The crypto market is still loved despite the issue of a lawsuit by the U.S. Commodity Futures Trading Commission (CTFC) against crypto BNB and Binance founder Changpeng Zhao.
Launching data from CoinMarketCap at 08:35 WIB (29/03/2023), Bitcoin showed a gain of 1.42% to a price position of US$ 27,403.06/coin or the equivalent of IDR 413,101,130/coin (assuming an exchange rate of IDR 15,075 /US$). In the past week, Bitcoin has shown a drop from its one-week performance of 2.37%.
Ethereum today also showed a gain of 3.95% to US$ 1,782.35/coin or the equivalent of Rp. 26,868/coin. The weakening performance of the Ethereum cryptocurrency price has also seen a decline in the last week by 2.35%.
BNB today experienced a strengthening, on related issues by 1.33% touching the price of US $ 314.27 or the equivalent of IDR 4,737,629 / coin. Within 7 days, BNB experienced a weakening of 5.79%, so that the company’s current capitalization is at US$ 49.52 billion.
Within one week, the cryptocurrencies that experienced a significant decline included BNB (-5.79%), Polygon (-4.26%), and Bitcoin (-2.37%). Meanwhile, a significant increase in the last week was experienced by XRP (+11.94%).
The past week has been quite chaotic with various media reports. Binance is being sued by CTFC for derivative product infringement, Sam Bankman-Firied is facing accusations of bribery of officials in China which has lowered Beijing’s mood towards the asset class. China’s trust will be restored to the CTFC. Rostin Benham, commissioner of the CTFC reiterates that Ether is a commodity.
This news causes the price of Bitcoin to tend to be flat.
The CTFC’s action against Binance was a shock and annoyance to many. Shops that have traded their products using cryptocurrency are the losers. It is these traders who want the United States to start implementing crypto and no longer depend on a centralized system.
In 2020, there is a new legal category called investment contract assets or investment contract assets. The system is an asset that is sold as part of an investment contract that will not be considered security, but when the sale is considered an investment contract.
The framework bears similarities to those already developed by the Monetary Authorities of Singapore, Hong Kong and Taiwan. However, these implementations do not fit into the regulatory framework of the Securities and Exchange Commission (SEC), the independent United States agency charged with protecting investors.
The SEC feels that new law enforcement, particularly regarding crypto, requires review and caution. However, Coinbase continues to ask for acceleration of law enforcement because without a strong law it is prone to fraud such as insider trading.
Currently, the market that will be bullish is Asia, because Chinese banks are asking for crypto business in Hong Kong. Crypto being a volatile asset class, it might not be a bad thing to move to Asia.
