The SEC's next target could potentially be stablecoins, as they have previously encountered issues with stablecoins and their issuers. On June 15, the SEC once again came into the spotlight regarding the depegging of stablecoins. Particularly, concerns about the depegging of Tether (USDT), which represents 76% of the stablecoin market, could prompt a swift reaction from the SEC. What is the current status of the SEC's involvement in the crypto industry and its connections to stablecoins?

The SEC's Authority

With the collapse of the FTX and Terra ecosystems, the SEC has been intensifying its pressure on the cryptocurrency sector, instilling fear particularly with its recent sanctions. On June 6, the SEC announced its lawsuit against Coinbase, one of the leading cryptocurrency exchanges, which had negative implications for cryptocurrencies and exchanges as a whole. The following day, the SEC filed a lawsuit against Binance, further tightening its grip on the market.

In the lawsuit against Coinbase, the SEC stated that Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS), Coti (COTI), BNB, and BUSD were considered securities. This triggered a significant selling pressure on altcoins. The inclusion of BUSD, a stablecoin, in the list may signal the SEC's stance towards stablecoins.

Investors, who have been exiting both altcoins and cryptocurrency exchanges, have now raised concerns about the depegging issues in stablecoins. The SEC, which has had a strained relationship with the crypto industry for a while, is unlikely to turn a blind eye to the problems in stablecoins. Therefore, it appears highly probable that stablecoins will be the next target of the SEC.

Signals Against Stablecoins

The aggressive statements made by SEC Chairman Gary Gensler in the past regarding the crypto industry have come to mind again in light of the recent chaotic environment. Gensler drew comparisons between stablecoins and cryptocurrencies, stating that "Stablecoins are akin to poker chips in a casino. Cryptocurrencies are highly speculative assets. Satoshi Nakamoto wanted to bring finance together with new technology, but this cannot progress without regulation."

SEC, which opposes any form of dominance in the industry, has filed a lawsuit against Binance and classified its stablecoin BUSD as a security. Considering the lack of regulatory oversight on Tether (USDT), which constitutes 76% of the stablecoin market, it opens up the possibility of a potential SEC battle. While the issuer of the stablecoin claims to have a one-to-one backing of each USDT token with a U.S. dollar, there are concerns about whether this is actually true.

SEC previously filed a lawsuit against Paxos, the issuer behind Pax Dollar (USDP) and BUSD tokens, and issued a Wells Notice. The Wells Notice is a notification used by the regulatory body to inform companies about planned enforcement actions. Evaluating SEC's recent aggressive moves, it indicates signs that stablecoins could be the next target.

War Preparation of Stablecoins

USDT's notable data and the emergence of FUD (Fear, Uncertainty, and Doubt) news may have caused market fluctuations, but Tether's CEO Paolo Ardoino's strong stance and efforts to maintain investor confidence continue to create a positive sentiment around Tether. Ardoino is giving a warning against manipulative attacks during this period when the market is experiencing low volume and pessimism.

Ardoino stated that Tether is prepared for any price movements and will take necessary steps. He also expressed a firm stance towards investors converting USDT to USDC, stating that they are ready for redemption. In the past, Ardoino made the following statement:

"Today's numbers show that people want access to financial freedom, and when they are given that access, they will use it. Tether tokens provide a safe haven for those without access and allow them to preserve their purchasing power even when their currencies are being devalued."

By emphasizing his trust in stablecoins through Tether, Ardoino aims to protect market confidence by taking measures against manipulative transactions and assures investors that the expected steps will be taken.

Jeremy Allaire, the CEO and co-founder of Circle, the issuer of USDC, responded to the targeting of stablecoins and the recent depeg allegations on social media. Allaire stated that there is no cause for concern and highlighted the critical role of stablecoins in the industry, emphasizing the need to protect them.

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With the widespread adoption of cryptocurrencies, Bitcoin has become increasingly integrated into our lives.

Alongside Bitcoin's significant presence in our lives, Bitcoin advocates have also made themselves known. In this article, we explore how Michael Saylor's love for Bitcoin has evolved over the years.

What Has Michael Saylor Done for Bitcoin Over the Years?

Michael Saylor, the CEO of MicroStrategy, emerges as one of the biggest supporters of Bitcoin, often referred to as the gold of cryptocurrencies. Saylor's love and dedication to Bitcoin have served as an inspiration for many other businessmen and investors. Let's take a closer look at his passion and belief in Bitcoin.

In 2020, Michael Saylor took a significant step to demonstrate his interest in Bitcoin by leading his company, MicroStrategy, to make a major move. The company converted a significant portion of its assets into Bitcoin and purchased approximately 91,000 BTC. This move created a significant buzz at the time. However, over the years, MicroStrategy's Bitcoin purchases led to a pattern where they served as almost a contrarian indicator. Whenever Saylor's company announced Bitcoin purchases, it coincided with price declines in the Bitcoin market.

Saylor consistently emphasizes that he sees Bitcoin as a more reliable store of value compared to other asset classes. He argues that traditional currencies carry the risk of losing value due to inflation and central bank interventions, while Bitcoin is immune to such concerns. Additionally, Saylor believes that the economic uncertainties worldwide will increase the demand for Bitcoin.

Focusing on Bitcoin's limited supply, Saylor believes that the balance of decreasing supply and increasing demand will drive its value higher over time. He also argues that Bitcoin is built on a strong mathematical foundation and serves as a secure and reliable store of value. Saylor views Bitcoin as a long-term investment asset and believes it has the potential to fully realize its value.

Saylor doesn't only characterize Bitcoin as an investment instrument but also emphasizes its potential to democratize the financial system. Being a decentralized system, Bitcoin can create opportunities for billions of people who lack access to financial services. Saylor's belief in this potential has positioned him as a prominent figure in the cryptocurrency industry. He believes that if Bitcoin gains wider acceptance as a currency, it will increase financial inclusion and reduce economic inequalities.

In conclusion, Michael Saylor's love for Bitcoin is based on the potential he sees in this digital asset. He believes that Bitcoin serves as a secure store of value, an investment instrument, and has the potential to democratize the financial system. Saylor's commitment to Bitcoin is demonstrated by his actions, such as converting MicroStrategy's assets into Bitcoin, which has encouraged other investors. His passion for Bitcoin has made him an influential figure in the cryptocurrency world and has contributed to the broader acceptance of Bitcoin.

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Ripple's lawyer John Deaton expressed that the SEC's logic regarding XRP secondary sales is flawed. The lawyer made his statements on Twitter.

John Deaton, Ripple's lawyer, asked the SEC to provide a single example that proves there is an investment contract without any privacy or communication between a buyer and a seller or a supporter. Deaton also noted that the SEC has failed to substantiate its claim.

Deaton argues that, considering all laws, the SEC has no evidence to support the theory that secondary market sales are securities. He also disagrees with those claiming that the SEC has the right to pursue unsupported new theories under the law. According to Deaton, if the SEC is presenting new and unsupported theories, then he advocates for the application of the Fair Notice Defense.

John Deaton believes that the judge in the Ripple-SEC case is likely to address the issue of secondary market sales. Deaton makes his statements as follows: Firstly, the SEC's summary judgment motion essentially forces the judge to accept it almost as drafted. Secondly, Deaton believes that the judge will choose not to remain silent on various amicable briefings presented in the Ripple dispute, which could provide more information about secondary market sales.

#XRP #CryptoDeNostradame

Crypto market analysts, closely followed in their recent analyses, have indicated that there is an explosion signal for some altcoins, pointing to the month of July! Popular crypto analysts will closely monitor Ripple (XRP), Stellar (XLM), and VeChain (VET) in July. Here are the details...

Ripple (XRP)

which has been experiencing constant growth in recent weeks, following the rise of Bitcoin (BTC) and exciting its investors, has been at the center of attention for analysts. According to analysts, Ripple has been growing day by day since the US Securities and Exchange Commission (SEC) filed a lawsuit against the company, and it has managed to attract the attention of many investors. Despite active regulatory pressure, the popular cross-border payment company Ripple has seen a significant increase in the number of XRP addresses. As of June 27, the reported data shows that the XRP price is currently at $0.47, experiencing a 0.5% loss in the past 24 hours. However, the project has gained 0.77% in the past week and may reemerge with a significant price breakthrough.

On the other hand, Stellar, which continues to grow quietly compared to other cryptocurrencies, remains on the list of investors and experts. Popular crypto analyst Nebraskan stated in their analysis that amidst the ongoing red-light-green-light changes in most assets' charts, XLM shows more growth potential. Currently, Stellar is trading at $0.101, and it has seen a 6.36% increase in the past 24 hours, thanks to numerous positive announcements such as the integration with MoneyGram. It has also made significant progress in the past seven days with a 23.63% increase, and overall, its charts show an upward trend, including a 10.28% increase in the previous month.

VeChain (VET) is one of the few altcoins that experts have recently highlighted as being on investors' radar in July. One notable reason for its popularity is its relatively low price level. Additionally, VeChain (VET), which has been a focal point for investors for a considerable period, could be a good investment in July, according to experts, due to recent price movements and developments such as the listing announcement on the Coinbase cryptocurrency exchange. Currently, VeChain (VET) is trading at $0.01964, and it has experienced a 6% increase in the past 24 hours.

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Davinci Jeremie believes that while many people missed out on the opportunity to buy Bitcoin 10 years ago, it’s not too late to get into crypto.

Crypto advocate Davinci Jeremie expected to become a hero to his community after talking about Bitcoin 10 years ago and why people should buy at least worth of it, but things did not turn out as he expected. 

In an interview with Cointelegraph, Jeremie shared the story of how he found Bitcoin, what his community thought about it back then, and what he thinks would help onboard more people into Bitcoin.

According to the crypto influencer, it all started over 10 years ago, when a member of his community told him about BTC and asked him to have a look at it. At first glance, Jeremie, who is also a software developer, believed that it was a scam given th the double-spending problem was “considered to be not solvable.” He explained: 

“I said, ‘Okay, I'm gonna read the source code since I’m a software developer and tell you how it’s a big scam.’ I read the source code, read the white paper and realized, oh no, this is not a scam.”

After determining that BTC may be the solution to a huge problem in the monetary system, he made what became a trending video, asking his community to purchase at least $1 worth of BTC. However, what happened was a bit different that what he expected. He expected his community to be grateful for the information he shared, but they did not respond the way he thought they would.

“Once in a while, something comes along that makes poor people rich because they got it really, really cheap. This was one of them. I thought I was gonna be the hero to my community, but no, they thought I was crazy. They actually thought I was losing my mind,” he said.

While people may have missed out on the opportunity to buy BTC at that price, Jeremie believes it’s not too late to get into crypto. According to the influencer, only 2% of the population currently holds Bitcoin and Ether .However, a problem is that people want to have an entire coin, according to Jeremie, who said:

“Everybody wants to have a whole Bitcoin. Nobody wants to go into a store and say, ‘Can I get 1/100,000,000th of an apple?’ They want the whole thing. So, although Bitcoin is divisible, the divisibility is part of its Achilles heel.”

The developer suggested that it may be optimal to have a satoshi-based Bitcoin wallet that shows balances differently. The software developer believes showing people that “for a whole dollar, you could get a few hundred thousand Bitcoin satoshis” could potentially attract more people. “It’s not as appealing to have that decimal spaces than a whole Bitcoin,” he added.

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Bitcoin's (BTC) decline of more than 6% has dampened the momentum of Ripple (XRP). However, can XRP regain its strength and experience an upward price movement?

BTC's correction, reaching $31,800 directly, continues to affect the prices of altcoins. XRP, which caused great excitement in the market by reaching $0.93, seems to have lost its momentum with BTC's price movement. What does the XRP chart indicate? Which levels should be monitored for this popular coin?

Ripple (XRP) Chart Analysis

After reaching $0.93, XRP lost its momentum and experienced a significant drop along with BTC falling below $30,000. The major coin dropped to $0.67 and is currently trading at $0.725. The range between $0.773 and $0.801 will be crucial for observing strong increases in XRP. If this range is broken to the upside, the levels to watch are $0.918, $1.104, $1.353, and $1.55, respectively.

Scenarios such as negative news flow in the sector or BTC continuing its downward trend can shake the price of XRP. In such a case, the support levels to monitor for XRP are $0.65, $0.55, and $0.449, respectively. Losing the starting point of the rise at $0.449 could lead XRP into a deep decline.

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As of today, it is observed that sellers are more dominant in the cryptocurrency sector. While the leading cryptocurrency Bitcoin (BTC) is experiencing a decline, the increase in the dominance chart has had a negative impact on altcoins.

Today, the cryptocurrency market is expected to experience volatile hours. The speech by the Chairman of the Federal Reserve (FED), Jerome Powell, increases the level of risk in crypto assets.

According to the latest information, FED Chairman Powell will address the cameras at 16:30 (GMT). It is expected that cryptocurrencies will exhibit volatile movements during Powell's speech.

In the previous meeting, FED Chairman Powell mentioned the possibility of two interest rate hikes by the end of 2023, which had a suppressing effect on both traditional financial markets and the crypto sector.

During today's speech, if Powell makes hawkish comments regarding interest rates, it could lead to the leading cryptocurrency Bitcoin (BTC) falling below $30,000.

In the previous meeting, FED Chairman Powell influenced the price movements of cryptocurrencies by stating the following about interest rates:

"The FOMC generally believes it would be appropriate to raise interest rates two more times this year."

"For now, we've held interest rates steady to give the FOMC time to make further decisions."

In the previous meeting, FED Chairman Jerome Powell also made the following comments about stablecoins:

"We see stablecoins as a form of money, and we believe that central banks are the ultimate source of trust in advanced economies for money. Going forward, we think having a strong federal role in regulating stablecoins is appropriate. Otherwise, if it's confined to a weak role and allows for the creation of numerous private monies at the state level, it can lead to a mistake."

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Wild Predictions for XRP Price

XRP has experienced a 1.8% drop in the last 24 hours and is currently trading at $0.48. Based on historical data, it is theoretically possible for XRP price to reach up to $3.3. Furthermore, there is even talk of a target price of $250 per unit. Renowned crypto analyst Egrag has put forward some interesting theories on the subject. According to the analyst, the XRP rally could push the price up to $3.3 or even $250. There are intriguing details behind the analyst's bold prediction.

Egrag highlighted the patterns observed in previous bull cycles. The analyst listed the cycles, referred to as A and B cycles, as potential cycles that could be repeated.

Historical Cycles of XRP

The A cycle, as presented by the analyst, covers the period from December 2014 to January 2018. During this time, XRP experienced significant fluctuations but ultimately saw a substantial increase in price, reaching record highs in January 2018. Similarly, the B cycle encompasses the period from November 2020 to April 2021, during which XRP underwent a significant rally.

The analyst also identified potential bottom points for XRP based on these historical cycles. The analyst stated that the lowest targets are $0.41 and $0.39. If the A cycle repeats, the bottom point could be $0.33. The analyst emphasized that if the price drops to $0.39, the peak point could be $250. This represents an astonishing increase of 51,000%. Currently, investors are eagerly awaiting a break above the $1 resistance level, and there is significant anticipation for a major breakout in the market. However, the uncertainty surrounding the Ripple and SEC lawsuit may hinder the practical realization of these theoretically possible targets.

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DOGE Founder Liked the Price Movement

The recent minor bullish run in the short term caught the attention of Markus, the founder of DOGE. The prominent figure expressed his "positive" reaction to this rally, essentially approving it. However, the general sentiment in the cryptocurrency sector is that the rally for DOGE has yet to begin. As of now, DOGE is trading at 1.78 TL and a breakout may be imminent.

Although there has been relatively positive price action in DOGE compared to other altcoins, there could be several reasons why the rest of the community remains unresponsive. Market volatility and significant uncertainty in meme coin prices are among the main factors.

Dogecoin Comment

Looking at the technical chart, DOGE certainly indicates that something has changed. DOGE temporarily broke through the 50 EMA resistance level, which it previously struggled to touch, but it has yet to achieve a full close above it. This is a significant signal for DOGE, as this level has been tested at least three times. However, a true breakthrough above the 50 EMA level is still required.

Co-founder Billy Markus also responded with a "positive" reaction to this recent movement, implying that the situation is improving. While Markus previously stated that he wouldn't comment much on price, his comment on a price-focused article now shows how rare such a situation is. Previously, when a similar comment was made in 2022, DOGE experienced a significant rally over the course of a week. This excites DOGE investors and keeps the expectations alive for the price of DOGE.

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