Should this news coming out of the US be seen as one of the numerous attempts to cripple the activities of cryptocurrency around the globe? No, it's definitely not for me. As much as we are robed with cryptovangelism and are poised to take over the world, certain abnormalities that exist and are crippling the efforts of genuine cryptos should be checkmated and if possible quashed.
The US Justice department in their quest to checkmate this neferous activities of manipulators, sets up a probe panel to check the criminal activities of traders who are manipulating bitcoin prices and other virtual currencies.
The investigating panel is to focus on illegal practices influencing prices. This manipulators often times flood the market with fake orders in order to trick traders into buying, spoofing and other cheating tricks.
This is the concern of many nations who have refused to give a legal backing to trading with bitcoin and other virtual currencies. Thereby contributing to a slump that has continued to set bitcoin below the initial rise of $21.000 in 2017.
Steps must be taken to put in place regulatory measures to avert the impending dangers that can constraint a large swaths of investors that could conclude that cryptos are no longer a safe place for investments.
I hope and wish that steemit haven't gravitated towards regulating it's own activities with what bots are doing to check the activities of all steemians must now take the lead in pursuit for strong regulations.
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