Crypto & Blockchain Daily Brief Sunday, June 30, 2024

The article discusses whether the price of Bitcoin has reached its bottom after a significant drop. It mentions that Bitcoin experienced a sharp decline in mid-May, dropping below $30,000, sparking concerns among investors. However, some analysts believe that this drop could indicate a possible bottom for Bitcoin's price. The article highlights that Bitcoin's recent price movement resembles a Wyckoff distribution pattern, which suggests that the asset may be close to hitting its bottom before a potential reversal. The Wyckoff distribution pattern involves a series of price movements that indicate a market manipulation strategy to drive prices lower before a reversal. The article also mentions that Bitcoin's on-chain data shows signs of accumulation by long-term holders, indicating that investors are buying and holding onto Bitcoin despite the price drop. This behavior is often seen as a bullish sign for the cryptocurrency. Furthermore, the article discusses the importance of monitoring Bitcoin's price levels in the coming weeks to determine whether the recent drop indeed marks the bottom. If Bitcoin manages to hold above certain key support levels and starts to climb higher, it could confirm that the bottom is in place. Overall, the article suggests that while Bitcoin's recent price drop may have caused concern among investors, there are signs that indicate a possible bottom in price. By analyzing on-chain data and price patterns, investors can better assess the trajectory of Bitcoin's price movement in the near future.

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against ConsenSys, the creator of popular Ethereum wallet MetaMask, for allegedly facilitating unregistered securities transactions. The lawsuit alleges that ConsenSys conducted hundreds of unregistered cryptocurrency transactions through its MetaMask wallet. The SEC claims that ConsenSys sold MetaMask to U.S. customers without registering the transactions, violating federal securities laws. According to the SEC, ConsenSys sold MetaMask to U.S. customers between 2016 and 2019, generating millions of dollars in revenue from these unregistered transactions. The lawsuit accuses ConsenSys of failing to comply with the registration requirements of the Securities Act of 1933 by not registering MetaMask transactions as securities offerings. The SEC's lawsuit seeks to hold ConsenSys accountable for its alleged violations of securities laws and seeks an injunction against further unregistered sales of MetaMask. The SEC is also seeking disgorgement of ill-gotten gains, prejudgment interest, and civil penalties from ConsenSys. ConsenSys has not yet publicly responded to the lawsuit. The SEC's action against ConsenSys is part of its broader crackdown on unregistered cryptocurrency transactions and sales. The lawsuit highlights the regulatory challenges faced by companies operating in the cryptocurrency space and underscores the importance of compliance with securities laws.

The US Securities and Exchange Commission (SEC) has postponed the launch of the first physically backed Ethereum exchange-traded fund (ETF) in the United States. The delay was due to the SEC sending back the S-1 forms filed by VanEck for the proposed ETF. The SEC cited concerns regarding the classification, liquidity, and valuation of Ethereum as reasons for the delay. VanEck had aimed to provide exposure to Ethereum through an ETF that would hold physical Ethereum rather than futures contracts. The decision by the SEC to send back the S-1 forms for the Ethereum ETF has raised questions about the future of cryptocurrency ETFs in the United States. Previously, the SEC has also delayed the approval of a Bitcoin ETF, showing a pattern of caution and thorough review when it comes to cryptocurrency-based financial products. Despite the setback, VanEck remains positive about the prospects of launching an Ethereum ETF. The company believes that providing investors with exposure to Ethereum through a regulated product like an ETF would be beneficial for the market. VanEck is now working with the SEC to address the concerns raised and provide further information to support the approval of the Ethereum ETF. Overall, the delay in launching the first physically backed Ethereum ETF in the US highlights the regulatory challenges faced by cryptocurrency-related financial products. It also underscores the importance of addressing regulatory concerns and providing adequate transparency to gain approval from regulatory bodies like the SEC.