Crypto Price Pullback Investigation: The SEC May Be Behind It All As It Enhances Hunt For Security ICOs And Exchanges Delist Coins
During the past few days, we’ve witnessed some pretty strong bulls in the crypto market.
These bulls have taken Bitcoin even above the $8,000 level, and experts were suggesting that we should get ready to witness BTC surpassing the $10k level as well.
They said that when such a thing happens, the FOMO will hit the mainstream, and more money will come pouring into the crypto market.
But after this massive surge, there’s been a pullback, and the prices dropped.
The SEC might be to blame for the price pullback in the crypto market
Smartereum online magazine comes with an extremely interesting claim. They say that the SEC may be to blame for this pullback in prices.
The online publication notes that the SEC has always had its eyes on ICOs hosted on the blockchain.
The reason is that they are dedicated to protecting the average trader from making the wrong investment decisions, and they are charged with regulating companies that create the tokens.
Smartereum writes that ever since the bulls from 2017-2018 the attention that the SEC gave to the industry has intensified because there were many scam ICOs.
They also wrote that the recent price correction is due to the SEC cracking down on exchanges.
Poloniex is addressed as an example
The online publication gave Poloniex exchange as an example. They cite data from Bitcoinist saying that the exchange delisted nine cryptos for the US customers.
It was also reported that other clients in the world would be able to access those, but the US ones, will not.
1/ On Friday, May 29th, at 16:00 UTC, the markets for ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP will be disabled for Poloniex customers in the US. All assets remain available for trading to customers outside the US. https://t.co/eNWeZTjT5X
— Poloniex Exchange (@Poloniex) May 16, 2019
“Poloniex to stop offering trading of 9 assets to US customers. On Friday, May 29th, at 16:00 UTC, the markets for ARDR, BCN, DCR, GAME, GAS, LSK, NXT, OMNI, and REP will be disabled for Poloniex customers in the US. All assets remain available for trading to customers outside the US.”
Smartereum makes a positive prediction as a conclusion and says that the bulls will be back after this correction.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.