Crypto Market Overview February 9th | Dex-Trade

Brian Armstrong Not Enthusiastic About SEC Staking Proposals

Co-founder and CEO of crypto exchange Coinbase, Brian Armstrong, has begun to worry about rumors that the US Securities and Exchange Commission (SEC) is considering a ban on staking cryptocurrencies for retail investors. Armstrong believes that such a ban will negatively affect the crypto industry in the United States. Staking is relatively recent in the world of digital currencies and has provided crypto holders with the opportunity to “participate directly in running open crypto networks.” This provides many benefits, including scalability, security, and energy efficiency. Coinbase SEO also opposes the suggestion that staking turns a digital asset into a security (obviously giving away the presence of Henry Gensler). He believes it is critical to national security that the country builds up its financial services and Web3 capabilities. Armstrong has criticized the enforcement approach to regulation, saying it encourages companies to operate overseas, as seen with FTX. In response to Armstrong's statements, IOG co-founder and CEO, Charles Hoskinson, also shared his thoughts on the current state of Ethereum staking and concluded that it is very problematic at the moment and could well be compared to regulated products.

 

David Gochstein Is Led by the Glitter of Memcoins

Crypto enthusiast and founder of Gokhshtein Media, David Gokhstein, known for his industry announcements, is seriously considering re-investing in memcoins in his new tweet and congratulates BabyDoge coin on reaching an important milestone. It should be noted that the crypto enthusiast already owns a significant amount of the two most popular meme-coins with the highest capitalization - Shiba Inu (SHIB) and Dogecoin (DOGE). That being said, SHIB seems to be his favorite over the past and current years. Gohshtein believes that as a result of the upcoming bullish rally in the crypto market, the value of Shiba Inu will rise sharply. This was hinted at by his cryptic tweet, written the week before last. Then the founder of Gokhshtein Media said that as soon as the price of SHIB reaches 1 cent, he will “out.” And this actually indicates that Gokhshtein has quite a lot of savings in memcoins. Gochstein's main opponents now appear to be Solodity.io CEO Alex McCurry, who has called Dogecoin and other dog-inspired coins garbage, and Stephen Cooper, who claims it's a cheap token used to encourage people to invest in dubious by-products. However, it is worth considering one really serious “bug” of memcoins: the price of such assets, as practice has shown, is very dependent on public statements of crypto and technological influencers, so it makes sense to invest in them only based on the results of fundamental analysis.

 

Mike McGlone Predicts First 'Real' Crypto Recession

Bloomberg Intelligence senior commodities strategist Mike McGlone warned that “cryptos may be facing their first real recession” and added that tightening by the Federal Reserve, despite the risk of a recession, “could be a primary headwind for most risk assets, notably cryptos”: “Cryptos may be facing their first real recession, which typically means lower asset prices and higher volatility.” McGlone also recalled that the last significant economic and financial crisis in the US led to the birth of Bitcoin, and the possible coming economic reset could also lead to equally significant innovations. As for the forecast for the depth of the fall of the cryptocurrency market, McGlone decided not to say too much and noticed that the chart of his analytical group shows parity between the Nasdaq 100 price line and the 200-week moving average of BTC, which is relatively high, based on the history of recessions in USA: “We don’t expect the crypto market to be spared if the risk asset tide continues to recede.” However, the growing tightening of the Fed's policy can always change the rules of the game in the market, so it is too early to talk about the dominance of forecasts about the growth of digital coins.