SEC, Binance and Mount Gox Sink Crypto Markets - FUD Storm

in cryptocurrency •  4 months ago

Today was the perfect storm of bad news in the crypto world. The SEC came out with a very negative tone on digital asset exchanges, Binance dealt with a phishing/hack/pumping issue and the Mount Gox trustees announced a major Bitcoin liquidation.

SEC Statement on Crypto Exchanges:
https://www.sec.gov/news/public-statement/enforcement-tm-statement-potentially-unlawful-online-platforms-trading

Mount Gox Trustees news:
https://www.coindesk.com/mt-gox-trustee-sells-400-million-bitcoin-bitcoin-cash/

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You need to be careful with the crypto money.

After the dust settles, is this news bullish for decentralized exchanges?

I think the market reacted correctly to the announcement of exchanges needing to be registered as this will limit adoption and access to cryptos in the short term. However, this will be a positive measure to ensure adequate retail investor protection from fraudulent exchanges and scams. It will also increase the quality and security of the exchanges going forward which are needed given news in the past. The exchanges have made enough money to put proper compliance innplace. However, short-term volumes will probably continue to suffer.

You know what they say - "when there's blood in the streets, and fear abound - that's when you buy."

Honestly, isn't the proper regulation of crypto exchanges only good for the space? The more we legitimize the crypto space within our legal system, the easier it will be for more large investors to participate. Maintaining the "wild west" nature of the current landscape is not sustainable for the long term success of crypto.

Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BTCBitcoin9402.500$-4.57%-13.7%
ETHEthereum714.342$-3.85%-18.19%
LTCLitecoin177.311$-2.26%-16.53%
NANONano10.606$-9.52%-36.36%