[Weiss 주간 컬럼] No ripple impact on Bitcoin and Ethereum record highs

WCA: 2020 – 12 – 28

[글 = 후안 빌라베르데/브루스 능] Traditional markets are now generally a “decrease in volume” period. Trading volume usually declines around Thanksgiving, Christmas, and New Year’s Day.

Meanwhile, cryptocurrency continues…

in reality Bitcoin(BTC, Technology/Accept rank ‘A-‘)Silver is still soaring towards a new high after recording a record high. On the morning of today (December 28), Bitcoin pointed to $2,7349.82 in the coin market cap.

But yesterday, Bitcoin surpassed $27,000 for the first time and then broke through $28,000 just a few hours later, soaring to $28288.84. Bitcoin’s market capitalization now exceeds $500 billion.

Last weekend Ethereum(ETH, Technology/Accept rank ‘A-‘) It also surpassed $700 for the first time since May 2018, and rose 11% in one day on the 27th.

Bitcoin and Ethereum are supported by the US Securities and Exchange Commission (SEC). ripple(XRP, Technology/Accept rank ‘B’)The rally was held despite the fact that it had sued two executives. The SEC explained why they were sued for raising more than $1.3 billion in funding through “unregistered, ongoing digital asset disclosure”.

The SEC’s complaint against Ripple represents a new phase in the cryptocurrency development process. XRP has been touted as a regulator-friendly alternative to Bitcoin. Now XRP is the target of the SEC. And XRP price reflects the uncertainty of XRP location.

Exchanges based in the United States were in a difficult situation. As CoinDesk’s Nickelocide pointed out, Coinbase, which is preparing for IPO (using Goldman Sachs), is under particularly strong pressure.

Law firm Seward & Kissel(Seward & Kissel LLP)of partner Anthony way–Sekine To CoinDesk Coinbase and same Platforms “In dilemma Fell out”High said.

“Coin base same Platforms are Court XRPend Securities Not Verdict Get off As Looking forward XRPIs Securities Not Their Previous Analysis Based on continue XRPTo To be listed Number have”High he is Revealed. “if not they Americans Possessed Wallet deal Restrictions and same Improving Action Drunk or XRPof Listing very Abolished Capital have”High said.

way–Sekine this The scenarios are already exchange service Terms and conditions due to Covered There is Revealed.

Belcher, Smolen & half sack LLP belong lawyer Gabriel Shapiro Coinbase and same Exchanges XRPof crape abolition Consider Want Not Would said. But XRPof crape abolition Consider the real crape or crape With abolition Other will be.

“Exchanges business Only perspective not Legal From the perspective they which Precedent make Whether Including Have to think do”High he is said. “if regulation Authorities Cryptocurrency Securities Blamed simple Reason That Cryptocurrency crape If abolished That Next which Days To happen Will? SECon just Sue through On the platform Anything Listing Abolished Right To give Will?”

then As grounds digital Assets Listing Abolished Is exchange For customers good Days No Shapiro Pointed out.

“Coinbase just Listing Abolished Is easy Decision no. And Personally I Coin base If you are concerned see detailed In fact Reveal until crape Abolition Not to decide Not As think”High he is said.

The attorneys cited by CoinDesk’s Nickelocide were impressed by the strong content of the SEC complaint. However, especially when looking at the price movements of Bitcoin and Ethereum, so far the “ripple effect” seems to be quiet. Regulatory uncertainty is clearly “important” for cryptocurrencies, but fundamentals continue to improve. We wrote in the December 23rd Weiss Column (WCA):

M1 currency supply has increased by more than 50% since March, when the Corona 19 pandemic first hit the economy and the market.

Basically, the Federal Reserve is increasing the US money supply at the fastest pace ever.

We came to this conclusion on this issue: “In short, 2021 will be a very good year for cryptocurrencies. We wish you a happy New Year holidays!”

Translation/organization = New York correspondent Do-sun Jang