Daily crypto: Study shows that tether may have pushed up bitcoin price and $6,100 still holding

The U.S. Securities and Exchange Commission (SEC) held a public meeting on Wednesday.

During the discussions, it became clear that the authorities, although welcoming development and innovation in blockchain technology, are cautious when it comes to ICOs. Jay Clayton, Chairman of SEC, called blockchain technology incredibly promising and powerful, but argued that many ICOs should be considered as securities.

“That technology, people have used to apply to fundraising… We’ve had pretty clear rules on how to conduct fundraising when you’re offering securities. Much of what I have seen in the ICO or token or ICO space, is a security offering. I don’t know how much more clear I can be about it”, Jay Clayton said according to CCN.

No particular token, cryptocurrency or crypto business was discussed during the meeting.

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New study on tether

According to a recent study by professors at University of Texas, the cryptocurrency tether, said to be fully backed by US dollars, has been used to support the bitcoin price at times when the market was falling.

The study shows a clear connection between the issuance of new tether and an increase of the bitcoin price following steep falls, Coindesk writes.

$6,100 still holding

The last 24 hours saw bitcoin prices as low as $6,100. From there the price, however, bounced back up and recovered some.

RSI (relative strength index) is an indicator used in technical analysis to measure the velocity and magnitude of directional price movements. Generally, it’s said that an RSI below 30 indicates an asset being oversold. During Wednesday, the RSI of bitcoin reached below 28. This may have acted as support for $6,100.

Despite this, a bear trend is clear, and prices of around $5000 is not impossible, according to CCN.

Turning to the other cryptocurrencies, the major ones are seeing red figures. Bitcoin (-1,02%), ethereum (-0,93%) and ripple (-0,41%) have lost some value, while eos (+2,18%) gained some.

On the top 100, all sports (+20,89%) performed the best, whereas loom network (-8,12%) did the opposite, according to Coinmarketcap.

Prices the last 24 hours

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