💵 Today's Crypto Updates: March 9th 📈

Today's Crypto Updates:

1. Bitcoin Drops Below $9K, Top Altcoins Down 16% On Global Regulatory News
2. CFTC Ex-Chair: Crypto ‘Bubble’ Won’t Burst Without Set Regulations To Bring In Big Money
3. US Government Sees Potential In Blockchain, Seek To Invest In Research And Development
4. Coming Soon: CryptoBotAuthority.com

Summary Of Today's News:

Bitcoin drops below $9K. CFTC ex-chair thinks Crypto still has a lot of room for institutional growth. US government investing in blockchain. CryptoBotAuthority.com coming soon! Read all about it below!

1. Bitcoin Drops Below $9K, Top Altcoins Down 16% On Global Regulatory News

Source: https://cointelegraph.com/news/bitcoin-drops-below-9k-top-altcoins-down-16-on-global-regulatory-news

Key Highlights:

• "Bitcoin (BTC)’s price dropped below $9,000, dropping to $8,539 on Friday, March 9, according to data from CoinMarketCap."

• “The market downturn is likely in part caused by the March 7 statement from the US Securities and Exchange Commission (SEC) that all cryptocurrency exchanges trading securities are required to register with the commission.”

Crypto Phil's Take:

Not too surprising that after the FUD from the regulation news to the Binance "hack", the markets swung down violently. However at the time of writing this, it seems like we're already seeing a slight reversal. I think we may see prices return back to where they were and surpass the previous highs we saw this month.

2. CFTC Ex-Chair: Crypto ‘Bubble’ Won’t Burst Without Set Regulations To Bring In Big Money

Source: https://cointelegraph.com/news/cftc-ex-chair-crypto-bubble-wont-burst-without-set-regulations-to-bring-in-big-money

Key Highlights:

• "Former chairman Jim Newsome of the US financial regulator the Commodity Futures Trading Commission (CFTC) predicted that the alleged cryptocurrency “bubble” will not burst soon"

• “According to Newsome, the lack of a concrete regulatory framework means that institutional investors are still not participating in cryptocurrency markets. Without clear regulations and the resulting injection of “big money”, a burst of the “crypto bubble” remains unlikely”

Crypto Phil's Take:

I think the bigger takeaway here is that we haven't seen the markets flooded with big, institutional money. When that finally happens, we may see the biggest rise in crypto prices we've ever seen.

3. US Government Sees Potential In Blockchain, Seek To Invest In Research And Development

Source: https://www.fedscoop.com/gao-taps-ai-blockchain-society-altering-tech-calls-rd-spending/

Key Highlights:

• "The Government Accountability Office’s new five-year strategic plan calls for more federal research and development spending to drive the potential of five emerging technologies it says could change society."

• "...cryptocurrencies and blockchain as the technologies with the most potential to change society in the next five years."

Crypto Phil's Take:

It's good to see the government looking forward to new technology. Usually government has a reputation for taking forever to get with the times but it seems like countries around the world are taking notice of blockchain technology and cryptocurrencies.

4. Coming Soon: CryptoBotAuthority.com

Source: https://cryptobotauthority.com/

Key Highlights:

• "Crypto Bot Authority is the #1 resource for Steemit bots, crypto trading bots, and bot case studies!"

• "Crypto Bot Authority can help drive more traffic and income to your bot!"

Crypto Phil's Take:

I've been brainstorming this project for awhile and I've finally made some good headway on this site. I'm aiming to make it the #1 stop for anyone remotely interested in Steemit and crypto bots. The site is partially based off the open source bot tracker site provided by @yabapmatt . However, I hope to greatly expand on not only the Steemit bot tracker feature set, but also provide information about other crypto bots as well as training and case studies related to steemit and crypto bots.

The site is still in a very early alpha but I wanted to give people an early glimpse! I sincerely hope crypto bot enthusiasts will find it useful in the future.

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