White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?

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[NEWS BLOG]: White House Moves Towards Intense Crypto Crackdown, What Will it Mean for Investors?

Ever since US President Donald Trump shared his thoughts on Bitcoin in a blistering tweet from last July, crypto investors have been nervously anticipating news regarding when the government would start a formal crackdown on the nascent technologies.

It now appears that this crackdown could be on its way in the coming couple of years, as the White House’s newly released 2021 budget proposal recommends shifting the US Secret Service to operate underneath the Treasury in order to investigate crypto-related crimes.

White House Budget Proposal Links Crypto to Crime and Terrorism

In the 106-page document, the word “cryptocurrency” is only mentioned twice, and on both occasions, it is tied directly to terrorism financing, money laundering, and other crimes.

The White House’s aggressive stance towards cryptocurrencies shouldn’t come as a surprise to market participants, however, as President Trump noted in his now infamous July tweet that he isn’t a “fan of Bitcoin and other cryptocurrencies,” further going on to say that they help facilitate unlawful behavior.

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he said.

This wasn’t the end of the White House’s attack on cryptocurrencies, as the US Treasury Secretary Steve Mnuchin later called the lack of regulations surrounding the crypto markets a “national security issue.”


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The tepid price action has made some investors cautious that more downside for the flagship cryptocurrency is possible, citing the loss of the key $9,500 support.

Prominent analysts, however, have begun to spot silver linings in Bitcoin’s chart that are suggestive of a reversal to the upside, not an extension to the downside as some analysts have come to expect. 

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Twitter says Facebook, Messenger accounts hacked

Twitter confirmed on Friday that the official Twitter accounts of social media giant Facebook Inc and its Messenger platform were hacked.

A Twitter spokesperson said in an emailed statement that the accounts were hacked through a third-party platform.

"As soon as we were made aware of the issue, we locked the compromised accounts and are working closely with our partners at Facebook to restore them," the Twitter spokesperson said.

Separately, Facebook also confirmed that some of its official social media accounts were hacked on Friday.

"Some of our corporate social accounts were briefly hacked but we have secured and restored - read more.

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