Following a successful weekend of holding support, Bitcoin and Ethereum are now displaying bullish momentum. Ethereum has surpassed $1,350, and BTC is currently trading above the $20k mark. The market value of all cryptocurrencies worldwide is $961 billion, which is getting close to $1 trillion. Although the short-term attitude is still bearish, there is a possibility for a bull run later this week as long as BTC hovers above $20k.
Key Notes:
- For failing to report the amount Kim Kardashian was paid to promote a cryptocurrency investment, the SEC fines her.
- Any people or organizations supporting cryptocurrencies would be wise to include the amount of pay in their disclosures, especially when advertising presales or ICOs.
- The 24-hour trading volume of bitcoin increases by 17% as it passes $20k once more.
- The amount of bitcoin available on exchanges has reached a 4-year low.
- Despite its modest trading volume, Ethereum is able to hold above $1,300.
- Although support is showing to be robust, the overall outlook for the cryptocurrency market remains bearish.
Crypto Market Update
This week’s main story concerns Kim Kardashian’s charges by the SEC for breaking anti-touting statutes when she promoted a cryptocurrency project that the SEC considered a security.
Kim Kardashian did not disclose the sum she was paid for the promotion to the public after receiving $250,000 for an Instagram post promoting the EthereumMax cryptocurrency project. Even though the Instagram post contained the hashtag #AD designating it as promotional, Section 17(b) of the Securities Act of 1933:
“Makes it unlawful for any person to tout a stock without disclosing the nature and substance of any consideration, whether present or future, direct or indirect, received from an issuer, underwriter or dealer.”
Kim Kardashian ought to have reported how much she was paid for the marketing because the SEC deemed EthereumMax to be a security, and she essentially solicited her fans to invest in the project.
The SEC’s latest fine serves as a timely reminder to all influencers and promoters that it may be a good idea to reconsider their disclosure when distributing paid content or adverts.
When marketing initiatives like ICOs or presales that could be regarded as securities in the eyes of the SEC, a straightforward: “This post is sponsored” is no longer sufficient. Instead, think about drafting a thorough disclosure that includes information like the amount you were paid for the promotion, where the money came from, and whether you have any ownership interest in the project.
Bitcoin And Ethereum Price Market Update
Bitcoin and Ethereum are both exhibiting positive momentum, despite the latest news about the SEC cracking down on celebrities and icons advocating various projects.
Santiment data show that the amount of Bitcoin available on exchanges continues to decline, with less than 9% of $BTC available on exchanges for the first time since 2018. This demonstrates that more owners have a long-term outlook for the asset.
👌 #Bitcoin continues to see its supply moving away from exchanges as traders show further signs of being content with their current holdings. With less than 9% of $BTC on exchanges for the first time since 2018, it is a good bode of confidence for bulls. https://t.co/4GojZRcaUY pic.twitter.com/d5rw8kHC5T
— Santiment (@santimentfeed) October 3, 2022
The price of Bitcoin is currently $20,042, and the price of Ethereum is $1,350. The 24-hour trading volume of BTC has increased by over 17% over the last 24 hours, indicating that the market is gaining traction.
Although the trading volume of Ethereum is decreasing, the cryptocurrency’s price action is still bullish and will likely stay that way for the rest of the week.
At 20 points, the current fear and greed index for bitcoin indicates that the market is experiencing extreme fear. Although it is obvious that the cryptocurrency market is currently in a bearish trend, it appears to have significant support at the moment.
Disclosure: This is not trading or investment advice. Please do your research before buying any cryptocurrency or investing in any services.
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