Flood Into CryptoBitcoin Poised For An Unexpected S&P 500 Earthquake After $2 Trillion Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Price Crash
Bitcoin
BTC
, ethereum and other major cryptocurrencies have crashed along with the S&P 500 and stock prices this year (with some people betting on ‘a $28 trillion opportunity’).
The bitcoin price has plummeted around 70% from its all-time highs, dropping under $20,000 per bitcoin, and dragging on other top ten cryptocurrencies ethereum, BNB
BNB
, XRP
XRP
, solana, cardano and dogecoin.
Now, investor and Shark Tank star Kevin OLeary has predicted a long-awaited piece of regulation could be poised to catapult bitcoin and crypto into the S&P 500warning, “you either join the wave or get lost.”
It’s in a brutal bear market that you need up-to-date information the most! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
The bitcoin price remains stuck under $20,000, down around 70% from its all-time highs, and holding … [+]
SOPA Images/LightRocket via Getty Images
“Even though it has nothing to do with bitcoin, [the Stablecoin Transparency Act] will be the first regulation passed by U.S. regulators, and I would argue you want to be long bitcoin going into that outcome,” OLeary, the chairman of OShares Investment Advisers, said during an appearance on the Crypto Banter Youtube channel. “Youre going to see a lot of interest in institutional capital coming into [stablecoins].”
OLeary said he expects the Stablecoin Transparency Act, introduced in March this year and designed to bring greater transparency to the $150 billion stablecoin marketplace, could be passed by Congress after the U.S. midterm elections in November.
Stablecoins have rocketed over the last few years, facilitating the huge surge in the price of bitcoin, ethereum and other major cryptocurrencies such as BNB, XRP, solana, cardano and dogecoin as people use them as an on-ramp to the crypto market.
The Stablecoin Transparency Actwhich would require issuers of cryptocurrencies such as tether and circle that are pegged to the U.S. dollar to report the “quality” of their assets held in reserveis “very simple in nature which is why it may pass,” OLeary said, adding: “End of the day, regulations come, bitcoin goes up.”
Earlier this year, OLeary said he expects bitcoin, ethereum and crypto to become the the 12th sector of the S&P 500, joining technology, health care, financials, real estate, energy, materials, consumer discretionary, industrials, utilities, consumer staples and communications.
“I predict in the next 10 years that crypto, blockchain, bitcoinall of this innovationwill be the 12th sector of the S&P,” OLeary said in April at the Bitcoin 2022 conference. “When we get policy and the regulator regulates the spigots of capital are going to flood into this sector like youve never seen.”
Sign up now for CryptoCodexA free, daily newsletter for the crypto-curious
The bitcoin price has fallen back over the last year but remains far higher than it was before the … [+]
Forbes Digital Assets
The stablecoin market was rocked this year by the collapse of the experimental terraUSD algorithmic stablecoin and its support coin luna, triggering a burst of regulatory scrutiny.
“After the May problems of the terraUSD stablecoin, confidence in such cryptocurrencies seemed to have fallen significantly,” Grzegorz Drd, a market analyst at the investment company Conotoxia, wrote in emailed comments.
“This is noticeable in market valuations of other stablecoins, including tether
USDT
, Circle’s USDC
USDC
, and Binance’s BUSD
BUSD
. By the way, their capitalization has declined from the peak by about $18 billion, $11 billion, and $1 billion, respectively.”
Bitcoin 
Ethereum 
Tether 
BNB 
Solana 
USDC 
Lido Staked Ether 
XRP 
Dogecoin 
Toncoin