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1. What’s behind the crypto market crash?
The crypto market crashed, dipping to a market cap of US$1.3 trillion at one point.
Image: Envato Elements
By the numbers: Bitcoin over 5,000% increase in Google search volume.
Bitcoin has fallen to below US$40,000 for the first time since Feb. 8 when Tesla announced a US$1.5 billion Bitcoin purchase. But Bitcoin isn’t alone the entire crypto market has been sinking, shedding a trillion dollars in total market cap in just a week.
A series of events contributed to crypto’s downward spiral. One of the triggers appears to be Elon Musk announcing that Tesla would no longer accept Bitcoin as payment for its electric vehicles.
Turkey wages war on cryptocurrencies and investors lose a fortune Fortune 4/30/2021 © Isa Terli Anadolu Agency via Getty Images
Turkey faces a crisis not unique in emerging economies: soaring inflation, plunging demand for its debt, and a bruising unemployment rate. Add to that a pliant central bank governor beholden to autocrat President Recip Tayyip Erdoğan who is not above installing his son-in-law as finance minister and you get all the conditions for rampant cryptocurrency speculation.
That speculation came to an abrupt end two weeks ago when Turkey revealed plans to ban these software-based digital tokens as a form of payment on April 30 in an attempt to combat a flight from the tanking Turkish lira.
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On April 5, the US Financial Crimes Enforcement Network
( FinCEN ) published an Advance Notice of Proposed Rulemaking
( ANPR ) to implement the Corporate Transparency Act
( CTA ), which was enacted into law as part of the
National Defense Authorization Act ( NDAA ) on January 1,
2021. The comment period closes May 5, 2021. The CTA requires
certain legal entities, including limited liability companies
( LLCs ), to register with FinCEN and disclose their
ultimate, natural person beneficial owners. The registration
requirements apply to US corporate entities as well as corporate
entities formed outside the United States that are registered to do
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