Bitcoin is heading for a golden cross on the daily chart. A golden cross is when the 50-day moving average passes the 200-day moving average. While the technical indicator is nothing more than a simple indicator of asset momentum and recent price trends, it is one that is followed and especially observed by traders and large capital allocators in the financial system. .
Below are the historical returns from various time periods for gold crosses throughout the history of bitcoin:
Font: Kraken Intelligence
While technical indicators are almost irrelevant in terms of the long-term adoption of bitcoin as a global monetary network, the gold cross encourages momentum-driven traders and could indicate that the next stage of bitcoin is near.
Gary Gensler will come for “Crypto”
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, spoke today before the U.S. Senate Banking Committee with views focused on cryptocurrency trading and lending platforms, stable value currencies and the legal status of offering and selling cryptographic tokens that can be classified as securities. In a paper highlighting Gensler’s key points published earlier today, it read:
“Make no mistake: to the extent that there are securities on these trading platforms, under our laws, they must be registered with the Commission unless they meet the requirements for an exemption.”
Gensler also made a special point at Coinbase, noting that “it is not registered with us even though they have tokens on their exchange that may be securities,” on the back of CEO Brian Armstrong’s tweet thread, which attacked the SEC in early September, where he called the commission “incomplete.”
This is the key distinction between “cryptocurrencies” and bitcoin. Bitcoin is fairly decentralized and the immaculate conception of the asset class separates it from any other “cryptography” out there. To quote Gensler again, this time from comments made in early August this year:
“In this work, I came to believe that, although there was a lot of hype going on in reality in the field of cryptography, Nakamoto’s innovation is real. In addition, it has been and could continue to be a catalyst for change in the fields of finance and money … At its core, Nakamoto was trying to create a form of private money without a central intermediary, such as a central or commercial bank. banks “.