{"id":160591,"date":"2022-07-18T17:04:38","date_gmt":"2022-07-18T17:04:38","guid":{"rendered":"https:\/\/precoinnews.com\/?p=160591"},"modified":"2022-07-18T17:04:38","modified_gmt":"2022-07-18T17:04:38","slug":"local-bottom-or-hopeless-relief-rally","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/local-bottom-or-hopeless-relief-rally\/","title":{"rendered":"Local Bottom or Hopeless Relief Rally?"},"content":{"rendered":"<p><em>By Marcus Sotiriou, Analyst<\/em><em>\u00a0at the\u00a0publicly listed digital asset broker\u00a0<\/em><em>GlobalBlock<\/em><em>\u00a0<\/em><u><\/u><\/p>\n<p>Despite last week\u2019s news regarding the latest inflation data, the crypto market has seen a relief rally since. Headline CPI in the U.S. for June was 9.1% year-over-year, which was well above the median forecast of 8.8% and the highest since 1981. The result of this is another blow to economic and social well-being, as the Federal Reserve are forced to be more aggressive. However, Bitcoin has risen by over 10% since the news and Ethereum has climbed by almost 40%. When the market starts reacting positively to negative news, this is a signal that a local bottom could be in for now, as fear may have caused the news to be priced in.<\/p>\n<p>After the catastrophic events that have unfolded in the crypto market over the past few weeks, stringent regulation could arrive soon. The collapse of CeFi lenders could be the reason that regulators have been looking for to implement draconian controls over cryptocurrency.<\/p>\n<p>In a recent interview, SEC Chairman Gary Gensler said, \u201cMore broadly, the public right now would benefit from investor protection around these various service providers, the exchanges, the lending platforms, and the broker-dealers. So, we at the SEC, are working in each of those three fields \u2014 exchanges, lending, and the broker-dealers \u2014 and talking to industry participants about how to come into compliance or modify some of that compliance. \u201c<\/p>\n<p>The U.K. Financial Conduct Authority\u2019s chief executive, Nikhil Rathi, outlined the FCA\u2019s regulatory goals Wednesday at Peterson Institute for International Economics. Rathi said, \u201cThe U.S. and U.K. will deepen ties on crypto-asset regulation and market developments \u2014 including in relation to stablecoins and the exploration of central bank digital currencies.\u201d So far, however, little is being done to support the growth of the crypto ecosystem from US and UK regulators, as their delay is pushing crypto related business away from their economies.<\/p>\n<p>Source: <a href=\"https:\/\/www.the-blockchain.com\/2022\/07\/18\/local-bottom-or-hopeless-relief-rally\/#comment-7661\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Marcus Sotiriou, Analyst\u00a0at the\u00a0publicly listed digital<\/p>\n","protected":false},"author":3,"featured_media":160590,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Local Bottom or Hopeless Relief Rally? 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