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On the same podcast, Atkins also came out in support of Commissioner Peirce’s Token Safe Harbor Act — a bill that was re-introduced in 2021 — that would give crypto developers a grace period before they’re legally required to register with the SEC.
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“If the agency had been more accommodating and would deal straightforwardly with these various firms, I think it would be a lot better to have things happen here in the United States rather than outside,” Atkins said, citing the $4.3 billion fine that Binance was forced to pay as a reason why many crypto firms choose to remain outside the US.
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Speaking on the Free The People podcast on Feb. 23 last year, Atkins said that if the SEC had been less combative, there would’ve been more opportunity for industry growth in the US.
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On the same podcast, Atkins also came out in support of Commissioner Peirce’s Token Safe Harbor Act — a bill that was re-introduced in 2021 — that would give crypto developers a grace period before they’re legally required to register with the SEC.
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“If the agency had been more accommodating and would deal straightforwardly with these various firms, I think it would be a lot better to have things happen here in the United States rather than outside,” Atkins said, citing the $4.3 billion fine that Binance was forced to pay as a reason why many crypto firms choose to remain outside the US.
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Speaking on the Free The People podcast on Feb. 23 last year, Atkins said that if the SEC had been less combative, there would’ve been more opportunity for industry growth in the US.
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“Leveraged longs have gone through the market equivalent of an extinction event over the last 24 hours,” he added.
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Swyftx lead analyst Pav Hundal told Cointelegraph that the broader crypto market pullback “looks like a blip,” adding:
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Santiment said that if retail traders “react with fear” and offload their crypto too quickly, it could trigger an aggressive recovery.
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In a Dec. 9 post on X, crypto analysis firm Santiment highlighted that several altcoins with significant gains since October had “plummeted today.”
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Cheung said that during this cycle, traders have shifted to a “short-term” trading mentality, “constantly looking to take profits.” Over the past 24 hours, the total crypto market capitalization has dropped 5.41% to $3.44 trillion, according to CoinMarketCap data.
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“There will be intra-month volatility, but the pullbacks likely will be a “buy the dip” scenario for much longer than everyone expects,” Syncracy Capital co-founder Daniel Cheung said in a Dec. 9 X post.
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A crypto hedge fund manager says there’s probably going to be more time for traders to take advantage of buying opportunities this cycle, following a plummet across the broader crypto market on the daily price charts.
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“Something absolutely strange happened. On a large, relatively mature market, we witnessed a cascade of big sell orders that caused the market to drop by over 5%,” the analysis said.
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“With that leverage wiped out, the market has reset, with Altcoins flipping key levels into support. Good stuff,” trader Jelle wrote in part of his latest X commentary.
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While some reactions bemoaned the “liquidation carnage” affecting altcoins, more optimistic perspectives view this as an opportunity for the market to transition toward more stable conditions.
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They explained this suggests that profit-taking has “significantly cooled” and that further sell-offs may be “less dramatic in nature.”
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Cointelegraph reported that the sudden price decline from $98,338 to $92,957 triggered over $303.5 million in liquidations of long positions within the hour, pushing total liquidations over the 24 hours to $404 million.
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On Dec. 6, over 24 hours, Bitcoin (BTC) dropped almost 10% from $103,493 to under $93,000, just one day after surpassing the $100,000 price level for the first time on Dec. 5, according to CoinMarketCap data.
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“With such a decline in realized profit and sell-side pressure, we can expect future declines to be less abrupt than the one experienced last week,” Bitfinex analysts said in a Dec. 9 markets report.
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