Bitcoin price is below $15,500 per Bitcoin and Ethereum price is falling towards $1,000 per Ether (Despite Elon Musk releasing surprising 2023 price predictions).
With the total cryptocurrency market below $800 billion for the first time since late 2020, down from $3 trillion last year, Nobel Prize-winning economist Paul Krugman warns that bitcoin and the cryptocurrency industry are “going into oblivion.” He warned that there is a possibility that
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“It’s hard to see the advantages these companies have over regular banks,” wrote the Nobel laureate and former Princeton University professor. new york times
new york times
“Even if Bitcoin’s value doesn’t go to zero (it could still happen), there is strong evidence that the cryptocurrency industry, which grew so big just a few months ago, is heading into oblivion.”
The collapse of FTX following a brief feud between FTX founder Sam Bankman-Fried and the CEO of rival exchange Binance has rocked the Bitcoin and crypto industry. Rumors are swirling, and other major companies may follow FTX into bankruptcy.
FTX’s sudden meltdown has also sparked calls for regulation to better protect cryptocurrency users after many lost access to crypto funds on FTX. Other Crypto Firms Forced To Suspend Withdrawals To Weather The Storm.
Last week, when U.S. President Joe Biden led the G20 to demand tougher global crypto rules, U.S. Treasury Secretary Janet Yellen said the fall in FTX was[s] The Need to Monitor Cryptocurrency Markets More Effectively” He added that the same protections offered in traditional markets should apply to crypto assets.
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Much of the bitcoin and cryptocurrency space is also calling for regulatory clarity to better protect customers and root out bad actors.
“For cryptocurrencies to survive, they need to see an agreed upon form of regulation coming from within the industry and overseen by regulators such as the U.S. Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC). Please ensure that the proposed standards are maintained,” commented Anna Becker, CEO of Bitcoin and cryptocurrency trading platform Endtech, in an email. .
“Increased regulation is urgent and needs to be established quickly. It deserves reliable oversight, guidance and risk disclosure for retail investors who may not be as risk savvy as professional investment firms.”