Crypto prices barely moved this week. In the context of 2022, that doesn’t necessarily mean it was a bad week, just slow. Most weeks this year have brought losses. To those who have followed prices keenly, this is no surprise. On New Year’s Day, Bitcoin posted an intraday low of $46,000; yesterday it bottomed out at closer to $19,000.
In other words, if 2021 was Bitcoin’s great bull run, then 2022 has been more of a bear run. Investors are feeling more cautious than last year for a number of reasons, but three big factors have been the collapse of Terra back in May—which had profound knock-on effects on the liquidity of several big crypto businesses—enhanced scrutiny from regulators worldwide, and a generally cautious global economy.
On Monday, Kim Kardashian was fined $1.26 million after failing to disclose that she was paid $250,000 to publish an Instagram post shilling a token called EthereumMax. United States Securities and Exchange Commission (SEC) Chair Gary Gensler posted a video on Twitter warning his quarter of a million followers not to buy into crypto purely because of celebrity endorsements.
Today @SECGov, we charged Kim Kardashian for unlawfully touting a crypto security.
This case is a reminder that, when celebrities / influencers endorse investment opps, including crypto asset securities, it doesn’t mean those investment products are right for all investors.
Gensler explained that day that Kardashian ran afoul of SEC regulations as the hashtag she used to alert her followers that the promo was paid for did not clarify “the amount she was paid and the nature of it.” The securities regulator chief has long implied that the only cryptocurrency he believes doesn’t fall under his jurisdiction is Bitcoin.
As crypto becomes more popular, so too does crypto crime. ROK Capital researcher @Crypto_Mckenna warned people on Monday about crypto crime in Bogota during conference season.
Heard someone from the Solana eng team got robbed at Bogota airport (they were wearing Solana merch lmao).
Think ETH devs should value safety for me bringing no crypto stuff at all.
Picking up and new laptop and phone tomorrow. Taking zero chances.
That same day, Coinbase CEO Brian Armstrong shilled a new documentary movie about the exchange’s recent history.
1/ Big announcement: we’ve been working with director Greg Kohs on a documentary about cryptocurrency and Coinbase over the last three years, and it will be coming out this Friday on Amazon Prime/iTunes/YouTube etc.
Crypto reporter Asa Hicken on Thursday posted a thread summarizing the findings of a recent article of his, concluding that the extent of downsizing going on at online crypto exchange Crypto.com is much higher than commonly thought. In addition to a massive headcount reduction, first reported by Decrypt in August, the company has also drastically pared down its marketing and sponsorship deals.
Bitcoin maxi David Marcus, who formerly presided over PayPal, vented his issues with his former company’s draconian new rules. His tweet ended up catching the eye of Tesla chief and former PayPal CEO Elon Musk.
CNBC Mad Money host Jim Cramer boasted about his crypto trading skills on Friday.
Several people made fun of him.
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