Altcoin season is just around the corner, SEC pushing Uniswap to court and Bitcoin halving countdown.
The U.S. Securities and Exchange Commission (SEC) issued a Wells notice to decentralized exchange (DEX) Uniswap on April 10. A Wells notice is a formal indication from the SEC that it plans to recommend enforcement action. The SEC has been investigating Uniswap Labs, the main developer behind Uniswap, since 2021. In response to increasing regulatory scrutiny, the platform has previously removed several tokens from its listing. The DEXs native token, Uniswap (UNI), fell 10% in the hours following the news, reaching a six-week low.
Cryptos famed altseason could be coming very soon, according to market analysts. On April 11, pseudonymous trader and analyst Rekt Capital observed that the altcoin market cap has been the only constant despite Bitcoins price whipsawing over the past few weeks. It has been consistently retesting the $315 billion level as support for weeks now, he added. Historically, altcoin price appreciation lags Bitcoin, and charts such as the altcoin market capitalization and Bitcoin dominance can provide traders some signals for when altcoins may be moving into a bull season of their own.
Aprils Bitcoin halving, combined with a bag of tricks from the United States Federal Reserve and the Department of the Treasury, will add propellant to a raging firesale of crypto assets and depress the crypto market for weeks, says BitMEX co-founder Arthur Hayes. In an April 8 blog post, Hayes wrote he believed the Bitcoin halving would pump prices in the medium term but warned crypto prices directly before and after could be negative. Hayes believes that the halving is also coming at a time when dollar liquidity is tighter than usual and outlined his theory on how the U.S. Federal Reserve and Treasury policies impact the markets.
