Cryptocurrency activity has been wiped out this week as the Spot Bitcoin ETF debuted on Wall Street in January. Digital tokens have become almost unrecognizable from what the industry represented just a few years ago, raising the question of whether Bitcoin is still a crypto.
The “decentralized” part of cryptocurrencies is open to interpretation these days. since then, Securities and Exchange Commission approves Spot Bitcoin ETF On January 10th, cryptocurrencies look far more sophisticated and sophisticated than ever before.
Bitcoin is currently sold tangentially through America's largest financial institutions, including BlackRock and Fidelity. These companies literally could not play a more central role in finance if they wanted to. What was once a crime- and small-business industry now looks a lot like any other financial industry. Perhaps that's a good thing for some people, but it also takes away the core value of cryptocurrencies.
Cryptocurrency passes the torch from fraudster to banker (scammer in suit)
Sam Bankman Freeze FTX is officially not coming backAccording to lawyers for the defunct cryptocurrency exchange on Wednesday. The first report was FTX. may try to revive, but it seems that this exchange will not participate in this new era of cryptocurrencies. FTX will instead focus on liquidating assets and repaying billions of dollars to its customers, who are not the only ones facing the consequences of crypto crimes.
german police Bitcoin worth $2.1 billion seized CoinDesk announced on Tuesday that it had reported damage from criminals involved in pirated websites. This is equivalent to approximately 50,000 Bitcoins, making it one of the largest seizures of cryptocurrencies ever.
What will Germany do with $2 billion worth of Bitcoin? Although the German government says it is “uncertain”, it is likely that Germany will pick up a page from the US strategy: sell it.of US government holds over $5 billion in BitcoinI said it just last week. Plan to sell $117 million in cryptocurrencies seized from Silk road. Yes, even the US government is now a crypto trader.
Another $1.7 billion crypto scheme also collapsed this week, according to . quartz. The ringleader of the global Ponzi scheme, “Bitcoin Boaty'', pleaded guilty to fraud charges in Maryland federal court on Monday.
who cares?
Cryptocurrency was created to represent a decentralized and deregulated form of currency. Bitcoin's original platform and players are now mostly dead in the water. Governments, regulators, and banks are becoming increasingly big players in the crypto space.
It's kind of scary to see Bitcoin being co-opted by the same institutions that control traditional currencies. You may be wondering if cryptocurrencies are really that different from stock trading. Considering the huge amount of fraud seen in this first wave of decentralized currencies, one might think it's a good thing that it's finally being regulated. But Bitcoin may now be part of the same system it was created to disrupt.
