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Bitcoin: Big dump coming that pushes BTC to $14K after rising over $20K first – Analysts take

If Bitcoin falls under the June lows of $17,500 it could further trigger a downside to $14,000.
Bitcoin miners have been selling throughout September, as a result, miners have sold around 8000 BTC this month.

After a short pullback above $20,000 earlier this week, the world’s largest cryptocurrency Bitcoin (BTC) continues to face selling pressure as well. As of press time, Bitcoin is trading at $19,272 with a market cap of $370 billion.
Although Bitcoin (BTC) has been currently holding up well against the volatility in the U.S. equity market, popular trade il Capo of Crypto said that Bitcoin might see a next squeeze higher thereafter turning back to major losses. Capo’s comments come in reference to the current geopolitical event of Russia’s annexation of four Ukrainian territories.
The crypto trader added that the current price action would take the form of a “pump to 20000-20500 before Putin’s speech. Then big dump”. As we reported previously, some analysts have been expecting the BTC price to go as low as $14,000. So far, Bitcoin has managed to maintain a healthy distance from the June 2022 lows of $17,500. However, if the U.S. equities extend the loss, BTC can drop below this year’s low and head to $14,000 levels.
However, market analysis outfit IncomeSharks has rather taken an optimistic stand for Bitcoin. IncomeSharks argued that bears have recently become less confident about shorting BTC. In a Twitter message on Thursday, IncomeSharks noted:
#Bitcoin selling pressure has slowed a lot. It’s amazing how quickly we can see moves up now. It use to feel like it was weighted down. Now it feels like the wind blows and it moves. Bears seem a little more cautious shorting, a shift from the euohoria they were experiencing.
Bitcoin miners sold throughout September
As Bitcoin continues to stay under $20,000 miners have come under major stress of covering their operational costs. The on-chain data shows that there have been large outflows from miner wallets this month.
As per the data from Glassnode, the total monthly sales of miners have shot to 8,000 BTC in the month of September. Thus, Bitcoin miners have been selling more than what they have been earning on a monthly basis. Joe Burnett, head analyst at Blockware Solutions said:
Bitcoin miners have continued to watch margins compress – the price of bitcoin has fallen, mining difficulty has risen and energy prices have soared.
Courtesy: Glassnode
If Bitcoin continues to fall in line with global macroeconomic factors, miners could face further struggles. During the latest difficulty adjustments on September 28, the Bitcoin mining difficulty dropped by 2.14 percent.
At the same time, Bitcoin’s long-term profitability has declined to a four-year low at levels last seen in December 2018. As per data from Glassnode, Bitcoin holders have been selling their tokens at an average loss of 42 percent.
Courtesy: Glassnode
These long-term holders currently have a cost basis of $32,000, meaning the average buying price of these holders is above $30,000.

These crypto projects will bring maximum profit in the next bullrun – Analyst shares portfolio

Bankless sees GameFi as a platform capable of aiding the widespread acceptance of NFTs.
Bankless in its report, hinted that it created the list for investors to keep an eye on them.

Amidst the prevailing bear market, popular crypto finance platform, Bankless, has highlighted several digital projects capable of bringing maximized profits in the next bull run. Bankless in its report, hinted that it created the list for investors to keep an eye on them. According to the platform, it remains optimistic that the crypto industry will bounce back from its lingering downturn.
Bankless features layer_2 scaling platforms, DeFi projects, and Web3 social protocols in its list
Notably, layer-2 Ethereum scaling platforms Arbitrum and Optimism (OP) made the list of the projects tipped by Bankless to boom in the next bull market. According to the crypto finance platform, it has continued to monitor the path of those projects, particularly Arbitrum, which is posed to launch its native token soon.
Bankless further mentioned Cosmos (ATOM), an interoperable blockchain project as another to boom soon. The platform, in its report, maintained that ATOM possesses the tendency to grow rapidly. This, as reported, is not unconnected to its numerous upgrades and projects lined up in the near future. ATOM aims to integrate another major upgrade in January 2023 to strengthen and streamline its network’s security.
Worth noting that the decentralized finance sector also made the list. Bankless says it is keenly monitoring the sector. According to the crypto finance platform, the DeFi sphere is poised to witness a resurgence by late 2022 or early 2023, owing to the increasing expansion of options protocols and DeFi for NFTs.
Bankless added that options protocols enjoy considerable momentum. As revealed, the protocols, particularly Dopex, Lyra, and Premia, usually benefit from the increased capacity availed by layer-2s. Notably, Bankless predicts the growth of these protocols in the next future, “as options become a more significant part of crypto market structure.”
Interestingly, Bankless also tipped Web3 social platforms as projects capable of witnessing huge growth. According to the crypto finance platform, these platforms tend to grow owing to their unwavering resistance to censorship. It wants investors to keep an eye on protocols like, Lens, as well DeSo in the coming months. Worth noting that DeSo runs as a layer-1 platform, “specifically designed to host blockchain-based social applications.”
Lastly, the platform recognized crypto gaming platforms (GameFi) as another sphere with remarkable potential. Notably, it acknowledges the milestones recorded in GameFi courtesy of play-to-earn games like Axie Infinity, STEPN, and Sweatcoin. Bankless sees GameFi as a platform capable of aiding the widespread acceptance of NFTs.

VeChain is set up for a $4 trillion metaverse market with ExoWorlds and other partnerships – Investment chance?

Source: Den Rise Shutterstock

The team behind the project has also launched VeChainHasNFTs, an all-inclusive community meant to advance the interest of the VNFT ecosystem.

With the expectation that the total addressable market for the metaverse could reach $8 trillion to $13 trillion by 2030, this move could open the way for more Investment. 

As a blockchain platform designed to enhance supply chain management and business processes, VeChain has for the past few months sealed several high-profile partnership deals with industry-leading firms. According to a recent report, VeChain has been set up for the metaverse with the likes of ExoWorlds and other partnerships. With the expectation that the total addressable market for the metaverse could reach $8 trillion to $13 trillion by 2030, this move could open the way for more Investment.
VeChain is one of the leading blockchain platforms that are scalable enough to serve the $4 trillion market. The team behind the project has also launched “VeChainHasNFTs”, an all-inclusive community meant to advance the interest of the VNFT ecosystem. According to their latest report, there is a giveaway in the pipeline once their targeted milestone is achieved.
The #VeChainHasNFTs Road to 500 is ON! When milestones are hit, the giveaways will drop! Winners will get to select the NFT of choosing from our prize vault!
VeChain processes over 700k transactions for Walmart
VeChain recently sealed a partnership deal with the china-based subsidiary of Walmart to build a blockchain traceable platform on VeChainThor. The company disclosed in a tweet that it has processed over 700,000 transactions in 3 hours for Walmart. 
In just over 3 hours, #VeChain has pumped out almost 700k transactions for the biggest company in the world (Walmart).
No spam, no token shuffling, real world, economically beneficial on-chain activity for 1 company, with thousands to come. $VET is the future of #blockchain.
To come up with a trade solution for the food and beverage industry, VeChain has also partnered with ASI Group and DNV GL. It has also sealed a partnership agreement with the UFC. With this, it will receive the integration into the “premier UFC assets of any sponsor in UFC history.” In addition, they would collaborate on custom and original content involving UFC talents and athletes.

IOTA Identity Manager allows millions of businesses and organisations to access the IOTA identity protocols

Source: Morrowind – Shutterstock

Tangle Labs Identity Manager will provide all necessary tools for easy access to IOTA’s identity protocols.
It also makes it easy for developers to deploy self-sovereign identity (SSI) for users to transfer digital data at the highest level of trust.

Earlier this week, Tangle Labs, a platform that builds digital identities on IOTA, made a major announcement with its Identity Manager. Tangle Labs claims that its identity manager will allow businesses and organizations to get easy access to the IOTA identity protocols.
IOTA launched its decentralized Identity protocols to have complete control over one identity also called the self-sovereign Identity (SSI). These solutions aim at offering security against database breaches or the case of lack of trust in any digital setting.

🔥NEW RELEASE🔥@Tangle_Labs Identity Manager allows businesses and organisations the easiest entry into the IOTA Identity protocols.
Open-Source tools for anyone to get setup and using Identity on @iota main net in minutes.
Identity will be the first 1million users on #IOTA
— Tangle Labs (@Tangle_Labs) September 26, 2022

On September 26, Tangle Labs released the latest version of its open-source Identity Manager Libraries. As said, the goal is to provide easy access to development tools for businesses to build their decentralized identities on IOTA. These tools will also offer full exposure to the features in a simplified manner.
With its Identity Manager product, Tangle Labs seeks to make it easy for new developers to manage their identities without any technical challenges. As Tangle Labs notes:
By producing an accessible, open-source wrapper library, Tangle Labs provides any business or development team the opportunity to easily explore SSI and to test and prototype solutions that can bring added value to your business.
With an increasing interest in the future of identity online, and with SSI being at the forefront of research for major institutions and organisations, Identity Manager provides the opportunity for any business to get ahead of the game in developing novel identity solutions specific to your use-case.
More about Self-Sovereign Identity
Millions of MBs of digital data are being transferred across the web on a daily basis. However, users rely mostly on centralized platforms that facilitate these data transfers. Self-Sovereign Identity (SSI) provides freedom from this dependency and fosters trust in transferring digital data.
The user has the discretion on what information is being shared and with who it’s shared. Here, the recipient can quickly check the authority and legality of the shared information electronically. The SSI involves the use of cryptographic tools like zero-knowledge proofs, public-key cryptography, and distributed ledger technologies. Thus, two unknown parties can share digital information with a high level of trust.
SSI also makes data-sharing safer and simpler. It also saves money and time for businesses and government organizations using them.
With the most complex decentralized identity libraries, it could be a challenge to navigate through the IOTA Identity protocol. The Identity Manager from Tangle Labs seeks to ease up this complexity and make it easy to deploy the SSI solutions.

Big Adoption: Trillion-dollar company to accept Bitcoin, Ethereum, XRP, and crypto for payments

Source: Eames Bot – Shutterstock

Telefonica now accepts crypto payments for products on its tech marketplace.
Several other popular brands have been diversifying their payments system to embrace new technologies.

As crypto adoption keeps rising, several companies globally have started embracing crypto payments as an additional payment method. Per multiple reports, Telefonica (the largest telecom firm in Spain) has announced that it now accepts crypto payments, including Bitcoin, from those willing to use that payment option to purchase products on its tech marketplace.
The reports further said Bit2Me (Spain’s biggest crypto exchange) provided the crypto payment feature for Telefonica while the company activated the crypto purchases on (its online marketplace). In addition, Telefonica has become a part of Bit2Me. However, the full details regarding Telefonica’s investment in Bit2Me aren’t known yet.
In other related news, Telefonica also disclosed that it had agreed on a partnership deal with the software firm, Qualcomm, to explore commercial opportunities in the metaverse space. According to the official statement, the first joint deal between the firms was the launch of XR/metaverse-related products and services earlier in the week. The statement further said the deal offers the chance to provide new customer experiences through the merger between the analog and digital worlds, re-imagining communication, commerce, and entertainment in the metaverse sector.
It is worth noting that the Spanish telecom firm has its NFT marketplace built on the Polygon blockchain with integration with crypto wallet, MetaMask. Some creators have been using Telefonica’s NFT marketplace to issue their NFTs quickly. It isn’t the first time Telefonica will be exploring blockchain technology.
Three years, the company launched a program supporting startups that uses blockchain technology and artificial intelligence (AI). Two years ago, Telefonica, Vodafone, and Deutsche Telekom partnered to trial a blockchain-built solution for settling roaming discount agreements. The three telcos hoped that the solution would lower telcos’ capital costs, enhance settlement for their inter-company workflows and improve revenue recognition.
Top companies are accepting crypto payments
Recently, most top brands have been diversifying their payments system to adopt the new blockchain technology. Thus, they can provide better payment experiences for their customers. In May 2022, luxury fashion firm, Gucci, disclosed that it would start accepting crypto payments in some of its stores globally.
Within the same period, women’s fashion firm, Balenciaga, also revealed that some of its select outlets would start accepting Bitcoin and Ethereum payments. In June, Chipotle (the top Mexican restaurant chain) announced that it would begin receiving crypto payments. Recently, Chipotle celebrated Ethereum’s successful switch to a proof-of-stake network by announcing a 99.95 percent discount on all its steak bowls.
Ethereum’s merge upgrade means that the network would utilize 99.95 percent less energy than when it was a proof-of-work network. Some educational institutions have also joined these popular brands in accepting crypto payments. In October 2021, the premier business school, Wharton, announced that it would start accepting Bitcoin payments for tuition fees. The school announced that it plans to accept other cryptocurrencies with time.

BREAKING for Ripple: SEC has to turn over documents – Is the case coming to end and will pump XRP to $10?

The court overruled SEC’s decision of withholding the draft of the 2018 Hinman speech which could unlock a pot of gold for Ripple.
The XRP price shot 12 percent straight with the Ripple community expecting the case settlement to happen soon.

In a major breakthrough for Ripple in its legal battle with the SEC, U.S. District Court Judge Analisa Torres overruled the SEC’s attempt to withhold the documents of Hinman’s speech. These documents relate to the speech delivered by former SEC chairman William Hinman at the Yahoo Finance All Markets Summit in June 2018.
In its speech, Hinman noted that the Ether (ETH) cryptocurrency is not a security. Ripple Labs has referred to this speech as its defense and a key piece of evidence to prove that the sales of Ripple’s XRP back in 2013 were not violating the securities laws. However, it still remains to be examined whether the language used by Hinman in his speech is of any use to Ripple. The letter filed by Judge Torres on Thursday, September 29, notes:
The Court has reviewed the remainder of the thorough and well-reasoned Orders for clear error and finds none. Accordingly, the Court OVERRULES the SEC’s objections and directs the SEC to comply with the Orders.
Judge Sarah Netburns also stated that the email drafts of the speech haven’t been protected by the deliberative process privilege, as claimed by the SEC. The SEC later claimed attorney-client privilege over the process, however, Judge Netrburn overruled that as well.
Ripple community celebrates, XRP shoots 12%
Soon as the news broke out on Thursday, the Ripple community celebrated the development. Many in the crypto space believe that Ripple is edging closer to the win against the SEC and this could be huge for the overall crypto market. Attorney John Deaton who has been closely following the case stated:
This is why the crypto market should be thankful @Ripple is fighting this case. If you add up the legal fees Ripple has paid to finally get a ruling from Judge Torres it is likely $2-3 million and they still don’t have the documents. Next step: SEC asks to certify or Mandamus.
Note that this is not the final ruling in the case. However, the development could bring the final ruling closer. The U.S. Securities and Exchange Commission (SEC) filed the lawsuit back in December 2020 and it is nearly two years of court trials now. Ripple CEO Brad Garlinhouse has been very confident that this company will emerge victorious in the ongoing legal battle.
Soon as the news came on Thursday, investors flocked to XRP taking its price higher by 12 percent in the last 24 hours. As of press time, XRP is trading at $0.48 and has a market cap of $24.4 billion. Amid the news of positive developments over the last few weeks, the XRP price has surged more than 50 percent over the last month.

Shiba Inu biggest position for Ethereum whales holding more than $139M – Will SHIB price explode?

Ethereum Whales double down on Shiba Inu buying despite the crypto winter encouraged by discounted prices and the Impressive growth of the Shiba Inu ecosystem driving up demand.
The $0.000013 and $0.000017 ranges remain key resistance areas for the SHIB community.

Despite the ongoing crypto winter significantly pummelling cryptocurrency prices, Ethereum whales seem not to be feeling all that cold and continue to double down on Shiba Inu.
According to the latest data from WhaleStats, the top 5000 ETH whales are currently holding SHIB with a combined value of $139,721,341 while the top 100 ETH whales hold SHIB with a combined value of $138,166,023 -a stark revelation that the world’s second-largest meme cryptocurrency is the most preferred alternative investment for ETH whales in its category.

🐳 The top 5000 #ETH whales are hodling
$139,721,341 $SHIB$132,305,016 $LOCUS$86,690,125 $BIT$62,431,668 $STMX$61,874,526 $UNI$55,848,142 $MKR$55,443,311 $LINK$40,088,395 $MANA
Whale leaderboard 👇
— WhaleStats (tracking crypto whales) (@WhaleStats) September 28, 2022

Despite the impressive value of their holdings, these whales have significantly reduced the size of their SHIB in the past 30 or so days. For instance, on August 22, the top 5000ETH whales held SHIB worth $159,673,102 while the top 100ETH whales held $151,728,733 worth of the meme coin as of August 30. This reduction came in the wake of the token’s price plummeting by over 31 percent following a relief rally triggered by the price breaking above the $0.000013 psychological region.
Comparing SHIB to its main rival Dogecoin, as well as other cryptos like Solana, Cardano, Ethereum, and Bitcoin, SHIB is still the largest loser in the category, shedding around 87 percent since tapping its all-time high. However, apart from an attractive ecosystem growth, these discounted values seem to have stoked ETH whales who have started buying up the token again.
This week, ETH whale activity revolving around SHIB saw an uptick with WhaleStat reporting that SHIB flipped BAT to become the most traded token among the top 100ETH whales on Wednesday. On the same day, the website tracked an ETH whale called “Gallion” who bought Approximately 270,772,472,924 SHIB.
Moreover, the number of SHIB holders has been growing at an impressive rate. In the past month, 105,374 new HODlers have been added bringing the total number to 2,185,362 according to data from CryptoEye.
Technically, although the SHIB chart remains bleak, the continued purchase by whales could push the price above $0.000013 before sending the cryptocurrency towards its august high of $0.000017. A break above that area could easily set up SHIB for a mega bull run towards $0.000034.
Shiba Inu is a meme token that began as a fun currency and has now transformed into a decentralized ecosystem. The cryptocurrency ranks 14th among the largest cryptocurrencies by market capitalization and is the fourth largest cryptocurrency held by ETH whales behind ETH itself, stETH, and stablecoins.

This altcoin exploded 120%, will it continue to rise in October? Analysts take

Terra Classic’s (LUNC) over 100 percent rally in September has forced analysts to look into how October could be for the cryptocurrency.
The recent 1.2 percent burn tax on LUNC has caused the price of the altcoin to shoot higher this week.

While the broader cryptocurrency market continues to exhibit strong volatility, altcoin Terra Classic (LUNC) has shown a strong price rally this week. The LUNC crypto has rallied more than 100 percent over the last month despite considerably correcting from its monthly high on September 9.
Despite the collapse of the Terra ecosystem earlier in May, the Terra Classic (LUNC) remains one of the most heavily traded altcoins in the market. LUNC remains among the top-ten most-traded cryptocurrencies with daily trading volumes close to $750million.
However, the bigger question here is whether LUNC will continue with the price rally. Popular crypto trader and analyst Altcoin Sherpa has put a red flag suggesting a massive fall in the price.
In a Twitter message to his more than 183,000 followers, Sherpa said that the price of LUNC is “going to nuke” eventually. He also added that he can only buy LUNC for very short only if it falls to the key Fibonacci levels of 0.5 (50%) and 0.618 (61.8%). In his Twitter message, Sherpa wrote:
Still a massive shitcoin, I would only long at the .50 and .618 as scalps. Look higher for any potential shorts; this one is going to nuke to hades eventually. Dont buy this for the long term IMO.
Note that the founder of Terra Classic – Do Kwon – is currently in search of Interpol. The South Korean prosecutors have issued an arrest warrant for Kwon over the collapse of the Terra ecosystem which eroded more than $60 billion of investors’ wealth.
Why is LUNC rallying this week?
Earlier this week on Tuesday, the LUNC price shot up as there were reports of burning the excess LUNC supply. Lithosphere network core developer KaJ Labs is planning to burn 2.5 trillion LUNC along with the Jot Art Finesse NFT collection and mixed RPG play-to-earn “Finesse” gameplay.
Note that the current supply of Terra Classic (LUNC) is 6.8 trillion. The community is planning to reach 10 trillion with the 1.2 percent tax burn or other burn mechanisms. So far, 6.6 billion LUNC tokens have been burnt. Of them, 2.3 LUNC have been burned through tax, and the other 4.3 Billion by sending to the burn address.
Some of the world’s largest crypto exchanges including Binance, Huobi, KuCoin, Kraken, and others have extended their support to the community with the burn mechanism.
With the recent 1.2 percent tax burn initiated by Binance, the daily burning rate of LUNC has reached over 450 million LUNC tokens. this was the major reason behind the rally in the price of Terra Classic (LUNC) this week.

Ethereum: Appetite from institutional investors for ETH explodes and price will moon – Bitmex CEO

The BitMEX CEO said that while retail has been selling currently institutions have continued with ETH and crypto purchase.
He also added that Ethereum’s PoS transition will continue to attract more institutional players in the upcoming years.

Although the ETH price has come under significant selling pressure in recent weeks, BitMEX CEO remains optimistic citing huge institutional interest. During his recent interview, BitMEX CEO Alexander Höptner said that the institutional appetite for Ethereum (ETH) and crypto continue to grow despite the bear market.
Speaking at the Token2049 conference in Singapore on Sept. 28, the BitMEX executive said that there’s not a single hint of slowdown for the institutional push in crypto. He added that finance industry players typically see these bear markets as opportunities for innovation. The bear market provides them the luxury of time which is not possible in the bull market.
Höptner said that financial institutions participate for a long-term horizon and thus they will be buying and holding crypto assets. He also pointed out the opposite behavior between retail and institutional players in the current bear market conditions. While retail players are pulling out, institutions are still making a push. The BitMEX CEO said:
I think that the institutions are making themselves ready now to provide the services and retail will come back and push it up again.
Institutions bullish on Ethereum
Earlier this month, the world’s second-largest crypto platform Ethereum underwent the biggest software upgrade – Merge – in the history of crypto. With the Merge, the Ethereum blockchain completely transitions to a Proof-of-Stake (PoS) blockchain which makes it more scalable, efficient, cost-effective, and environmentally friendly.
As the Ethereum 2.0 blockchain satisfies the Environmental, Social, and Governance (ESG) concerns, the BitMEX CEO is confident that it will further attract institutional interest. In reference to the recently deployed Merge upgrade, Alexander Höptner said:
This is the ideal public event to build financial products for ESG conformity. Institutions can offer products that are really for a wide audience once again while checking one of the boxes that they have for their compliance.
BitMEX co-founder Arthur Hayes has been very bullish on Ethereum and believes that the Ethereum (ETH) price can touch more than $3,000 by the end of the year. This is despite the monetary tightening happening in the U.S. The BitMEX executives think that the demand for Ethereum (ETH) will continue to rise despite the macro conditions.
On-chain data for Ethereum
The on-chain data for Ethereum (ETH) also has positive indicators for Ethereum. As per data from IntoTheBlock, the total number of ETH addresses created daily has been growing this week.
Courtesy: IntoTheBlock
Also, data provider Santiment noted that the ETH accumulation by whale addresses has continued to grow over the years. It states: ” #Ethereum‘s top 10 non-exchange and top 10 exchange addresses collectively hold ~32M $ETH, double what they held 4 years ago. The top 10 non-exchange addresses now hold 23.3M $ETH, compared to top 10 exchange addresses holding 8.6M”. 

Bitcoin (BTC) price will explode once CFTC offers a clear framework – Rostin Behnam

According to CFTC Chairman Rostin Behnam, the provision of a regulatory framework would make way for incumbent institutions to experience institutional inflows.

Recently, the leaders of the Senate Agriculture Committee proposed a bipartisan bill that could see the CFTC become the regulator for the crypto industry. 

The United States has been making efforts to regulate the crypto industry with a couple of bills submitted to Congress awaiting approval. For the past couple of years, the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have been claiming responsibility for the crypto market.
According to CFTC Chairman Rostin Behnam, the crypto industry could benefit from a CFTC-led regulation. He believes that this could remove all regulatory uncertainties and restore investors’ confidence. In this case, Bitcoin could double its price.
Growth might occur if we have a well-regulated space. Bitcoin might double in price if there’s a CFTC-regulated market.
Behnam is known for his constant calls for regulatory clarity for market participants. According to him, the provision of a regulatory framework would make way for incumbent institutions to experience institutional inflows.
Non-bank [crypto]institutions thrive on regulation, they thrive on regulatory certainty, and they thrive on a level playing field. And they may say otherwise, they might bicker about the type of regulation – but what they love most is regulation because they are the smartest, the fastest, and the most well-resourced. With those attributes, they can beat everyone else in the market.
CFTC is set to be given control over the crypto industry
Recently, the leaders of the Senate Agriculture Committee proposed a bipartisan bill that could see the CFTC become the regulator for the crypto industry. In this case, its authority would extend to the crypto spot markets.
This means all crypto trading firms would have to register with the agency. Behnam believes that the bill that would allow cash-strapped agencies to impose levies should be well considered if the CFTC wants to regulate the industry. 
For now, the dual issues of jurisdiction over the crypto industry as well as its allocated budget do not help CFTC effectively deal with crypto crime. According to him, the over 60 cases received is just a tip of their abilities, and even that, they had to rely on whistleblowers, customer complaints, and tips. He further disclosed that they do not have the traditional surveillance tools, and market oversight tools to effectively monitor the various trading platforms. He believes that these are serious challenges that nullify their effort. 
We are [currently]appropriated money by Congress, and it has put us in a position where we feel like we’re constantly on edge about how much money we will be appropriated. We are still feeling the wounds and scars from about five or six years of flat funding.