Bittrex crypto exchange shutting down US operations

[Creeper]

Bittrex is one of the larger crypto exchanges in the US and has announced it is shutting down in the US on April 30 because "it’s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment." There have been rumors the US government has been applying regulatory pressure on crypto exchanges with the intent of quietly killing crypto trading the the US. Bittrex has been vague about their reasons for leaving the US markets. They will continue to operate in other countries for non-US customers.

I suspect this has something to do with IRS requirements for reporting all crypto transactions which can be tedious for exchanges since most of their transactions are for small dollar amounts.

I was a Bittrex user and upon hearing this news sold all my holdings and cashed out. Bittrex is making all their US customers whole on their holdings, at least until April 30th.

I am not ready to sound the death knell for crypto just yet, but one has to wonder if the US is trying to shut down crypto to make room for a US government digital payment system.

There are several other large exchanges in the US, but Bittrex traded a much larger number of crypto currencies. If the other exchanges shut down, then we can be more certain the US government is behind it.

 

[darthseinfeld]

Bittrex is one of the larger crypto exchanges in the US and has announced it is shutting down in the US on April 30 because "it’s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment." There have been rumors the US government has been applying regulatory pressure on crypto exchanges with the intent of quietly killing crypto trading the the US. Bittrex has been vague about their reasons for leaving the US markets. They will continue to operate in other countries for non-US customers.

I suspect this has something to do with IRS requirements for reporting all crypto transactions which can be tedious for exchanges since most of their transactions are for small dollar amounts.

I was a Bittrex user and upon hearing this news sold all my holdings and cashed out. Bittrex is making all their US customers whole on their holdings, at least until April 30th.

I am not ready to sound the death knell for crypto just yet, but one has to wonder if the US is trying to shut down crypto to make room for a US government digital payment system.

There are several other large exchanges in the US, but Bittrex traded a much larger number of crypto currencies. If the other exchanges shut down, then we can be more certain the US government is behind it.

I think the exchanges are going to go the way of the dodo. Fidelity as started offering some crypto and the other venerable brokerages will soon follow. Schwab, Blackrock and Citadel are slowly moving in the direction. Fidelity is still very limited ( Bit and Etherium only right now), but when the other major firms get in the game, I suspect their offerings will grow

I dont know how well the crypto exchanges will be able to keep with those institutions long term

 

[dsturgeon]

You should replace U.S. government with central banks in your statement. It is not only the federal reserve, but central banks worldwide in conjunction

 

[Creeper]

I think the exchanges are going to go the way of the dodo. Fidelity as started offering some crypto and the other venerable brokerages will soon follow. Schwab, Blackrock and Citadel are slowly moving in the direction. Fidelity is still very limited ( Bit and Etherium only right now), but when the other major firms get in the game, I suspect their offerings will grow

I dont know how well the crypto exchanges will be able to keep with those institutions long term

I don't disagree but I do think there will be niche exchanges to trading more obscure coins. I think there will some resistance to large bank exchanges in the crypto community. There will be trust issues.

 

[CyberB0b]

Never heard of them.

 

[gtb1943]

I am greatly amused at how the whole cryptocurancy wagon's wheels have pretty much fallen off.

Those that took a bath in it had it coming. And I love how so many experts who were crowing about how this would take over the financial world now look like the fools they are.

 

[Creeper]

I am greatly amused at how the whole cryptocurancy wagon's wheels have pretty much fallen off.

Those that took a bath in it had it coming. And I love how so many experts who were crowing about how this would take over the financial world now look like the fools they are.

I have been in the crypto thing for years and I have never lost a penny. Of course I only mine coins for profit which I convert to bitcoin. But one of the problems with all this crypto stuff is it has largely been the work of technologists, who may be very good at programming and tech stuff, but have not been as astute on the financial side of it. Some of the early corruption has also hurt wider adoption of crypto.
But yeah, I have never been comfortable with the crypto model. I get what they were trying to accomplish but their concepts have no bearing on how people feel about their money and payments.

It will be interesting to see what the federal digital payment system looks like and if people will use it.

 

[dsturgeon]

I have been in the crypto thing for years and I have never lost a penny. Of course I only mine coins for profit which I convert to bitcoin. But one of the problems with all this crypto stuff is it has largely been the work of technologists, who may be very good at programming and tech stuff, but have not been as astute on the financial side of it. Some of the early corruption has also hurt wider adoption of crypto.
But yeah, I have never been comfortable with the crypto model. I get what they were trying to accomplish but their concepts have no bearing on how people feel about their money and payments.

It will be interesting to see what the federal digital payment system looks like and if people will use it.

I think you have the wrong idea

The BRICS nations have or are all moving away from the petro dollar. Saudi Arabia is looking at trading oil off the petro dollar. When they do, and all those reserve dollars come back, the dollar is done

The central banks have been working on switching their bank to bank transactions to digital/blockchain transactions, and person to person transactions will follow. The Europian central bank started with the big bang cutover

I think crypto was a way to test out a new system, and get people accustomed to the idea of a digital currency.

Nations and leaders in history have been brought down by the central bank system. There won't be some alternative to it, it is only an illusion right now All of the countries have central banks, they are working together regardless of what the countrys are doing. They are not giving up their wealth generation to the people using crypto

Step by step plans