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The SEC features a board of five commissioners. At present, the list of SEC commissioners includes two Republicans — Peirce and Uyeda — and three Democrats, Caroline Crenshaw, Gary Gensler and Jaime Lizarraga.
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However, Carbone expects Atkins’ nomination to be confirmed in March, depending on how quickly the Senate Banking Committee can move through nominations for other departments and agencies.
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While Trump has nominated Atkins as the next SEC chair, it’s not yet a done deal. Congress and the Senate can vote against confirming a Presidential nomination, and that may well happen with some of Trump’s more controversial picks.
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In 2019, Atkins testified before Congress on restructuring the SEC to balance investor protection with reducing regulatory burdens on emerging industries.
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Investors likely reacted negatively to the dropping value and market activity of tokens within the Solana ecosystem, resulting in the drop in SOL price.
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Moreover, the overall market capitalization of all Solana-based tokens dropped from $361.8 billion on Dec. 9 to $342 billion on Dec. 10. The total trading volume increased by 137% in the past 24 hours, reinforcing the intensity of the sell-side activity.
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Solana’s bearishness on Dec. 10 coincides with an ongoing correction in the prices of tokens built on its network. Most are posting significant daily losses, as shown in the figure below.
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“Bitcoin is failing to consolidate above $100K, likely suppressing buying in the overall market, “ FxPro chief market analyst Alex Kuptsikevich said in response to today’s corrections in the crypto market.
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Similarly, the total crypto market cap has dropped by 4.5% over the last 24 hours to rest at $3.46 trillion at the time of publication.
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Solana corrects alongside other cryptocurrencies, which have also dropped, triggered by an overheated market and Bitcoin’s failure to hold above $100,000.
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Data from Cointelegraph Markets Pro and TradingView shows SOL trading 17% below its $263 all-time high reached on Nov. 24.
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Applying the same technical rule puts Bitcoin’s downside target for December at approximately between $87,450 and $94,00, depending on the breakdown point.
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Traditional analysts see rising wedges are bearish reversal indicators, resolving when the price breaks below the lower trendline and drops by as much as the wedge’s maximum height.
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Second, Bitcoin’s drop is part of its prevailing rising wedge trend, where the price is rising inside two converging, ascending trendlines. On Dec. 9, BTC tested the wedge’s upper trendline as resistance, leading to a sharp decline toward its lower trendline support today.
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