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Highlights
- The crypto market fell on Thursday as some of the initial excitement surrounding U.S. President Joe Biden's crypto executive order fizzles out.
- Bitcoin was last down more than 5 percent dropping below US$40,000 once again, after rising above US$42,000 on Wednesday.
- A founding member of crypto exchange platform BitMEX is pleading guilty to not helping the government detect money laundering.
The crypto market fell on Thursday as some of the initial excitement surrounding U.S. President Joe Biden's crypto executive order fizzles out.
Bitcoin was last down more than 5 percent dropping below US$40,000 once again, after rising above US$42,000 on Wednesday.
Wednesday's jump in price came as optimism around Biden's executive order on cryptocurrencies accumulated.
The executive order focuses on six key areas, increased consumer protection, financial stability, illicit activity, U.S. competitiveness in the industry, financial inclusion and responsible innovation.
While many were left pleased by the order and its contents, some were critical of the order’s defensiveness when it comes to regulations.
Altcoin News
A founding member of crypto exchange platform BitMEX is pleading guilty to not helping the government detect money laundering.
BitMEX co-founder Samuel Reed is pleading guilty to violating the Bank Secrecy Act weeks after fellow founders Arthur Hayes and Benjamin Delo also pled guilty.
Reed and the other founders knowingly failed to keep proper anti-money laundering protocols, including a program to prove the identity of their customers. Their failure to verify the identities turned on their platform into a money-washing haven for criminals.
The US Department of Justice also alleges that the three founders claimed that BitMEX did not serve US customers when in fact US consumers were pulling profits from the crypto exchange.
The three founders face a maximum of five years in prison.
Winners and Losers
Image Source @ 2022 Kalkine Media®
Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
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