EddieJayonCrypto
29 Aug 22
• Again, Powell chooses the wrong words for what is really an expected message• Gary Gensler is off the chain: probing Grayscale and hinting at more coin investigations• Gensler seems to be working for Elon with the newly announced Twitter investigation• Europe will get hit harder than the USLet's f...
• Again, Powell chooses the wrong words for what is really an expected message• Gary Gensler is off the chain: probing Grayscale and hinting at more coin investigations• Gensler seems to be working for Elon with the newly announced Twitter investigation• Europe will get hit harder than the USLet's face it, Powell chose the wrong words (again) and sent the stock market and cryptos roiling. The markets dropped significantly. Specific to the Cryptoverse, some coins dropped more than others. I think the future will hold a 75 basis point increase in September and a 50 basis point move immediately following. Then I think there will be a pause. Europe is going to have a far harder hitting recession than the United States. I think that will lead to a hotter US market in comparison. Hence, my theory on the 2 increases.All-in-all, it has created a buying opportunity. I am doing my math to see which coins I should buy during this market downturn. That said, for me, this is not a decision on whether or not to buy. Rather, it is a decision on what and how much to buy.I think there are more events that can affect the crypto markets. One is the heavy-handed tactics of the SEC. The SEC is not looking into 3 more coins, including 2 privacy coins as well as Stellar. It makes sense for them to be looking into Stellar given the current case against Ripple...in a way. I think Gary Gensler is doing a poor job and not acting in the best interests of the public.In another move, the SEC is investigating Twitters statements about bots or fake accounts. I find this last move to be quite troublesome given Twitter made is statements to the SEC and has stated the numbers can be wrong based on the approach you take to make such measurements. If there was going to be an investigation, it should have happened after the case between Elon and Twitter, if at all. Right now it seems like Gensler works for Elon and not the public at large. This haphazard approach by the SEC can further hurt the crypto market and ebb the flow of innovation.These are the things I am going to be paying attention to this week.