Cryptocurrency market saw an almost 3% increase, standing at $1.12 trillion following a correction. Despite Bitcoin not breaking its previous high, the increase may be a healthy step towards achieving a higher high. Liquidations worth over $100m caused the price to go up today, while the SEC sues Terraform Labs and Do Kwan over crypto fraud. Also, the SEC has charged hall-of-famer Paul Pierce for touting E-Max tokens. Crypto Unity exchange plans to provide an easy to use introduction for beginners in cryptocurrency trading with support and training. The exchange also offers a secure wallet and was audited by Circuit.
Heading 1: Latest Updates on SEC, Bitcoin Price Action and Surprise Promo
Heading 2: Cryptocurrency Market Up Almost 3% Today
All right, what is going on everyone, welcome to Crypto on this crazy Saturday morning? We are going to be discussing some latest updates with the SEC, and do Quan and I do have a little surprise for you at the end of this video. Of course, the price action on Bitcoin is getting a little bit dicey out there, so let’s jump straight into it.
First of all, the overall cryptocurrency market is sitting at 1.12 trillion, up almost three percent today – very nice to see after that little correction that we had, which is, of course, healthy.
Heading 2: Bitcoin Chart Analysis
If we do look at the Bitcoin chart here, a little bit closer, we didn’t quite break this high, so we haven’t put in a higher high here. So potentially, this is pointing at the buyers actually being weaker this way round, right? The balls are actually weaker this time around, and the bears might be pushing it down a little bit more.
Of course, this could just be a healthy step towards making that new higher high. If we do zoom out here, we can see that where we are right now was also a level of resistance back here. So, we could be dicing around here for a little bit of time before heading upwards. I am hoping that we can breach here, and then it could be pretty much plain sailing up to around the 28,000 mark, even 30,000. I think could be on the cards if we do start to break the regions that we are in right now.
Another reason why the price has moved up quite nicely upwards is because we had over a hundred million dollars worth of wrecked liquidations. Again, if we change this period into 24 hours, you can see short liquidations, loads of people were getting liquidated shorting the market right there because they thought it was going to head lower. But there was no indication yet that the trend had changed. That’s why we don’t jump into these positions without waiting for proper breakout confirmations.
Heading 2: Introducing Crypto Unity
Just before we jump further into this video, I want to introduce you guys to today’s channel sponsor, and that is Crypto Unity. Now, Crypto Unity is a cryptocurrency exchange focused on beginners and designed to provide an easy and introduction into cryptocurrency trading, backed by training and support.
Heading 2: Crypto Unity’s Safety and Security
Now, I do really like this idea because right now if you are an experienced crypto trader, you were probably just used to how difficult the different cryptocurrency onboarding platforms actually are. But I personally remember when I first started back in 2017, how difficult it was to navigate the different platforms. And this is exactly where Crypto Unity was born and the problem they’re trying to solve.
By introducing a cold wallet Crypto Unity will also provide its users with a secure way to store funds, and because of this wallet, they’re one of the first centralized exchanges that doesn’t hold on to customers’ funds. Customers always have their own seed phrases, so you don’t have to worry about the recent news where we’ve seen cryptocurrency exchanges go under, and people then no longer have access to their funds.
And just sticking with the security of this platform, we can see that they have been audited by Circuit and received the KYC gold certificate from them. And as I said, they do not hold your funds, so this eliminates the blind trust that you have on other centralized exchanges. And it is one of the first centralized exchanges to offer this to its users.
Heading 2: Cut Token and Tokenomics
The Crypto Unity platform itself will run on their own token called cut or cut. This is the utility token that will provide owners many benefits when using the Crypto Unity platform. In addition to lower fees, it will also give owners access to further education and the ability to gain a spot in the new and upcoming ICO pre-sales.
And just to check out the tokenomics a little bit more for cut, they do offer holding rewards here. Two percent of the cut from every purchase or trade is distributed among the holders. And they will also be having buy and sell commissions where tokens are given to the marketing holder awards research and into the liquidity pools. There will also be airdrops and the Collect token.
Heading 2: SEC Suing Terraform Labs and Do Quan for Crypto Fraud
Moving on to the news today, we do have the SEC suing terraform labs and Do Quan for crypto fraud involving UST and Luna, right? So, the SEC is really going rampant now into the market. We’ve seen over just the last couple of weeks so many investigations from the SEC, and I don’t think that this is going to slow down.
Heading 2: Allegations Against Do Quan
The latest allegations from the U.S security watchdog indicate that Quan used the unnamed Swiss bank to cash more than a hundred million dollars worth of bitcoin between June 22 and the date of the complaint filed February 16th. June was just after the crash. Now a lot of people in the lunar classic sphere have been thinking that Do Quan was actually innocent and he didn’t do anything wrong.
Heading 2: SEC Charging Paul Pierce for Touting E-Max Tokens
We also, on top of that, have the SEC going after a hall of famer, Paul Pierce, charged for touting e-max tokens, just like Kim Kardashian. They settled this case 1.4 million dollars. Now, what does the SEC do with the 1.4 million dollars? Do they just keep it? Does that sound like a mob again and again and again?
Of course, promoting a scam is nonsense, but what are they going to do with the 1.4 million dollars? Are they going to give it back to people who…?
Heading 2: Video Wrap Up
So, that’s it for this video, guys. Hopefully, you’ve enjoyed watching this as always. If you did, smash the like button and remember to subscribe if you’re new and share this video with your friends or family if they’re interested in the world of crypto. Also, don’t forget if you want to follow us on Twitter, the handles just down there.
And also, remember before you do any investment to speak to a financial advisor, never invest more than you can afford to lose and always do your own research. We’re not financial advisors on this channel. And that’s it, guys. I’ll see you in the next one.