marketing to broaden crypto’s appeal.

Quarterback Tom Brady and his wife, supermodel Gisele Bündchen, starred in an ad for FTX, and a commercial for Crypto.com featured Academy Award-winning actor Matt Damon. These were designed to appeal to a potential investor’s fear of missing out. “Fortune favors the brave,” Damon says. The ads included little-to-no explanation of crypto, and how risky the unregulated asset is.

So far this year, Bitcoin has lost half its value. About two weeks after that Crypto.com ad debuted, Bitcoin set a new record: $68,990. Today, it’s less than a third of that. Although its backers long claimed it would be a hedge against high inflation, that hasn’t proven to be the case. As inflation has surged, Bitcoin has fallen in tandem with high-growth tech stocks. Rising interest rates have made speculative assets less appealing, and cryptocurrencies are no exception.

Milkowski, who is a manager for a large insurance company, says those ads and the “crazy exuberance that surrounded crypto” appealed to her. “You know, that gives it some sort of approval that not just scammers are using it,” she says. “Then, I felt safe to try it out, to put my money in there.”

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Milkowski ended up branching out from Bitcoin, into Ethereum, Shiba Inu, and Luna, a so-called “stablecoin” that collapsed quickly and catastrophically in May. Early on, Milkowski resolved not to risk more than she could afford to lose, and Ramiro Flores set the same ground rules when he bought Bitcoin for the first time in 2018.

“I like gambling. I go to Vegas quite a lot,” he says. “So, I was like, ‘Hey, you know what? Like, this is just like a little trip to the casino.'” Flores, who used to be a firefighter in Edinburg, Texas, remembers talking about cryptocurrency in the firehouse. After he did some research, he bought $2,000 worth of Bitcoin.

At its peak, the total value of cryptocurrencies worldwide was about $3 trillion. Today, it is about $1 trillion.Flores calls the downturn heartbreaking, but it hasn’t shaken his resolve. “It’s totally a bummer,” he says. “But I have faith.” Flores has continued to buy Bitcoin and Ethereum, and he says he believes they will bounce back. Eventually.

He is also optimistic wider adoption of digital currencies will lead to changes to banking and the economy. “Right now, I’m down some money, but I’m like, ‘Hey, if I don’t sell, I don’t lose out.’ I don’t lose that money, technically,” he says. “So, I’m just going to keep on riding this little roller coaster that we’re on.” At the beginning of the pandemic, Michelle Milkowski started investing in penny stocks. A few months later, she bought cryptocurrency for the first time.

For Milkowski, the ups and downs — well, especially the downs — got to be too much, and she decided to get off. “There’s definitely peace that comes with just selling off such a volatile asset,” she says. “I don’t have to worry, ‘Am I losing $500, $1,000 today?'” In May, Milkowski cashed out completely. She decided to cut her losses, which ended up being around $8,000.

By:

Source: The recent crypto crash has hurt many first-time investors : NPR

Critics by Khristopher J. Brooks

Among those reeling from the billions of dollars lost in  the cryptocurrency crash, no company has taken a greater beating than Coinbase. The nation’s largest and first publicly traded crypto exchange, Coinbase has seen its stock price plunge 81% this year, and has recently announced plans to shed one-fifth of its staff.

With Coinbase reporting a $430 million first-quarter loss, some hedge funds are starting to short the stock, meaning Wall Street is betting on Coinbase’s value dropping even further.  But all is not lost for the exchange, according to analysts, who see more bounce to the crypto bubble than the current crash suggests. Despite its recent struggles, they predict Coinbase will make it through this crypto market slump and ultimately thrive. That’s because the company has learned how to survive such downturns, analysts say.

Coinbase, founded in 2012, established itself years before the cryptocurrency craze or the current “crypto winter” hit the U.S. It has now captured a $13.8 billion market cap with about 5,000 employees and $256 billion in assets on the platform. “Coinbase has been through a few crypto winters and, each time, they obviously have survived,” said John Todaro, a crypto asset researcher for Needham & Co. “The winter would have to get progressively worse for Coinbase to be in any real danger.”

Coinbase’s $6 billion in reserves bolster his confidence. That money is “a pretty solid cushion” to help Coinbase get through turbulent times, Todaro said. 

Profits based on number of transactions

Coinbase didn’t respond to a request for comment on how the crypto market has impacted business. CEO Brian Armstrong said during an earnings call in May that Coinbase officials “tend to do our best work in a down period.” Still, one of the reasons Coinbase is struggling now is because there are fewer people on the platform making transactions. Coinbase makes a majority of its revenue by charging a 1% fee on every crypto transaction, but company officials said in May that the volume of transactions has slowed.

The number of Coinbase monthly users has dropped 19% since the end of last year, the company said. The drop in transactions makes Coinbase’s $6 billion war chest even more important, said Devin Ryan, an equity research analyst at JMP Securities. “They are one of the best capitalized firms,” Ryan told CBS MoneyWatch. “And even though they have a business model today that’s based off transactions, they’re building one of the most diversified businesses in the (crypto) industry.”

Crypto downturn is exacerbated by soaring inflation 

Not only is Coinbase seeing fewer transactions, but crypto prices have dropped to their lowest levels this year. The price of bitcoin, ethereum and other major tokens started falling this spring as rising inflation tightened its grip on the U.S. economy. With the cost of everyday items like gas and groceries increasing, investors began pulling their money out of investments they deemed risky, including cryptocurrencies. As investors sold off their digital assets, the price of crypto fell further.

Stablecoins losing their pegs to the U.S. dollar also played a role in investors’ departure from crypto in recent months. Individuals who had grown dependent on stablecoins like luna and terraUSD to shield their money from the wild swings typical of many cryptocurrencies, were stunned to see both those coins fall under $1 in May — something that was never supposed to happen. The price drop of the two benchmark stablecoins further eroded investors’ faith in the crypto market.

Meanwhile, bitcoin’s price, which peaked last November at around $68,000, is down 56% since the beginning of this year, trading at around $20,250 as of Wednesday. Ripple has fallen 61% to around 30 cents and ethereum is down nearly 70% to $1,140. Ryan believes the recent price slumps won’t last forever and that investors will return to crypto. Once they do, they will likely use Coinbase, according to Ryan.

“We expect them to gain even more market share after this, but no doubt we’re in a difficult moment right now in the market,” he said.

As the crypto market goes, so goes Coinbase

Coinbase is a real-time case study of what happens to a crypto company when the price of bitcoin and tokens fall, analysts say. Coinbase’s future hinges on prices growing stronger, as do the futures of other major crypto platforms like FTX and Kraken, analysts said.  The crypto landscape is much broader and richer now than it was in April 2021 when Coinbase went public and its shares were trading at almost $400 a piece.

Competitors like Binance and Crypto.com have captured investors’ attention, while crypto scams and hacks have grown more lucrative, leading federal lawmakers to push for more regulation around digital assets. All that activity, analysts said, has created an even greater divide between pro-crypto investors and skeptics. How quickly Coinbase rebounds depends on how many investors “believe there’s a big future for digital assets,” Ryan said. 

“If you have a positive view on the future of the crypto economy and you’re bullish on where it can get to, then that should be your same view on Coinbase,” he said. 

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Crypto Winter Watch: All The Big Layoffs, Record Withdrawals And Bankruptcies Sparked By The $2 Trillion Crash

Fears of global recession and the worst inflation in more than 40 years have wreaked havoc on the nascent cryptocurrency market this year—unleashing a fierce crypto winter that’s forced once high-flying firms into bankruptcy and pushed investors into panic-selling mode. The turmoil has already claimed trillions of dollars in market value, billions of dollars in frozen funds and thousands of jobs, but current casualties may only mark the beginning of the storm.

“There will be others that come forward with trouble—I don’t think it ends here,” Marcus Sotiriou, an analyst at London digital asset brokerage GlobalBlock, tells Forbes, noting that close to a dozen firms—including Peter Thiel-backed Vauld—face an uncertain fate after locking customers out of their funds or initiating restructuring proceedings over the past month. “It’s going to be a sustained period of pain,” he says.

It’s anyone’s guess whether the current crypto bear market will ultimately rival the years-long crypto winters of 2014 and 2018—the latter wiping 80% from bitcoin’s price while crushing hundreds of then buzzy new tokens. Sotiriou posits this downturn could last up to 12 months unless persistent inflation soon cools down, allowing the Federal Reserve to ease up on aggressive interest rate hikes that make risky assets less attractive to investors. Analysts aren’t so sure that will happen.

“This is necessary for any financial market to mature and evolve,” argues Matteo Dante Perruccio, a partner at crypto investment firm Wave Financial who envisions that cryptocurrency prices will take at least six months—and up to two years—before recovering, similar to cycles past. “But this time, there’s a difference,” he adds, pointing to a wave of institutional money—from the likes of Tesla, Goldman Sachs, Morgan Stanley and more—that fueled widespread adoption during the pandemic:

“When we inevitably come back into an appreciating market, it’s going to be more sustained and healthier, with less speculation and more tried and true investment philosophy.”As crypto investors wait for brighter days ahead, Forbes is tracking all the carnage from the latest crypto winter, including layoffs, price plunges and record selling—as well as the lifelines and acquisitions that may help cushion the blow. Here’s the damage, so far:

Trillions In Value Erased

Low interest rates and government stimulus measures fueled skyrocketing cryptocurrency prices during the pandemic, but the Federal Reserve’s decision to curb rising inflation by hiking interest rates has since battered investor sentiment—ushering in some of the crypto market’s biggest losses in history. After amassing a record value above $3 trillion in November 2021, the cryptocurrency market posted its worst first half ever and has plummeted to about $950 billion, a nearly 60% drop this year, according to CoinGecko.

Piling on to bearish sentiment, Terra’s luna token, a once top cryptocurrency worth more than $40 billion, lost virtually all its value within a week in May after sister token TerraUSD, a stablecoin meant to hold a price of $1, broke its dollar peg as markets collapsed. Meanwhile, top cryptocurrencies bitcoin, ether and BNB have plunged 70%, 75% and 65% from record highs, respectively. It’s taken the market years to recover from similar declines: When growing regulation sparked a fierce crypto winter beginning in 2017, it took more than 1,000 days for the world’s largest cryptocurrency to nab a new high.

Thousands Laid Off

Faced with steep market declines, cryptocurrency companies have laid off more than 2,000 workers in less than five weeks. By far the biggest blow, popular brokerage Coinbase laid off 1,180 employees, or about 18% of its workforce, on June 14—weeks after the firm’s billionaire CEO, Brian Armstrong, warned investors that a potential recession could lead to a prolonged bear market for cryptocurrencies. In a note announcing the layoffs, Armstrong said he was planning “for the worst” and acknowledged the firm “grew too quickly” during the pandemic bull market.

“It was surprising, and it was hard,” one former employee posted on LinkedIn. Others described the cuts as “abrupt” and “sudden.” Also in June, Gemini, the exchange founded by the billionaire Winklevii twins, said it would cut about 10% of its 1,000 employees, and exchanges Crypto.com and BlockFi said they would terminate 5% and 20% of their workforces, affecting some 260 and 170 employees, respectively. Since then, lending platform Celsius reportedly laid off 150 workers, and Austrian trading platform Bitpanda cut 270 jobs, calling the move “necessary . . . to navigate the storm and get out of it financially healthy.”

Record Selling

Investors piled out of cryptocurrency investment funds at a record pace as bitcoin plunged to an 18-month low last month. Outflows totaled $423 million in the week of June 17, virtually erasing all inflows this year and eclipsing the prior record of $198 million from January, according to crypto asset management firm CoinShares. The turbulence pushed the assets under management of crypto investment products to a record-low $21.6 billion last month, down 37% from May, as “looming liquidation threats” fueled “panic” among investors after Luna’s crash, CryptoCompare analysts wrote in a report.

Meanwhile, Bank of America reports the number of its customers using cryptocurrency tumbled more than 50% to fewer than 500,000 since the market’s highs in November. Even bullish crypto firms have had to reckon with the changing market. On Tuesday, top miner Core Scientific revealed it sold a majority of its bitcoin pile at an average cost of $23,000 last month, raising more than $167 million. In a statement, CEO Mike Levitt attributed the sales to “tremendous stress” driven by weak markets, higher interest rates and “historic inflation.”

Canada-based Bitfarms, which made headlines in January by joining Tesla and former billionaire Michael Saylor’s MicroStrategy in buying bitcoin for its balance sheet, also offloaded a large sum, dumping 3,000 bitcoins, or nearly half its pile, for $62 milion late last month. “It’s typical behavior for bitcoin miners to sell during the final stages of a bear market,” explains Sotiriou, noting some firms may need to shore up funds to cover expenses or stay solvent as high inflation tacks on to operating costs.

Billions In Frozen Cash

Citing “extreme market conditions,” crypto lender Celsius became the first major platform to pause withdrawals and transfers between customer accounts on June 13. Within days, others followed suit: Babel Finance, CoinFLEX and Voyager all froze withdrawals. None have re-enabled access, thus making billions of dollars in funds inaccessible to their investors.

“They’re in a really sticky situation because they’ve been irresponsible with clients’ funds, somehow lost out and are now unable to pay back their clients—and there’s no guarantee they’ll pay the money back,” explains Sotiriou. In its most recent quarterly filing, publicly traded Coinbase warned of the risk, disclosing customers would be treated as “unsecured creditors,” or lenders without collateral to fall back on, in the event the company goes bankrupt.

Bankruptcies And Liquidations

A handful of crypto firms are simply collapsing. On June 27, Voyager issued a notice of default to beleaguered Singapore-based crypto hedge fund Three Arrows Capital (3AC) for failing to make payments on $675 million in bitcoin and stablecoin loans. 3AC at one point managed some $3 billion, but Singapore financial regulators condemned the firm late last month, saying it provided false information and only had the authority to manage up to $250 million.

On top of that, 3AC’s troubles were exacerbated by the sell-off’s impact on its risky investments, which reportedly included overleveraged bets on the Grayscale Bitcoin Trust and about $200 million in now-worthless Luna. On Friday, a British Virgin Islands court reportedly ordered 3AC to liquidate its assets, deeming the firm insolvent; it filed for bankruptcy the same day.

With 3AC’s fate sealed, Voyager itself filed for bankruptcy on Wednesday—a mere five days after it suspended trading. “While I strongly believe in this future, the prolonged volatility and contagion in the crypto markets require us to take deliberate and decisive action now,” Voyager CEO Stephen Ehrlich said in a statement. In a court filing, the firm disclosed that it had more than 100,000 creditors and up to $10 billion in assets. Vauld and Celsius have also announced they’re exploring restructuring options.

Lifelines And War Chests

Some crypto companies are hoping to be rescued before being forced to shut their doors by turning to more stable counterparts. On Friday, FTX, the exchange founded by billionaire Sam Bankman-Fried, entered into an agreement to buy embattled BlockFi for as much as $240 million. “You know, we’re willing to do a somewhat bad deal here, if that’s what it takes to sort of stabilize things and protect customers,” he told Forbes last month after providing BlockFi and Voyager with $750 million in credit lines between FTX and his quantitative trading firm Alameda.

More recently, he has said FTX has a “few billion” more to help struggling companies. Meanwhile, Goldman Sachs is reportedly looking to raise $2 billion to help buy up distressed assets from Celsius, and other legacy institutions are also showing interest. “I have this knee-jerk reaction that if you believe that the fundamentals of a long-term case are really strong, when everybody else is dipping, that’s the time to double down,”

Fidelity CEO Abby Johnson, who this year shepherded the firm’s industry-first decision to allow bitcoin in 401(k) plans, said last month when asked about what could be her third crypto winter. “That’s usually the right move.” “It’s incredibly encouraging,” says Dante Perrucio. “Big institutions looking for distressed crypto assets means they believe that the industry is going to come back—and come back strong—despite this very complicated period we’re all in.”

I’m a senior reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism …

Source: Crypto Winter Watch: All The Big Layoffs, Record Withdrawals And Bankruptcies Sparked By The $2 Trillion Crash

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18:44

Here’s Why Ethereum (ETH) Price Can Plunge More Ahead

Ethereum, the world’s second largest cryptocurrency has been trading under major selling pressure. ETH prices have dropped by 40% over the past 30 days. However, expert suggests that this drop may continue further.

July/August can be worst months

Daniel Cheung, Co founder of Pangea Fund Management in a Twitter thread mentioned a massive short opportunity for Ethereum at $1,200 in the next 2 months. He suggests that the market hasn’t yet seen the capitulation yet. It added that July and August are lined up to be the worst months ahead.The fund manager highlighted that currently, the market is in the Macro trade regime. The Bitcoin and Ethereum trends suggest that the crypto market has been trading very sensitively to inflation.

The recent selling pressure has led the Global crypto market cap to plunge by another 5% over the past day. It now stands at $902 billion. The digital asset market recorded its all time high (ATH) of $3 trillion in November 2021.

Ethereum price can drop by 40%

The world’s second largest crypto is still likely to be levered and liquid bet on Nasdaq and that too for the next 2 months. He believes that Nasdaq still has a lot of room to fail ahead. It is still down by 30% from the recent ATH with a prior drawdown. Cheung added that a further 20% downside is still in the frame for QQQ and 40% for Ethereum.

ETH prices are down by more than 9% in the last 24 hours. It’s trading at an average price of $1,111, at the press time. Its 24 hours trading volume is up by 7% to stand at $14.6 billion. However, it is still down by 77% from its all time high.

By Ashish Kumar

Critics by Lapin

Ethereum price analysis is bearish today as we have seen more downside reached over the last 24 hours with a steady downside momentum. Therefore, we expect ETH/USD to drop even lower and look to retrace even lower. The next obvious target is the $1,050 support, which, if broken, would lead to a lot more downside in July.  The market has traded in the red over the last 24 hours. The leader, Bitcoin, lost 4.81 percent, while Ethereum a more substantial 9.17 percent. The rest of the top altcoins have followed close by, with some declining even further.

Ethereum price movement in the last 24 hours: Ethereum breaks past $1,175

ETH/USD traded in a range of $1,111.20 to $1,229.74, indicating substantial volatility over the last 24 hours. Trading volume has increased by 5.36 percent, totaling $14.58 billion, while the total market cap trades around $135.5 billion, resulting in market dominance of 15.13 percent.

ETH/USD 4-hour chart: ETH targets $1,050 next?

On the 4-hour chart, we can see the Ethereum price still testing further lows with no signs of reversal just yet. Therefore, more downside should follow to the $1,050 previous local swing low. Ethereum price action has seen strong bullish signals over the second half of June. After the initial reaction from the last swing low at $1,050, ETH/USD retraced to $1,175, setting a strong lower high. However, further downside did not follow as the $1,050 offered strong support.

From the newly found local higher low, ETH rallied higher one more time last week. A new high was set at $1,275, indicating that the several-week bearish momentum could soon end. On Monday, bearish momentum took over as buyers became exhausted. After some , ETH/USD set a lower local high and broke past the $1,775 local support. Late yesterday the decline continued, pushing the Ethereum price as low as the $1,100 mark.

This means that bullish momentum could soon come back. However, as long as bearish candles are seen later today, we expect further downside at the $1,050 previous low to be reached soon. From there, much depends on how the market will react. If a break below this support follows, we could see a lot more downside and both lower lows and highs set in July. Alternatively, if the $1,050 mark holds, ETH could move into consolidation.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen a lot more retrace from the previous swing high at $1,275 so far this week. Since no signs of reversal have followed today, we expect ETH/USD to move even further and target the previous local low. In case it is broken, ETH should see a lot more downside early in July.

Related news:

Crypto Now Braced For A $2 Billion Goldman Sachs Bombshell As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

Bitcoin BTC 0.0%, ethereum and other major cryptocurrencies have bounced back from a huge market meltdown this month (that some think could reveal the future tech giants). The bitcoin price has rebounded 20% since crashing to a low of under $18,000 per bitcoin last week—despite a dire China warning—with ethereum and other top ten cryptocurrencies BNB BNB +0.3%, XRP XRP -0.9%, solana, cardano and dogecoin also making gains.

Now, reports have emerged Wall Street giant Goldman Sachs is looking to raise $2 billion to snap up the assets of embattled crypto lender Celsius which has been hard hit by the latest bitcoin and crypto crash. Goldman Sachs is soliciting crypto funds and traditional financial institutions as part of the deal that could see it buy Celsius’ crypto assets at a discount, it was first reported by Coindesk, with Blockworks adding the deal could happen even if the lender does not declare bankruptcy, citing anonymous sources.

Goldman didn’t want to buy into the top of the market,” one source told Blockworks. “This is more their style.” Celsius, which had $12 billion in assets under management as of May of this year, has been teetering on the brink of bankruptcy after suspending user withdrawals from the platform earlier this month, citing “extreme market conditions” and exacerbating a crypto price crash that sent bitcoin spiraling under $20,000.

Celsius has hired restructuring advisors Alvarez & Marsal, it was earlier reported by the Wall Street Journal, adding to previous reports Citigroup C +3.3% has been tapped to advise on possible solutions. Goldman Sachs’ reported bid for Celsius’ crypto assets is likely to return some degree of confidence to the market after traders were left rattled by the pace of the bitcoin, ethereum and cryptocurrency sell-off.

“Even so, it may not be the best time to buy, as it may take considerable time before the crypto market digests the recent turmoil and enters a new phase of sustained demand from broad segments of investors, not just stressed asset hunters,” Alex Kuptsikevich, FxPro senior market analyst, said via email. The Celsius meltdown, coming hot on the heels of the collapse of the terraUSD stablecoin its support coin luna, has sparked fresh calls for better crypto market and crypto company regulation.

“I suspect after the recent events with Celsius that the U.S. will provide more clarity soon, on regulation towards custodial providers and lenders, to bring more stability to the crypto space,” Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, wrote in an emailed note.

I am a journalist with significant experience covering technology, finance, economics, and business around the world.

Source: Crypto Now Braced For A $2 Billion Goldman Sachs Bombshell As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

Critics:

Nearly three weeks after Celsius Network suspended fund withdrawals and other operations from its platform, questions about its future are mounting.  The maneuvers behind the scenes are also increasing. The crypto firm has hired Alavarez & Marsal, a restructuring advisory firm. Celsius has tapped restructuring attorneys from law firm Akin Gump Strauss Hauer & Feld.

But the most interesting news is that Goldman Sachs  (GS) – Get Goldman Sachs Group Inc. (The) Report is trying to raise $2 billion from investors to buy distressed Celsius assets, according to Fortune and Coindesk.  Clearly the goal is to allow investors to buy Celsius’s assets at a low price in the event of the firm’s bankruptcy.

According to Fortune, which cites anonymous sources familiar with the matter, Goldman Sachs has solicited crypto firms and web 3 firms, the new iteration of the internet, as well as traditional financial institutions and companies specializing in restructuring. Goldman Sachs did not immediately respond to a request for comment.

On June 12, Celsius announced that it would suspend indefinitely various transactions, including withdrawals of funds “due to extreme market conditions.” Today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts,” the company said at the time. “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”

Celsius is a cryptocurrency lending platform. The company allows anyone to borrow cryptocurrency and earn interest for lenders. “Earn high. Borrow low. Change the world,” the firm says on its website. One of its catch phrases is “Borrow like a Billionaire.” Celsius, through its CEL token, promises “financial rewards” as much as 30% extra returns weekly. But some options are not available to U.S. based users.

When it raised $400 million last October from investors led by WestCap and Canadian Caisse de dépôt du Québec (CDPQ), Celsius Network saw its valuation soar to $3 billion. The company wants to be an intermediary between traditional finance and the sphere of cryptocurrencies.

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