Crypto roundup: ‘Do nothing’, says Elon Musk about regulation; Bitcoin struggles to hold US$42K
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The crypto market is still chopping about indecisively, with Bitcoin breaking $US42K but failing to hold for long. Meanwhile, Elon Musk has some choice advice for US regulators.
The Tesla and SpaceX CEO was speaking at the Code 2021 conference in Beverly Hills, California, and, according to CNBC, said he believes the US government shouldn’t even try to regulate the cryptocurrency market.
When asked if he thought the likes of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) should do anything about crypto, he replied: “I would say, ‘Do nothing.'”
“It is not possible to, I think, destroy crypto,” he added. “But it is possible for governments to slow down its advancement.”
Perhaps Feb/March/April/May was just a crazy Elon Musk Bitcoin hype FOMO bubble (too high, too fast). And we now just flipped resistance into support (~40K-42K price line).
— Bit Harington (@bitharington) September 29, 2021
As for China’s latest market-tanking ban on crypto mining and crypto more broadly, Musk has a theory:
“Part of it may actually be due to electricity shortages in many parts of China,” he told New York Times columnist Kara Swisher on stage at the conference.
“A lot of South China right now is having random power outages, because the power demand is higher than expected. Crypto mining may be playing a role in that.”
“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralised government,” Musk added. “They don’t like that.”
On his last point, something about no excrement and a famous detective springs to mind. Still, The Dogefather’s “do nothing” is the advice of the day, week and entire pretty crappy month of September for crypto HODLers.
September is usually the worst month for crypto but don’t worry it’s almost over. Get ready for October and November which are the two best months for #Crypto
— XRPcryptowolf (@XRPcryptowolf) September 28, 2021
For a time today, Bitcoin (BTC) looked like it was making a solid upwards move, breaking US$42K again and reaching as high as US$42,648.
Yeah nah. At the time of writing, the OG crypto is chilling out once again at mid-41K levels, up just 0.56 per cent since this time yesterday.
There’s very little time left for it to hit analyst PlanB’s “worst case” US$43K+ projection for the end of September, although that’s definitely an imprecise, grain-of-salt kinda deal.
To be clear: "worst case"/floor model is NOT, I repeat NOT based on stock to flow (S2F), it is based on price and on-chain data (like I wrote in the June 20 tweet below). So, great that Aug closed >47k and Sep is now around 43k, but it says NOTHING about S2F. S2F says ~100k now. https://t.co/tj6SSwSzKR
— PlanB (@100trillionUSD) September 28, 2021
The overall crypto market cap, meanwhile, is also up about half a percent, sitting at US$1.29 trillion. Here’s an overview of some of the top coins at the time of writing. Nice and green, but nothing to get excited about. It’s still September, just, after all…