• The crypto market has seen a loss of $34.186 billion or 3.09% for the total cryptocurrency market cap following Fed Chair Jerome Powell’s remarks.
• Regulatory risks intensified this week as the SEC took aim at Coinbase and Tron founder Justin Sun for possible securities law violations.
• ALGO, LHINU, LTC, FGHT, LINK, CCHG, and TARO have been identified as among the best cryptos to buy now based on a combination of fundamental and technical analysis.
This article takes a look at how recent events such as Federal Reserve Chair Jerome Powell’s remarks and regulatory scrutiny from the SEC might affect investment decisions in cryptocurrencies.
Powell’s comments caused cryptocurrencies to tumble resulting in a loss of $34.186 billion or 3.09% for the total cryptocurrency market cap. As of writing, the crypto market is attempting to make a recovery with the total market cap rising by 4.46%. Meanwhile Nasdaq composite index also fell by 1.6%.
Regulatory Risks Intensify
The SEC sent Coinbase a Wells notice warning of potential enforcement action related to several of its services which caused its share price to drop by over 8%. Additionally, the SEC charged Tron founder Justin Sun and his associated companies with illegally selling and manipulating markets for TRX and BTT cryptocurrencies resulting in TRX’s price falling by over 10%.
Bullish Outlook Despite Challenges
Many investors remain bullish about blockchain technology and digital assets despite regulatory risks and macroeconomic changes that may cause volatility in cryptocurrency markets in the short term.
Cryptocurrencies have weathered regulatory and macroeconomic changes before which suggests that they may be able to continue their recovery after recent blows from the Fed and SEC in coming days/weeks . ALGO, LHINU, LTC, FGHT, LINK, CCHG ,and TARO are some cryptos that have been identified as among the best cryptos to buy now based on fundamentals & technical analysis