The bitcoin price 50-day average is now looking to go beyond its 200-day average to a higher number.
Bitcoin is now going for what is known as a golden cross on its daily chart. The golden cross is when the 50-day average goes over the 200-day average. While the chart indicator is just a simple sign of momentum and new price trends, it is something that is especially followed and talked about by traders and large capital decision makers in the financial system.
While technical signs are almost irrelevant when it comes to the long-term use of bitcoin as a dollar replacement and a monetary network, the popular golden cross is a good sign to momentum-driven investors and traders and might signal a new leg up for bitcoin is getting closer.
Meanwhile Authorities Are Targeting Crypto
Gary Gensler, the SEC Chairman, testified in front of the banking committee in the Senate to go for cryptocurrency lending and trading platforms, stable value coins, and the current legal status of giving or selling cryptocurrency tokens that might be classified like securities. In a document showing Gensler’s key points, the following was stated:
“Let me be clear: To the extent there are securities on these platforms, under America’s laws they must register unless they can qualify for exemption.”
Gensler also slammed Coinbase, stressing that the company is “not registered with the SEC even though they do have tokens on their platform that could be securities,” after the CEO Brian Armstrong bashed the SEC earlier in Sept., when he said the commission was “sketchy.”
This is the crucial difference between Bitcoin and “cryptocurrencies.” Bitcoin is decentralized, and the coding of the asset makes it different from more other “cryptos” out there. To again quote from Gensler, this time from remarks he made in August:
“In this work, I came to think that, though there was hype pretending to be reality in the crypto sector, Nakamoto’s innovation is a real thing. Further, it could continue to be a new catalyst in the money and finance field… At its foundation, Nakamoto was attempting to create a form of money that did not need a central intermediary, like a bank.”
Author: Blake Ambrose