With the growing number of crypto-focused attacks and banking challenges, many feel this is a coordinated effort to weaken the crypto industry. Binance CEO also talks about coordinated efforts to destabilize cryptocurrencies. So is Bitcoin under attack?
Binance CEO voices concerns, Bitcoin resists!
cryptocoin.comAs you follow, the cryptocurrency market went through a whirlwind of difficulties in 2022 and it looks like there will be no break for this year either. As a result of successive regulatory roadblocks and the subsequent failure of key companies, crypto has found itself in an awkward position that almost seems like a planned effort to thwart it.
A similar view was expressed by Binance CEO Changpeng Zhao (CZ). In a recent tweet, he predicted that given what’s going on in the entire crypto space, it looks like a coordinated attack is underway to ‘close down crypto-friendly banks’, which would be detrimental to the industry in the long run.
However, CZ points out that while these initiatives have impacted crypto to some degree, traditional financial institutions are currently failing, while blockchains continue to work due to their decentralized nature that prevents any central authority from taking command. As can be seen in the price of Bitcoin (BTC), the leading cryptocurrency has managed to hold the coveted $20,000 level even after regulatory hurdles, negative press reports and media coverage.
Recently, prominent US officials and influential members of Congress such as the Federal Reserve, OCC, FDIC, SEC, NYAG, NYDFS, and DOJ seem determined to destabilize the growing crypto industry, which for some is now challenging the traditional market. Rumored to be an ‘Operation Choke Point’, the US is making it increasingly difficult for crypto businesses to operate and sustain.
Is crypto a threat?
The cryptocurrency market has recently established itself as a viable alternative to a number of traditional financial products and services available in the country. For example, compared to the meager 0.1% interest rates on savings accounts offered by US banks, the staking feature of cryptocurrencies allows users to earn rewards of up to 25% per year in certain scenarios. As a result, the SEC recently penalized Kraken, a California-based crypto exchange, and even forced the firm to suspend staking operations for US customers.
It is worth emphasizing that as of now, there is no real evidence of a government conspiracy to strengthen political authority to get crypto off the US banking rails. However, the back-to-back crypto-prints and the development of certain scenarios certainly aroused suspicions in everyone’s minds, as it is also difficult to see this as just a matter of coincidence.
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