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e28315122

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He has been a staunch advocate of digital assets and innovation, speaking out against the Gensler-led SEC’s “regulation-by-enforcement” approach to the crypto industry on several occasions.
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Since 2017, Atkins has served as the co-chair of the Token Alliance, a crypto lobbying group for the Chamber of Digital Commerce which aims to introduce clear regulations and promote mainstream adoption of crypto assets.
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Speaking on a podcast in 2023, Atkins said the only reason the FTX crisis became an “international debacle” was because the US didn’t make clear enough rules to accommodate digital assets. However, he conceded that Bankman-Fried’s fraudulent activities were the primary cause of the collapse.
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e28315122
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He has been a staunch advocate of digital assets and innovation, speaking out against the Gensler-led SEC’s “regulation-by-enforcement” approach to the crypto industry on several occasions.
0 reply
1 recast
2 reactions
e28315122 pfp
e28315122
@e28315122
Since 2017, Atkins has served as the co-chair of the Token Alliance, a crypto lobbying group for the Chamber of Digital Commerce which aims to introduce clear regulations and promote mainstream adoption of crypto assets.
0 reply
1 recast
2 reactions
e28315122 pfp
e28315122
@e28315122
Speaking on a podcast in 2023, Atkins said the only reason the FTX crisis became an “international debacle” was because the US didn’t make clear enough rules to accommodate digital assets. However, he conceded that Bankman-Fried’s fraudulent activities were the primary cause of the collapse.
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Over $72.6 million in DOGE longs and more than $22.35 million in SHIB longs accounted for the majority of liquidations across memecoins in the past half-a-day.
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Similarly, more than $7.9 million PEPE longs and $3.6 million WIF longs were liquidated over the same period.
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This marked the biggest liquidation event since 2021, accompanying the start of the 2022 bear market. More recently, a similar liquidation event accompanied the Dec. 5 flash crash that saw more than $816 million longs wiped out of the derivatives market against $280 million short.
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During this event, BTC price dropped as much as 11% to $92,00, triggering a sell-off in altcoins, including memecoins. DOGE dropped 12% on the same day, while memecoins lost $1 billion in market capitalization.
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Bitcoin’s intraday drop appears ahead of a key Microsoft shareholders vote in which they would decide whether or not to add BTC to their treasury.
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On Oct. 24, ahead of the United States presidential election, Microsoft included a section in its Form 14A filing with the US Securities and Exchange Commission (SEC). Titled “Assessment of Investing in Bitcoin,” the document suggests the company is evaluating Bitcoin as a potential asset diversification tool.
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Despite the proposal’s inclusion, the “Board Recommendation” section advised shareholders to vote against it. Microsoft’s board of directors stated that the company’s management had already thoroughly evaluated the matter.
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Interest in the keyword “Microsoft Bitcoin“ on the Google search engine has surged ahead of the vote on Dec. 10, according to Google Trend’s seven-day timeframe data. Increased search activity for crypto-related keywords often reflects curiosity among retail traders.
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Simply put, Bitcoin’s upward momentum is weakening, which typically precedes a price correction such as the one happening today.
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First, the drop follows a growing bearish divergence between BTC’s rising prices and declining relative strength index (RSI) on the daily chart.
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Bitcoin’s price drop in the last 24 hours has appeared further due to weakening technicals.
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In some cases, however, a higher P/L ratio results in capital rotation, where selling pressure from profit-takers is absorbed by retail investors during bullish phases, akin to what happened during the 2020-2021 bull run.
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Bitcoin's ongoing price correction coincides with elevated daily relative profit/loss (P/L) ratio levels. The on-chain metric recently matched its all-time high from March 2024, a level previously observed when Bitcoin peaked at $73,400 in Q1 2024.
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“These 6-12 month holdings largely consist of Bitcoins accumulated during the extended consolidation period from March to October this year,” the analyst said, adding:
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