- Investors worry over future of Crypto under a Joe Biden Presidency
- Crypto might Crash
Global investors and crypto traders are becoming wary of what the future holds for crypto under a Joe Biden Presidency.
This is because the person expected to lead the U.S Treasury, Janet Yellen referred to crypto as of “particular concern” when it comes to terrorist financing and money laundering.
Responding to a question from a U.S senator on how to tackle threats relating to terrorist financing, she elaborated on the role digital assets played as regards such channels.
“We need to make sure that our methods for dealing with these matters — with terrorist financing — change along with changing technology […] Cryptocurrencies are a particular concern. I think many are used at least in a transaction sense mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn’t occur through those channels,” Yellen said.
What you should know: At press time, the crypto market was down by 2.69% with a total market value of $1.01 trillion, trading at $35,200 with a daily trading volume of $57.5 billion. Bitcoin is down 4.04% for the day.
Also, according to a recent survey conducted by one of Europe’s biggest banks, several market experts anticipate that the flagship crypto asset, Bitcoin, and a leading tech company have their prices highly inflated.