Will regulators be able to annihilate cryptocurrencies?
The price action that cryptocurrencies are showing speaks of a good moment for the health of the market, this if we take into consideration that Bitcoin in the last week has recovered an estimated 12.6% according to data reported on the CoinGecko portal.
However, beyond the good moment that the price action of the main cryptocurrencies by market capitalization is going through, it is not the time to celebrate victory because we cannot leave aside the persecution that regulators have on cryptocurrencies.
In this sense, the siege that the regulators have on cryptocurrencies is so great that it seems that their only objective is to annihilate cryptocurrencies, starting from the attacks of large companies in the sector such as Coinbase and Binance.
Consequently, and according to Durgee (current director of the cryptocurrency division of the technology company Republic), he thinks that "The government has really targeted the industry", and has also stated that "Regulatory uncertainty makes investments in the U.S. more risky".
Meanwhile and according to information disclosed in the news portal "Portfolio", it has been indicated that the campaign that has been unleashed against cryptocurrencies has produced a constant series of charges against major cryptocurrency companies.
Basically it comes "alleging violations ranging from failure to properly register with the authorities and adequately disclose their activity to, in some cases, more damaging claims such as mishandling of consumer funds and fraud."
From my perspective, this is not the time to get complacent and trade up as the situation is still very vulnerable.
SOURCES CONSULTED
Portafolio. Cryptocurrencies: Would the U.S. seek to kill digital currencies? Would the U.S. seek to kill digital currencies?. Link
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