Erik Weijers, 20 days 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.'

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