WARNING: Lawmakers are KILLING CRYPTO 🗡🗡

Boxmining

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Cryptocurrency markets are falling due to extremely bearish sentiment and US Lawmakers. Lawmakers are bent on trying to kill crypto- The SEC is calling everything a security (apart from Bitcoin). Pres...

Cryptocurrency markets are falling due to extremely bearish sentiment and US Lawmakers. Lawmakers are bent on trying to kill crypto- The SEC is calling everything a security (apart from Bitcoin). President Joe Biden is trying to impose capital gains tax with anti "washing" mechanics targetting crypto. Finally, a new cryptocurrency mining tax is being proposed to tax Bitcoin miners. 0:00 Intro 1:51 Stocks are in Trouble 2:45 Silvergate collapse Fallout 3:45 Biden's terrible crypto policies 7:16 Kucoin sued - ETH a security? ●▬▬▬▬▬▬▬Recommendations▬▬▬▬▬▬▬● 📖 Guides, tutorials and insights: https://boxmining.com/ Recommendation List: https://www.cryptoatlas.io/Boxmining 🌼Buy & Sell Bitcoin: https://join.swissborg.com/r/michaeOQZM 🔒Hardware Wallet: http://boxmining.co/ledger 👍🏻Brave Browser: http://boxmining.co/brave 📲Binance Exchange : http://boxmining.co/binance ●▬▬▬▬▬▬▬▬▬▬Community▬▬▬▬▬▬▬▬▬● Boxmining clips: https://www.youtube.com/channel/UCjFy3VBgOZanySOLhQu6GaQ Boxmining News Website: https://www.boxmining.com/ Telegram Group: https://t.me/BoxminingFam ●▬▬▬▬▬▬▬▬▬▬▬Social▬▬▬▬▬▬▬▬▬▬▬● Twitter: https://twitter.com/boxmining Discord: https://discord.gg/9qCpqpZm8G Facebook: https://www.facebook.com/boxmining ●▬▬▬▬▬▬▬▬▬▬Disclaimer▬▬▬▬▬▬▬▬● I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video.

AI Analysis

The crypto market is currently experiencing a severe downturn, with Bitcoin, Ethereum, and altcoins all bleeding out, largely due to aggressive actions by the US government and broader economic instability. Lawmakers seem intent on stifling the crypto industry through new taxes and regulations, which is creating extreme bearish sentiment. Despite this onslaught of negative news, Bitcoin has surprisingly held above the $20,000 mark, which is a key level to watch.

Here’s a breakdown of the key factors impacting the market:

* Current Market Conditions:
* Cryptocurrency prices are plummeting, with major assets like Bitcoin and Ethereum seeing drops of 5-6% or more, and altcoins following suit.
* Market sentiment is extremely negative, and there's a strong sense of fear and bearishness among investors.
* Interestingly, even with all the bad news, Bitcoin has managed to hold above $20,000, which is considered a significant support level, indicating some resilience despite the overwhelming negativity.
* Despite the widespread panic and "crypto crash" headlines, the presenter personally feels that now might actually be a good time to dollar-cost average (DCA) into the market, buying small amounts regularly.

* The Stock Market's Influence:
* The crypto market is highly intertwined with the traditional stock market, meaning what happens in stocks directly affects crypto.
* Currently, stock markets like the Dow Jones and NASDAQ are in "fear mode" and falling.
* This decline is paradoxically linked to positive recent labor data, such as historically low jobless claims. While seemingly good, this data leads to concerns that the Federal Reserve will accelerate interest rate hikes, which generally dampens investor enthusiasm and hurts markets.

* Banking Sector Troubles:
* The collapse of Silvergate, a major crypto-friendly bank, has sent shockwaves through the financial system, creating widespread fear.
* This fear isn't confined to crypto-focused institutions; it's spreading to larger, established banks like Silicon Valley Bank and Credit Suisse, which have experienced massive single-day sell-offs and "bank runs."
* The worry is that if specialized banks like Silvergate can collapse, bigger banks might also be vulnerable, causing investors to pull their money out.
* Banks are responding by selling off assets, which the presenter views as a worrying sign that underlying financial conditions might not be as stable as they appear.

* Biden Administration's Policies Targeting Crypto:
* Proposed Capital Gains Tax Hike: The Biden administration is proposing to double the capital gains tax in the US to 40%. The presenter finds this idea completely nonsensical, arguing that such a high tax rate discourages investment and economic growth. They compare it to Hong Kong's zero capital gains tax, which actively encourages people to invest their money, acknowledging that investors should be rewarded for taking risks. Forcing a 40% tax on investment gains makes no logical sense if the goal is to foster investment.
* New Crypto Mining Tax: There's a proposal for a 30% tax on electricity used for crypto mining. The presenter sees this as a direct attempt to drive crypto miners out of the US. They argue that mining is a global activity that can be done anywhere, so imposing such a high tax simply incentivizes miners to relocate to more favorable jurisdictions. This policy is seen as incredibly shortsighted and damaging to the US's competitiveness in the crypto space.
* The presenter believes the administration is targeting the crypto industry because "crypto bros" are seen as easy targets who have recently gained wealth and lack the strong lobbying power of other major industries.

* SEC's Aggressive Stance and Regulatory Chaos:
* Gary Gensler, the SEC Chairman, is perceived as being "hell-bent on completely destroying crypto," asserting that "everything but Bitcoin is a security."
* Ethereum as a Security? Following the SEC's narrative, the New York Attorney General is now suing KuCoin, explicitly listing Ethereum as an unregistered security being offered on their platform. This is a significant development, as Ethereum is the second-largest cryptocurrency.
* Regulatory Turf War: The presenter highlights the massive confusion and conflict between the SEC, which labels most cryptocurrencies as securities, and the CFTC (Commodity Futures Trading Commission), which often considers them commodities. They describe this as a "big mess of really just egos," where different government departments are vying for jurisdiction over crypto. The underlying motivation is the potential for huge future revenue gains through issuing and selling licenses once a regulatory framework is established.
* Challenging the SEC: A surprising moment occurred when a judge cleared Binance US's acquisition of Voyager accounts, effectively ignoring the SEC's argument that Voyager was selling unregistered securities. The presenter views this as a positive sign, with the judge essentially telling the SEC to stop overreaching and "waving that stick," suggesting their arguments aren't always compelling.
* Ultimately, the presenter expects this regulatory chaos to continue for a long time. Every country will have to decide whether cryptocurrencies are a currency, a commodity, or a security, leading to ongoing battles and potentially hindering crypto's progress.

In summary, the crypto market is facing a difficult period due to a confluence of factors: a bearish sentiment, broader economic instability affecting traditional financial markets, and particularly the aggressive actions of the US government through proposed taxes and a confusing, often hostile, regulatory environment led by the SEC.

Transcript

Good morning everyone. Welcome back to Box Mining. And today is an amazing day in Hong Kong. But it's a terrible day in crypto. So I woke up today and just saw all the prices of the major currencies, Bitcoin, Ethereum. They're all plummeting. More than 5%, it's actually 6% right now as we speak. And yeah, the markets are just bleeding out with altcoins also dumping. Market sentiment is extremely bad. People are extremely bearish right now. Especially when there's almost like multiple punches of...

Good morning everyone. Welcome back to Box Mining. And today is an amazing day in Hong Kong. But it's a terrible day in crypto. So I woke up today and just saw all the prices of the major currencies, Bitcoin, Ethereum. They're all plummeting. More than 5%, it's actually 6% right now as we speak. And yeah, the markets are just bleeding out with altcoins also dumping. Market sentiment is extremely bad. People are extremely bearish right now. Especially when there's almost like multiple punches of bad news coming. It seems like the US government is hell-bent on just destroying the entirety of crypto. Let's be honest here. That's exactly what they're doing. Biden's proposing a new tax for crypto miners to chase crypto miners out. There's the new capital gains tax that Biden's proposing to. It's like just baffling. What's interesting is that with all this bearish news, we're still holding above 20k. So I do think that this is what we need to look out for. I know that the market sentiment is bearish. All YouTubers, I looked at YouTube this morning. So we have titles like, Warning. Crypto whales are dumping these altcoins right now. Crypto crash. Urgent. Ethereum is a security. Oh my god. Man, these guys are such good thumbnails. I swear too. Look at this. I gotta learn this. I gotta learn this. I'm taking notes. So this thumbnail, I think we're going to do this stupid thumbnail. I actually think that right now is actually a good time to dose eye the market. So what we're going to do today in this video, we're going to take a look at what's happening on the market. Let me rush to the office and let's get started. All right, guys. So we're back to the office and let's just take a look at what's happening overall in the market space. And the craziest part now is that we're in crypto, but we still have to look at what's happening in the stock market because all of what's happening in the stock market directly affects what's happening in crypto. So if you look at the stock market, they're in pretty much fear mode right now. So the Dow Jones is losing points on NASDAQ. Everything is falling because of labor data. Now, the funniest part is that recent labor data is actually quite positive, right? Jobless claims are at a historical low. But that also means that it could be the case that the feds were going to increase interest rates faster, right? This is going to lead this data leads directly to the statements made earlier by Jerome Powell this week saying, yeah, we're going to hike up interest rates faster. Causing the markets to potentially. Now, the next issue starts with banks because this kind of started with the crypto friendly bank Silvergate. They're really the second largest bank in crypto, and it is decided to shut down amidst all this chaos that's happening. People are definitely afraid of banks right now. And this is actually affecting not just crypto friendly banks, but actually bigger banks, too. So Silicon Valley Bank is now facing one of the major one day biggest one day sell offs since the early pandemic. Every investor has a mindset like, oh, no, if FDX can collapse or if Silvergate can collapse, can these big banks also collapse? And we also see similar situations happening with credit suites. People are making bank runs. Investors are not happy with just keeping their money in the banks, making these bank runs, forcing these banks to sell off some of their assets. And this is what kind of freaks people out. It's not just the fact that, oh, it's just fear in the market, but the fact that the banks are responding by selling off assets. This kind of shows that maybe things aren't as great as things sound. So this is like the one to punch. All right. We have the stock markets, but the banks going down. Now, the third punch comes from the Biden administration, and it's the funniest and the craziest one yet. First and foremost, Biden wants to double capital gains tax in the US. That is the stupidest thing I've ever heard of. In Hong Kong, we have zero, like zero capital gains because it encourages people to invest their money. It builds infrastructure and makes sure that people, when they invest, we take the risk. So we should get the rewards, right? It's that logical. But in the US, if you increase capital gains tax, if Biden's proposal goes through to increase capital gains tax to 40%, why would anyone invest their money? It makes no logical sense to me at all. This episode is brought to you by you. Actually, I'm really grateful for all your support. You guys have been watching my videos. Also, a lot of you guys have also been just paying for the subscription on this channel. And I'm just blown because I was like away for a bit of time. I really appreciate all the support you guys have been giving me. And I really want to give back to you guys this season of Box Mining. So this year we're doubling down on producing better content, daily updates on news, and also box mining.com is heating up. Because we want to provide you with the most amount of actionable information in crypto. We have Ron working super hard on providing you the latest airdrops. Yo, yo, yo, yo, Ron. What are you working on? What are you working on? Uh, super oracles, dude. Why? Because they're giving away airdrops and they're giving away cars and packs gold. That sounds scammy. It has KYC verification. That's even worse. Now, on top of this as well, the Biden administration really wants the crypto bros to suffer. I guess the reason why is because we're the latest ones to get money and the easiest ones to take money from. We don't have that lobbying power that other big industries have. So sure. Yeah. Crack down on this crypto. Like cover all the loopholes. This is the funniest one yet. This is a Swiffer. He's proposing a 30% tax on crypto mining electricity usage. Huh? Like this is the modern equivalent of pointing a gun at your feet and then firing multiple bullets so you bleed to death. Right? Like the thing with mining is that mining can be done anywhere in the world. It's the whole part of cryptocurrencies is that anyone can mine and anywhere in the world. So by imposing a 30% tax on crypto electricity usage, then that's directly incentivizing miners to just get the hell out of the US. I mean, is this guy stupid or something? Like, is this something I fully do not understand? Like, okay, the tax thing? Fine. I guess he's just stealing money from a baby. But this thing? Not so much. On top of this, the SEC is just going nuts these days, right? Gary Gensler is hell-bent on just completely destroying crypto. And we've seen this trend happening, right? We've seen that he's stepping up and saying, you know, everything but Bitcoin is a security. And now that he's saying that, the next biggest news in crypto right now is that the New York Attorney General is saying that Ether is a security, like Ethereum. So it's a kind of like, they're just following suit. Let's just follow Gary Gensler here. So what's happening is that the New York Attorney General is suing KuCoin in a lawsuit for basically selling and cracking down unregistered securities platforms. And in the list of securities that KuCoin is offering, well, Ethereum is being listed there. Now, this is kind of funny because this is where regulation becomes a little bit wonky because no one really knows what a security is anymore. It sounds pretty stupid if I say that, but it's actually true. Because the CFTC came over and said, hey, you know what? These cryptocurrencies are commodities. Now, SEC, back off, please. And SEC goes, no, no, no, no, no, no, no. Everything but Bitcoin is a security. So we're in this big mess of really just egos, right? It's really about, you know, who can wave the stick the longest and then hoping that one day people believe that they're the ones with the real power. And we saw that in action earlier this week because Binance US was actually cleared by the judge to allow the acquisition of Voyager accounts. What's interesting is that the judge pretty much ignored the SEC's warning that Binance or Voyager rather was selling unregistered securities. So the judge was like, you know what? That argument don't make sense. All right. So let's proceed with the sale. Let's move forward, right? You know, stop waving that stick. We know you want to wave that stick. But please, please, SEC, stop. You're making a fool of yourself. This is something that we expect to happen in the cryptocurrency markets for a long ass time. Like seriously, when new technology comes around, every department wants to regulate it because if they can regulate it, that means that department can have potential huge revenue gains. I actually saw this with the gaming industry in China, where there's two ministries, the Ministry of Culture and the Ministry of Information. They both try to regulate gaming and they both claim jurisdiction over this matter. And the biggest reason why is because they can basically milk that for money in the future by issuing and selling licenses. And this is exactly what we're going to see in the future for cryptocurrencies as well. Every country is going to have to decide if cryptocurrencies are a currency, a commodity or a security. All right. So this is going to be a big mess going forward. But right now, because of just how aggressive the SEC is waving that stick, trying. Let me get it. I'm gonna get a stick. But, you know, they're really waving that stick, trying to claim that they have power. They're really waving that they have power. It's sad that we have to see this. But anyways, it's blocking the progress to crypto. All right, guys, I know this episode a little bit disappointing, but there's actually a lot of very positive news here happening in Hong Kong. So we're going to attend a few conferences and see everything that's going on. I'm also getting more production on how to make videos. It takes a little bit of time to actually get back into production mode. So if you guys have any feedback as well, I'm trying to, you know, switch up the styles a little bit and make things a little bit more fun and refreshing. So if you guys have any feedback on this new format and everything that's going on, you know, leave a comment down below. On another note as well, we have a separate channel called BoxMiningTestNet. So I'm trying out new content and I have a bigger team now. So we have Natalie here. She's going to provide you with daily news updates in five minutes or less. And I'm kind of tuning the quality of the content. So if you guys want to get these quick cryptocurrency updates and see what I'm building and kind of improving on as well. I would love to guys give me some feedback on BoxMiningTestNet because, yeah, we're trying a lot of new funky stuff there. And I hope you guys really enjoy that. So check that out. If not, see you next time. Peace.