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Rumors swirl of SEC crypto subpoenas as bear market threatens BTC

2021.09.21 Adam James

Things aren't looking great for the wider cryptocurrency market, which could enter a bear market if buyers don't step up soon.

The cryptocurrency market is continuing to struggle after yesterday's harsh sell-off. Its global market capitalization is up less than 1% over the past 24 hours, though the price of BTC is flat over the same period. Various altcoins are trying to regain their footings, with some pushing gains around 5%.

The cryptocurrency market is mixed today as it tries to regain its footing. Source: Coin360

Causing a stir in the blockchain and cryptocurrency industry today are rumors that an attendee of the Mainnet 2021 crypto conference in New York was "served by the SEC" immediately before speaking on stage. 

Though the rumors remain, as of the time of this writing, unsubstantiated, Ryan Selkis — the CEO of Messari, the company running the conference — seemed to confirm the rumors by tweeting:

"If you’re wondering when I actually decided to run for Senate, it was when these fuckers came to my event, didn’t buy a ticket, and served one of the speakers a subpoena.

Enough talk.

More war on our out of control regulatory state."

The United States Security and Exchange Commission and its commissioner, Gary Gensler, have been very vocal about their interests in reigning in the largely unregulated cryptocurrency industry — so the rumors are only adding fuel to the fire.

NFT Snapshot: Rorare hits $4.3 billion valuation

Sorare, a soccer-focused trading platform for nonfungible tokens, has hit a valuation of $4.3 billion following a $680 million Series B led by SoftBank — leading headlines in the sector today. The project aims to use some of the funds to expand into other sports, as well as open an office in the United States.

A player page for Kylian Mbappé on Sorare. Source: Sorare

Top altcoin gainers and losers: AVAX gains over 10%

  • CTXC/USDT +26.75%
  • EC/USDT +23.74%
  • EGLD/USDT +20.09%
  • EM/USDT -6.00%
  • CNTM/USDT -7.76%
  • BABYDOGE/USDT -11.51%

Though there are greater gains to be had on OKEx today, per the exchange's default time settings, AVAX is arguably the most important gainer at just over 10%.

AVAX is one of the top-performing major altcoins on OKEx today. Source: OKEx

BTC technical analysis: Bear market threatening

The price of BTC is currently trading above an area of expected support around 41,000 USDT. However, its bounce is looking like it may merely be a dead-cat — with few buyers seemingly stepping up and the four-hour ribbon of exponential moving averages moving down to potentially provide resistance.

41,000 USDT is a critical level for BTC. Losing that opens the door to 34,000 USDT and a subsequent bear market.

OKEx's BTC/USDT 4h chart — 9/21. Source: OKEx, TradingView

ETH technical analysis: Found resistance where expected

Sometimes it's good to leave old lines on a chart. In the case of ETHBTC's previous descending triangle pattern, the downward-sloping upper boundary has acted as a point of resistance in confluence with the four-hour EMA ribbon.

0.067 BTC still remains firmly in play, should ETH bulls not step up in the immediate future.

OKEx's ETH/BTC 4h chart — 9/21. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.