cryptos

Cryptos Pare Midweek Gains, Hold In Positive Territory

Posted Thursday, June 3, 2021 by
Shain Vernier • 2 min read

It has been a challenging morning for cryptos, with prices retracing from an early rally. At press time, Bitcoin BTC (+2.76%), Ethereum ETH (+2.46%), Ripple XRP (+1.03%), and Litecoin LTC (+1.79%) are all up modestly. Tron (+2.75%) and Polkadot (+9.62%) are also in the green, with Dogecoin (+1.0%) lagging the group.

Billionaire Tesla CEO Elon Musk is in the news again, this time drawing fire from the U.S. Securities and Exchange Commission (SEC). In a report from the Wall Street Journal, the SEC is growing increasingly frustrated with Musk’s Twitter feed. From August 2019 and June 2020, the SEC sent Tesla three harshly-worded letters regarding oversight of Musk’s Twitter antics.

The dispute stems from a Tesla/SEC 2018 settlement, which claimed Musk committed fraud via Twitter ahead of Tesla’s IPO. According to the WSJ, the SEC got after Tesla back in May 2020 with some aggressive language:

“Tesla failed to enforce procedures and controls despite repeated violations by Mr. Musk. Tesla has abdicated the duties required of it by the court’s order.” 

Given these new disclosures, it appears as though Elon Musk is definitely on the SEC’s radar. For cryptos, any enforcement on the 2018 tweets for Tesla’s IPO will set a powerful precedent. Musk has been an active proponent of Dogecoin and Bitcoin; if he is prosecuted by the SEC for committing fraud on Twitter, the days of pumping cryptos via tweet will be over.

Cryptos Weaken As Thursday Session Moves On

Over the past six months, Tron (TRX/USD) has exploded in popularity. Now, prices are looking up at $0.10 and appear ready to press higher.

TRX/USD

Overview: Right now, the best way to describe the pricing of cryptos is “cautiously optimistic.” Tron is no different, with bidders stepping in heavily at the $0.05 level two weeks ago. However, the TRX/USD rally appears to have stalled as daily trading ranges continue to tighten. Until we see TRX take out $0.10, ETH move past $3,000 and Bitcoin spike above $40,000, I will remain skeptical of this week’s bull run.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments