• Attorney John Deaton has criticized Michael Saylor for his stance on Bitcoin maxis.
• SEC Chairman Gary Gensler stated that with the exception of Bitcoin, he considered all digital currencies to be securities.
• John Deaton argued that only Gary Gensler and Bitcoin maxis believe that other cryptocurrencies are securities.
Attorney Chastises Michael Saylor for Stance on Bitcoin Maxis
SEC Chairman States All Digital Currencies Except Bitcoin Are Securities
Attorney John Deaton, a pro-Ripple lawyer, has chastised Michael Saylor, the chairman of business intelligence firm MicroStrategy Incorporated, for his stance on Bitcoin [BTC] maxis. The digital currency ecosystem was disturbed since news of the SEC’s onslaught on key industry firms began making the rounds in February 2023.
Gary Gensler’s Statement On Crypto Regulation
SEC Chairman Gary Gensler stated in a recent interview with The New York Times that with the exception of Bitcoin, he considered all digital currencies to be securities. Saylor reacted to Gensler’s comment, stating, „Consensus is building that everything in the #Crypto industry other than #Bitcoin is a security, destined to be regulated by the @SECGov. This makes $BTC the only crypto-asset suitable for use as global money.“
John Deaton Disagrees With Consensus Claim
In response, John Deaton stated that the talk of consensus is false. Additionally, only Gary Gensler and Bitcoin maxis believe that other cryptocurrencies are securities. According to Deaton, the regulator will have to fight to prove that each digital asset is, in fact, secure on a case-by-case basis.
Deaton went on to say that despite Saylor’s reputation what he was saying was completely incorrect: „He’s a brilliant guy and he knows what he’s saying is not true.“
John Deaton Earns Reputation Defending Claims That Some Cryptocurrencies Are Unregistered Securities
The cryptocurrency supporter has earned a reputation as one of the most responsive legal minds. He constantly sheds light on the ongoing Ripple-SEC case and what it means for millions of supporters.
John Deaton has criticized Michael Saylor for his stance regarding Bitcoin Maxis and refuted claims made by him about consensus being built around other cryptocurrencies being deemed as securities by SEC. Instead he argued that only Gary Gensler and BTC maxis hold this view and any decision will have to be made based upon case-by-case analysis by SEC regulators
• Mance Harmon, co-founder of layer 1 DLT Hedera, recently appeared on Paul Barren Network to discuss the growth and performance of his firm.
• Despite the crypto winter last year, Hedera’s total value locked (TVL) rose by more than 33%. The network saw massive growth due to decentralized exchanges, staking platforms, tokenization services and so on.
• Harmon expects that NFTs with supply chain use cases will drive further growth for the platform in the future.
Harmon Discusses Growth of DLT Firm
Mance Harmon, co-founder of popular layer 1 DLT Hedera recently appeared in an interview on Paul Barren Network. During the interview Harmon discussed various aspects of his blockchain firm including decentralization, its growing governance council, and recent partnerships. Despite the bear market last year Hedera proved its resilience with a total value locked (TVL) rising by more than 33%. The network saw massive growth thanks to decentralized exchanges like SaucersSwap and staking platforms like Stader Labs. Tokenization services, consensus service, filesystems and smart contracts also contributed to this growth. When asked about the decreased presence of blockchain firms at Davos Summit due to crypto winter Harmon said that it was a perfect opportunity for Hedera to demonstrate real-world case studies using their technology as it has been able to create a degree of decentralization no other layer 1 firm has achieved yet.
Objectives Achieved According To Whitepaper
According to Mance Harmon most objectives listed in their whitepaper have been completed but there is still work being done towards adding community run nodes and additional shards/networks within 24 months in order for their technology to scale up transactions with really high throughput needed for market demand.
NFTs Expected To Drive Further Growth
In terms of NFT driven growth Harmon is counting on a tokenized world in near future where everything we see and touch will be associated with digital twin tokens which are mostly going to be NFTs. He believes these use cases will branch out from existing crypto focused spaces such as gaming into loyalty programs and rewards among others which are expected to drive further growth for Hedera platform when it comes to NFTs.
Harmon’s Participation At Davos Summit
Harmon participated at Davos summit last month where he spoke about how despite FUD related risks associated with bear market his team was able to ensure strong performance during fourth quarter of last year thanks usage from decentralized exchanges like SaucersSwap ,staking platforms like Stader Labs etc along with tokenization services ,consensus service ,filesystem and smart contracts . He stated that overall tone at summit was pragmatic rather than flashy making it perfect time for them showcase real world case studies using their own technology given they had already achieved degree decentralization no other layer 1 firm has achieved yet .
Mance Harmon concluded his interview by highlighting how far down the line they have come since launch as most objectives included in whitepaper were now complete ,however some milestones such as scalability transaction processing still remain . He remains hopeful that coming days will see use cases emerging from core crypto focused spaces such as gaming into loyalty programs supplies chain driving further growth for Hedera platform .
• ETH traders have been exiting the market in large numbers following a recent rally in the price of Ethereum.
• On-chain analysis of the Net Taker Volume metric reveals that traders are fleeing the market via market orders.
• Market demand has weakened and Open Interest has fallen, leading to a 6% decline in ETH’s price over the last week.
ETH Traders Fleeing Market Following Price Rally
ETH traders have taken to distributing their holdings as many anticipate the Shanghai Upgrade. On-chain assessment of the Net Taker Volume metric has revealed that following the recent rally in the price of Ethereum [ETH], traders have been exiting the market in large numbers, with the highest volume of exits seen since the collapse of Terra-Luna.
Net Taker Volume Reveals Aggressiveness Of Sellers & Buyers
According to CryptoQuant analyst Maartunn, this metric tracks the aggressiveness of both buyers and sellers for a specified crypto asset by calculating the difference between ‚Taker Buy Volume‘ and ‚Taker Sell Volume‘. These are market participants who use market orders, willing to buy or sell at any cost but prioritize exiting their position quickly. With ETH’s Net Taker Volume at its deepest negative value since May 2022, „traders on Ethereum are escaping the market through market orders, which is pushing prices down,“ Maartuun noted.
Market Demand Weakens & Open Interest Falls
Data from Santiment shows that after ETH crossed $1600, new demand for it weakened drastically with daily addresses created falling by 88%. Additionally, per data from Coinglass during that period, ETH’s Open Interest fell by 5%, indicating a shortage of investor attraction and potentially resulting in a drop in price.
Hedging Against Impending Price Drawdown
Maartunn advised: „The strongest signal of this indicator is when prices are still relatively high yet Net Taker Volume is deeply red – which is where Ethereum currently stands. This doesn’t mean that Ethereum can’t bounce back short term but as long as Net Taker Volume shows negative values it’s better to sell than buy.“
Shanghai Upgrade Might Work Wonders
Despite this current situation many investors maintain a positive outlook due to anticipation surrounding The Shanghai Upgrade which could potentially pump liquidity into markets again and bring about an increase in investor confidence.
• CAKE posted a bearish rising wedge channel pattern and 9% gains after the FOMC announcement.
• PancakeSwap [CAKE] saw an uptick in total value locked (TVL) in the past few days.
• If Bitcoin fails to reclaim the $23.5K zone, bears could continue to devalue CAKE, but bulls could attempt a break above the wedge and aim at $4.722.
PancakeSwap [CAKE] Price Prediction 2023-24
At press time, CAKE traded at $4.305 while Bitcoin [BTC] was below the crucial $23.5K price level. PancakeSwap [CAKE] posted about 9% gains after the FOMC announcement, however its price action in the same period chalked a bearish pattern which could suggest a possible drop in the next few hours/days.
Bearish Rising Wedge Pattern
CAKE formed a rising wedge pattern – a typical bearish formation which means there is high possibility of bearish breakout or price reversal where bears could break below the wedge and settle at $3.845 in the next few hours/days however such drop must break key support levels like $4.236, 26-period EMA, $4.144, and $3.950 so bears should be cautious of these levels as any bullish influence can cause an upswing invalidating this bearish bias towards aiming at $4.722 mark if bulls gain control over the situation with help from BTC price surge above its current level of 23500$.
Total Value Locked (TVL)
PancakeSwap recorded an uptick in TVL in the past few days according to DefiLlama data on January 31st TVL was approximately 2 billion 45 million dollars while now it has risen to 2 billion 57 million dollars at press time which is likely to boost investors’ confidence for native token and may cause an uptrend rally eventually leading towards bullish breakout above mentioned wedge invalidating bearish bias along with increase revenue recorded by CAKE towards end of January and early February will also help bulls gaining confidence if BTC regains 23500$mark or surges above it then convincing bullish breakout for CAKE is likely to happen soon as well increasing investors’ confidence even more than before..
Overall, CAKE’s current structure suggests that bulls have control over its price action as indicated by RSI and OBV readings however bears should still be aware of key support levels like 4236$, 26-period EMA, 4144$ and 3950$ which if broken will confirm bearish breakout towards 3845$ mark while on other hand a convincing bullish breakout can only happen if BTC regains 23500$ level or surges above it confirming investor’s confidence increase once again leading towards upswing rally for CAKE ultimately aiming at 4722$ target successfully invalidating all previous predictions made during this article/discussion as well!