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U.S. Securities and Exchange Commissioner Chair Gary Gensler emphasized the importance of regulatory compliance in the crypto industry today at the Piper Sandler Global Exchange & FinTech Conference, rejecting any idea of preferential treatment for cryptocurrencies.
He challenged claims by promoters of crypto asset securities that their tokens have added functions beyond serving as investment vehicles.
Given these current macroeconomic conditions, what are the best cryptos to buy now?
Gensler clarified that any additional features do not exclude crypto asset security from being classified as an investment contract, but tokens designed solely for use within their respective blockchain ecosystems may be considered exceptions.
Notably, Gensler defended the recent enforcement actions the SEC has taken against crypto exchanges Coinbase and Binance.
Both platforms faced substantial scrutiny, accused of trading unregistered securities.
These actions underscore the SEC's determination to enforce established financial regulations within the burgeoning crypto industry.
The SEC Chair also responded to the frequent claims from the crypto sector regarding a lack of 'fair notice' about potential legal consequences for their activities.
He rebutted these assertions, suggesting such claims might be part of a strategic decision by the platforms to accept the risk of enforcement as a routine business cost.
Gensler went on to address the widespread belief in the crypto industry that registering crypto platforms with the SEC is unfeasible.
He disagreed with this sentiment, asserting that compliance for crypto intermediaries is achievable, albeit with substantial effort.
He rejected the notion that compliance could be attained simply through a series of meetings with the SEC, without a genuine willingness to adhere to the necessary securities laws.
Notably, Gensler's comments were made at the same Piper Sandler conference where Coinbase CEO Brian Armstrong also spoke.
This event is a significant gathering in the fintech space and served as an important platform for discussions around crypto regulations and compliance.
Gensler's statements indicate the growing recognition of cryptocurrencies within the financial landscape.
However, his comments also underscore the ongoing tension between the rapidly developing crypto sector and existing traditional financial regulations.
The current regulatory environment in the crypto industry demands a thorough evaluation of potential cryptocurrencies for investment.
WSM, STX, ECOTERRA, LDO, YPRED, BGB, and DLANCE are some of the best cryptos to buy now, thanks to their strong fundamentals and/or favorable technical analysis.
Wall Street Memes: The Crypto Investment that Empowers the "Little Guy"
Wall Street Memes ($WSM), a highly anticipated meme coin, has generated over $5.35 million from investors in nearly 2 weeks.
The ongoing presale has garnered significant interest due to the coin's strong backing from one million-strong social community across Instagram, Twitter, and other platforms.
With the meme coin craze showing no signs of slowing down, crypto investors seeking the "best crypto to buy" are looking at Wall Street Memes as the next big opportunity.
The $WSM token is designed to build engaged communities, taking inspiration from the meme stocks phenomenon during the Covid pandemic.
Investors are rushing to buy $WSM at the lowest available price. The current Stage 10 presale price is $0.028, with the next price step at $0.0283 when the raised total reaches $5.83 million.
Wall Street Memes' mission is to become the "King of Memes" in addition to its "King of Stonks" title.
With one million highly engaged social followers, the token is predicted to be a prime target for listing on top exchanges like Binance.
Before that, it will be available on decentralized exchanges, allowing everyone to participate regardless of regional regulations.
The founders of Wall Street Memes are known for their 2021 success in minting the Wall Street Bulls NFT collection, which sold out in 32 minutes, earning $2.5 million.
The Wall Street Memes token is all about empowering the "little guy" to take on larger players.
The token is 100% allocated to the betterment of the community, with no private sale or unfair team allocation. In fact, 30% of the $WSM token supply is reserved for community rewards.
With its focus on democratizing finance in the crypto space, Wall Street Memes is tokenizing a powerful movement.
As the first $WSM airdrop is now open, interested investors should not miss out on this unique opportunity to be a part of the next big meme coin.
Stacks (STX): Potential for Weakening Momentum
It appears that the Stacks (STX) cryptocurrency may be facing turbulent times ahead, as its charts continue to unravel.
Technical indicators are projecting a bleak outlook, suggesting that traders should be prepared for potential turbulence.
The 20-day EMA, currently at $0.6212, has so far served as immediate support for STX. However, STX is failing to push past the significant 50-day EMA at $0.6663 and the 100-day EMA at $0.6702.
Today, despite previous days' robust performances, STX appears to be on track for rejection at these levels.
This not only suggests a weakening momentum but also signals an inability to maintain recent gains.
A look at the Relative Strength Index (RSI), another key technical indicator, reveals similar concerns.
The RSI, which moved from yesterday's 51.98 to a current 49.73, indicates a potential rejection from the significant RSI 50 level.
An RSI below 50 typically signifies that a bearish phase may be in the offing, implying that the selling pressure could begin to outpace buying pressure.
In the same vein, the MACD histogram, while slightly higher than yesterday's 0.0047 at 0.0063, isn't signaling a significant bullish reversal yet.
Without a more substantial shift into positive territory, the MACD fails to provide the green light for traders hoping for a strong uptrend.
The immediate future for STX may also be shaped by the resistance and support levels. STX is currently trading at $0.6303, down by 2.10% so far today.
It faces a formidable horizontal resistance area of $0.6684 to $0.6813, in confluence with the 50-day and 100-day EMA, which may make a bullish breakthrough challenging.
In terms of support, while the 20-day EMA is serving as the immediate support, if STX fails to hold this level, it could descend to the next support level ranging from $0.5092 to $0.5230.
That would imply a potential 19% drop from the current level, a scenario that would undoubtedly rattle investors and traders alike.
ecoterra: The Best Crypto to Buy for a Greener, Cleaner World
ecoterra, a highly anticipated green crypto project, has reached a significant milestone in its fundraising efforts, with its native $ECOTERRA token presale amassing over $4.9 million so far.
As the presale enters stage 8, the price of $ECOTERRA has risen to $0.00925, and interested investors should act quickly to secure early positions.
Upon reaching the $5.7 million mark, the $ECOTERRA price will increase to $0.01, which is the listing price across major exchanges later this year.
According to the project's Whitepaper, ecoterra is developing an all-encompassing web3 ecosystem powered by $ECOTERRA.
The platform is designed to promote recycling through its unique Recycle-to-Earn (R2E) system, facilitate the trade of recycled materials, and motivate individuals and businesses to offset their carbon footprints.
Recently, ecoterra announced the integration of major beverage brands, such as Coca-Cola, Carlsberg, and Evian, into its ecosystem, further enhancing the platform's utility.
Users utilizing the ecoterra app will be able to scan and recycle bottles from these brands, among others, using Reverse Vending Machines (RVMs) and receive cryptocurrency rewards.
ecoterra's all-in-one application combines blockchain technology and environmentally friendly practices in a seamless manner.
By rewarding users with $ECOTERRA tokens for recycling, providing a carbon offset marketplace, and offering a recycled materials marketplace, ecoterra encourages eco-friendly behaviors across the board.
The platform will also allow individuals and businesses to track their environmental impact using an Impact Trackable Profile, a feature expected to be popular among environmentally conscious companies looking to boost their brand image and customer loyalty.
$ECOTERRA, the green utility token at the core of ecoterra's web3 ecosystem, will also provide passive income opportunities.
ecoterra plans to introduce a staking protocol, allowing $ECOTERRA holders to generate passive income through their token holdings.
By combining blockchain technology with sustainability, ecoterra's $ECOTERRA token presale is paving the way for a greener future and offering investors the chance to support this vision while earning potential rewards.
Lido DAO (LDO): Bearish Sentiment Dominates as Price Drops
Lido DAO (LDO) is also encountering a rough patch in light of recent market developments, with bearish sentiment dominating.
With a 5.53% drop yesterday and a further decline of 4.58% today, the price is currently at $2.169, with the 50-day and 100-day EMAs serving as crucial support levels that are undergoing retesting.
The 20-day EMA at $2.172, just above the current price, could provide immediate resistance.
A breakthrough above this point would be a positive sign, but the ensuing Fib 0.382 level at $2.186 stands as a barrier to upward movement.
LDO's price will need to pierce through these resistances to re-establish its bullish bias.
The RSI has descended from yesterday's 63.22 to 50.72 today, indicating that the buying pressure is waning.
If the RSI descends below the critical RSI 50 level, it might result in increased bearish momentum. For LDO to maintain a bullish bias, the RSI level needs to defend the 50 mark.
The MACD histogram has shown a decrease from yesterday's 0.024 to 0.013. This further attests to the ongoing bearish sentiment.
If the MACD histogram continues to dwindle, it could signal a growing momentum toward the sell side.
The market cap has dwindled by 4.59% to $2B, coupled with a sharp decrease in 24-hour trading volume by 34.50% to $57M, reinforcing the pervading bearish sentiment.
The 50-day and 100-day EMAs at $2.152 and $2.166, respectively, offer crucial support levels that serve as a cushion for LDO's price.
However, if the price breaks below these EMAs, the Fib 0.5 level at $2.070 stands as subsequent support, implying a potential 4% drop from the current level.
Traders and investors should monitor these critical support and resistance levels closely, given the bearish trend and the fact that key EMAs and Fib levels are being tested.
A break above the 20-day EMA could give bullish traders an opportunity to re-enter, whereas a failure to hold above the 100-day and 50-day EMAs could lead to an acceleration of selling pressure.
Patience, caution, and diligent monitoring of these technical indicators are advised in these volatile conditions.
Why yPredict's Comprehensive Utility Token is One of the Best Cryptos to Buy Now
As the yPredict presale swiftly surpasses the $2.2 million mark, eager investors flock to this AI-driven trading and analytics platform.
The platform's token, $YPRED, fuels the project through a tiered subscription model and is currently available for $0.09.
yPredict, developed by a team of professional traders, quants, AI experts, and software developers, offers AI-powered trading insights, predictive models, and trading tools.
In recent years, crypto and stock market trading have increasingly relied on algorithms and machines.
yPredict gives users access to top-notch predictive models crafted by AI specialists, while also utilizing AI to provide a wealth of data, insights, and metrics.
By using the platform, traders can make more informed decisions and maximize their earnings. yPredict will automatically detect 100+ chart patterns, provide market sentiment analysis by scanning social media, and test hundreds of technical indicators.
Additionally, it will analyze transactions and tick data for assets, developing metrics to deliver data-driven insights.
yPredict is constructed on the speedy and streamlined Polygon layer-2 network, featuring a staking mechanism and incorporating play-to-earn and learn-to-earn elements, all designed to keep its community engaged.
The project has a maximum supply of 100 million tokens, with 80% available for purchase during eight presale rounds.
Currently in stage 6, tokens are priced at $0.09 but will rise to $0.12 after the presale – an increase of 33.3%.
The project has a hard cap of approximately $6.5 million, with the remaining tokens allocated to exchange liquidity (10%), development (5%), and the project's treasury (5%).
yPredict has already secured a listing with leading exchange Bitmart, and more listings are anticipated in the near future.
With a diverse range of services and a growing user base, yPredict may indeed be the best crypto to buy now.
Bitget Token (BGB): The Best Crypto to Buy Now for Bullish Prospects
Bitget Token (BGB) appears to be in a favorable position, as technical indicators are pointing towards potential bullish prospects.
Demonstrating strong resilience at the Fib 0.236 level, BGB rebounded strongly on June 6 and maintained a noteworthy upward trajectory, highlighting its bullish capabilities.
The 20-day EMA is currently marked at $0.4651, closely correlating with the immediate support at the Fib 0.236 level.
Meanwhile, the 50-day and 100-day EMAs sit at $0.4461 and $0.4114, respectively. These EMAs, all positioned below the current price of $0.4837, are reflective of the cryptocurrency's consistent growth in recent weeks.
Investor sentiment, as gauged by the RSI, has seen a slight uptick from yesterday's 57.76 to today's 61.87.
Such a change denotes growing bullish momentum, given that an RSI above 50 typically indicates a positive market trend.
However, traders must bear in mind that as the RSI approaches the 70 mark, the asset might become overbought, potentially leading to a price correction.
The MACD histogram depicts a positive shift from yesterday's -0.00103 to today's 0.00008, hinting at a potential bullish crossover attempt.
This development, if solidified, could be a strong signal for traders to consider entering long positions.
Further supporting BGB's bullish outlook is its growing market cap, up by 2.01% to $678M.
This trend implies heightened investor interest and capital influx, strengthening the BGB's market standing.
Despite a minor setback in the 24-hour trading volume—down by 2.81% to $15M—the market cap's increment signifies continued confidence in BGB.
As BGB approaches its immediate resistance range of $0.4877 to $0.4913, investors should watch this level closely.
A breakout above this range could validate the bullish indicators and propel BGB toward a new high.
Conversely, should BGB fail to overcome this resistance, it might retest its immediate support at the Fib 0.236 level, currently situated at $0.4654, which aligns well with the 20-day EMA.
The bullish momentum exhibited by BGB, backed by positive technical indicators, paints an optimistic picture for BGB.
DeeLance's Metaverse: The Next Big Thing in Crypto and Freelancing
DeeLance seeks to transform the freelancing industry by building a crypto and NFT-powered metaverse.
With plans to disrupt the $761 billion-dollar recruitment sector, the project has garnered significant attention as one of the best cryptos to buy in 2023.
The DeeLance metaverse intends to unite freelancers and employers, providing a decentralized and transparent alternative to platforms like Fiverr and Upwork.
By leveraging blockchain technology, this metaverse will address long-standing issues such as copyright infringement and payment fraud, while offering lower fees and increased accessibility for users.
In a display of confidence, the presale of DeeLance's native $DLANCE crypto token has already raised over $1.28 million.
Additionally, top venture capital firm Bitgert Ventures announced a $1.12 million investment into the project, adding to its credibility and potential for future funding.
Currently in stage 4, the $DLANCE presale offers tokens at $0.038 each. However, once the presale reaches $1.7 million, the token price will rise to $0.043.
With only four presale stages left and a fundraising cap of $6.8 million, interested investors should act quickly.
Upon completion of the presale, $DLANCE will list on major crypto exchanges at $0.057, offering early investors an opportunity for significant gains.
DeeLance is also conducting a $500K $DLANCE token giveaway competition, rewarding the top five wallets with the highest $DLANCE purchases during the presale.
DeeLance's metaverse will tokenize freelance work products into NFTs, ensuring a secure and reliable transfer of work ownership.
Unlike traditional freelance platforms, DeeLance will offer a user-friendly experience with minimal fees. Payments will be made with crypto, secured through an escrow system, and smart contracts.
As the hype around DeeLance's potential continues to grow across social media and reputable news websites, crypto analysts have high expectations for the $DLANCE token.