The banking sector has been inundated with reports about Gary Gensler’s unwavering war against the digital asset sector over the past few weeks. Yet, Bitcoin (BTC) is evidence of crypto’s resiliency despite the SEC’s best efforts.
It makes sense that the cost of all digital assets has decreased recently. Nevertheless, with the sector’s market size dropping below $1 trillion for the first time in a while, Operation ChokePoint 2.0 may not be able to handle the current status of the business, as seen by the performance of the most well-known cryptocurrency.
Bitcoin and Other Coins On Hitlist?
There isn’t much one can say to US regulators who want to put the crypto industry out of business. On how the SEC feels about cryptocurrencies, Forbes’ own Clem Chambers expressed it best. They stated,
“at least driving it underground or at best crushing it into a pocket of confounded, regulated to death nice financial service.”
It is an understandable development given the extensive criminal activity that has plagued the sector. A further justification for all regulators to work towards protecting individuals from technology they might not completely comprehend is the FTX fraud that was discovered last year.
Yet, blockchain technology and the digital asset industry have both a negative and a revolutionary side, according to the majority of knowledgeable observers. Regulators, on the other hand, frequently only see one and don’t appear to completely comprehend either. They therefore appear to have chosen a tried-and-true strategy – to utterly put an end to it. A strategy that Bitcoin’s continuous significance has defeated.
The same Forbes article details the ways that traditional choke point strategies are used in the digital asset sector. specifically in a chart of IDs. demonstrating that a review of the Bitcoin chart has revealed the cryptocurrency’s resiliency. In particular, it is still in the $20,000s despite being prohibited in China and the present dispute with US regulators.
A significant company in the sector had been steadily dying off since the Silvergate bank collapse. Alternatively, despite a 5% downturn, the price of Bitcoin did not drop below $20,000. Furthermore, despite the obvious logic of a sector under attack, Bitcoin doesn’t exhibit the expected adverse emotion.
Forbes describes Bitcoin’s position’s justification as “mystifying” in the end. Further stating that,
“It is the industry itself that is supporting the price an that outside of the parallel universe of the blockchain, the real world price of Bitcoin is represented by the Greyscale Bitcoin Trust price.”
So, Bitcoin (BTC), despite the SEC’s best efforts, is evidence of cryptocurrency’s resilience. The sector has demonstrated its ability to defend itself. Also, as blockchain technology develops and advances, the industry is the one that knows how to effectively secure it. It will be interesting to see how the regulatory campaign affects widespread acceptance.