Crypto markets have enjoyed a healthy rally following the latest enforcement actions by the SEC against Binance and Coinbase.
This must have been thought of a long time ago.the first Sue Binancebefore the dust settles, Sue Coinbase. This hasn’t happened yet, but it really wouldn’t be a surprise if the SEC issued a Wells Notice to Tether in the near future.
All plan to spread fear and mistrust among retail investors and scare them out of the cryptocurrency market. Of course, cutting off banks that do business with cryptocurrencies, pulling major market makers out of the industry, and embroiling large exchanges in costly lawsuits are also part of Operation Choke Point.
Crypto markets rebound
With all of this in the background, the crypto market has boldly started to rally after yesterday’s Binance news and today’s similar news from Coinbase.
Of course, the cryptocurrency market did take a hit when news from Binance popped up yesterday. Bitcoin fell a sharp 6.4 percent on the day, falling to just under $25,400 from $27,100 at the previous day’s close.
However, even with today’s new news about the SEC’s pursuit of Coinbase, Bitcoin has started to recover, gaining 3.6% at press time. Part of the reason for this is that, technically speaking, the charts point to a new high for Bitcoin, and the bad news just caused a blip.
The Stochastic RSI on all short-term time frames has reset at the bottom, and even the daily and weekly RSI are falling. When these all cross from the bottom up, the momentum will be hard to stop.
The Powerful Base Cryptocurrency Is Soaring
The same story is playing out with many of the more well-founded crypto projects. Ethereum has rallied 4.4% since yesterday’s lows, regaining two-thirds of its losses so far.
Popular crypto projects like decentralized exchange Injective Protocol ($INJ) and decentralized GPU-based rendering solution Render ($RNDR) are making quick comebacks, currently up 4.8% and 5.7%, respectively.
joke coin has its day
Even the meme coin Pepe ($PEPE) is up 26% from yesterday’s lows like a Lazarus back from the dead.
let the battle begin
The cryptocurrency market is rallying because it’s in the charts. Still, wait for more anti-cryptocurrency action from the U.S. government and its financial enforcement agencies.this war just began.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.