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⚡Republican Nominee Endorses BTC🎺

Croxroad

23 Sep 2023 — 5 min read

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‼️ Republican Candidate Backs BTC

GOP presidential hopeful Vivek Ramaswamy recently spoke at the Messari's Mainnet crypto conference. During his speech, he mentioned that he intends to unveil a detailed plan for how the government should handle cryptocurrencies by Thanksgiving.

He discussed various topics during a relaxed and informal conversation with the CEO of Messari, Ryan Selkis. Ramaswamy's talk covered recent decisions made by the SEC (Securities and Exchange Commission) and how cryptocurrencies are changing the traditional financial system in a positive way.

He seemed quite optimistic about blockchain technology, the technology behind cryptocurrencies, and was critical of government agencies, like the SEC, which he referred to as "three-letter" regulatory agencies, implying that they have been overly restrictive or burdensome in their oversight of the crypto industry.

Ramaswamy expressed that he holds strong opinions about how the government should deal with cryptocurrencies in the future. He specifically criticized what he sees as an unconstitutional fourth branch of government, which he referred to as "regulators."

According to Ramaswamy, these regulators wield too much power in Washington, D.C., even though they are not elected by the people. He mentioned that many of them work in government agencies with three-letter names and acronyms, creating what he called a problematic regulatory bureaucracy.

This statement came after Anthony Scaramucci, a well-known financier who briefly served as Donald Trump's communications director, also spoke at the conference. Ramaswamy's remarks highlight the increasing importance of cryptocurrencies in U.S. politics. The event's host, Ryan Selkis, noted that having a major presidential candidate speak at a crypto conference was something few people would have expected just a few years ago.

The founding principles of Bitcoin tend to align with libertarian ideals, emphasizing individual freedom and minimal government intervention. However, the cryptocurrency industry, in general, has not been strongly associated with any particular side of the U.S. political spectrum. Vivek Ramaswamy's enthusiastic support for cryptocurrency, though, could suggest a shift towards the political right.

Before launching his 2024 presidential campaign, Ramaswamy was known as a pharmaceutical entrepreneur. He positioned himself as a younger, tech-savvy successor to Donald Trump's populist MAGA (Make America Great Again) movement. In fact, he holds more conservative views than Trump on several issues. Ramaswamy's strong performance in a debate in August marked a significant moment for the 38-year-old candidate, gaining attention even from prominent figures in the Trump administration, such as Mike Pence and Nikki Haley. This recognition underlines Ramaswamy's rapid rise as a serious contender in the political arena, despite being a controversial candidate.

In a CNN poll released on Wednesday, Vivek Ramaswamy, a newcomer to the political scene, secured the second position in the race for the nomination, trailing only behind Donald Trump. This impressive ranking placed him ahead of Florida Governor Ron DeSantis, who was initially seen as Trump's primary competition in the early stages of the campaign.

Ramaswamy has not shied away from expressing his positive views on cryptocurrency. This wasn't the first time he spoke favorably about the crypto industry. Just last month, he took to Twitter to celebrate a court ruling in favor of Grayscale in its case against the SEC. This decision was seen as a win for the blockchain industry, and Ramaswamy's support for it further underscores his pro-Bitcoin stance.

⬅️ Bybit Halts UK Operations Over Ad Rules

The cryptocurrency exchange Bybit has decided to stop its operations in the United Kingdom next month due to changes in the country's regulations. Interestingly, just a week ago, they were exploring ways to continue operating in the UK.

Starting from October 1st, new customers won't be able to open accounts with Bybit. Then, from October 8th onward, existing customers won't be allowed to do things like add more money, create new contracts, or increase their current positions on the platform. However, they will still have the option to reduce or close their existing positions and withdraw any funds they have on the platform. This means that while Bybit is essentially closing its doors to new business in the UK, existing customers can still manage their current investments and eventually withdraw their money.

The importance of the October 8th date lies in the fact that it marks the deadline for companies to adhere to new advertising and promotional regulations in the UK. These rules stipulate that cryptocurrency firms must be officially registered with the Financial Conduct Authority (FCA) to gain approval for their advertisements and communications. Unfortunately for Bybit, they have not completed this registration process and are not listed on the FCA's crypto register. This non-compliance with the registration requirement is a key reason behind their decision to suspend operations in the UK.

Bybit isn't alone in its decision to halt cryptocurrency operations in the UK due to the recent regulatory changes. PayPal, a major payments company, announced last month that it would temporarily stop its crypto services in the country until next year. Another platform, Luno, which is owned by Digital Currency Group (the parent company of CoinDesk), has also indicated that it will restrict some of its UK customers from making further investments through its exchange.

Bybit's choice to suspend its services in the UK is a response to the new rules introduced by the UK Financial Conduct Authority (FCA) concerning marketing and communications by cryptocurrency businesses. These regulations were outlined in the June 2023 Policy Statement (PS23/6) titled 'Financial Promotion Rules for Crypto assets.' Bybit has decided to proactively embrace these regulations, leading to the temporary pause in its services within this market.

🐦‍⬛ Three Black Crows

The "three black crows" pattern is a term used in technical analysis, especially in the context of candlestick charting. It's a pattern that consists of three consecutive long red (or black) candles, and these candles have very short or almost no shadows (the lines above and below the candlestick body).

What makes this pattern significant is that each new candle opens at or very near the same price as the previous one, but it closes much lower. This consistent downward movement in price is seen as a strong bearish signal by traders and analysts. In other words, it suggests a strong likelihood that the price of the asset will continue to decrease.