First lets have a look at what Bitcoin is up to – we recently wrote that BTC has bullish seasonal tendency in May Since we made that post bitcoin has stayed in the same trading range that we outlined, failing to form a trend.
We are continuing to look for a break of the trading range, and our bias remains for upside.
SEC Member Peirce knocks Crypto Enforcement
On Tuesday the US Securities and Exchange Commission announced plans to increase the headcount in its newly named Crypto Assets and Cyber Unit from 30 to 50. The agency describes the unit as being responsible for “protecting investors in crypto markets and from cyber related threats”.
SEC Member Hester Peirce took to Twitter (recently acquired by Elon Musk), tweeting “The SEC is a regulatory agency with an enforcement division, not an enforcement agency“. She questioned “Why are we leading with enforcement in crypto?“
A good question in my books, however given the staggering amount of money lost to hacks (Vice found that over $370 Million was stolen by crypto hackers in April alone!) some more enforcement and investor protection in this area will likely be welcomed by the masses.
As far as investments go, it seems that learning to hack is a far more lucrative investment than any cryptocurrency with the current market conditions… Only kidding!
Crypto.com Reduces Card Rewards & CRO Plummets!
Crypto.com, one of the leading cryptocurrency exchanges by traded volume has slashed the rewards available on their Visa-enabled cards. The reduced rewards have impacted the staking yields available for cardholders.
Monthly rewards o the lower tiers would be capped from $25 to $50, whilst there would still be no reward cap for higher tiers.
After the announcement to the rewards slash Crypto.com’s native coin CRO (Cronos) plummeted, hitting as low as $0.26550.