By Aaron Hindhaugh •
Updated: 04 Oct 2023 • 15:11
Bitcoin has slightly fallen by 0.50%
As of Wednesday 4, October, the very popular Bitcoin had experienced a small decline of 0.50% which saw its trading price settle at $24,412.
This slight dip may well worry some people who had put a lot into Bitcoin this week or have been holding it for a prolonged period of time despite ebbs and flows, but it should be remembered that over the past seven days, it’s shown a resilient performance in the crypto world.
Bitcoin has witnessed a very strong and impressive growth over the past week seeing its trading price rise and go up by a massive 4%, which will have a lot of people smiling about their investments.
While this update on its own is very impressive and a good sign, it becomes even more impressive when the recent challenges are taken into account. The US Treasury has instituted a ban on cryptocurrency wallets.
The United States Department of the Treasury’s Office of Foreign Assets Control has imposed these restrictions on cryptocurrency wallets which are allegedly associated with individuals and entities involved in producing fentanyl.
This latest move from the US comes as they attempt to make a stand and really try to crack down on people who try to sue cryptocurrency in their illegal activities and businesses.
The US Justice Department in the US believes that authorities, such as the Chinese-based chemical manufacturers and their employees who allegedly used cryptocurrency transactions to allow for the illegal fentanyl distribution scheme, use crypto to hide their identities and activities.
Famous investor Kevin O’Leary has voiced his big concerns about the detrimental impacts of stricter and tighter regulatory barriers which are appearing around the US when it comes to innovative ways to use, buy and produce cryptocurrency.
Following a congress hearing where Gary Gensler, the chairman of SEC, faced a string of questions regarding regulations in the crypto world, and O’Leary believes that lawmakers in the US were left displeased with Gensler.
The investor from Shark Tank believes that people in high-profile positions within the US system were not happy with Gensler because he has allowed innovation to slip away when it comes to cryptocurrency.
O’Leary has now gone on to reveal that the emergence of a new exchange in the very modern and forward-thinking Abu Dhabi, M2, is now set to replace the collapsed FTX and Binance.
He went on to emphasise to the people of the US how its compliance and major backing which could soon see non-US exchanges using cryptocurrency become an industry standard and leader.
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