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🏦 SEC Robs Small Investors In BTC 

Word On The Street: Prominent pro-crypto attorney and Senate candidate John Deaton has criticized the SEC for what he describes as "excessive intervention" in the cryptocurrency industry, which he claims has cost retail investors over $15 billion.

The details:

• The SEC has long been under fire for its aggressive regulatory approach towards the crypto sector. Deaton argues that the regulator should be held accountable for this "gross overreach."

• He stated, "The SEC’s misconduct and gross overreach caused small investors over $15 billion. On behalf of those 75K small investors I represented, we do not accept the SEC’s apology,"

• Deaton, who recently won the Republican nomination for the U.S. Senate in Massachusetts, is set to challenge Democratic Senator Elizabeth Warren in November.

Why it matters: Notably, the SEC has significantly increased its enforcement actions in 2024, with a reported 3,000% rise in enforcement activity compared to the previous year.

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Other News

SEC ‘regrets any confusion’ from dubbing tokens as securities. The retraction arose from the SEC’s lawsuit against Binance, but the agency is still pursuing claims against the crypto exchange for alleged securities law violations.

Tether Hires PayPal Government Affairs Ace as U.S. Scrutiny Unresolved. The world's leading stablecoin issuer brought on Jesse Spiro, who has previously handled government interactions for Chainalysis and PayPal.

North Carolina resists the CBDC tide with new payments ban. A new law in North Carolina seeks to ban CBDCs in the state, but there are questions about whether the new legislation is even legal.

Latin American Crypto Exchange Ripio Unveils DeFi Credit Card With Visa. The card will allow users to access up to 30% of blocked assets in a liquidity pool.

Traders Corner (Premium)

Welcome, Traders!

Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• Bitcoin Technical Analysis (Free)

• Ethereum Technical Analysis (Paid)

• Dogecoin Technical Analysis (Paid)

TRADERS CORNER
📈 Bitcoin Technical Analysis

Bitcoin (BTC) is $59,896.72, positioning itself near the middle line of the Bollinger Bands. The price is consolidating within a narrow range, indicating a potential breakout may be forthcoming.

Trend Analysis:

Bitcoin is showing signs of consolidation after a significant upward move followed by a pullback. The Bollinger Bands are slightly narrowing, indicating reduced volatility, which often precedes a significant move. The price is hovering around the middle band (20-period SMA), suggesting a neutral stance for now, neither overly bullish nor bearish.

The BBP (Bollinger Band Percentile) value of 68.30 is positive, suggesting that the recent upward momentum is still holding, but the price is closer to the upper Bollinger Band, indicating some overbought conditions may be present.

Support and Resistance:

- Support: Immediate support lies near the lower Bollinger Band at $59,657.48, which also coincides with recent consolidation levels. If the price breaks below this, the next support level is around $59,400.

- Resistance: The key resistance level to watch is $60,016.06, which aligns with the upper Bollinger Band. A breakout above this level could see further upside toward $60,500 or higher, should bullish momentum continue.

Scenarios:

- Bullish: If Bitcoin can break above $60,016.06, it could potentially signal the start of a new bullish phase. A confirmed breakout with higher volume would likely see the price heading toward $60,500 and beyond.

- Bearish: On the flip side, if Bitcoin fails to break through $60,016.06 and falls below $59,657.48, it could revisit the lower range of $59,400. A break below this level would suggest further downside, with a potential drop to $59,000 or lower.

Bitcoin is currently in a consolidation phase, with the price tightly squeezed within the Bollinger Bands. A breakout could be imminent, with the key levels to watch being $60,016.06 on the upside and $59,657.48 on the downside. A decisive move in either direction will set the tone for the next trend. Traders should look for volume confirmation to gauge the strength of any potential breakout.

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