Cosmos is Going to Zero as the SEC Clamps Down on ATOM Token While Eco-Friendly Crypto Ecoterra Just Raised More Than $5.1 Million – How Does it Work?
$ATOM, the cryptocurrency that powers the Cosmos network of independent, parallel blockchains, is rallying on Friday in tandem with a broader lift in crypto market sentiment.
ATOM/USD was last nearing weekly highs and a retest of the $9.0 per token level, having gained close to 3.0% on the session, as crypto markets rally on hopes that BlackRock’s spot bitcoin ETF application will be approved.
$ATOM is now trading an impressive more than 20% up versus the near one-year lows it posted last week in the $7.30 area.
However, many investors will still be fearful that Cosmos is going to zero.
That’s because in its recent clamp down on Coinbase and Binance, the US Securities and Exchange Commission (SEC) labeled the crypto as a security.
If the US courts side with the SEC in its lawsuit against the two crypto exchanges, $ATOM could face significantly higher regulations in the US that could all but kill ecosystem growth.
Indeed, $ATOM is still more than 16% lower versus its pre-SEC lawsuit levels around $10.75.
Unless the cryptocurrency can muster a sustained breakout back above key resistance in the $10.20-30 area, the technical outlook continues to look downbeat for $ATOM.
A retest of 2022’s lows under $6.0 remains a strong likelihood.
While the $ATOM outlook is downbeat, things are looking up for this lesser-known green crypto project called ecoterra.
As outlined in the project’s whitepaper, ecoterra is building an all-in-one $ECOTERRA-powered Web3 ecosystem, designed to encourage recycling via its first-of-its-kind Recycle-to-Earn (R2E) app.
The platform will also facilitate trade in recycled materials and encourage individuals and businesses to offset their carbon footprint.
And the project’s presale of its native $ECOTERRA token has
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