[2018-11-21] Bitcoin Price Crash Not Caused By SEC Actions, Says Blockchain Lawy

[Lmaooo]

It’s too early to write off bitcoin, Ethereum or ICOs due to temporary market blips because the technology is revolutionary. And that won’t change — regardless of whether crypto prices go up or down, says blockchain attorney Stephen Palley.

Moreover, Palley does not believe that recent regulatory crackdowns by the US Securities and Exchange Commission have affected bitcoin prices, despite what some analysts think.

No Relationship Between SEC and Crypto Prices

“I’m not sure that there is necessarily any connection between recent SEC activity and the price of cryptocurrencies,” Palley told Bloomberg TV. “It’s difficult for me to see a causal relationship.”

Palley noted that the United States is not the only virtual currency market in the world and that securities laws differ by nation. Therefore, SEC enforcement actions don’t necessarily affect the entire crypto universe.

Despite the recent market slump, Palley is bullish about the long-term future of cryptocurrencies.

“I would not write off bitcoin, and I would not write off Ethereum,” he said. “These are very interesting technologies.”

Accordingly, he does not believe that short-term market fluctuations will have any impact on the industry’s long-term viability.

CCN | https://www.ccn.com/bitcoin-price-crash-not-caused-by-sec-actions-says-blockchain-lawyer/

[Thekool1s]

I concur with his statement, The whole market is down at the moment. BTC is seeing the worst of it cuz of all the manipulation which went behind the scenes. There is more to come from BTC just don't rule it out just yet. Bitcoin has died and risen too many times now, this is just another part of the play

[BitHodler]

Price goes down hard, not long after Bakkt out of nothing announced that they will delay their futures platform..... At what price were the CBOE and CME futures announced? IIRC it was somewhere around the $4000 mark. We're back there.

I'm glad that more people started to pick up on that, because I knew it would bring back some form of relief to this market. It doesn't mean we won't tank deeper, but it feels good seeing no decline today.

I'm pretty sure that whenever an ETF is finally approved, the price will rocket up well before the news is made public, that's how things seem to work I guess, too bad to average person is always the one who bites the dust.

[cryptofonia]

I don't believe that SEC is friendly regarding crypto.

[Kemarit]

Of course the crash has nothing to do with SEC actions, it was due to many factors and somewhat we're caught in the middle. It looks like though the market has recovered today, nice to see green after a bloodbath, but I wouldn't be surprised if this is another bear trap or another dead cat's bounce, we will see. As for ETF approval, yes I agree with @BitHodler that the price will pick up. It could be the catalyst that we all have been waiting for, but I don't see any all-time-highs, but it will be enough to bring investors and FOMO back again.

[Bitarch Ancap]

I think its good idea for crypto hodlers to donate some tokens to true libertarian (ancap/voluntarist) evangelists to slap the government!
Active promotion of the ancap ideology can start eroding faith in the state. Governments will be busy with massive riots in real world, so SEC and other bandits will leave crypto alone very fast!

[Kakmakr]

The evidence for that is the latest decision by the Swizz to approve their own version of a Bitcoin ETF. Some governments will not be influenced by the stupid decisions that are made by the USA regulators. If everyone followed the example of what was decided in New York with the BitLicense, then Bitcoin would have been stuck in the dark ages.

Luckily for us, some governments can still make their own decisions and they are not influenced by politicians with hidden agendas in bigger countries. 

[Bitarch Ancap]

Luckily for us, some governments can still make their own decisions and they are not influenced by politicians with hidden agendas in bigger countries. 

These governments will easily change their decisions if enough pressure applied from US govt. Do you remember how quickly bank secrecy was cancelled when US & EU demanded this from Swiss govt?

[monocolor]

I still don't understand why SEC not allow Bitcoin ETF, they allowed BTC future, but not BTC ETF? clearly they want only serve the wall street who wants just pure speculations, instead of normal investors who want to invest in the Bitcoin itself.

[LeGaulois]

He doesn't say the crash is related to the SEC, he says he is NOT SURE. That already makes a difference. But I do agree we can't actually make any statement about the real reason. Maybe he will learn it in some days/weeks/months or maybe never, but we need to look further and think about the coming years

[Coin-1]

I have not heard of any new regulations of the SEC, so I think that this US agency did not cause the current Bitcoin fall to $4300. The BTC crash has happened suddenly, because the large crypto currency holders decided to sell the big amount of their coins. I noticed that Bitcoin Cash dropped very quickly and deeply -40%, so I guess that the Bitmain company which is a large BCH holder recently sold a lot of coins on crypto exchange markets.

[Dilerium90]

In my opinion, the cryptocurrency market with its coins and prices and the blockchain technology itself are two completely different things. And one does not greatly depend on the other. The technology may be fine, but it does not prevent the price from jumping from $ 1 to $ 20,000

[Bitarch Ancap]

I have not heard of any new regulations of the SEC, so I think that this US agency did not cause the current Bitcoin fall to $4300. The BTC crash has happened suddenly, because the large crypto currency holders decided to sell the big amount of their coins. I noticed that Bitcoin Cash dropped very quickly and deeply -40%, so I guess that the Bitmain company which is a large BCH holder recently sold a lot of coins on crypto exchange markets.

You must count not only recently created regulations, but also existing ones which may continue to stifle blockchain industry and BTC rate.

[jeromix]

I do believe on this also and I just wonder how it comes that bitcoin has drop that huge when in fact many are holding on their crypto? I just want to see a statistics on this if possible. However, it could not be happen for it has a huge affiliations among the exchanges. In regards to the Bitcoin price crash probably it is the whales who are greedy for now on their trading activities.

[pixie85]

Price goes down hard, not long after Bakkt out of nothing announced that they will delay their futures platform..... At what price were the CBOE and CME futures announced? IIRC it was somewhere around the $4000 mark. We're back there.

If you look closely it was going down hard a week before the announcement about a delay. There's a theory that BAKKT investors had some insider knowledge about the delay and sold early. Another is that it had nothing to do with BAKKT and more with Roger Ver and Craig Wright selling their Bitcoins to buy hash power.

[1Referee]

This same old song again, looking for soe news peace which caused the crash. This is bull S***.
Manipulation induced panic sell off.

Even if it is manipulation, it only hurts those who aren't prepared for this. If you're in a market like crypto, you have to accept that these things happen. Whether it's actual manipulation or panic sellers, always have fiat ready to throw in because it will play out in your advantage, long term speaking.

I see manipulation as someone else doing the work for me, because what they do to buy lower is also something that allows me to buy lower. In the process they shake out idiots only here to dump on the way up.

People who are here for quick bucks complain these drops, while those who are here for Bitcoin and its fundamentals buy more.

[QueenW]

Unfortunately, we all never know the real causes of the fall of Bitcoin. We can only guess who provoked this price drop. anyone could do it - sec, bakkt, Roger Ver and Craig Wright, Bitmain or someone else. But we will never know the exact reason.