Cryptocurrency USA – “The cryptocurrency craze may be coming to an end,” wrote Michael Hiltzik in the Los Angeles Times. The decline of cryptocurrency from a peak market capitalization of more than $3 trillion in late 2021 to around $800 billion today means that late-stage investors are likely to have suffered “enormous losses.” And now, initiatives in Congress aimed at liberalizing the cryptocurrency market “appears to be running out of steam,” as regulators “tightened the screws.” The regulators have arrived for Cryptocurrency Evangelists for the new currency claiming it was a financial innovation that would allow those on the financial system’s periphery to prosper. However, after 14 years of bubbles and scams, it is clear that cryptocurrency is merely a speculative asset.
something to purchase in the hope that someone else will purchase it for a higher price. Cryptocurrency USA That’s what “The ‘greater fool’ theory is frequently referred to. “What the unbanked really need are simple and inexpensive ways to save money,” but crypto transactions, which are riddled with hidden fees, are the polar opposite.”
According to Yueqi Yang, Katanga Johnson, and Austin Weinstein of Bloomberg, “Crypto’s free pass is being yanked” as a result of the sudden failure of crypto exchange FTX last year, which cost investors billions of dollars. Authorities are now attempting to “build a wall” between the crypto trading market and the banking and securities markets in order to avoid a repeat of the 2008 financial crisis. The Federal Reserve and other top financial regulators issued a blunt New Year’s Eve warning to banks to ensure that “crypto-related risks” do not disrupt the banking system, and regulatory actions have piled up since then. Custodia Bank was denied “coveted access to the central bank’s payment system” by the Fed in late January. Just this week, the SEC fined a cryptocurrency exchange.
Bankers are “re-evaluating any exposure to the crypto sector, no matter how small,” according to Rachel Louise Ensign and David Benoit in The Wall Street Journal. Banks that were once “deep into crypto” are reducing or eliminating their exposure, while those that stayed away are now actively “shunning customers” with crypto ties. This restructuring is exposing the extent to which crypto businesses that positioned themselves as alternatives to banks still rely on those institutions for hard currency access. When Citigroup Inc. “immediately closed” Swan Bitcoin’s account, for example, the company had to scramble to pay its employees.
According to David Yaffe-Bellany of The New York Times, this “aggressive government crackdown” has caused “outrage and anxiety” in the crypto industry. The Blockchain Association’s Kristin Smith described it as a “crypto carpet bombing.” Following the SEC’s settlement with the US crypto exchange Kraken, which resulted in the removal of one of its products from the market, the company’s founder briefly “posted an obscene meme” about the agency’s chief. And this upheaval isn’t going away anytime soon. According to industry lawyers, the wave of enforcement is likely just “a prelude to a long period of legal wrangling.”
Latest Posts
- Revolutionary Bitcoin Cloud Mining Platform Created by TRON HETRX
- An employee of Cohasset who was accused of mining cryptocurrencies at a school comes forward
- Bitcoin Prices and Ethereum Prediction – Let’s guest what Bitcoin Prices Today
- Dogecoin Price Prediction – Elon Musk Wants Crypto Payments for Twitter
- Crypto Firms Acted Like Banks, What you Think Will it Be?
I am Andy Sonal,, We are a team of knowledgeable individuals who collaborate with you on the most recent news and information on the cryptocurrency and bitcoin industries. Our aim is to inform and educate our readers on the ins and outs of this dynamic sector.