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Crypto Industry News:
In the US, there is a debate on the regulation of the cryptocurrency market. The bill currently being drafted by Senator Elizabeth Warren aims to transfer control of the industry to the SEC. Politicians want to impose new obligations on centralized exchanges. According to Jeffrey Sprecher, president of Intercontinental Exchange Inc (ICE), this will be good for investors.
After the collapse of the FTX exchange, many American politicians and officials turned to cryptocurrencies again. Digital currencies have also returned as a topic for public debate.
Speaking at a December 6 conference on financial services hosted by Goldman Sachs Group Inc, Sprecher said that cryptocurrencies should be "regulated and treated like securities."
- What does it mean? Greater transparency, security of customer funds - he explained.
He also argued that in the case of cryptocurrencies, new regulations would not necessarily be needed. He pointed out that the legal framework that applies to securities can be applied. These "will just be implemented more strongly."
Senator Elizabeth Warren seems to think so too. It is known that he is working on a law on cryptocurrencies. This would give power over the market to the Securities and Exchange Commission (SEC). According to the media, the document also includes issues regarding taxes, national security in the context of using digital assets and the impact of mining on the environment.
Warren also wants to impose new obligations on market entities by means of the act. It is about audits, financial statements and capital requirements similar to those known from the banking market.
Technical Market Outlook:
The Ethereum cryptocurrency has broken below the trend line seen around the level of $1,254 and made a new local low at the level of $1,1219. As the momentum is negative on the H4 time frame chart, the short-term outlook remains bearish with a target for bears located at $1,150 (28th November low). Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues and any up move should be considered as the upward correction during the long-term down trend.
Weekly Pivot Points:
WR3 - $1,345
WR2 - $1,317
WR1 - $1,305
Weekly Pivot - $1,289
WS1 - $1,277
WS2 - $1,261
WS3 - $1,233
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. The key technical support for bulls at $1,281 was broken already and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.
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