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The crypto market has been experiencing a spell of uncertainty lately as Bitcoin remains stagnant, moving sideways for three weeks. As a result, altcoins have been caught in the crossfire and are also trading in the red. The lack of clear direction for Bitcoin has left traders on edge, wondering when the market will finally make a move. Will the leading cryptocurrency break out and rally to new heights, or will it take a dip and drag the rest of the market with it?

According to a recent update on YouTube by crypto analyst Benjamin Cowen, traders in the digital asset space should be cautious of the ongoing frenzy around meme-coins. Cowen expressed his expectation that the crypto market is likely to experience one more scare this year.

The analyst discussed the pattern that has occurred in the cryptocurrency market during pre-halving years. These years are marked by rallies in the market, followed by the resurgence of meme coins. The excess in the market leads to the collapse of these meme coins and a subsequent market correction. He points out that this occurred in 2019 as well when many meme coins rallied but eventually lost value against Bitcoin.

He said, I think theres a good case to be made that a lot of the meme coins you see circulating right now, eight months from now people are going to forget them and theyre not going to care about them.

Cryptocurrencies have been showing a noticeable rally with low volatility since the beginning of 2023. As a result, meme coins, such as Pepecoin (PEPE), SpongeBob token (SPONGE), Dogecoin (DOGE), and Shiba Inu (SHIB), are making a comeback in the industry. These meme coins have gained popularity on social media platforms. It is yet to be determined if Pepe and other meme coins will continue to attract investors or fade away.

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Analyst Says Cryptocurrency Market Will Face One More Scare - Coinpedia Fintech News

Coinbase Global Inc., one of the largest cryptocurrency exchanges in the United States, filed a lawsuit against the U.S. Securities and Exchange Commission, requesting that the regulatory agency respond to its months-old petition asking for clear cryptocurrency guidelines.

The SEC ensures that federal law is enforced against market manipulation.

Because the cryptocurrency market is relatively new and with bankruptcy filings of prominent cryptocurrency exchanges causing skepticism, regulators began enforcing some of its laws on digital coin exchanges.

In its July 2022 petition, Coinbase askedthe SEC that the commission propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods.

The governmental regulator has yet to respond to the petition filed as of May 2.

But, the SECsentCoinbase a Wells Notice letter months after filing the petition. The agency informed the company that infractions were discovered and that it would pursue legal action.

In response to the Wells Notice letter, Coinbasefileda motion to the U.S. Court of Appeals for the Third Circuit Court asking That the court order the SEC to respond at all.

Coinbase filed the motion under the Administrative Procedure Act, requiring the SEC to respond to the petition.

Coinbase and other crypto companies are facing potential regulatory enforcement actions from the SEC, even though we have not been told how the SEC believes the law applies to our business, Paul Grewal, the chief legal officer at Coinbase,wrotein a blog post. The rulemaking process is a critical step to giving the public notice about what activities they can and cannot engage in.

Conditionally, Brian Armstrong, the co-founder and CEO of Coinbase, tweeted that the exchange is committed to building in the U.S. and around the world, defending itself and standing up for the rule of law.

The SEC is also involved in numerous legal disputes with other cryptocurrency firms such as Ripple, Genesis and Gemini.

Bittrex, another cryptocurrency exchange,announcedit would wind down operations in the United States, citing that the lack of regulations makes it challenging to achieve the companys goal of maturing the cryptocurrency space.

Executives expressed concerns that the lack of regulations around cryptocurrency will cause the United States to fall behind other countries that are more accepting of cryptocurrency.

Europe is really emerging as a leader in terms of setting really clear regulations and rules that allow crypto companies and also traditional finance to embrace crypto, Ripple President Monica Long told CNBC. MiCA, the set of rules set forth by 27 countries whove come together to set a common framework which is remarkable when the U.S. has one government, and they cant get their act together.

During his office hour video series, SEC Chair Gary Gensler expressed concerns about investors in the market,citingthat the lack of compliance by these crypto platforms means that you dont have basic investors protections.

I think were sort of continuing to watch the SEC play this game of punishing the people that are still surviving, Nicolas Cary, president of Blockchain.com,toldCNBC. And its a little bit, you know, sort of a frustrating thing to observe.

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Coinbase sues SEC, seeking clear answer on cryptocurrency - The Ticker

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For those looking to seize an opportunity in the early stages, Yachtifys ongoing presale offers a compelling entry point for potential investors. At an affordable price of just $0.10 per token and a generous 30% bonus, investors can secure a stake in this pioneering project with minimal initial outlay. This enticing pricing structure presents a rare chance for forward-thinking investors to get in on the ground floor of a potentially transformative venture.

By capitalizing on the potential of blockchain technology, Yachtify (YCHT) promises to empower a new wave of investors, unlocking access to the exclusive yacht market and delivering impressive returns. The platform envisions a future where luxury yacht ownership is no longer restricted to the elite, but accessible to a broader audience through fractional investments and seamless blockchain integration.

As the crypto investment world evolves, Yachtify (YCHT) stands poised to lead the charge, setting the stage for a bright and prosperous future in the industry. With its unique approach to democratizing the luxury yacht market, Yachtify (YCHT) holds the potential to emerge as a dominant force, leaving traditional investment strategies in its wake and heralding a new era of cryptocurrency investment opportunities.

The cryptocurrency market has witnessed significant advancements over the years, with projects like Avalanche (AVAX) demonstrating the potential for scalable, efficient blockchain solutions. However, new projects such as Yachtify (YCHT) emerge as the market evolves, offering innovative alternatives to conventional investment opportunities.

While Avalanche (AVAX) has made a remarkable impact in the blockchain ecosystem with its unique consensus algorithm and high throughput capabilities, Yachtify (YCHT) focuses on disrupting the luxury yacht industry. By leveraging blockchain technology, Yachtify (YCHT) enables investors to own fractional shares in yachts and earn passive income through a secure, transparent platform. This transformative approach opens the exclusive yacht market to a broader audience, breaking down barriers that have long been associated with the luxury maritime sector.

Yachtifys (YCHT) ongoing presale offers a unique entry point for investors, with an attractive price of just $0.10 per token and a generous 30% bonus. This enticing opportunity allows investors to secure a stake in a potentially ground-breaking project, further fueling the evolution of cryptocurrency investments.

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From Avalanche's (AVAX) to Yachtify (YCHT): The Evolution of ... - Analytics Insight

May 9, 2023 3:00 PM | 1 min read

Bitcoin Cash's (CRYPTO: BCH) price has increased 10.98% over the past 24 hours to $122.2. Over the past week, BCH has experienced an uptick of over 3.0%, moving from $119.09 to its current price. As it stands right now, the coin's all-time high is $3,785.82.

The chart below compares the price movement and volatility for Bitcoin Cash over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

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The trading volume for the coin has climbed 265.0% over the past week, moving opposite, directionally, with the overall circulating supply of the coin, which has decreased 0.2%. This brings the circulating supply to 19.39 million, which makes up an estimated 92.32% of its max supply of 21.00 million. According to our data, the current market cap ranking for BCH is #29 at $2.37 billion.

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2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Cryptocurrency Bitcoin Cash Up More Than 10% In 24 hours - Benzinga

India is not against blockchain technology, but currencies have to be monitored by either the government or the central bank, Finance Minister Nirmala Sitharaman said on Saturday.

See related article: India imposes money laundering regulations on crypto industry

[Blockchain] gives us so many options. It can be used in so many different ways. So we are not against the technology, Sitharaman said at an event in Bengaluru.

But on currency, we think [it] has to be driven by either the government or the central bank. Otherwise, it can be like those that have collapsed, causing huge spillover effects all over the world, like FTX, she said.

The Reserve Bank of India, the nations central bank, has launched pilot trials for retail and wholesale central bank digital currencies. According to Sitharaman, the digital rupee intends to improve cross-border and bulk payments to minimize losses on arbitrage.

India, the worlds most populous country, is aiming for a global consensus in regulating crypto assets.

Global order has become so interlinked that one country taking any step when it comes to regulating crypto assets will be ineffective because technology doesnt care for boundaries or borders, Sitharaman said.

The South Asian nation is also looking to prepare students on cryptocurrency and artificial intelligence. It has announced the introduction of these topics in certain school curriculums from the next academic year.

India has been tackling digital assets with caution. Last year, Sitharaman imposed a 30% flat tax on crypto income and a 1% tax deducted at source (TDS) on crypto trades above 10,000 Indian rupees (US$122).

India also does not allow crypto traders to offset losses against gains. It has introduced a penalty equal to TDS for non-deduction, interest of 15% annually for late payment, and even imprisonment of up to six months.

India is currently the president of Group of 20, an intergovernmental forum of the worlds major economies, and has listed cryptocurrency and its regulation as one of the agendas for discussion.

See related article: Common regulatory framework for crypto to come during Indias G20 presidency, finance minister says

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India not against blockchain tech, but cryptocurrency should be monitored, says FM - Yahoo Finance