Bitcoin News: Pump and Dump, Fortnight 15
The past two weeks have been a rollercoaster for bitcoin investors, with the price of the cryptocurrency swinging wildly. The market has been driven by a mix of positive and negative news, as well as speculation and FOMO (fear of missing out).
On the positive side, bitcoin has received some major endorsements from institutional investors. Fidelity Investments, the world’s largest asset manager, announced that it will offer bitcoin trading to its clients. This move is a sign that bitcoin is becoming more mainstream and that institutional investors are starting to take the cryptocurrency seriously.
In addition, the Bakkt platform, which is backed by the Intercontinental Exchange (ICE), launched on September 23. Bakkt is a physically settled bitcoin futures platform that is designed to bring institutional investors into the bitcoin market. The launch of Bakkt was seen as a major step forward for the cryptocurrency, as it provides a more regulated and transparent way to trade bitcoin.
However, the past two weeks have also been marked by some negative news. On September 24, the US Securities and Exchange Commission (SEC) announced that it had charged two individuals with fraud related to the initial coin offering (ICO) of Centra Tech. The SEC alleged that the two individuals had misled investors about the use of proceeds from the ICO and that they had failed to register the offering with the SEC.
In addition, the bitcoin market has been hit by a series of sell-offs in recent weeks. On September 25, the price of bitcoin dropped by more than 10% in a single day. The sell-off was triggered by a combination of factors, including the SEC’s charges against Centra Tech and the news that the US Internal Revenue Service (IRS) is planning to crack down on cryptocurrency tax evasion.
Despite the recent volatility, the long-term outlook for bitcoin remains positive. The cryptocurrency is becoming more mainstream, and institutional investors are starting to take notice. In addition, the launch of Bakkt is a major step forward for the cryptocurrency, as it provides a more regulated and transparent way to trade bitcoin.
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