Bitcoin (BTCUSD) Drifting at Break-even Marks on SEC Comments

Bitcoin (BTCUSD) Drifting at Break-even Marks on SEC Comments

Bitcoin (BTCUSD) Drifting at Break-even Marks on SEC Comments

$BTCUSD, $CME, $CBOE

Tuesday, most digital currency prices traded back near the breakeven marks reached after the Securities and Exchange Commission (SEC) last week declared that Bitcoin and Ether (ETH) do not warrant the regulatory scrutiny that traditional securities are subjected to.

The SEC stance was not enough to keep 1 notorious ICO (initial coin offering) cheerleader, John McAfee on the job, as the ICO market remains a target of law enforcement.

Despite the crypto market’s general relief shown to the SEC stance, cybersecurity guru John McAfee says he is “spooked”. He announced via Twitter that due to threats from the SEC he will no longer be recommending ICOs.

He Tweeted: Due to SEC threats, I am no longer working with ICOs nor am I recommending them, and those doing ICOs can all look forward to arrest. It is unjust but it is reality. I am writing an article on an equivalent alternative to ICOs which the SEC cannot touch. Please have Patience.

Mr. McAfee revealed in April that he had charged as much as $105,000 per Tweet to promote specific ICOs.

In his announcement, Mr. McAfee said that he will be penning an article on an alternative to ICOs that he claims cannot be touched by regulatory bodies.

Currently, Bitcoin is trading at 6,611.69,-129.59, or -1.9223%, as of 6:09a BST, the market is open.

The total value of all cryptocurrencies remained below $300-B, last valued at $292-B, slightly above last Thursday’s $290-B peak, according to the data.

Last week, the SEC said Bitcoin and Ether shouldn’t be labeled as securities, marking a victory for digital-currency enthusiasts who said that conventional securities laws should not apply to those assets that operate on the decentralized ledger, blockchain, the technological backbone that underpins cryptocurrencies like Bitcoin or Ether, among others.

However, the enthusiasm around that win has not turned into a substantial price boost for Bitcoin or the broader virtual-asset complex.

The ‘altcoins’ performance in Tuesday trading.

Ether ETHUSD, -1.85% has risen 2.5% to $532.00, Bitcoin Cash BCHUSD, -1.96%is + 0.5% at $891.70, Litecoin LTCUSD, -2.52% – 1.5% to $97.92 and XRP XRPUSD, -1.95% the coin that runs on the Ripple protocol, is trading at 54c, up 0.4%.

Futures finished Tuesday with small gains.

The Cboe July Bitcoin futures contract XBTN8, -2.19%  finished + 0.6% at $6,747.50, while the CME June contract BTCM8, -2.23% closed 0.5% higher at $6,735.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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