logo logo

The next-generation financial news, and trading signals for you to start driving your FOMO today!


FREE trading signals

Get free daily crypto signals to make profitable trades every day!

View fresh signals


Peter Davis

An writer at FOMOdrive

  • Jun 19, 2023
  • 2 min read

Robert Kiyosaki announced the imminence of a recession and urged to buy Bitcoin

Bitcoin is priced below $28,000.

For the past three weeks, there has been a decrease in investments in crypto funds.

Bittrex, a crypto exchange, declared bankruptcy in the United States.

Coinbase's CEO lambasted the SEC.

Ripple's CEO cautioned crypto startups against establishing operations in the United States.

Last week, investments in crypto funds dropped by a total of $54 million, according to CoinShares. This marks the third consecutive week of outflows. Bitcoin saw a decrease of $32 million, while Ethereum saw a decrease of $2 million. Funds that allow for shorting bitcoin experienced an all-time record decrease of $23 million. Of the altcoins, Solana saw the largest inflow of $3.4 million.

Goldman Sachs conducted a survey which revealed that the percentage of family offices "potentially interested" in cryptocurrency has dropped from 45% to 12% by 2023.

Bittrex, a crypto exchange, has been forced to file for bankruptcy after being unable to continue its US operations due to regulatory pressure. This bankruptcy filing also applies to several of the exchange's subsidiaries.

Brian Armstrong, the CEO of the American crypto exchange Coinbase, has expressed his disapproval of the US Securities and Exchange Commission (SEC) for their strict regulations of the crypto industry. He believes that the SEC is "on a lone crusade against cryptocurrencies."

Brad Garlinghouse, CEO of Ripple, has warned cryptocurrency startups to avoid establishing their businesses in the US in order to avoid potential harassment from regulators.

On June 1, the Hong Kong authorities declared a stringent policy on the regulation of cryptocurrencies. All exchanges must be licensed by the Securities and Futures Commission (SFC) in order to operate. Furthermore, by 2024, a mandatory licensing system for stablecoins will be implemented.

The head of the Central Bank of Ireland has urged the citizens of the country to be wary of investing in cryptocurrencies, as these investments are highly risky, perilous and "resemble a lottery too much."

Robert Kiyosaki took to Twitter to alert his 2.4 million followers that a recession is imminent, and advised them to invest in bitcoin and precious metals. He believes that the start of a recession will be marked by a significant rise in the yield of one-month Treasury bills.

Share this article