Ekta Mourya
FXStreet
Robert Kiyosaki, an American entrepreneur and author of Rich Dad and Poor Dad, is scooping up Bitcoin. Before crypto regulation becomes mainstream, Kiyosaki wants to accumulate Bitcoin.
Also read: Bitcoin on track to be undervalued as stablecoin reserves drop to pre-2021 bull run levels
Robert Kiyosaki, the American entrepreneur, told his 2.3 million followers on Twitter that he is bullish on Bitcoin because BTC is a commodity, according to the US financial regulator, unlike most cryptocurrencies.
Kiyosaki argues that the US Securities and Exchange Commission considers Bitcoin a commodity, and the asset would, therefore, not be impacted by the future actions of the regulator. The entrepreneur tells his followers on Twitter that the US SEC considers most altcoins as securities. This classification of tokens by the US financial regulator could stifle innovation in crypto.
The entrepreneur explains that he is “very excited” about Bitcoin and considers the asset a commodity similar to gold, silver and oil. SEC’s regulations could crush altcoins, but BTC will likely survive crypto regulation.
SEC Chair Gary Gensler has repeatedly affirmed that Bitcoin is a commodity and most other tokens are securities. Rostin Behnam, Chair of the Commodities Futures Trading Commission, confirmed that BTC is a commodity. The SEC’s enforcement division is focused on crypto, and the commission has been criticized for its approach to cryptocurrencies.
The collapse of the FTX exchange, its bankruptcy and spreading contagion urged regulators to finalize a framework to regulate digital assets. Central banks worldwide are evaluating the need for stablecoin regulation and cryptocurrency taxation. Stablecoins are considered the entry point for traders; therefore, regulating assets like USD Tether (USDT) and USDC is the beginning of a wider framework for crypto regulation in 2023.
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Bitcoin and Ethereum could witness a spike in liquidity pressure in Q1 2023 as the US federal reserve maintains its hawkish policy. The mid-forward sentiment in the options market remains bearish. A rebound in crypto prices is a long way off based on the macroeconomic outlook.
Shiba Inu, a Dogecoin-killer meme coin, is being scooped up by large wallet investors on the Ethereum network. Whales have accumulated SHIB tokens consistently since 2022. Despite demand from whales, the cryptocurrency is stuck in a tight range and 90% away from its all-time high.
Cardano, a smart contract network considered an Ethereum alternative, witnessed the highest development activity when compared to other altcoins in the crypto ecosystem. Spike in development activity could fuel a bullish sentiment among ADA holders as the altcoin struggles to wipe out losses from crypto winter.
Litecoin (LTC) price is undergoing a pullback after its exponential run-up on November 22. This rally provided a clear reversal signal, which was followed by a deep retracement. Investors need to pay close attention to LTC as it attempts to get out of the rut and trigger another run-up.
Bitcoin (BTC) price is traversing a channel that is sloping to the upside. Despite the consolidation, BTC is slowly climbing higher like clockwork. The recent Federal Open Market Committee (FOMC) Meeting on December 15 caused BTC to spike beyond the confines of the channel, but things are back to normal.
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