It is rather ironic that government officials might be profiting from cryptocurrencies when those currencies were set up to disregard governments to begin with.
Even those who purchased bitcoins two months ago, when the closing price on November 17 was $7,709, could suffer a loss, given how fast bitcoin's price has cratered: Its price dropped from $17,527 on Jan.6 to $10,587 at 3 p.m. EST on Wednesday, a decline of 43 percent.
"MAS regulates the activities that surround virtual currencies if those activities fall within our scope as a financial regulator".
Some people mortgaged their homes to buy bitcoin. This is surprising considering 31 per cent of the cryptocurrency jobs posted in the previous year expected candidates to hold either a Master's or a post-graduate qualification - with these postings increasing at an average of 26 per cent per month, suggesting the complexity and high level of training needed for these roles.
"Fast forward to today", the user, going by the screen name PM-ME-UR-ROOM-VIEW, wrote.
I sensed more insane price action was to come in the crypto world as the price of bitcoin jumped toward $20,000 in December.
Bitcoin has all the hallmarks of a speculative bubble but the global economy will be fine even if it bursts, analysts say.
"The shutdown of virtual currency exchanges is still one of the options [that the government has]".
CBOE has also filed to list Bitcoin ETFs, which are exchange-traded funds that either hold bitcoin directly or provide exposure to the asset through futures contracts.
China's regulators have already been active in a crackdown on numerous Ponzi schemes in the country, like Onecoin, which they claim were being used to raise illicit funds.
Like all things crypto price related, it isn't clear what is driving the changes. The last piece of information came in May of previous year as the company announced it was in the process of beginning Monero mining.
Since that recovery, an array of virtual currencies have been on a almost uninterrupted tear.
Some might argue that fears about government regulation of cryptocurrencies are depressing their prices, but in my opinion, those prices are dropping because of market fundamentals. A lack of press releases and investor information on its website is making it hard for investors to justify its hefty valuation on Wall Street.
Mr Torvekar said: "A correction was necessary to happen due to the hype surrounding bitcoin".
Prominent individual investors echoed that sentiment.