A meeting of the US market regulators on the situation with the “diapers” from Reddit WallStreetBets is due to take place today. It was initiated by the Chairman of the US Treasury, Janet Yellen.
Even before the event, Yellen told reporters that she was trying to achieve a “deep understanding” of the situation with what she called the “crazy” pump of GameStop shares and other assets that have become sensational in recent days.
The head of the Treasury, a former female chairman of the Fed, reacted cautiously to the situation, noting that regulators need to make sure that the work of financial markets is correct and effective. At the same time, private investors should be protected.
According to Yellen, this situation is not for the entire period since the 2008 crisis. It is necessary to understand whether these retail investors have a job, and if not, people need to be supported.
So, for now, the task of the meeting will be to discuss whether the recent pumps are worth the backlash. But what it will be, if necessary, Yellen did not say.
However, the actions of the regulator, even if they follow will not affect the unregulated cryptocurrency market. Does this mean that the coins will accelerate as we have seen in recent weeks with the example of Dogecoin and Ripple? There is no answer to this question yet. Everything is only assumptions.
Meanwhile, for Ripple, the technical picture has not changed. XRPUSD quotes continue to moderate consolidation in the middle of the sideways range of 0.3512 – 0.4348.
The material has been provided by InstaForex Company – www.instaforex.com
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