Research Note: Bitcoin Not Alone in Recent Price Woes

Don’t say she didn’t warn you, GlobalBlock sales trader Alexandra Clark said in her latest research notes.

As Bitcoin continued plummeting, contributing to the downward spiral was the lacklustre performance of crypto stock Galaxy Digital Holdings, which shed 63 percent of its value from its April peak. Ethereum, Cardano, Dogecoin, Polkadot, Uniswap, Solana, and Chainlink all lost between 10 and 20 percent of their value last week.

Ripple received some good news in its battle with the Securities and Exchange Commission when a judge ordered the deposition of William Hinman, a former SEC official, who in 2018 said the current offers and sales of Ether were not securities transactions.

The reintroduction of the Securities Clarities Act, this time with bipartisan support, is the latest attempt by Congress to bring clarity to cryptocurrencies by addressing whether new tokens are investment securities or investment contracts. This opacity slows innovation, but the bill, which has the support of some blockchain and crypto groups, should help reverse that trend, Clark believes.

The United Kingdom’s Financial Conduct Authority has launched an £11 million marketing campaign warming 18- to 30-year-olds of the risks of investing in cryptocurrencies. In a statement, the FCA said this group acts “less rationally and more emotionally, egged on by anonymous and unaccountable social media influencers”.

Cardano smart contracts will go live in the Goguen era, whenever that comes, Clark said. Bets are for around early October. Goguen will include work making Cardano more accessible via Marlowe, a smart contract development app.

Italy became the seventh country to issue a warning against Binance. The growing number of countries issuing these warnings could prove a threat against further growth.

Of note, Jackson, Tennessee announced it will accept Bitcoin for property tax payments.

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