EOS price analysis: EOS/USD butchers its way past key support areas, Jesse Powell, CEO of Kraken considers Registering with SEC as an ATS
|- “We would probably get registered as a broker-dealer and then an ATS…” reckons Powell.
- EOS price is hanging on to the support provided by the 61.8% Fibo.
EOS is one of the biggest losers in the crypto market today, plummeting by over 11% on the day. In the past few days, EOS/USD has rejected several key support areas at $18.00, $16.00 and $14.00. The price is supported at $12.00, however, the cryptocurrency could continue to correct lower as we head to the close of the session on Wednesday.
The Consensus Conference is ongoing in New York, and this year it has been attended by over 8,000 people up from 2,700 who attended the conference in 2017. While speaking at the conference the CEO of Kraken exchange, Jesse Powell said that the platform will ‘probably’ register with the United States Securities and Exchange Commission (SEC). He said this is due to the constant crackdown by regulators into crypto exchanges. In his speech Jesse Powell said:
“We would probably get registered as a broker-dealer and then an ATS. I don’t think it necessarily helps the business. I think we’re doing everything right anyway.”
SEC defines an Alternative Trading System (ATS) as a ‘trading system that meets the definition of “exchange” under federal securities laws but is not required to register as a national securities exchange if the ATS operates under the exemption provided under Exchange Act Rule 3a1-1(a).’
Regulation is a huge subject and sensitive one in the crypto market, therefore, let us focus on what matters now: EOS price analysis.
EOS price has is currently being supported by the 61.8% Fib retracement level with the last swing high of $22.5 and a low of $5.88 close to $12.00. EOS/USD is psychologically eyeing $14.00 but $13.00 is a hurdle to the upside. Indicators on the 4-hour chart show that the sellers have the upper hand. However, if the immediate support fails to hold, other support zones include $11.5 and $10.00 respectively.
EOS/USD 4-hour chart
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