While many experts were talking about the US CPI report and how it affected the market positively, Bitcoin’s surge may have another reason to occur.
BTC managed to climb up by nearly 6% in just 24 hours following the publication of the CPI report, which indicated a slowdown of inflation and allowed retail traders to breathe calmly for a change.
Meanwhile, Sam Bankman-Fried was arrested in the Bahamas and faces extradition. At the moment, the infamous entrepreneur and the poster child of the crypto industry are fighting the extradition order in court.
What this arrest means for crypto
Interestingly enough, the community of crypto investors is happy with what is going on with SBF and the fallout of the FTX debacle. It is true that the dilution of the unregulated financial market was a downside in the long run.
We don’t want people like SBF to wreak havoc for years. He has been at the helm of one of the most important crypto companies for a couple of years too long.
The arrest indicates the willingness of the US government to step up its regulation game and address some of the issues in the crypto industry. Many institutional and traditionally trained investors are seeing it as a good move.
Intermediaries like centralized exchanges and crypto-related trust funds must follow the rules. Since these entities are not governed and overseen by the community, we need someone with a stick to watch over them.
In the long run, it will make the crypto domain more stable while preserving its relative independence.
Bitcoin is not something that commits fraud or creates money-laundering channels. People do it. Bitcoin is just an instrument that can do tremendous good if used appropriately.
SBF’s demise may serve the industry well
One thing is certain — SBF’s story continues making noise. From now on, it may generate more positive buzz for the industry by showing that people’s interests will be protected if something goes south. The market is responding accordingly, with major coins going up in price.