Hedera Hashgraph [HBAR] has witnessed a remarkable uptrend, reaching its highest price level since late April. This surge came amid speculation that a member of the Hedera board might be positioned to take on the role of Chair of the U.S. Securities and Exchange Commission (SEC).
Previously, there were reports by CryptoCrypto regarding intentions by Donald Trump to potentially replace Gary Gensler. Presently, Brian Brooks, formerly the CEO of Binance.US, emerged as one of the potential candidates to succeed Gensler.
Competition Intensifies for the upcoming SEC Chair Position
An exclusive report by FOX Business journalist Eleanor Terrett, posted on X, indicated that Brooks was being considered for various financial regulatory roles. His qualifications are being evaluated not only for the SEC but also for positions at the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC). There’s also contemplation for roles at the Financial Stability Oversight Council (FSOC), the Financial Industry Regulatory Authority (FINRA), and the Federal Reserve.
If chosen, Brooks’s appointment would signify a significant shift for the SEC, especially concerning policies related to cryptocurrencies. During his tenure as the former Acting Director of the OCC under the Republican administration, Brooks actively promoted blockchain innovations, advocated for stablecoin regulations, and encouraged banks to explore blockchain technology.
The recent buzz surrounding Brooks has instilled hope among blockchain enthusiasts regarding a potentially favorable regulatory environment under his leadership.
Current State of HBAR Market
Notably, the market responded swiftly to this potential development. HBAR’s price surged to $0.15, marking its highest point in more than six months. Currently, it has settled at $0.14. According to CoinMarketCap data, the token has secured the third position among the top daily and weekly gainers, with a 16% increase in the past 24 hours and a remarkable 148% surge over the previous seven days.
Despite the upward momentum, an analysis by CryptoCrypto indicated that HBAR was exhibiting signs of being overbought on the daily chart, with the price candles positioned above the expanded Bollinger Bands. This suggests increased volatility and a higher probability of an imminent correction.
Moreover, there was a minor decline in the Chaikin Money Flow (CMF) to 0.33, indicating a decrease in buying pressure, further hinting at a potential retracement.
In the event of a correction, it is anticipated that $0.09 could potentially serve as a support level for the price, with a breach below it possibly leading to a dip to $0.06. Failure to hold this level might indicate a trend reversal, with downside targets at $0.05 and $0.04 likely to be tested.
While the short-term risks remain, other market indicators suggest a bullish outlook. Previous analyses by CryptoCrypto highlighted rising Open Interest (OI) and DeFi Total Value Locked (TVL) as factors supporting the probability of further price appreciation for HBAR.
A New Chapter Unfolding for Cryptocurrencies
Amid these unfolding events, Brooks expressed his views on X, emphasizing the groundwork laid for the incoming SEC chair:
“The individual selected as the SEC chair by @realDonaldTrump will inherit a well-established framework. During the previous administration, President Trump laid the groundwork for two all-time high cycles.”
With speculations mounting, both the cryptocurrency market and regulatory spheres are eagerly awaiting the confirmation of the next SEC Chair, making Brooks the focal point of attention.