SEC Chair Gensler Seeks $2.4B In Funding For Crypto Crackdown – March 30

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$28,251

Bitcoin price briefly touched above $29,000 overnight in a short-lived spike, before retreating to the low $28,000s range.

Top-20 altcoins have stagnated across the board, as Ethereum and BNB each fall less than 1%, while Tron and Avalanche are the sole gainers, rising 1% each.

Top Stories for March 30, 2022 🔥

👉 SEC Chair Gensler Seeks $2.4B In Funding For Crypto Crackdown

US Securities and Exchange Commission (SEC) Chair Gary Gensler has voiced his support for President Joe Biden’s request for $2.4 billion in funding for the regulator – saying it is needed to address misconduct in the crypto industry.

Gensler stated that innovation in financial markets has resulted in misconduct in emerging areas, especially the crypto space, and that the SEC needs new tools, expertise and resources to address this issue.

He also described the crypto industry as “rife with non-compliance” and said that investors were putting their assets at risk in a highly speculative asset class.

👉 Volatility Expected As $4B In Bitcoin Options To Expire Friday

Bitcoin may experience significant price volatility in the lead-up to the weekend, due to the expiry of options contracts worth almost $4 billion tied to the cryptocurrency.

Deribit, which accounts for nearly 80% of global crypto options activity, will settle the quarterly options on Friday. The expiry could lead to big price swings in both directions due to thin liquidity and market makers’ hedging activity.

Bitcoin’s recent rally has left market makers with a large negative or “short gamma” position on the top side, meaning a further rally could force market makers to hedge their positions by purchasing Bitcoin in the spot or futures market.

👉 Gemini Prepares To Launch International Derivatives Exchange

Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss, is reportedly preparing to launch an international crypto derivatives platform.

The new exchange is said to be focused on offering perpetual futures, a popular type of crypto derivative that allows traders to take highly-leveraged positions. Gemini is currently the 16th largest cryptocurrency exchange by trading volume with $29 million in daily transactions.