Bitcoin and Ethereum are showing bullish momentum today after managing to hold support through the weekend. BTC is trading above the $20k level, and Ethereum managed to surpass $1,350. The global cryptocurrency market cap is at $961 billion, inching closer to $1 trillion. The short-term sentiment remains bearish, but there’s hope for a potential bull run later in the week as long as BTC holds above $20k.
This week’s big news is Kim Kardashian’s charges by the SEC for violating anti-touting laws when she promoted a cryptocurrency project deemed a security by the SEC.
After getting paid $250,000 for an Instagram post promoting a cryptocurrency project called EthereumMax, Kim Kardashian failed to disclose the amount she was paid for the promotion to the public. While the Instagram post did have a #AD that specified the post was promotional, Section 17(b) of the Securities Act of 1933:
“Makes it unlawful for any person to tout a stock without disclosing the nature and substance of any consideration, whether present or future, direct or indirect, received from an issuer, underwriter or dealer.”
Since the SEC considered EthereumMax a security, and Kim Kardashian effectively invited her followers to invest in the project, she should have disclosed the amount she was paid for the promotion.
The recent fine by the SEC is a reminder to all promoters and influencers that it might be a good idea to rethink the disclosure they provide when publishing sponsored content or advertisements.
A simple: “This post is sponsored” is no longer enough when promoting projects like ICOs or presales that could be considered a security in the eyes of the SEC. Instead, consider writing a full disclosure that mentions the amount you were paid for the promotion, the source of the payment, and whether you have any stake in the project.
Despite the recent story about the SEC’s crackdown regarding celebrities and icons promoting various projects, Bitcoin and Ethereum continue to inch forward as both crypto assets show bullish momentum.
Bitcoin is currently trading at $20,042, and Ethereum is at $1,350, with a 24-hour trading volume for BTC rising by over 17% in the past 24 hours, suggesting that market momentum is building.
Ethereum’s trading volume is slowing down, but the crypto asset shows bullish price action and is likely to continue throughout this week.
The current fear and greed index for Bitcoin is at 20 points, suggesting extreme fear in the market. Clearly, the crypto market is still in bearish territory, but it may have found substantial support at current levels.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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