Erik Weijers, 4 months ago

Price dip after American DoJ announcement

If you would have watched your portfolio app yesterday afternoon (admit it! we all do...) you would have seen a price dip. The reason? The American Department of Justice (DoJ) announced a press conference in which they would discuss an 'International Crypto Enforcement Action'. Scary...

During the press conference, the crypto industry breathed a sigh of relief - and laughter - when it turned out that the enforcement action was against a little-known Russian exchange Bitzlato. Jokes flew around on crypto Twitter, and the markets recovered from their dip. But not enough to make up for the losses. It probably was time for a correction anyway, after the 25% plus gains over the past two weeks.

Coindesk analyst Nathanial Whittemore was one of the few journalists to watch the entire press conference and had an interesting take and he notices something interesting, namely that the speakers didn't see crypto as the problem, only crime within crypto:

'Genuinely impressed with how much every speaker is making clear that the issue is criminals and crimes. They're not trying to make it seem like crypto's the problem - they're saying we're going to get crime OUT of crypto.' 

So, it looks like the American enforcement agencies are finally starting to do their jobs, which is enforce the law within an industry instead of targeting an entire industry.  

Other onlookers were a bit more cynical: 'Maybe because Bitzlato is Russian and Russia = bad is the current thing.'

Featured articles
Four trading strategies for crypto
Bitcoin and Ethereum: what are the differences?
What determines the Bitcoin price?
Related articles
UK Treasury Committee wants to treat crypto as gambling

May 18, 2023

Many crypto enthusiasts and the broader crypto industry had high hopes for the UK to become the biggest crypto hub next to Europe. An open and efficient regulatory framework was promised, and it was believed that crypto would soon thrive in the country. A royal NFT mint was one of the many indicators that these plans are more than just make-believe. The expectations for crypto in the UK have changed all of a sudden.

Trade anytime, anywhere

Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app.

App Store
Google Play Store
  • 2525 Ventures B.V.
  • 3014 DA Rotterdam
  • The Netherlands
More info
  • About LiteBit
  • Support
  • Sell
  • News
  • Education
Subscribe for updates

Sign up to stay informed via our email updates

Explore popular coins
© 2023 LiteBit - All rights reserved