Bitcoin is bouncing back after a tough year. With the uncertainty over how governments plan to regulate bitcoin, the cryptocurrency finally has some momentum going into 2018.
The “xrp news” is an article about the Christmas season and the cryptocurrency market. The article talks about how regulators are hoping to provide clarity on the market, which will help with future regulation.
For better or worse, the general population has recognized the value of digital assets and has started to accept them in large numbers. While this is undoubtedly a great indication in general, it has resulted in a slew of new problems. Aside from the never-ending list of exchanges that have been hacked as a result of faulty security methods, criminals have started to target low-hanging fruit: ordinary investors who are simply ‘testing the waters.’
The Canadian Anti-Fraud Centre has raised awareness of this targeting in Canada (CAFC). The CAFC recently discussed the top frauds that will be committed in 2021 with CTV News. Coming in first place and stealing more than $70 million CAD? Scams involving cryptocurrency investments. While we won’t delve into the specifics of how these scams operate, the bottom line is that digital assets are here to stay, and their popularity is rising by the day – which means that these frauds are as well.
Unfortunately, wherever there is money to be earned, there will always be bad actors attempting to take advantage of the unwary – which is precisely what is going on right now. The ancient adage “with great power comes tremendous responsibility” holds true here, and digital assets are no exception. Asset holders are now saddled with additional responsibility as a result of the return of financial power to the investor. However, many people are unaware of this and fail to respond properly. In an ideal world, this would include utilizing cold wallets, keeping possessions confidential, doing adequate due diligence before investing, and so on – actions that many people plainly do not follow.
Regulators have their job cut out for them as a consequence of the rising popularity and ensuing frauds. In order to safeguard investors, they are working hard to not only prevent scams and fraud, but also to provide clear rules that assure a fair market for all parties involved. Several instances of this were seen this week, each with a different method.
Although some nations are contemplating outright bans on such assets, the majority are making progress.
- In a recent tweet, El Salvadorian President Nayib Bukele described the end of FIAT and the emergence of digital assets as a revolution.
- Paraguay has established legislation governing cryptocurrency mining and trading, providing clarity to market players.
- Senator Lummis discussed a prospective bill with Bloomberg that would offer classification certainty in the United States.
Bitcoin was able to recoup from previous losses this week, moving into the Christmas weekend on a positive note, thanks to such movements ahead and discussion.
Metrics & Market Reaction
As previously noted, Bitcoin and the larger digital asset market have recovered significantly after weeks of losses this week. Early week lows of about $45,000 have transformed into an optimistic breakthrough of the $51,000 level at the time of writing.
The Bitcoin network is approximately as strong and stable as it has ever been in terms of strength and stability. While still not at all-time highs, hash rate is rising again as miners return to work after shifting operations owing to the migration from China a few months ago.
Despite the fact that market sentiment has not returned to where it was in mid-November, Bitcoin’s ‘Fear and Greed’ index has risen this week in tandem with the top digital asset’s slight price rebound.
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Bitcoin is bouncing back in time for Christmas as regulators are touting coming clarity on the cryptocurrency. The “bitcoin news today” has been a hot topic this week.
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