SEC FUD and Market Rally Next Week

We saw a lot of FUD over the last few days, regarding an SEC meeting to determine whether Ethereum and XRP would be classified as securities, which had a big impact on the cryptocurrency market. Bitcoin had been threatening to break the 10k barrier, XRP the $1 barrier and Ethereum was trading at over $800.

It now transpires that although they did have a meeting, the subject of a securities classification for Ethereum and XRP was not on the agenda, as can been seen from the following Hearing Charter;

As we can see, the subjects discussed at the hearing were "the potential and proven applications of blockchain and distributed ledger technology..." etc, so somebody, or a group of people, clearly wanted to drive the market down and they succeeded in what is still a market that is yet to mature and is still largely driven by psychology and fear.

A video of this meeting can be seen below (forward to 27.30);

On the subject of regulation, it appears that Goldman Sachs and many other interested parties are increasingly entering the crypto space and the SEC isn't going to spoil it for them, whilst relegating the US to the back of the queue in the race to attract Fintech investment and bockchain innovations.

On a more positive note, Tom Lee of Fundstrat, has stated that we should be in for a rally next week, as has been the case historically at the start of the Consensus conference;

The various projects have to pay huge fees to be part of this conference and they attend with the purpose of making announcements there, whilst seeking investments and partnerships and receiving publicity from the mainstream media that will be in attendance.