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Will CFTC Be in Charge of Overseeing the Cryptocurrency Market?

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Will Cftc Be In Charge Of Overseeing The Cryptocurrency Market?
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  • The CFTC is planning to strengthen its control of the cryptocurrency market. 
  • As per Rostin Behnam, CFTC is the authorized regulator to oversee digital assets trading.

The US Commodity Futures Trading Commission (CFTC) is continuously demanding the regulation of the cryptocurrency market. In a recently held legislative hearing, the chairman of CFTC, Rostin Behnam, expressed that, If the proposed Digital Commodities Consumer Protection Act is passed into law, the regulatory body will have full oversight capabilities to control the crypto market.

Rostin Behnam stated:

The volatility in the market, and its impact on retail customers which may only worsen under current macroeconomic conditions emphasizes the immediate need for regulatory clarity and market protections.

Behnam’s Allegations Regarding Regulation

The CFTC’s knowledge and experience make it the perfect regulator for the digital asset commodity market. According to a measure being pushed by committee leaders to develop new rules for the crypto business, putting Behnam’s agency at the center of federal oversight.

Behnam applauded the legislation and its proposal for extra agency funding, which will enable the CFTC to quickly establish the new oversight over digital commodity assets. The courts, lawmakers, and regulators have all acknowledged that cryptocurrencies fall under this category, though the legal status of other assets is less clear.

He added: 

All digital commodity platforms must maintain adequate financial, operational, and managerial resources, segregate customer funds, and comply with commission requirements for the treatment of customer assets.

Behnam furtherly expressed that the CFTC can move quickly to implement this new regime, with the additional resources anticipated by the funding mechanism in the DCCPA and the clear mandates for customer education, outreach, and information gathering to ensure that efforts reach all demographics of the investing community.

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Uniswap Could Slide Below Support Zone

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Uniswap
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On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors.

It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag.

Statistics show that there is a moderately high relationship between UNI and Bitcoin.

Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action.

As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains.

As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday.

Uniswap Indicator: Bearish

UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum.

The momentum indicator is at a bearish low at the moment.

Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions.

As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile.

During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin.

Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery.

A Retreat, Or Advance?

A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto.

A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value.

However, UNI’s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level.

This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout.

However, UNI has struggled to surpass the $6.49 level of resistance.

A breach of this resistance might initiate a gradual rally toward the $6.7 price level.

As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7.

UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com

Featured image from Brightnode, Chart: TradingView.com

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Binance Registers as Financial Service Provider in New Zealand

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Binance Registers As Financial Service Provider In New Zealand
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