• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Ethereum Price

Ethereum Crashing Hours After SEC Head Failed To Clarify ETH’s Security Status

Dalmas Ngetich by Dalmas Ngetich
1 month ago
in Ethereum
Reading Time: 3 mins read

Ethereum prices are free-falling less than 24 hours after Gary Gensler, the chairperson of the United States Securities and Exchange Commission (SEC), was put to task on whether ETH, the native cryptocurrency of Ethereum, was a security or a commodity.

SEC Chair Fails To Clarify On ETH’s Status

That Gensler failed to clarify the status of ETH before the House Financial Services Committee on April 18 can be problematic. 

Gary Gensler getting grilled on whether he thinks ETH is a security or commodity

Enjoy pic.twitter.com/vrFVn3Ap63

— sassal.eth 🦇🔊 (@sassal0x) April 18, 2023

Rep. Patrick McHenry, the committee chair, pressed Gensler to state whether ETH was a commodity or a security—meaning the asset must be regulated by the SEC and engaging entities must register to transact. 

However, Gensler failed to answer the question saying he didn’t want to “pre-judge”. This statement is despite the SEC taking enforcement actions and serving Wells Notices to several cryptocurrency companies in the past few months. 

Related Reading: These Top 5 Cryptos Are Thriving Despite A Slippery Market

How the SEC will react to the House Finance Services Committee’s demands remains unclear. In the meantime, without clarity and the SEC demanding platform offering staking services to register, ETH and tokens of proof-of-stake networks would likely remain under pressure.

Ethereum Drops Below $2,000

When writing on April 19, ETH prices have fallen below the psychological $2,000 level, dropping 8% in the last few hours.  It comes after ETH prices peaked at around $2,140 on April 14, a few days after the activation of the Shanghai Upgrade on the Ethereum mainnet. 

Related Reading: Why Is Bitcoin Down Today? Binance Whale Games And More

Shanghai was a highly anticipated update that allows validators and stakers to withdraw their coins from the Beacon Chain.

From the Ethereum daily chart, the collapse of prices on April 19 has unwound the gains of April 14. It continues to heap pressure on buyers from last week. 

Still, even at spot rates, the uptrend remains firm. ETH is up 40% from mid-March and 72% from December 2022 lows. 

Ethereum Price On April 19| Source: ETHUSDT On Binance, TradingView

Ethereum Price On April 19 | Source: ETHUSDT On Binance, TradingView

Whether this trend will continue and Ethereum buyers flow back depends on the reaction of prices in the next few trading session. The key reaction points going forward are April 2023 highs at $2,140, acting as resistance; and $1,900 on the lower end. 

While the SEC and the Commodity Futures Trading Commission (CFTC) have confirmed Bitcoin to be a commodity, the silence from the SEC on ETH’s status could negatively impact ETH and how conservative investors perceive the second-largest cryptocurrency. 

Institutional investors often conduct their due diligence so they don’t have exposure to unregistered securities. The SEC is yet to issue clarity on the precise classification of ETH, which is negative for the coin.

Feature Image From Canva, Chart From TradingView
Tags: cftcCrypto Bullsethereumethereum priceethereum tradingGary Genslersec
Tweet123Share196ShareSend
Dalmas Ngetich

Dalmas Ngetich

Dalmas is a crypto reporter covering NFTs, blockchain, DeFi, and blockchain news for NewsBTC. He’s part of a team of talented team working on bringing latest crypto development across the board. Dalmas is also the ex-founder of btc-pulse.com, a crypto news outlet. Dalmas has over 10 years of experience covering Forex, general finance, technology, and blockchain developments. His work and that of his partners has been featured in top news outlets including investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. He’s passionate about technology and politics. When he’s not keeping tabs on crypto events, you’ll find him out in nature, exploring and traveling with family and friends. You can follow Dalmas on Twitter @Dalmas_Ngetich or ping him on Telegram @Dalmas_Ngetich

Related Posts

Ethereum

Ethereum Correction: Key Level Break Can Shift Price Course

4 hours ago
Ethereum (ETH) Block Size Surges

Ethereum’s Block Size Surges To 1-Month High – What This Means For ETH

5 hours ago
Ethereum

Ethereum Encounters Resistance At Critical Level, Vital Trading Levels to Monitor

4 days ago
Ethereum (ETH) staking

Ethereum Staking Hits Over $40 Billion After Shanghai Upgrade: What It Means For ETH

5 days ago
Ethereum

Ethereum (ETH) Beacon Chain Shatters Records With $7.7 Billion Inflows

7 days ago
Ethereum

Role Reversal: Ethereum Defies Expectations With Lower Volatility Than Bitcoin

7 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Traders Union published the list of Best Forex Brokers in...

    2 hours ago
  • Coinbase battles with SEC users are moving to Tradecurve

    3 hours ago
  • Cardano to hit 1$, Floki inu braces for price breakout and...

    3 hours ago
  • Ben Token Breaks $100 Million Market Cap, Could it Make it...

    4 hours ago
  • How Dogecoin, Pepe Coin, And DogeMiyagi Use Humour to Drive...

    4 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.