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Peter Davis

An writer at FOMOdrive

  • Jun 19, 2023
  • 3 min read

Bitcoin crashed below $26,000 again, altcoins crashed - what's going on?

On Saturday, Bitcoin experienced a sharp decline, dropping to a value of less than $26,000.

On Tuesday, BTC experienced a surge in value after a sharp decline the day before due to concerns surrounding Binance.

US Senator believes that the lawsuits against Binance and Coinbase have opened the door for the introduction of the digital dollar.

A former official from the Securities and Exchange Commission (SEC) has strongly advised cryptocurrency owners to cease investing in digital assets.

Nassim Taleb has labelled Bitcoin as "a useless and dangerous sect", and Binance is willing to invest $1 billion to battle the Securities and Exchange Commission.

Since the start of Saturday, Bitcoin has dropped by approximately 3%, following a few days of stability. The losses of the major altcoins are much more significant. Ethereum has dropped by around 5%, while other altcoins have seen losses of over 10%. Cardano has decreased by almost 18%, and Solana has dropped by more than 16%.

This week, the US Securities and Exchange Commission (SEC) filed a lawsuit against two of the leading cryptocurrency exchanges, Binance and Coinbase. Gary Gensler, the head of the SEC, questioned the necessity of cryptocurrencies, citing that we already have digital assets such as the dollar, pound, yen, etc.

Gensler likened the cryptocurrency market to the stock market of the 1920s, which was rife with scammers and manipulators. He suggested that Congress could "clear" these individuals out of the market, just as they did with the Securities Act of 1933 and the Stock Exchange Act of 1934. According to Gensler, the SEC could do the same by applying these laws to cryptocurrencies.

Senator Bill Hagerty of Tennessee has proposed that the SEC's real purpose in taking action against the crypto exchanges of Binance and Coinbase is to get rid of any potential rivals for the Central Bank Digital Currency (CBDC), which would give the federal government unprecedented control over the privacy of citizens.

John Reed Stark, a former official from the Securities and Exchange Commission (SEC), has warned that cryptocurrency asset holders should get out of their investments as the turmoil in the US crypto industry is only just beginning.

A former SEC official stated that crypto exchanges, due to their lack of oversight, provide inadequate protection and risk detection to their clients, and thus have no incentive to comply with laws and regulations that forbid manipulation, insider trading, and other fraudulent activities by customers or employees.

Bitboy Crypto, a YouTube blogger, reported that a lawyer from Binance had stated that the company is willing to invest up to $1 billion in order to battle the Securities and Exchange Commission (SEC).

Nassim Taleb, economist and best-selling author of The Black Swan, has expressed his disapproval of the cryptocurrency industry once more. He declared that investing in bitcoin has become akin to joining a cult or sect.

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