Most of this news often flies under the radar because it's not directly targeted in the price of crypto anymore or a update of the blockchain. Instead it's mainly on the things of how bitcoin and other cryptos are looked at in the governments of the world eyes. There's been a ton and I mean a TON of movement in this sector this year. From Bitcoin ETFs being approved to the SEC getting slapped in the face it's been a wild ride.
The fed came out and said that rate hikes are unlikely and started to hint at possible rate reductions. At least that's what mainstream news would have you believe. When I listened to it it sounds like things will simply remain steady until inflation comes down and the jobs market stays relatively ok.
Before we had a huge battle of the SEC attacking bitcoin and other crypto pretty much labeling them all as securities. However this is starting to be over turned with the addition of ETFs and it's most likely massive money pressure from companies like Blackrock which are the ones that really pull the strings. If ya got money you got power my friends.
This has pushed crypto on to the CFTC instead and pretty much has left the SEC powerless. These have now been labeled as digital commodities and that nearly 80% of all other crypto so far are not securities either.
Now while the whitehouse does have power to do things and do them quickly the house holds a vast majority of the power and congress. However for them to get things done it's often a pretty long drawn out process.
In a recent example of this we have an overwhellingly supportive bill for crypto pass and ready for the president to sign off on. Instead he vetoed the bill but now the house is firing back to repeal the veto.
The main push now is to make crypto have a safehaven in the USA to bring in wealth, safety and security which is what built the USA into the powerhouse it is today. However that's been slipping as of late and a big part of that is because of this constantly battling to not change was and adapt to the changing environment even though the people in your country hold a vast amount of wealth and want it adopted. It's legit ludacris that a few people are still stuck in their ways and hell bent on trying to block crypto.
We have been seeing a turn in the crypto markets for the last few weeks now to the negative. A big reason for this and makes sense is that a vast majority of people simply hold on to their bitcoin and don't really trade it. It's more of a storage of value then a asset to trade and it mainly right now comes down to governments like Germany selling and also the massive amounts of Mt. GOX payouts happening that are putting unknown and sell pressure on the market. That wont last forever and will most likely dissolve here by August.
