The number of cryptocurrency investors is increasing, and so is the amount of money they invest. However, worldwide, crypto investors face a large loss. The United States Congress, on the other hand, will not stand idly by as U.S. crypto investors are ruined completely. Senator Elizabeth Warren (D-MA) urges the Securities & Exchange Commission (SEC) to act. With that said, Congress and Wall Street continue to wait for further action from the SEC amid the cryptocurrency crash.
Congress and Wall Street call on Gensler to take action on crypto
Not only are members of Congress perplexed, but so are analysts as to why SEC Chairman Gary Gensler has not been more aggressive. While the Bitcoin market works to establish a bottom in the current bear market, the Fear and Greed Index consistently hovers around extreme fear levels. For 72 days, the index has been stuck in exceptionally negative sentiment.
On May 5, the cryptocurrency market materialized a dramatic shift in sentiment. Bitcoin lost support at $38,000 and broke below the rising support line then. It fell to a low of $25,228 on May 12, during which it formed a consolidation above the next support line.
However, it too lost its grip, sending the price tumbling in June. The present low of $17,567 was established on June 18. Following the upward support line’s resurgence since then, another consolidation is taking place.
Congress needs to act, but the SEC has a responsibility to use its authorities to put guardrails in…
