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Bullish Outlook: Target Price Of $90,000 For Bitcoin By Year’s End, According To Bernstein
Bitcoin (BTC), the largest cryptocurrency in the market, has experienced price volatility amid its struggle to consolidate above the crucial ,000 resistance line. Recent reports of the collapsed Mt.Gox exchange processing payouts to its creditors have added to the cautious sentiment.
However, wealth management firm Bernstein remains bullish, predicting significant growth in the Bitcoin ETF market and projecting higher price targets for BTC.
In addition, The Birb Nest’s technical analysis reinforces market optimism, highlighting key support levels and indicating positive sentiment.
Long-Term Bullish Outlook For Bitcoin
Despite its recent inability to breach the ,000 resistance level, Bitcoin remains well-positioned to surpass its all-time high of ,700 reached on March 14. Wealth management firm Bernstein predicts substantial growth in the Bitcoin ETF market, estimating it to reach a remarkable 0 billion.
The report also suggests that over 0 billion will flow into crypto ETFs within two years. Notably, these inflows into the ETF market are expected to be a significant price catalyst for BTC. The firm predicts a target price of ,000 for Bitcoin by the end of this year and a projected cycle high of 0,000 in 2025.
On the other hand, The Birb Nest, a trading firm, conducted a comprehensive technical analysis of the Bitcoin market and highlighted its share of bullish indicators for the Bitcoin price in the long run.
Bullish Indicators Reinforce Market Optimism
The analysis conducted by The Birb Nest shows that the 50-week and 200-week simple moving averages (SMAs) are at ,950 and ,358, respectively, reinforcing optimism in the market. In addition, the 7-week SPX correlation coefficient is currently at 0.36, which is a bullish sign for BTC.
The 200-day Bitcoin Production Cost (BPRO) trend support is ,580, while the 200-day SMA support is ,516. The Relative Strength Index (RSI) is at 59, indicating increased buying interest, although the 50-day Momentum is stalled at 49.
The Fear & Greed Index stands at 74, indicating “greed” and strong market optimism. However, according to the firm, caution is advised to avoid potential overextensions.
However, The Birb Nest notes that the Net Unrealized Profit and Loss (NUPL) indicator stands at 0.57, suggesting that a significant portion of the market is currently profitable, which could lead to increased selling pressure as investors capitalize on profits.
Currently, BTC is trading at ,900, down 3% from Monday’s price and over 3% in the past seven days, showing the cryptocurrency’s struggle to break above higher resistance levels, which are located at ,500 and ,000 on the BTC/USD daily chart.
Conversely, bulls must hold the next support levels for BTC at ,000, ,500, and ,800 to avoid a potential loss of the cryptocurrency’s key ,000 milestone.
Featured image from Shutterstock, chart from TradingView.com
Buckle Up, XRP Hodlers: Wild Ride To $100 Incoming, According To This Analyst
XRP, the native token of Ripple, has become a hot topic in the crypto market, not for its recent price surge, but for its lack thereof. Despite a booming market that saw Bitcoin and Ethereum climb significantly, XRP remains stagnant, raising concerns among investors. However, a recent prediction by Andrew Forte, a crypto strategist, has reignited discussions about XRP’s potential, with a target of a staggering 0 per token by 2037.
Will XRP Hit 0?
While Forte’s prediction is certainly ambitious, it’s not the first time XRP has been touted as a future high-flyer. The token underperformed in the early stages of the 2017 bull run, only to later outperform the entire market. This historical precedent fuels optimism for some analysts who believe XRP is simply following a similar pattern.
The year is 2037:
– Bitcoin is at m
– Eth is at k
– Blockchain gaming is mass adopted
– Solana has an ETF
– XRP made it to 0You remember discussing crypto mass adoption with fellow animal pfps
You remember the good old days
You feel nostalgic
Life is good
— Andrew Forte
(@TheAndrewForte) March 28, 2024
The 0 price point represents a monumental 15,900% increase from XRP’s current value. Forte isn’t alone in his bullish outlook. Matt Hamilton, a former Ripple Director, and Steven Neyaroff, a former Ethereum advisor, have previously expressed confidence in XRP reaching the 0 mark. However, a key difference in these predictions is the timeframe. While Forte sets a specific date in 2037, others remain more cautious.
Ok we can disagree on that.
Do you support his prediction of 0 xrp?
— sir bitcoin (@sir_bitcoin) June 5, 2022
The diverging opinions highlight the inherent uncertainty surrounding cryptocurrency predictions. XRP’s future hinges on several crucial factors. The primary driver will likely be the adoption of Ripple’s technology. Ripple focuses on facilitating international payments for financial institutions, and widespread adoption could significantly increase XRP’s utility and value.
Potential Impact On XRP Price: The Ripple Lawsuit Perspective
However, the ongoing lawsuit between Ripple and the SEC casts a long shadow. The lawsuit alleges that XRP is an unregistered security, which could hinder institutional adoption if the SEC prevails. A positive resolution for Ripple would be a major catalyst for XRP’s price.
The overall health of the cryptocurrency market also plays a significant role. A sustained bull run could elevate all cryptocurrencies, including XRP. Conversely, a bear market could stifle XRP’s growth potential.
While the road to 0 may be long and uncertain, XRP’s potential for future growth remains a topic that continues to spark debate and intrigue within the cryptocurrency community.
Featured image from Pixabay, chart from TradingView
Hold Onto Your Seats: XRP Primed For 90% Rally, According To Top Analyst
Renowned XRP analyst EGRAG has ignited a firestorm of excitement and skepticism with his bold prediction for the cryptocurrency. EGRAG, known for his bullish XRP stances, is calling for a potential 90% surge in the near future, with a target price of .20. This forecast hinges on a technical pattern identified by EGRAG – a “W” wave formation on XRP’s 3-day chart, which he believes historically precedes bull runs.
XRP Long-Term Outlook
The prediction has sent ripples through the XRP community. Enthusiasts are buoyed by the prospect of such a significant price jump. However, the forecast is not without its cracks. EGRAG himself acknowledges a potential worst-case scenario where XRP could plummet by 30% to around .44. This has some investors wary, questioning the possibility of a revisit to such lows.
#XRP Wave 10 ( – .2)
:
The 10th “W” Pattern is exceptionally well-aligned with the current market setup, signaling a potentially significant move.
Target Prices Remain Consistent:
1) Non-Logarithmic:
2) Logarithmic: .2#XRPArmy STAY STEADY and Appreciate the… pic.twitter.com/PS6xZi1FFv— EGRAG CRYPTO (@egragcrypto) March 24, 2024
Furthermore, EGRAG emphasizes that his bullish outlook extends far beyond the immediate future, projecting an astonishing long-term target of for XRP by November. This audacious forecast is rooted in his meticulous analysis of XRP’s current moving averages juxtaposed with those observed during the remarkable price surge of 2017.
Drawing parallels between the two periods, EGRAG highlights the uncanny resemblance, hinting at the potential for history to repeat itself with a resurgence akin to the explosive growth witnessed in the past. He underscores the importance of considering historical patterns and market dynamics in shaping his optimistic perspective, indicating a belief in XRP’s capacity for substantial growth over the coming months.
Complex Market Dynamics
However, analysts urge caution when interpreting such technical indicators. While historical patterns can offer valuable insights, they are not guarantees of future performance. The cryptocurrency market remains notoriously volatile, and unforeseen events can drastically alter price trajectories.
Further complicating the picture is the ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC). The lawsuit’s outcome holds the potential to significantly impact XRP’s price. A favorable ruling for Ripple could pave the way for wider adoption and a subsequent price increase. Conversely, an unfavorable verdict could cripple investor confidence and send XRP tumbling.
Beyond the technical analysis and legal wrangles, XRP’s long-term success hinges on its real-world utility. XRP is designed to facilitate cross-border payments, offering faster and cheaper transactions compared to traditional methods. Widespread adoption by financial institutions for this purpose would be a major driver of XRP’s value.
Despite the negativity, #XRP is closing its three-monthly candle in #March by breaking the multi-year resistance. There is one week left to close the last candle.
Above it;
The initial targets will be .8815-.8563 (NFA)
Enjoy your day!#ripple pic.twitter.com/YzZIWaOhFR
— Dark Defender (@DefendDark) March 24, 2024
Meanwhile, the asset’s recent price correction hasn’t deterred pro-XRP analysts, who believe this might be the start of a huge rally in the near future.
Dark Defender, an X user, pointed out that in the last six months, XRP has already seen two straight three-monthly green candles. A third candle of this kind, according to the analyst, would spark an exponential rise that raises the token’s price to between .88 and .85.
Featured image from Pixabay, chart from TradingView
NEAR To Rise Even Higher According To These Analysts, Can It Hit $10?
NEAR, the native token of the Layer 1 (L1) public blockchain NEAR Protocol, has substantially risen during this bull run after registering remarkable gains since the end of 2023.
As the price of Bitcoin continues to soar, NEAR has recorded an over 130% price surge in the past month, and analysts forecast that the bullish momentum isn’t over yet.
Analyst Foresees NEAR’s Next Leg Up Coming Soon
At the end of 2023, the NEAR token showed a remarkable performance by doubling its price in mid-December. Since then, the crypto market has been propelled to heights like those seen during the last bull run.
NEAR continued its growth alongside the market, and crypto analyst Altcoin Sherpa considers that the gains for the token are far from over.
$NEAR: Consolidation for the next leg up soon IMO. #NEAR pic.twitter.com/pII6Uanwaz
— Altcoin Sherpa (@AltcoinSherpa) March 12, 2024
In an X (former Twitter) post, the analyst shared a chart showing NEAR’s performance in the last few days. This performance displays the token has oscillated between two levels since yesterday.
NEAR hovered between the .7- .17 price range for the past 24 hours, Altcoin Sherpa’s chart shows. As the analyst highlights, this is the “consolidation for the next leg up” coming soon.
Previously, Sherpa warned about the .9 price level being a “danger area approaching.” However, the token broke that resistance level over the weekend.
Moreover, crypto trader and analyst Rekt Capital shared a chart showing that NEAR revisited its multi-year macro downtrend. Breaking above it would further fuel the bullish momentum that could drive the price to revisit its all-time high (ATH) resistance area of .
Finally – Near Protocol has revisited its multi-year Macro Downtrend
Now #NEAR will try to break this to further build on its current bullish momentum
Breaking this Macro Downtrend would likely see price revisit the old All Time High resistance area
#BTC #NEARprotocol… https://t.co/VmcLjkWFPn pic.twitter.com/wboVljOJsc
— Rekt Capital (@rektcapital) March 11, 2024
Are Coming Soon?
NEAR has been closely following Bitcoin’s price performance during the past week. As the chart below shows, in the last 24 hours, the token’s price has closely followed the trajectory of the flagship cryptocurrency.
At writing time, NEAR is trading at .3, a 4.2% surge in the past hour. The token registered a stellar 67.8% and 83.1% price surge in the weekly and bi-weekly timeframe.
Crypto trader Doctor Profit foresees NEAR to reach soon, as his previous prediction of the token reaching this price by the end of the year seems closer than expected.
That the token’s price of was easily doubled in a matter of days. This suggests to the analyst that NEAR’s next goal of will come very soon.
As optimistic predictions continue, the token’s market cap of .74 billion shows a 7.7% growth in the last day. By this metric, NEAR is inside the top 20 largest cryptocurrencies, currently being the 19th, according to CoinMarketCap data.
However, the daily trading volume has dropped 20% in the last 24 hours, with 3.5 million traded. This hints at a recent decline in market activity despite the positive performance and community support.
Ethereum Aims For $10,000, Driven By 2 Key Factors, According To Experts
Ethereum is emerging as the vanguard for a revolutionary financial system. Advocates of the second most valuable blockchain extol the virtues of smart contracts, envisioning a future marked by market transparency, tokenized funds, and expeditious settlement times.
At the time of writing, Ether was trading at ,780, up 2% and 8% in the daily and weekly timeframes, data from Coingecko shows.
Ethereum’s Untapped Institutional Potential
Experts argue that Ethereum is yet to undergo its institutionalized hype cycle, lagging behind the fervor witnessed by Bitcoin.
Robby Greenfield, the visionary co-founder and CEO of Umoja Labs, foresees a significant uptick in institutional interest in Ethereum, particularly fueled by the impending Bitcoin halving and the cascading inflows from Bitcoin ETFs.
Greenfield’s bold prediction places Ethereum on a trajectory to narrow the gap with Bitcoin’s gains, asserting that the cryptocurrency could surpass the ,000 milestone this year.
Institutional investors, he believes, will play a pivotal role in propelling Ethereum to new heights, bringing about a surge in buying pressure.
Regulatory Crossroads: The SEC’s Stance On Ethereum ETFs
While optimism runs high, the path to Ethereum’s ascendancy is not without regulatory hurdles.
The US Securities and Exchange Commission, led by Chair Gary Gensler, may adopt a cautious approach toward approving an Ethereum ETF, unlike the relatively smoother approval process witnessed with Bitcoin ETFs.
Gensler’s hesitance stems from a history where the SEC reluctantly gave the nod to Bitcoin ETFs after a legal battle with Grayscale.
The SEC is set to scrutinize Ethereum ETF applications, including those from financial giants BlackRock and Fidelity, in May.
Despite industry expectations, the approval odds vary, with Polymarket estimating a 43% likelihood and JPMorgan offering a more optimistic 50% chance.
Ethereum’s Catalyst: The Dencun Upgrade
JPMorgan highlights a potential catalyst for Ethereum’s growth—the Dencun upgrade. Crafted to enhance scalability by reducing costs for various rollup solutions, this upgrade facilitates the batching of crypto transactions into smaller data chunks settled on the Ethereum network.
Unlike Bitcoin’s programmed scarcity with a capped token supply of 21 million, Ethereum’s supply remains infinite, presenting a unique dynamic in the crypto landscape.
Eugene Cheung, Bybit’s head of institutions, underscores the positive implications of the Dencun upgrade for Ethereum supporters.
With layer 2 solutions built on top of Ethereum, the blockchain is evolving into a settlement layer for a novel digital infrastructure spanning gaming, trading, and investing.
In the eyes of some, the looming decision on Ethereum ETFs is just the opening act.
Bloomberg ETF analyst Eric Balchunas dismisses an Ethereum ETF as “small potatoes,” characterizing it as an underwhelming prelude to more substantial developments within the crypto sphere.
Featured image from Pexels, chart from TradingView
Bitcoin Top: This Is When Bull Run Will Peak According To Past Pattern
An analyst has explained when the next Bitcoin bull run peak might appear, if the same pattern as in previous cycles repeats this time as well.
This Is What Previous Bitcoin Cycles Suggest Regarding Bull Run Top
In a new post on X, analyst Ali has discussed about how the last two Bitcoin bull runs line up against each other and what it could mean for the current cycle of the cryptocurrency.
To make the comparison, the analyst has cited a chart that shows the price trend in each of the cycles with the cyclical bottoms being the common start-point for all of them.
From the graph, it’s visible that the peaks of the last two Bitcoin bull runs took shape at roughly the same amount of time since the bottoms of the respective cycles.
For the current cycle, the low that followed the FTX collapse in 2022 has been chosen as the bottom. If the current cycle is lined up against these other two starting from this bottom, then it would still have roughly 600 days before it reaches the same point as when the last couple of bull runs hit their tops.
“If Bitcoin mirrors past bull runs (2015-2018 & 2018-2022) from their respective market bottoms, projections suggest the next market peak could land around October 2025,” says Ali. “This implies BTC still has 600 days of bullish momentum ahead!”
BTC Has Been At Risk Of Slipping Below A Historical Line Recently
While BTC may have a bullish outlook for the long term, its short-term price trend has been painful for investors, as the cryptocurrency has seen a notable drawdown since the spot ETFs found approval from the US SEC.
The cryptocurrency had earlier even slipped down towards the ,500 mark before making some recovery back around the ,000 level that it’s still trading around.
In this latest plunge, Bitcoin came dangerously close to retesting the “short-term holder realized price,” a level that has been significant for the asset throughout history.
The “realized price” is a metric that keeps track of the price at which the average investor in the Bitcoin market acquired their coins. The spot price being above this value naturally implies the average holder in the sector is carrying profits, while it being under the line implies the dominance of losses.
As Ali has pointed out in another X post, the “short-term holder” group will find themselves underwater if the cryptocurrency’s price slips under the ,130 level.
Short-term holders (STHs) refer to the Bitcoin investors who purchased their coins within the last 155 days. At the moment, their realized price stands at the ,125 level. Historically, a sustained break below this line has often meant an extended stay for the coin below it.
So far, BTC has avoided a retest of this line, but if the current correction continues, it might even slip under it. “This potential BTC dip might trigger a new wave of panic selling as these holders will seek to minimize losses,” explains the analyst.
How Spot Bitcoin ETFs Could Catapult BTC Price To $500,000, According To This Crypto Trader
Ash Crypto, a prominent figure in the crypto trading community, predicted that the US spot Bitcoin Exchange-Traded Funds (ETFs) could propel BTC’s price to 0,000.
Bitcoin To Follow Gold’s ETF Success Story
The rationale behind Ash Crypto’s forecast stems from a comparison with gold, whose market capitalization witnessed a significant surge after the introduction of its ETFs. Historically, gold’s market cap escalated from approximately trillion before the ETFs to roughly trillion over the following years.
Ash Crypto posits that with its finite supply and growing popularity, Bitcoin might not only replicate but potentially exceed gold’s post-ETF trajectory. Considering Bitcoin’s current market cap of around 0 billion, reaching even half of gold’s market cap would catapult BTC’s value to “0,000 in the coming years.”
Bitcoin is going to 0k after the
Spot ETF is approval. Here is the
evidence –When Gold ETF was approved, it’s
mcap was around Trillion. After
ETF gold saw huge inflows of liquidity
and reached Trillion in few years.
( Don’t forget gold supply is not fixed,
we… pic.twitter.com/uE6XKkHWtU— Ash Crypto (@Ashcryptoreal) January 14, 2024
The implications of Bitcoin’s rising market cap extend beyond the crypto sphere, encroaching on traditional financial markets. Ash Crypto points out the colossal market capitalizations of the global stock and bond markets, amounting to 9 trillion and 3 trillion, respectively.
The crypto trader suggests that as Bitcoin continues to establish itself as a legitimate financial asset, it will likely absorb a significant portion of the market cap from these traditional markets. This belief is grounded in the notion that Bitcoin offers a “novel value proposition, aligning with the investment preferences of a new generation of investors.”
Adding to this perspective, several trillion-dollar companies have begun promoting Bitcoin, signaling the advent of institutional investors in the crypto market.
These developments indicate a growing recognition of Bitcoin as a mainstream financial asset, further supporting the potential for a significant increase in its market cap. The crypto trader noted:
Now we have trillion dollar companies shilling Bitcoin for us with ads. Institutions are finally here and trillions are coming into crypto boyz!!
Ash Crypto further emphasizes that the journey to an trillion market cap is a “long-term” vision that won’t “happen overnight,” advising investors to maintain focus beyond the market’s short-term volatility.
Global Mega Bank Foresees 0,000 Price Target
Furthermore, echoing Ash Crypto’s bullish stance, Standard Chartered’s Head of Digital Assets Research, Geoff Kendrick, and Precious Metal Analyst, Suki Cooper, forecasted a six digit price target for Bitcoin.
They project a potential target of 0,000 for Bitcoin, contingent upon an influx of to 0 billion into the Spot Bitcoin ETFs. Their predictions draw parallels between the historical impact of Gold exchange-traded products (ETPs) and the expected trajectory of Spot Bitcoin ETFs, foreseeing a rapid development for the latter compared to the former.
Meanwhile, over the past week, Bitcoin has shown bearish price action. The asset has notably plunged over 5% over this period and has continued to decline even in the past 24 hours by 1.1%, with a current trading price of ,419 at the time of writing.
Featured image from Unsplash, Chart from TradingView
$3,830 & $5,100 Next Major Ethereum Targets According To This Model
An analyst has explained that ,830 and ,100 could be the next major targets for Ethereum based on an on-chain pricing model.
Ethereum MVRV Pricing Bands Have Next Targets At ,830 And ,100
In a new post on X, analyst Ali talked about the next key targets for Ethereum based on the “MVRV Pricing Bands.” The “Market Value to Realized Value” (MVRV) is a popular ratio in on-chain analysis calculated by dividing the Bitcoin market cap by its realized cap.
The “realized cap” here refers to a capitalization model for BTC that assumes that the true value of any coin in circulation is not the current spot price but the value at which the coin was last transacted on the blockchain.
The last transfer price of any coin may be considered as its buying price, so the realized cap considers the cost basis of all the investors. Put another way, the indicator keeps track of the total amount the holders have invested in the cryptocurrency.
Thus, the MVRV ratio tells us how the value that the investors hold right now (the market cap) compares against the total investment they made. Because of this, the MVRV ratio is often used to judge whether the asset is overpriced or underpriced currently.
Now, here is a chart that shows “pricing bands” for Ethereum corresponding to different values of the MVRV ratio:
As displayed in the above graph, Ethereum currently trades above the 0.8 and 1.0 MVRV Pricing Bands. At these lines, the MVRV ratio is 0.8 and 1.0, respectively.
When the price is under these lines, the investors are in a state of loss, and the asset may thus be considered “undervalued.” Historically, this is where bottoms have become more likely to form for the cryptocurrency.
ETH is currently on its way up, with the gap to these lines widening. From the chart, it’s visible that the next important MVRV Pricing Bands are 2.4 and 3.2. At these levels, Ethereum becomes overheated as the investors carry significantly more than they put into the coin.
Profit-taking becomes much more likely when this happens, which can impede any price rise. In the past, the major tops in the cryptocurrency have formed when the price has been above one or both of these levels.
These two MVRV Pricing Bands currently correspond to ETH prices of around ,830 and ,100, respectively. Therefore, these ceilings may be ones to watch currently, as the asset hitting the targets could imply that it’s starting to become overvalued.
ETH Price
Ethereum has enjoyed a 4% jump during the past day and has breached the ,400 level.
SEC Chair Gensler: We Do Things According to Our Authorities and How Courts Interpret Them
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has affirmed that the securities regulator acts according to its authorities and how the courts interpret them. This includes how the agency plans to deal with spot bitcoin exchange-traded fund (ETF) applications, he noted. Gensler also confirmed that SEC staff has been meeting with various spot bitcoin ETF issuers regarding their filings.
SEC Chair: We Do Things According to Our Authorities
The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, answered a few questions regarding cryptocurrency and spot bitcoin exchange-traded fund (ETF) applications in an interview with Bloomberg on Wednesday. The brief interview happened after the SEC voted to expand central clearing to overhaul the trillion Treasury market.
Gensler acknowledged that SEC staff has engaged with various issuers of spot bitcoin ETFs regarding their applications. When asked if this increased level of engagement indicates that approval for spot bitcoin ETFs is approaching, he responded: “We have somewhere between eight and a dozen filings in front of this agency with regard to exchange-traded products surrounding bitcoin, and staff of various divisions respond when market participants have filings,” the SEC chairman clarified.
“We also had a court case earlier this fall in this regard,” Gensler added, emphasizing:
So, we do things according to our authorities and how courts interpret our authorities, and that’s what we’ll do here as well.
The legal matter Gensler mentioned pertains to the SEC v. Grayscale Investments case. The crypto asset manager seeks to convert its bitcoin trust (GBTC) into a spot bitcoin ETF. The SEC initially rejected the application and Grayscale took the matter to court. The court ruled in favor of the crypto asset manager, instructing the SEC to reconsider the application.
During the interview with Bloomberg on Wednesday, Gensler emphasized the significance of the Treasury market, placing it as a top priority on his regulatory agenda. Noting the massive scale of the trillion Treasury market, he stressed that it is the cornerstone of the entire U.S. capital system. Gensler argued that its crucial role in government funding, Federal Reserve policy, and global dollar dominance necessitates prioritized attention, emphasizing that the Treasury market is “Very consequential” and “very important.”
In contrast, the SEC chief explained: “Crypto securities are not only much smaller but it is not how we fund our government, it’s not how we conduct monetary policy, and for many investors, they’ve been harmed in that market, and they are being harmed because there’s too much noncompliance.” Gensler emphasized the multi-pronged nature of crypto’s non-compliance, citing violations of not only securities laws but also regulations from the Commodity Futures Trading Commission (CFTC), Treasury Department, and the Financial Crimes Enforcement Network (FinCEN).
What do you think about the statements by SEC Chairman Gary Gensler about the regulator doing things according to its authorities and according to how the courts interpret them? Let us know in the comments section below.