CFTC Says Regulation Will Help

Main Takeaway: Crypto Markets Up 3% On Positive Regulatory Messaging

A slew of bullish messages from current and former US financial regulators including CFTC Chairman Rostin Behnam and former Treasury Secretary Lawrence Summers regarding the impact of more transparent regulations have boosted crypto prices d-o-d. Their main message was that crypto regulation under CFTC could double BTC prices and Lawrence Summers said that regulation could be an enabler for the industry.

However, back-and-forth messaging and fighting between CFTC and the SEC will continue to put downward pressure on the industry and force cryptocurrency, Web3, blockchain, and metaverse activity away from the United States and into other global jurisdictions more favorable.

Despite the bear market, investment trends into GameFi, metaverse, and certain Web3 industries are still strong.

Today’s Top Gainers

The top five performing coins on Phemex d-o-d are Ethernity (ERN/USDT), Highstreet (HIGH/USDT), League of Kingdoms (LOKA/USDT), Ellipsis X (EPX/USDT), and Synthetix (SNX/USDT).