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Ethereum Classic (ETC) and other cryptocurrencies have had a very rocky price action over the past few weeks following crackdown actions by the Chinese government on the crypto space and Tesla’s decision to stop accepting Bitcoin as payment.
Meanwhile, the United States financial authorities are taking a more active stance in regulating the cryptocurrency industry as concerns for investor protection grows.
The new government stance is a break away from the Trump administration’s, which was generally friendlier to the crypto industry. However, these efforts could take a while to produce meaningful progress as US regulators parse who has the legal authority to oversee this volatile industry.
In a recent interview with the Financial Times, Michael Hsu, the acting Comptroller of the Currency, noted that he is hopeful that the US officials work cohesively to develop a “regulatory perimeter” for cryptocurrencies.
Hsu stated that:
“It really comes down to coordinating across the agencies,” said Hsu, who heads the Treasury Department bureau that oversees national banks. “Just in talking to some of my peers, there is interest in coordinating a lot more of these things.”
The US has organized a meeting of an inter-agency crypto “sprint team,” involving the office of the Comptroller of the Currency, the Federal Reserve, and the Federal Deposit Insurance Corporation.
According to Hsu, the objective of this team is to “put some ideas in front of the agencies to consider” as they try to keep up with the ever-growing crypto industry.
Key Ethereum Classic Levels to Watch — May 31
After breaking out of its recent descent in the previous market crash, Ethereum Classic fell into a prolonged consolidation between $80 and $70. However, after a few days, ETC fell below the consolidation range and entered another consolidation range between $70 and $60.
The cryptocurrency faces the task of climbing back above the 200 SMA at $68.50 over the coming hours. While we could see a modest bullish rally emanate from a break above the 200 SMA line, failure to break would send ETC into more consolidation and lower consolidation areas.
Meanwhile, our resistance levels are $70.00, $75.00, and $80.00, and our support levels are $65.00, $60.00, and $55.00.
Total Market Capitalization: $1.62 trillion
Ethereum Classic Market Capitalization: $7.91 billion
Ethereum Classic Dominance: 0.49%
Market Rank: #19
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