GetBlock Magazine - What happened? Ripple fintech CEO Brad Garlinghouse said the crypto industry is set for a reboot, and it will happen regardless of the outcome of the US presidential election. Speaking at DC Fintech Week, the entrepreneur noted that the US is currently lagging behind other countries in regulating the industry, and also criticized the administration of current President Joe Biden for its hostile approach to crypto firms.
What else is known? Garlinghouse claimed that Biden-appointed SEC Chairman Gary Gensler is terrorizing the crypto industry, and Democratic Senator Elizabeth Warren, known for her “anti-cryptocurrency army” initiative, is spreading misinformation about it.
Regarding the two main candidates in the November elections – the 45th Republican President Donald Trump and the current Vice President, Democrat Kamala Harris – Garlinghouse noted that both are positively disposed towards the crypto industry.
While Trump has released his own NFT collections, started accepting cryptocurrency donations, called for a national Bitcoin reserve, turned the U.S. into a global crypto hub, and supported miners, Harris has taken a more measured stance. However, she has promised to encourage more investment in the crypto sector and support the creation of a regulatory framework for the industry if elected.
In the current climate of uncertainty, Garlinghouse advised companies to move operations outside the U.S. He also noted the ongoing problem of debanking in the crypto industry, which is caused by pressure on institutions from the SEC.
Garlinghouse faced this problem personally.
The businessman said that Citi Bank, where he had been a client for 25 years, closed his accounts for this very reason, giving him five days to withdraw funds.
"The bank was actually very honest. They said, 'Look, you're a big name in crypto, and having big names in crypto in banking means more scrutiny from federal regulators.'"
Which stock should I buy during the next trade?
AI-powered calculations are changing the stock market. Investing.com's ProPicks are 6 financial portfolios that contain surefire stock picks handpicked by advanced AI. In 2024 alone, the ProPicks algorithm has identified 2 stocks that have risen more than 150%, 4 stocks that have risen more than 30%, and 3 more that have risen more than 25%. Which stock will soar next?
Ethereum price drop below $2500 raises concerns about the future
ETH/USD
-1,41%
Happycoin.club - The recent drop in the Ethereum (ETH) price below $2500 has caused investors to have reasonable concerns about the future of the cryptocurrency.
On October 10, the price of Ethereum began to rise and by last Sunday it had increased by almost 19%. However, on Monday, a dump began, as a result of which the coin fell in price by more than 11% and lost some of the gained positions. In addition, during the bearish trend, the digital asset rate fell far below the ascending trend line and reached the bottom at $2450.
Ethereum Price Drop from October 21 to 23
However, many ETH holders are in a despondent mood not so much because of the coin’s decline in value, but because of the underdog position it has taken. The fact is that over the past 30 days, the cryptocurrency’s capitalization has grown by 2%, while the value of issued ethers, on the contrary, has fallen by 6%. This means that ETH is among the digital assets that are failing to attract capital.
The main reasons for the negative trend in the Ethereum market are considered to be:
High transaction fees on the ETH blockchain, sometimes exceeding $13;
A 13% decrease in trading volume on decentralized exchanges for coins issued on the Ethereum network;
Reducing the amount of staked ETH by 5%.
Increasing the amount of Ethereum in circulation.
Unless developers solve the problem of excessively high transaction processing fees, Ethereum is unlikely to climb out of the hole. Vitalik Buterin spoke about an upcoming update called The Surge, designed to increase the performance of the ETH blockchain by hundreds of times, but it is not yet known how this will affect the size of the commission.
Which stock should I buy during the next trade?
AI-powered calculations are changing the stock market. Investing.com's ProPicks are 6 financial portfolios that contain surefire stock picks handpicked by advanced AI. In 2024 alone, the ProPicks algorithm has identified 2 stocks that have risen more than 150%, 4 stocks that have risen more than 30%, and 3 more that have risen more than 25%. Which stock will soar next?
