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Ethereum on verge of FUD? Coinbase CEO tweet ruffles feathers

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Ethereum on verge of FUD? Coinbase CEO tweet ruffles feathers

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  • Coinbase CEO’s tweet sparked speculation on SEC’s new crypto rulings.
  • New regulations could impact the crypto industry and lead to problems.

The crypto world has been buzzing for the last 24 hours, thanks to a tweet by Coinbase CEO Brian Armstrong. The speculation triggered by the tweet revolved around the potential impact of the SEC’s new rulings on the crypto space.


Read Ethereum’s [ETH] Price Prediction 2023-2024


Armstrong’s tweet suggested that the SEC might look to eliminate crypto staking for retail customers in the U.S. The reason cited for this move was the SEC’s view of Ethereum as a security post the launch of its staking feature.

Armstrong added that regulation by enforcement would force companies to move offshore. This would lead to more FTX-like problems for the crypto industry, according to him.

Post-update FUD?

Armstrong’s tweet may trigger FUD in the crypto space, as many prominent Twitter accounts added fuel to the fire.


 

The situation was further compounded by the news of the SEC’s investigation of the Kraken exchange. The reason cited for the investigation was the suspicion of the sale of unregistered securities.

Impact on Ethereum

These developments could potentially impact the growth of Ethereum, especially with the much-awaited Shanghai Upgrade. Despite this, at press time, the Ethereum network continued to set new records, with the number of non-zero addresses exceeding 94 million and the total number of ETH 2.0 staked addresses surpassing 527,000.


How much are 1,10,100 ETH worth today?


However, the number of large addresses on Ethereum declined during this period. Moreover, the number of addresses holding over 10 coins reached a one-month low of 350,897 at press time. This decline in the sentiment could possibly signal a reversal of the bullish interest in Ethereum.

Source: Glassnode

The SEC’s investigations and potential new rulings could impact Ethereum negatively. However, the network continued to grow at press time. It remains to be seen how the situation will impact the crypto space.


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Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
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