丁青

Based on past experience, the price of Bitcoin will rise significantly 3-6 months before the pie is halved. Therefore, the next halving will be in early May 2024, and the market will most likely start a bull market around the first quarter. However, when analyzing market conditions, we cannot ignore the influence of other factors, especially the current influx of traditional funds into the currency circle. The participation of traditional funds makes the currency circle more affected by the external financial environment. For example, the most recent bear market was largely caused by the Federal Reserve raising interest rates. The global interest rate hike storm is expected to last until the first quarter of 2023, and due to the interest rate hike, the economy will enter a recession that will last until the first half of 2024. It will not be until the second half of 2024 that the economy enters the recovery stage and the interest rate cutting cycle begins. With the participation of traditional funds, Bitcoin and other cryptocurrencies may be affected by the external financial environment more quickly. This means that the benefits of Bitcoin’s halving may be offset by the negative effects of economic recession and interest rate increases. However, as the recession ends and the rate-cutting cycle begins, the market could rally again. Taking these factors into consideration, although the Bitcoin halving may bring upward momentum, during this period, we also need to pay attention to changes in the external financial environment to better grasp investment opportunities. While investors are paying attention to the Bitcoin halving, they should also pay close attention to the trends in the global economy and financial markets in order to be prepared before the bull market actually arrives. At the same time, analysts predict that the U.S. SEC agency may approve a Bitcoin spot ETF after mid-2023. If the spot ETF passes, it will undoubtedly give the entire market a shot in the arm. Finally, web3, the metaverse, and the digital economy are now in full swing, and will undoubtedly become a breakthrough point in promoting global economic development in the next few decades. Although these do not represent virtual currency, the relationship is very close, and it is also a long-term strong benefit to it. To sum up, the combination of the halving cycle, the interest rate cut cycle, spot ETFs, and web3 can predict that the next bull market of virtual currencies will most likely not start until the first or second quarter of 2024. History will not lie, it will only warn you: after every bull market carnival, there will be a bear market that plummets by more than 80%.Since no value is generated, the virtual currency market is essentially a "zero-sum game." Some people make money due to the sudden rise, and some people will definitely lose money due to the sudden drop. The three bull markets in history were all followed by an abysmal bear market, without exception! After the first bull market in 2013, Bitcoin fell from US$1,166 to US$170 in 2014, a drop of more than 85%. After the second bull market in 2017, between 2018 and 2019, Bitcoin plummeted from a maximum of around US$20,000 to around US$3,000, a drop of more than 85%. After the third bull market in 2021, Bitcoin plummeted from a maximum of $69,000 to around $19,000 today in 2022, a drop of more than 72%. Each of the above plunges will create many sad stories in the currency circle. Many people's assets have shrunk from millions to hundreds of thousands, and even the millions of assets of many contract players have been reduced to zero. This crypto bear market has been long and painful, but here are some signs that may indicate when it may end. Catalysts for the 2022 Bear Market There are several factors that have led to the current bear market. First, the bear market accumulation begins in 2021. During this time, many regulators have imposed strict legal restrictions on cryptocurrencies, creating fear and uncertainty in the market. The U.S. Securities and Exchange Commission (SEC)’s lawsuit against Ripple is a typical example. In addition, China banned Bitcoin mining, causing most of its BTC miners to relocate to other countries, which also had a profound impact on the market. Rising global inflation and rising interest rates have put pressure on markets, leading to lower-than-expected crypto investment. While there is a lot of publicity about inflation and interest rates in the United States, other countries such as India are experiencing similar challenges. These factors have reduced investor confidence in cryptocurrencies, further weakening market stability. The actions of the Federal Reserve are also an important factor in the bear market. Over the past year, the Federal Reserve has announced that it is taking drastic measures to "accelerate the reduction of its monthly bond purchases." In an effort to reduce inflation, the Federal Reserve raised the federal funds rate twice during the year. These measures have reduced the disposable income of U.S. residents, thereby discouraging investment in risky assets such as cryptocurrencies.Overall, the crypto market will face more challenges and opportunities in the future, and we look forward to this market becoming more mature and stable after experiencing this bear market.

The development path of digital currency in the UK has certain implications for the development of digital currency in my country. First, international cooperation on sovereign digital currencies should be taken seriously. Although the UK has not yet made clear plans to issue a digital pound, it is actively participating in CBDC cooperation among developed countries, which can give the pound a place in the future digital currency international payment system. Although my country took the lead in launching digital renminbi, it faces some resistance in the international use of digital renminbi. Establishing interoperability of CBDC systems with major countries and maintaining the relevance of digital renminbi in future digital international trade and financial activities should be the minimum goals for the development of digital renminbi. To this end, our country must strengthen communication with developed countries on the one hand and proactively eliminate misunderstandings and suspicions; based on the development experience of digital renminbi, exchange opinions with developed countries on the principles and standards of CBDC, and strive to seek common ground while reserving differences and achieve coordinated development. On the other hand, my country must actively expand cooperation with emerging economies and developing countries, establish an equal, mutually beneficial and interoperable CBDC system, and expand the international network of digital renminbi based on market-oriented principles. Second, if properly regulated, private digital currency markets could be a useful complement to the traditional financial industry. Our country currently prohibits the development of private digital currencies, which is determined by our country’s national conditions. Compared with the UK, my country's financial market and its regulatory mechanism are still immature, and private digital currencies may cause a wide range of risks. Therefore, prohibiting measures at this stage will help maintain financial stability. But judging from the UK’s experience in developing digital currencies, cryptocurrencies are becoming a useful complement to traditional financial assets. With the improvement of the international regulatory mechanism for cryptocurrencies and digital stablecoins, the development of private digital currencies is gradually becoming a trend. At the appropriate time in the future, our country will not rule out the possibility of relaxing the control of private digital currencies. Therefore, we should consider in advance the development of private digital currencies. Regulatory framework for digital currencies. In this regard, the UK’s regulatory experience is worth learning from. For example, a regulatory system for private digital currencies should be constructed from the perspectives of anti-money laundering, investor protection, and taxation. In particular, some of the UK's regulatory innovations, such as the "regulatory sandbox" system, can be absorbed to reasonably control the risks of private digital currencies.

If there is money to be had, scammers will find a way to take it from you. Encryption is no exception. In fact, cryptocurrencies are a prime target for scammers who take advantage of emerging technologies and the public’s unfamiliarity with blockchain tools to position themselves as experts or leaders in the field and gain trust. Despite cryptocurrencies experiencing a dramatic downturn in 2022, cryptocurrency scams are still on the rise. According to data from CertiK’s 2022 “Web3 Security Report,” last year “was the worst year on record for the loss of value for the Web3 protocol. Cryptocurrency losses due to hacks, exploits, and scams reached an all-time high of $3.7 billion in 2022 , an increase of 189% from the all-time record of $1.3 billion set in 2021.” In this article, we briefly summarize the most common scams to explain what they are and how to identify them, so you can learn to identify them and how to protect your wealth. 1. Bitcoin Scams Bitcoin scams are almost as old as Bitcoin, the first cryptocurrency and the cryptocurrency with the highest market capitalization. It is the most well-known and widely adopted of all cryptocurrencies – even traditional financial companies like Fidelity include Bitcoin as part of their offerings! Because of this, Bitcoin feels "safe" to many new investors and is often the entry point into cryptocurrencies. One of the most common scams targeting Bitcoin is a phishing scam. Hackers often impersonate legitimate-sounding service companies or individuals in emails or text messages and try to trick victims into revealing their private keys or trick them into sending Bitcoin to the scammer's wallet. Avoid being scammed by checking any sender's email address and making sure the website they are linking to is legitimate. Often, phishing email addresses will slightly misspell the real site (i.e. http://Gogle.com instead of http://Google.com), or they will take you to a site with similar errors, such as http://coinbase .co instead of http://coinbase.com. A good habit to prevent visiting malicious websites is to bookmark any legitimate websites you use for encryption and only use these bookmarks to access those websites. 2. NFT Scams Many people new to cryptocurrency are looking for a way into the space through non-fungible tokens (NFTs), whether through collection sites like NBA Top Shot, purchasing colorful avatars for social media, or through NFTs ( Also available as tickets) events.Sometimes referred to as "digital collectibles" by big brands including Starbucks and Instagram, there are many scammers targeting both newbies and seasoned pros in the field. One type of scam unique to the NFT space involves fabrication and counterfeiting. When an NFT item (such as the Bored Ape Yacht Club) begins to rise in value, scammers will target people looking to "imitate" it by creating copycat collectibles, sometimes stealing the original art and cloning the entire item to imitate the real, valuable s project. While occasionally a blue-chip project NFT will be listed for a cheap price (usually falsely), if you see a project's NFT for sale at a price well below the market price (you can find it at http://NFTpricefloor.com, etc. can be easily viewed on the website), it is likely to be fake. NFT marketplace OpenSea verifies the authenticity of an artwork or collectible via a blue checkmark on the listing page. You can also view past NFT ownership and sales. That’s the beauty of blockchain – if an NFT appears to appear out of thin air long after the original mint, that’s highly suspicious because all past transactions are recorded. If in doubt, you can look up the original artist's Twitter account and message them to ask if it's legitimate. 3. Social Media Scams Many cryptocurrency scams originate on social media, especially Twitter and Instagram. According to a June 2022 report from the U.S. Federal Trade Commission, “Since 2021, nearly half of people have reported losing cryptocurrency to scams, which they say originated from ads, posts, or scams on social media platforms. The message started." From giveaway scams to fraudulent "verified" or blue-checked accounts, social media is rife with fraud. Ever since Elon Musk bought Twitter, you can no longer simply glance at the blue check behind your name to determine that it's a verified account, as any Twitter Blue subscriber can pay that mark for just $8. Before you believe any advice or ideas from an account that appears to be verified, check out their other posts to see how long they have been active and how many followers they have.A brand new account with almost no followers appears to be just a shilling crypto project and is unlikely to be trusted. One scam unique to social media comes from YouTube, where people set up fake live streams to scam viewers out of their cryptocurrency. Scammers create a legitimate-looking YouTube live broadcast, often using stolen content to boost their authority and post links to giveaways or other seemingly enticing content. These links could be malicious phishing attempts or simply instruct you to send your cryptocurrency to an “expert” for investment. Check the channel's history, including when it started and what other videos they have posted, to avoid being scammed. New channel without videos? keep away. 4. Ponzi Scheme Many critics call cryptocurrencies themselves “Ponzi schemes.” For example, JPMorgan CEO Jamie Dimon in 2022 called crypto tokens a “decentralized Ponzi scheme.” However, the true definition of a Ponzi scheme is a financial fraud that promises huge returns, not by actual investment to achieve it, but by allocating payouts to earlier investors using the funds of recent investors. Cryptocurrencies are a huge target for Ponzi schemes, which often rely on “experts” with extensive knowledge of complex new technologies. Experts promise to do the hard work with your money and eliminate the need for you to learn how things like decentralized finance (DeFi) work. One of the biggest warning signs of a Ponzi scheme is a "guaranteed" double-digit percentage return, a promise that no legitimate investment can deliver. All investments carry an element of risk, and cryptocurrencies are more volatile than traditional financial instruments. If someone promises you great guaranteed returns, the only thing you can guarantee is that it's a scam. 5. Rug pulls are an exit scam that DeFi and NFTs are particularly susceptible to. Combine the fact that DeFi removes the intermediaries involved in financial transactions with the relative ease of creating new tokens, and you've created an environment ripe for scammers to exploit. Fraudsters can easily create crypto tokens and list them on decentralized exchanges ( DEX ) without going through any type of code audit or other type of background check.From January to December 2022, more than 117,000 scam tokens were created, stealing billions of dollars from unsuspecting investors. Newly listed coins tend to surge in price, and eager investors may use filters such as "Recently Added" or "Top Gainer" to filter out new hot coins without having to conduct research on the project. Once the founders of fraudulent cryptocurrency projects believe prices have peaked, they take investors' money, leaving holders with worthless coins. In the NFT space, scammers will create entire collections that copy or imitate well-known collections to attract susceptible buyers. Mutant Ape Planet, a counterfeit play on the legitimate Mutant Ape Yacht Club NFT series, defrauded buyers of nearly $3 million, promising them access to bonuses and other perks, and then walked away with all their money. The best way to prevent this is to do your research. Follow the steps to thoroughly evaluate any new cryptocurrency or NFT project, especially reading the white paper and understanding who the founders are. No white paper or previous track record? Huge warning sign. 6. Crypto Romance Scams The U.S. Federal Trade Commission (FTC) said in June 2022 that a scam that did not start with cryptocurrencies but cropped up as the space expanded is a long-running scam known as a romance scam, from victims That netted $185 million there. Dating sites and/or social media sites to attract targets. They may also "accidentally" DM you on WhatsApp or another messaging platform and then have a conversation. Once Mark gets to know the victim, the fraudster turns the conversation to Bitcoin or other cryptocurrencies and convinces the person to invest a little money in the coin. Sophisticated fraudsters often create fake but convincing-looking websites as part of a pig-killing scam, fattening the "pig" with a small deposit and pretending to be a victim of huge returns until the person is convinced and deposits Large deposits. At that point, the scammer will cut ties with the target and steal the money after weeks or even months of liaising with them. We should be skeptical of any request from someone we've never met in real life, but a big common warning sign that your internet sweetie isn't there for romantic purposes is that they refuse to meet in person or via Zoom or other video conferencing apps .Friends, beware of scams! Be optimistic about the coins in your pocket.

On January 24, 2019, the British financial regulator, the Financial Conduct Authority (FCA), released a 50-page consultation document called "Guidance on Cryptocurrency Assets." With the UK becoming increasingly likely to introduce a clear regulatory framework, now is the time to re-evaluate how other countries’ cryptocurrency markets, particularly major ones, handle cryptocurrencies at a legal level. Crypto Asset Guide review: How does the UK treat virtual currencies? Given the tone of this latest Financial Conduct Authority report, the government appears to be leaning toward a more neutral approach to cryptocurrencies. The main goal of the document is to make regulation more transparent for participants in the cryptocurrency market. The purpose of the Financial Conduct Authority is to help market participants understand whether their chosen digital assets fall within the scope of regulation, what regulation applies to their operations, and whether these operations require authorization. In the document, the UK regulator outlines various possible definitions of crypto-assets and the laws currently applicable to these cryptocurrencies. The agency noted that crypto assets may be considered “specified investments” under national regulatory activities orders (RAOs) or “financial instruments” regulated on the market under the Financial Instruments Directive II. The regulator also mentioned that these assets may be subject to electronic currency regulations or payment services regulations. The Financial Conduct Authority’s consultation paper subsequently divided cryptocurrencies into three categories: trading tokens, security tokens and utility tokens. According to the agency, transactional tokens are “tokens that are not issued or backed by any central authority and are intended to be used as a means of exchange.” The Financial Conduct Authority cited Bitcoin (BTC) and Litecoin (LTC) as examples of why Bitcoin is decentralized. The regulator added that such tokens can be used to buy and sell goods and services without going through traditional intermediaries such as banks. Security tokens are assets that are “the same as or similar to traditional instruments such as stocks, bonds or units in collective investment schemes.” The Financial Conduct Authority added that the tokens are likely to fall within the purview of the National Regulatory Activities Order, so they are “within the regulatory domain” of the regulator.The Financial Conduct Authority did not mention specific examples of such security tokens. Cryptocurrencies known as utility tokens are those that give users access to products but do not grant the same rights as security tokens and therefore are not protected by the regulatory regime unless they can be defined as Electronic money. The Financial Conduct Authority cited data previously obtained by the UK Crypto-Assets Working Group, stating that there are currently no more than 15 cryptocurrency peer-to-peer exchanges in the UK. Together, these exchanges have a daily trading volume of approximately $200 million, accounting for approximately 1% of global daily cryptocurrency trading volume. In addition, 56 projects in the UK have conducted initial coin offerings (ICOs), less than 5% of the global total. This means that the domestic cryptocurrency market in the UK remains relatively small. However, although the UK cryptocurrency market is not large, in December 2018, the Financial Conduct Authority revealed that it was investigating 18 companies that use cryptocurrencies, while the UK Tax Service targeted private cryptocurrency holdings for the first time. The authors issued detailed tax legislation. As for the Financial Conduct Authority's consultation paper, the agency is asking the public to comment on the paper by April 5. The final version of the document will be submitted in the summer of 2019. As a result, the UK may soon join the ranks of countries taking clear regulatory measures on cryptocurrencies. The Status of Cryptocurrencies in Japan: Legally Recognized Payment Methods Japan is one of the largest cryptocurrency markets in the world. According to data collected by the Japan Financial Services Agency (FSA), there are approximately 3.5 million cryptocurrency investors in Japan, and these investors trade more than $97 billion annually. According to reports, most of these investors are businessmen in their 30s. In addition, a report from Japan also showed that 14% of young men in Japan are investing in cryptocurrency. Considering the huge size of Japan’s cryptocurrency market, Japan’s Financial Services Agency has been particularly active in targeting this market. Due to its political stance, the Japanese government’s attitude towards the domestic cryptocurrency market can be said to be very positive compared to other countries. Additionally, Japan was one of the first countries to recognize Bitcoin as legal.Since May 2016, this cryptocurrency and other currencies can be legally accepted as payment methods in the country. However, Japan still does not define cryptocurrencies as legal tender. In April 2017, Japan’s Local Payment Services Act came into effect: the document confirmed cryptocurrency as a form of payment and outlined local regulatory measures for cryptocurrency exchanges and ICOs. Local media reported in December that Japan’s Financial Services Agency decided to classify Bitcoin and other cryptocurrencies as “cryptocurrency assets.” The government had also worried that because cryptocurrencies were called "virtual currencies," investors would mistakenly think they were buying government-recognized legal tender. Status of Chinese cryptocurrencies: Not recognized, trading banned China was once a laggard in the cryptocurrency market An extremely important player, the vast majority of the world's Bitcoin miners (it is estimated that in 2017, China accounted for 50% to 70% of the world's miners) and Bitcoin transaction volume come from China. However, since the government cracked down on local exchanges and ICOs in September 2017, the number of miners and transaction volume have plummeted. Of course, China has not completely given up on encryption technology. Instead, it has become a blockchain power in the strict sense. China’s domestic regulators do not recognize cryptocurrencies as legal tender or instruments for retail payments, and the country’s banking system does not accept any cryptocurrencies, the government said. The status of cryptocurrencies in the United States: Different regulatory agencies have different characterizations and attitudes. In the United States, Congress has the highest authority over federal regulatory agencies such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), and requires these agencies to comply with laws enacted by Congress. . However, Congress has remained silent on regulating and defining cryptocurrencies. Meanwhile, different regulators have begun regulating cryptocurrencies, but each has its own way of defining cryptocurrencies. The U.S. Securities and Exchange Commission considers cryptocurrencies to be securities. Under the 70-year-old Howey Test, a security is defined as involving the investment of funds in a common enterprise in which the investors hope to earn profits primarily from the efforts of others. Nonetheless, the SEC ruled that Ethereum (ETH) and Bitcoin are not securities, meaning ICOs for these assets will not be re-evaluated by the regulator.Regulators have been shutting down “unregistered securities projects” while they investigate. The U.S. Commodity Futures Trading Commission, which controls commodity derivatives trading, says that tokens are commodities. At the same time, in their view, Bitcoin is more like gold than a currency or security in the traditional sense, because Bitcoin has no government support and no responsibilities tied to it. The Financial Crimes Enforcement Network (FinCen) believes that tokens are currency. They argue that ICO sales are subject to money transmission regulations under the Bank Secrecy Act, so projects need to register with the government, collect customer information, and report any suspicious financial activity. The U.S. Internal Revenue Service (IRS) considers cryptocurrencies not to be currency but property, which means that when cryptocurrencies are sold at a profit, the government will impose capital gains taxes on investors. However, the complex regulatory landscape in the United States may change in the future. At the end of December last year, two members of Congress introduced a bipartisan bill called the Investment Classification Act, which aims to prevent the U.S. government from over-regulating the domestic cryptocurrency sector. The package further provides clearer instructions on ICO registration and taxation policies. Status of Cryptocurrencies in Germany: Private Funds Cryptocurrencies are not considered legal tender in Germany, but the Ministry of Finance has recognized them as “private funds” since 2013. Therefore, any profits made from trading, mining, trading Bitcoin or altcoins are subject to capital gains tax. However, according to the Income Tax Act, if investors hold these crypto assets for more than one year, the holders can qualify for tax exemption. Cryptocurrency seems to be relatively popular among young people. According to a survey conducted by the Consumer Center of Hesse and Saxony in November last year, more than a quarter of people aged 18 to 29 are interested in purchasing digital assets. Meanwhile, Germany’s Federal Financial Supervisory Authority (BaFin) has been taking a fairly tough stance on ICOs, with the agency issuing a report on unauthorized initial coin offerings and warning individual investors to “stay away from such projects.” In addition, BaFin also called for international supervision in this area.Swiss Cryptocurrency Status: Property Switzerland is known for its friendly attitude towards cryptocurrency-related technology with its famous Crypto Valley (located in Zug). In Switzerland, cryptocurrencies are considered assets. According to a report released by the Swiss Federal Council in 2014, the Swiss government classifies cryptocurrencies as "virtual currencies," or more specifically, "a digital form of value that can be transferred over the Internet." Transactions, but will not be accepted as legal tender anywhere.” South Korea’s Cryptocurrency Status: Yet to Be Defined South Korea has been a leader in the cryptocurrency industry since an investor craze in 2017. In July 2017, South Korea's local Bitcoin trading market processed more than 14% of the world's Bitcoin transactions, making the market the third largest cryptocurrency trading market after the United States and Japan. But it wasn’t long ago that South Korea’s cryptocurrency industry was hit by something similar to China’s blanket ban on ICOs, which was imposed by South Korea’s financial regulator and lifted later in May 2018. At the same time, South Korea has also made continuous progress in the field of financial technology and has steadily become an international blockchain center. Although there are many regulatory uncertainties in South Korea during this process, the regulatory form in South Korea will gradually become clear in the near future. Just at the end of December last year, South Korean lawmakers proposed as many as six bills to regulate the cryptocurrency industry. These proposed legislative packages aim to provide more protection for private investors and address deficiencies in “current law’s definition of virtual currencies and provisions for virtual currency transactions.” Malta’s Cryptocurrency Status: Digital Medium of Exchange, Unit of Account, Store of Value Malta has a famous name called Blockchain Island. The country has developed a very cryptocurrency-friendly environment, including OKx, Binance and BitBay. Several foreign cryptocurrency exchanges have launched their operations here. In July 2018, the local parliament passed and enacted three distributed ledger technology bills: the "Digital Innovation Authority Bill", the "Innovative Technology Arrangements and Services Bill" and the "Virtual Financial Assets Bill". Silvio Schembri, Undersecretary for Financial Services, Digital Economy and Innovation in the Office of the Prime Minister of Malta, announced the implementation of the above bill on Twitter.He said Malta became "the first jurisdiction in the world to provide legal certainty in this area". Under the Virtual Financial Assets Act, cryptocurrencies are officially called virtual financial assets (VFA), possibly to avoid the stigma that the term "cryptocurrency" may bring: for example, ICOs have been Named the first virtual financial asset issuance, the cryptocurrency exchange has become a virtual financial asset exchange. Specifically, a virtual financial asset means “any form of digital media record used as a digital medium of exchange, unit of account, or store of value,” but such an asset “is not an electronic currency, financial instrument, or virtual token.” Virtual tokens are only allowed to be used on "the DLT platform that issued the token", and the corresponding funds are only allowed to be redeemed "on the platform of the DLT asset issuer". Status of Cryptocurrencies in Malaysia: Securities Effective January 15, 2019, cryptocurrencies are classified as securities in Malaysia, which means they fall under the jurisdiction of the Securities Commission of Malaysia. Crypto exchanges or ICOs that continue to operate without regulatory approval could face 10 years in prison and fines of up to $2.4 million. However, these changes also provide a glimmer of hope for the country’s cryptocurrency sector: According to Malaysia’s Finance Minister Lim Guan Eng, the government sees the potential of cryptocurrencies and blockchain to boost the country’s economy: Cryptocurrency Singapore Status: Not legal tender and unregulated. The Monetary Authority of Singapore (MAS) expanded the country’s existing regulatory regime in November 2018 to include certain cryptocurrencies within its jurisdiction. The central bank introduced a mandatory licensing regime for payment service providers and required them to apply for one of three licenses based on the nature and scale of their cryptocurrency activities. However, the Monetary Authority of Singapore has previously emphasized that cryptocurrencies are not legal tender in Singapore and the agency does not regulate them. Status of Cryptocurrencies in Italy: Not Yet Regulated In what appears to be the first such regulatory move in Italy, a committee of the Italian Senate has passed an amendment targeting the blockchain industry that will see the country gradually become a blockchain oriented country.Documents published on the Senate website show that the amendment provides basic industry terms for blockchain, such as technology based on distributed ledger technology (DLT) and definitions of smart contracts. The document also states that blockchain-driven digital data recording will make documents legally valid upon registration. Of course, the decree now needs further approval from the Italian Parliament. Currently, there is no existing regulation in the country as far as cryptocurrencies are concerned. However, the Italian Ministry of Economy and Finance has been working on a bill aimed at classifying the use of cryptocurrencies in Italy. Interestingly, the decree clearly stipulates how and when “service providers related to the use of digital currencies” should report their related activities to the government, which means that the country’s regulation of cryptocurrencies will be stricter.

As the core of the U.S. financial system, the Federal Reserve's monetary policy plays a vital role in the economic development of the United States and even the world. However, formulating good monetary policy is not easy, and there are many factors to consider. This article will analyze in detail the pros and cons of the Federal Reserve's monetary policy, predict possible future trends, and its impact on the overall economy. First of all, the primary task of the Federal Reserve’s monetary policy is to regulate the operation of the overall U.S. economy. By adjusting policy tools such as interest rates and money supply, the Fed can influence key economic indicators such as consumption, investment, and exports to stabilize prices, promote employment, and maintain economic growth. However, making monetary policy decisions is not easy. It requires weighing various factors in a complex economic environment and making accurate predictions about future trends. Although the Federal Reserve strives for perfection in formulating monetary policy, there are still some limitations. One of these is the flaw in the analytical framework. Due to the complexity and uncertainty of economic data, the Fed often relies too much on past experience and analysis, leading to biased judgments on future trends. For example, the Fed has focused too much on inflation targets in the past few years and ignored issues such as supply shortages, leading to the risk of a recession. So, where might the Fed's monetary policy go in the future? Some economists believe the Fed may begin cutting interest rates in the fourth quarter of 2023. That's because U.S. inflation has slowed, providing room for rate cuts. However, this is just speculation by experts, and the actual policy direction is also affected by many other factors. Despite the possibility of interest rate cuts, the risk of a vicious economic equilibrium of high deficit and high inflation still exists. If the U.S. government cannot effectively control the fiscal deficit and promote structural reforms, the market may regenerate expectations of high inflation. In addition, overreliance on the Federal Reserve's monetary policy could lead to increased vulnerabilities in financial markets and the economy. Therefore, the role of the Federal Reserve's monetary policy should be diversified, and the U.S. government also needs to take active measures to solve problems in the economy. In short, the impact of the Federal Reserve's monetary policy on the global economy cannot be ignored. It's important for investors and analysts to understand when and how much the Fed may cut interest rates.In addition, governments and international financial institutions also need to pay close attention to the policy trends of the Federal Reserve and take corresponding measures to reduce potential risks and challenges. Although the economic environment is challenging, it is possible to promote a healthy global economy through careful policy design and global cooperation.

Bitcoin is a digital currency started in 2009. Compared with the traditional financial system, Bitcoin is characterized by decentralization, anonymity, transparency, and non-tamperability, and has many advantages. This article will introduce the overall picture of Bitcoin from several aspects such as its definition, history, characteristics, advantages and disadvantages, and future. 1. Definition Bitcoin, also known as digital currency and virtual currency, is a decentralized and digital currency based on a peer-to-peer network protocol. It uses encryption technology to ensure the security and anonymity of transactions, while ensuring transaction transparency, no intermediary fees, and transactions can be conducted around the clock. The total supply of Bitcoin is capped at 21 million, and distributed ledger technology is used to ensure the decentralization, security and consensus of Bitcoin. 2. History Bitcoin was first proposed by Satoshi Nakamoto in a white paper published in 2008, and actual online transactions began in 2009. At that time, Bitcoin could only be used for some underground black market transactions, but it developed rapidly in the following years. In 2013, Bitcoin once hit a record price of less than $200 per Bitcoin, and quickly became popular in the entire financial investment market. But not long after, the price of Bitcoin fell below $100, causing investors to panic. After that, the Bitcoin market gradually recovered, rising to a historical high of more than $22,000 at the end of 2017, and then plummeted again. 3. Characteristics: Decentralization: Bitcoin is implemented through a peer-to-peer network. There is no central organization for management, thus avoiding the risk of single point failure caused by centralization. Anonymity: Bitcoin transactions are conducted using public keys and private keys, which ensures the anonymity and security of transactions. Transparency: Bitcoin uses distributed ledger technology, and all transactions and account balances can be publicly viewed. Immutable: Bitcoin uses digital signature technology to ensure the authenticity and non-tamperability of transactions. No intermediary fees: Bitcoin transactions do not require intermediaries, so both parties to the transaction do not need to pay intermediary fees. 4. Advantages and Disadvantages 1. Advantages (1) Higher anonymity: Bitcoin transactions are more anonymous and can protect personal privacy. (2) Transaction convenience: Bitcoin transactions can be conducted anytime and anywhere without geographical restrictions.(3) Decentralization: Bitcoin has no central agency management, making transactions more secure and transparent. 2. Disadvantages (1) High volatility: Bitcoin prices are highly volatile, which may bring certain risks to investors. (2) Security issues: Bitcoin transactions are anonymous, and there are also certain security risks and technical risks. (3) Weak market supervision: Bitcoin’s market supervision is weak, leaving a certain gray area in the market. 5. Future Looking to the future, the advantages of Bitcoin will gradually appear, and the disadvantages will gradually be resolved. Bitcoin will become a more transparent and decentralized value transfer method, which may replace some of the functions of traditional financial institutions. At the same time, the continuous development of blockchain technology is expected to provide a more effective guarantee for the security and trustworthiness of Bitcoin. In short, Bitcoin is an innovative digital currency with high value transfer function and transaction convenience, but it also has certain risks and challenges. Faced with these challenges, Bitcoin will continue to improve and improve in its future development.

Cryptocurrency investment is a high-risk, high-yield investment method that is very different from traditional financial investment. With the popularity of digital currency and blockchain technology, more and more people are paying attention to cryptocurrency investment. However, there are still big differences between cryptocurrency investing and traditional financial investing. We will compare cryptocurrency investments with traditional financial investments and analyze their risk and return characteristics. First, the cryptocurrency market has very high volatility. According to Coinmarketcap data, in 2021, the price of Bitcoin rose by nearly 200%, but then fell by nearly 30%, while the prices of more cryptocurrencies also fluctuated greatly. In comparison, traditional financial markets typically have much lower volatility and therefore relatively less risk. Traditional financial investments, such as stocks, bonds and funds, have experienced decades or even centuries of development, and the market mechanism has become relatively mature. As an emerging asset class, cryptocurrency has relatively unstable market conditions and large price fluctuations. This means that cryptocurrency investments are riskier and investors should be more cautious. Traditional financial investments are more robust, and investors can reduce risks through investment portfolios. Second, let's look at the benefits. Cryptocurrency investments can bring high returns, especially since Bitcoin has performed exceptionally well over the past few years, increasing its value dozens of times. However, with this high return comes equally high risk. In contrast, returns from traditional financial investments are relatively stable, but the growth rate is usually lower. Yields in the cryptocurrency market are also very high. According to statistics, in 2021, Bitcoin's annualized rate of return will be about 600%, while the annualized rate of return in the traditional financial market is usually between 4% and 7%. However, at the same time, this also means greater risks. Investors need to fully understand their risk tolerance and investment goals, and conduct sufficient market research and risk assessment before making investment decisions. For example, tracking market dynamics, Understand the characteristics and potential of various cryptocurrencies, and be prepared for market fluctuations and potential risks. Do not invest all your funds in the cryptocurrency market, allocate assets reasonably, and diversify investment risks. In order to better respond to market fluctuations and protect the security of your assets .Traditional financial investments are relatively stable, have less market volatility, and have good predictability. However, due to the existence of credit risks and economic risks, returns from traditional financial investments cannot be guaranteed. "Practical Case: Cryptocurrency Investment and Traditional Financial Investment" A typical case in cryptocurrency investment is Bitcoin investment. In 2017, the price of Bitcoin soared to around $20,000, with many investors making huge gains during this period. However, the market then fell, and the price of Bitcoin dropped significantly, and many investors suffered heavy losses during this period. A typical example of traditional financial investment is stock investment. During the 2008 financial crisis, the stock market fell sharply, and many investors suffered heavy losses during this period. However, the market subsequently recovered and stock prices returned to growth, with many investors achieving handsome returns during this period. These cases show that both cryptocurrency investment and traditional financial investment are characterized by high risks and high returns, and investors need to assess and control their risk tolerance. For example, Bitcoin investment is a typical high-risk and high-return investment method, while stock investment is more suitable for long-term investment. Investors can combine investment portfolios in a variety of ways to meet different risk preferences and investment goals. Cryptocurrency investment offers huge profit potential, but it also carries high risks and high volatility. Investors need to do sufficient market research and risk assessment, and ensure diversification to reduce risks. Please leave a like after reading the article. Thank you.

1. The impact of the COVID-19 epidemic has reduced people’s contact and collision in the physical world. In this process, people are becoming more and more accustomed to and integrated into digital virtual spaces: home offices are no longer new, they spend more time retaining and interacting in virtual spaces, and the value of virtual goods and services is more open and recognized. This may be an external factor that has driven the popularity of NFTs in the past two years. Take crypto art as an example. The world today is moving towards digitalization, but art, as a medium to express human emotions and spirit, has not kept pace with the digital age. The works of art we can recognize are still primarily creations that exist in the physical world. NFT provides huge development space for digital art. 2. The popular market of encrypted digital market. Since 2020, the size of the cryptocurrency market has continued to rise, and the price of Bitcoin has repeatedly reached new highs, arousing people's interest in various encrypted digital assets. Among them, NFT, especially NFT art, may be the most closely related to the physical world among crypto assets, and it is also the most knowledgeable and tangible asset type for investors. It is bound to gain a wave of attention. 3. The explosion of DeFi has greatly improved the liquidity and tradability of NFTs. Due to their uniqueness and non-fungible nature, NFT tokens have had extremely poor trading liquidity in the secondary market in the past. However, with the rapid development of the DeFi ecosystem in 2020, the integration of NFT+DeFi has become the focus of market attention. 4. Each NFT can be traced back to its original issuer, so that every transaction can be verified to ensure the authenticity of the product and the rights of both buyers and sellers. This makes NFTs currently have real practical value support in the crypto art market. 5. NFT has almost no representative projects after CryptoKitties, but the entire ecosystem is still developing. In the past few years, although NFT has been tepid, there has always been a group of loyal developers and users who insist on exploring the field of NFT, which has led to improvements in the infrastructure of the NFT niche market. With the existing exploration of blockchain technology and NFTs, creators have found a new channel to enhance interaction with followers and fans and realize their achievements in the digital world. NFT is the product of the fusion of virtuality and reality. Compared with other applications based on blockchain technology, NFT is more closely integrated with reality and more practical.Of course, it is undeniable that these sky-high-priced NFT artworks, avatars, and tweets may have some hype elements. For example, Justin Sun, the founder of TRON, went to bid for Beeple’s paintings. He offered $60 million. Among cryptopunks, we don’t know how many people simply think this pixel avatar looks good or think it has high artistic value, so they are willing to spend tens of thousands of dollars to buy it. But it is undeniable that NFT has opened the door to the field of digital art, and also opened the door between the virtual world and the real world. According to the search volume data of Google Trends, the search volume of NFT, cryptocurrency (crypto) and blockchain (blockchain) has been very large in recent months. Last time so many people searched for the two key words of blockchain and cryptocurrency. This term was coined at the end of 2017, but the popularity of NFT this year has caused these two terms to hit a record high, and NFT has also ushered in a surge in popularity.

The crypto market is highly volatile, and we often see expressions such as "extreme panic in the market" or "high greed index in the market", which all come from the fear-greed index. So, what exactly is the Fear Greed Index? Let’s take a look. What is the Fear and Greed Index? The Fear and Greed Index is a tool that measures crowd psychology in the Bitcoin market. This overall feeling of investors towards market conditions is also called market sentiment. Why fear and greed? Fear and greed are the two main emotions in human psychology that can influence the behavior of investors. The Bitcoin market is no exception. Therefore, market sentiment awareness is important in helping us decide when to enter or exit the market. On the surface, investors generally follow the index’s theory that excessive fear tends to drive down Bitcoin’s price, while excessive greed drives it up. The hypothesis is that extreme fear will increase selling pressure on Bitcoin, driving prices lower and providing investors with buying opportunities. On the other hand, extreme greed drives up demand for Bitcoin, raising the price and providing good selling opportunities. Accumulate analysis and summaries from multiple data sources to generate a number. This number is measured on a scale from 0 to 100, where 0 represents maximum fear and 100 represents extreme greed. On a scale of 0 to 100, the index is divided into four basic categories: 0 to 24 = extreme fear, 25 to 49 = fear, 50 to 74 = greed, and 75 to 100 = extreme greed. Meanwhile, the index pulls data from the following sources to calculate the score: Volatility: Compares Bitcoin’s current value to its average over the past 30 days and the past 90 days. Market Trends and Exchange Volume: Market trends and exchange volumes for Bitcoin over the past 30 and 90 days. Social media sentiment: What people say about Bitcoin on social media. Market Share: Bitcoin’s share of the crypto market relative to all other cryptocurrencies (also known as dominance). Search Trends: Trends in related Bitcoin search terms to determine whether people are expecting a rise or fall. Anti-human Investors However, one type of investor believes that going against the trend (going against this market sentiment) can outperform the market, also known as anti-human investors.Antihumanists act against conformity. When the market sells off due to fear, they become greedy. When greed prevails and everyone else is buying, contrarian investors will find opportunities to exit the market when prices rise. Is this Greed and Fear Index reliable? The answer to this question lies in the data. Give investors insight into how the index has historically interacted with Bitcoin price. Historically, the more extreme the feelings about the market, the more likely Bitcoin is to experience a trend reversal. Investors who decide to pull the trigger when market conditions signal extreme fear may enter the market at the beginning of a lengthy bearish period. If profiting financially was as easy as following popular sentiment, we'd probably all be winners. So the index is more effective at predicting broader trends. However, be careful not to use just this single metric to make any investing decisions. We should use it in conjunction with other technical, fundamental and on-chain indicators, especially currently in the uncertain macroeconomic environment we are experiencing. like

The approval of a spot Bitcoin exchange-traded fund (ETF) will have far-reaching consequences for the entire cryptocurrency industry, heralding a new era of legality and accessibility. Currently, the cryptocurrency market is dominated by speculative trading on various exchanges, leaving traditional investors looking to invest in digital assets with limited options. The launch of a spot Bitcoin ETF will bridge this gap, unlocking significant opportunities for institutional and retail investors. Providing a regulated and transparent investment vehicle First and foremost, the approval of a spot Bitcoin ETF will provide mainstream investors with a regulated and transparent investment vehicle. This will lead to increased institutional participation, as traditional financial institutions such as pension funds and asset managers gain exposure to Bitcoin through regulated channels. The influx of institutional capital will significantly enhance market liquidity and stability and reduce price volatility, making Bitcoin a more attractive asset class. Promoting Broader Market Acceptance Additionally, the approval of a spot Bitcoin ETF will promote broader market acceptance of cryptocurrencies. This would mark regulators’ recognition and approval of Bitcoin as a legitimate investment and could pave the way for the approval of other cryptocurrency-based ETFs. This will provide investors with diversified investment options beyond Bitcoin, further strengthening the overall cryptocurrency market. Democratizing Cryptocurrency Access Additionally, a spot Bitcoin ETF would further democratize access to cryptocurrencies, making it easier for retail investors to participate in the market. Currently, acquiring and holding Bitcoin involves technical complexities and security risks that deter many potential investors. The launch of the ETF will simplify the investment process, allowing individuals to gain access to Bitcoin investments without directly owning and managing digital wallets, private keys and exchanges. This increased accessibility will expand the investor base and potentially drive further adoption and acceptance of cryptocurrencies. Potential Risks and Challenges However, it is important to recognize that the approval of a spot Bitcoin ETF also comes with potential risks and challenges. Regulatory scrutiny and oversight are likely to increase as regulators seek to ensure investor protection and market integrity. Issues of market manipulation and the need for robust hosting solutions will be areas of focus.Additionally, the correlation between Bitcoin prices and ETF values ​​may lead to amplified market volatility, potentially exposing investors to higher risks. Final Thoughts All in all, the approval of a spot Bitcoin ETF would be a major milestone for the cryptocurrency industry, attracting mainstream investor participation and promoting market maturity. It will provide greater liquidity, stability and accessibility while enhancing regulation. However, careful consideration of potential risks and challenges is critical to ensuring a balanced and sustainable growth trajectory for the industry.

A heaven, a hell. From the "currency central mother" worshiped by thousands of people to the "currency sinner" everyone shouts and beats, from the world's top richest man to having his assets wiped out overnight, it only took SBF two months. It only took three years for FTX, the world's second largest cryptocurrency exchange founded by him, to go from its establishment to a market value of over 30 billion US dollars and then to bankruptcy. However, what makes SBF even more desperate is that he may have to spend the rest of his life in prison. SBF was arrested by Bahamian police at a top luxury condominium in the Bahamas and will later be extradited to the United States to face trial. Bail was not allowed during the period, and a Bahamian judge rejected SBF's bail application, saying that he was a "flight risk" and should stay in jail. Damian Williams, the chief prosecutor for the Southern District of New York, formally filed eight criminal charges against SBF, including: conspiring to commit wire fraud against customers; participating in customer wire fraud; conspiring to commit wire fraud against lenders; participating in lender wire fraud; and conspiring to commit commodities fraud; Conspiring to commit securities fraud; conspiring to launder money; conspiring to defraud the United States and violate the Campaign Finance Disclosure Act. The two major financial regulatory agencies, the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC), simultaneously announced the filing of civil lawsuits against SBF. The charges were all "securities fraud", that is, SBF secretly misappropriated customer funds for its Expenses of hedge fund Alameda and private investments. Misappropriation of client assets, financial fraud, money laundering, political donation issues... In the words of the US prosecutor, the SBF case is "one of the largest financial fraud cases in the history of the United States." According to Nicholas Biase, spokesman for the U.S. Attorney, if the charges brought by the Department of Justice are confirmed, SBF may spend decades in prison and face up to 115 years in prison. The indictment released by the Ministry of Justice shows that SBF and its associates began securities fraud at least since the establishment of FTX in 2019 and continued until it filed for bankruptcy. The Department of Justice said that SBF and others designed "fraudulent schemes and schemes to obtain money and property through false and fraudulent disguises, representations and promises" and conducted interstate and cross-border wire transfers of the money and property involved in the case.Specifically, SBF and its associates misappropriated the deposits of FTX customers and used these deposits to pay fees and debts of Alameda Research, a cryptocurrency hedge fund owned by SBF, and also made investments. As for the methods of misappropriating deposits, the SEC's indictment shows that there are mainly two types: 1) guiding FTX users to deposit funds into bank accounts controlled by Alameda; FTX requires customers to transfer funds to a bank account opened in the name of North Dimensioninc. The company is actually a subsidiary of Alameda and has not disclosed any connection to Alameda. Alameda then mixed client assets with other assets and used them indiscriminately in trading operations and other SBF Private ventures. 2) Provide Alameda with an “unlimited” credit line on the FTX platform, funded by customers. FTX also transferred user funds to its own legal currency account named fiat@ftx.com, from which Alameda "borrowed". However, FTX labeled these assets as internal accounts, hiding Alameda’s debt within its internal systems. At the same time, Alameda marked the client funds obtained from FTX as "liabilities" and did not indicate that this "liability" actually came from FTX when providing a balance sheet to third-party lenders. Alameda also mixed the liability with third-party loans in an attempt to get away with it. In order to facilitate Alameda to seize customer funds, SBF gave it the green light again and again. In August 2019, SBF instructed its employees to write special code to allow Alameda to maintain a negative balance on the platform account without being affected. Later, it increased the limit of the negative balance of the account multiple times, effectively providing Alameda with "unlimited" credits. In May 2020, under the instruction of SBF, Alameda was completely exempt from the restrictions of FTX’s auto-liquidation function. In contrast, no other account can enjoy similar special treatment. In addition, according to the indictment announced by the CFTC, FTX executives, under the direction of SBF, redistributed approximately $8 billion of Alameda's liabilities to two customer accounts in the FTX system to conceal Alameda's huge debt. SBF named the two accounts "Korean Friend's Account" and "Weird Korean Account." As a result, FTX customers have become Alameda’s “unlimited” cash machines in disguise.Through the above means, SBF injected billions of dollars in FTX customer funds into Alameda. When Alameda's chaotic financial situation was exposed, customers panicked and tried to withdraw money, only to find that their money had disappeared. While deliberately trying to cut off platform customers, SBF also raised a "butcher's knife" to investors. According to the SEC’s indictment, SBF boasted to investors about FTX’s security and risk management capabilities, and raised more than $1.8 billion from investors through multiple rounds of equity financing, of which $1.1 billion came from approximately 90 U.S. investors. In response, the U.S. Department of Justice stated that FTX sent an email to investors in September 2022, providing materially false financial information. SEC Chairman Gary Gensler wrote that SBF failed to disclose the relationship between FTX and Alameda to investors, "built a 'house of cards' based on deception and told investors it was the most secure building in the cryptocurrency space." one". At the New York Times Business Summit, SBF put on an innocent face when asked about the "backdoor relationship" between FTX and Alameda, and "knew nothing about Alameda's leverage, funding loopholes, and liquidity problems." , and said that his mistake was not paying more attention to Alameda. Alameda – SBF’s Private Wallet In May, Alameda’s lenders demanded repayment of billions of dollars in loans as the cryptocurrency plummeted. Although Alameda has received a huge capital injection from FTX, it is still unable to repay it. Why is this? In addition to investment failures, this is not unrelated to SBF's long-term greed and blood-sucking. According to the Justice Department and SEC, Alameda became SBF’s private wallet after receiving a steady flow of customer funds from FTX. SBF continued to withdraw money from Alameda and used billions of dollars to buy luxury homes, fund political activities, make private investments, etc. In addition, funds illegally transferred to Alameda were used to provide loans to FTX executives, including SBF himself. From March 2020 to September 2022, SBF signed loan promissory notes for Alameda totaling more than US$1.338 billion. In 2021 and 2022, FTX co-founders Gary Wang and Nishad Singh borrowed US$550 million and US$220 million from Alameda respectively. When Alameda's financial situation caused a butterfly effect in the currency circle and the "house of cards" built by SBF collapsed, he not only did not stop, but intensified his efforts, instructing his subordinates to transfer more customer assets to Alameda to fill the "bottomless hole". He himself continued Suck Alameda's "blood", use the funds for venture capital, and provide loans to FTX executives.It was not until FTX, Alameda, and other companies in SBF's vast network filed for bankruptcy that SBF's "greedy behavior" was able to end. Conspiracy to launder money for two years The U.S. Department of Justice also charged SBF and its associates with conspiring to conduct money laundering transactions starting at least in 2020. The Department of Justice stated that SBF had actually violated U.S. anti-money laundering laws by hiding and disguising the source of funds when illegally misappropriating client funds. “It’s time for the crypto industry to be subject to the same money laundering rules as other industries,” U.S. Senator Elizabeth Warren said during a hearing of the Senate Banking Committee, where she and Republican Senator Roger Marshall of Kansas had earlier proposed A new piece of legislation aimed at closing loopholes in the crypto industry’s anti-money laundering rules. However, the Justice Department did not provide more details about the money laundering charges, so the information available is very limited. Huge political donations bought bipartisan influence. The final allegation the Justice Department brought against SBF was that, beginning at least in 2020, SBF and its associates knowingly defrauded the U.S. government and violated campaign finance disclosure laws. The Justice Department said SBF and others violated relevant laws by donating to candidates for federal office, federal Ways and Means Committees and independent expenditure committees "in the name of others." SBF previously admitted that it was a "significant donor" to the 2022 midterm elections. It is said that he bet on both the Democratic Party and the Republican Party, with a total amount of nearly 40 million US dollars, most of which was spent on the Democratic Party. Wall Street News previously mentioned that in the mid-term elections in the United States, SBF was the second largest individual donor to the Democratic Party, with a donation amount of US$39 million, second only to Soros. However, the majority of political donations come from FTX clients. Williams said: “All this dirty money is used by the SBF to buy bipartisan influence and the desire to influence the direction of American public policy.” A top cryptocurrency trader actually uses QuickBooks for accounting? SBF was scheduled to attend a hearing with new CEO John Ray III before the Financial Services Committee, which is investigating FTX’s collapse. Since SBF had been arrested the day before, Ray testified to the committee alone. Ray got right to the point and said that the reason why FTX collapsed was because "control was absolutely concentrated in the hands of a small group of severely inexperienced and immature individuals."He repeatedly said that FTX was in worse shape than Enron. Ray is a veteran of corporate restructuring, best known for overseeing the liquidation of energy giant Enron. He said he had "never seen such a failure of corporate controls and such a complete lack of reliance on financial information" and that it could take months for his team to sort through the entire case. He said that FTX's case was actually "not complicated at all" and that it was an "old-fashioned" embezzlement case that "just took money from customers and used it for their own purposes." Ray also confirmed that FTX did commingle customer funds and allowed Alameda unrestricted access to FTX’s customer accounts. According to Ray, FTX’s accounting treatment is quite lax. No wonder FTX has exposed serious financial flaws. The accounting software QuickBooks used by FTX is more suitable for individuals and small businesses. In the United States, 80% of small and medium-sized businesses use this software. Additionally, he noted that FTX employees communicated invoices and reimbursements through internal chat software Slack. Ray said: "QuickBooks itself is nothing to complain about. It is a very good tool, it is just not suitable for a multi-billion dollar company." At its peak, FTX had a market capitalization of $32 billion. When asked by the committee whether FTX is still solvent? Ray replied firmly: "No." According to SBF’s prepared testimony, if it were not for the sudden abandonment of investment by its old rival Binance, FTX would still be solvent. Currently, FTX US remains solvent and able to settle settlements for all of its clients.

In order for a blockchain or blockchain-based platform to reach its full potential, in most if not all cases it will need to have its own cryptocurrency. In order for this cryptocurrency to have any value, it needs to be able to be bought, sold, or traded. Most of the time, the easiest way is through a cryptocurrency exchange. If a cryptocurrency is easily available in the market, it allows the market to assign value to it. While centralized exchanges (CEX) are the most common way to trade cryptocurrencies, they are not without their problems. There is usually a central authority responsible for deciding which cryptocurrencies can be bought, sold, or traded on an exchange, and is responsible for setting prices and stating what can be exchanged. This can cause problems, especially if an exchange experiences a liquidity crisis. This is what happened to the FTX cryptocurrency exchange in November 2022, triggering a market crash. Another problem is that because they are centralized, there are some crypto advocates who argue against what they see as the fundamental point of cryptocurrencies - namely, that they are not centralized and are under the full control of one authoritative body. Therefore, there is an alternative, and it comes in the form of decentralized exchanges (DEX). Simply put, it is an exchange where anyone can exchange anything at any time without being told what they can or cannot bring to the market. dYdX DEX is just one of many decentralized exchanges. What may make dYdX slightly different from other DEXs that offer crypto traders plenty of options is that it offers users options beyond cryptocurrency trading. For example, it actually offers the opportunity to bet on whether cryptocurrency prices will rise or fall. This is called margin trading. Margin traders borrow crypto assets using collateral, and when the collateral falls below a certain level, trades are automatically made to cover the loan. This process is implemented through smart contracts - computer programs that automatically execute when specific conditions are met - based on dYdX on the Ethereum blockchain. Every blockchain-based network needs to have its own native cryptocurrency, and dYdX There are DYDX tokens. This is used to keep the system running and to pay interest and rewards to investors.There are 1 billion DYDX tokens in total, which will be released in one form or another over the course of five years or so. The dYdX platform was founded by former Coinbase engineer Antonio Juliano and launched in 2017, with the DYDX token entering the public market for the first time in 2021. One important thing to note at this point is that DYDX is based on the Ethereum blockchain, which means it is technically a coin and not a token. That said, you will hear mentions of things like DYDX Token and DYDX Token Price Predictions, but these are all wrong.

The current news is almost all about spot ETFs. I believe the SEC is also under great pressure. BlackRock has also updated its ETF application, which means that several institutions have made new moves this week, so this week This week should be the start of a new round of approval process. I think institutions should have received the SEC’s reply and started correcting their documents. This response to the approval node instead of a simple extension further increases the probability of approval. The listing of new spot ETFs has stronger purchasing power for the spot market than the listing of GBTC to ETFs. At the same time, the SEC also dropped all charges against Ripple’s CEO, and Ripple’s case has come to an end. The SEC has continuously lost to the cryptocurrency industry in the face of U.S. law, and it should be more restrained in the future. The big pie is once again thriving today. This wave is not too similar to the wave from the end of 19 to the beginning of 20. In 2019, it also fluctuated at the bottom for 2 months and then went into a calf market that lasted for more than a month. Then we are here The familiar 312. The current time point feels that history is very likely to repeat itself. The script is that from now on, there will be a small wave of bulls. It will start to fall at a certain point after the ETF is approved, and then there will be a low point before the halving, and then a wave of bull market will start. Will history be copied so easily? Let’s wait and see. We have reservations about whether there will be another 312. There may be a big drop before the halving, but it may not have the speed and magnitude of 312.