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BitcoinBTC, ethereum and crypto are teetering on the brink of disaster, with market watches warning of a looming crash.
The bitcoin price, which has lost momentum after rocketing higher through the first half of this year, has printed an ominous “death cross” pattern along with the ethereum price.
Now, after the chief executive of Coinbase revealed an “important” bitcoin update this week, Binance CEO Changpeng “CZ” Zhao has issued a “frank” warning over disappearing “fiat ramps” that could weigh on the entire bitcoin, ethereum and crypto market.
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Appearing at a Singapore crypto conference, CZ was asked what the biggest challenges would be in bringing the next 100 million users into the bitcoin, ethereum and crypto market.
“Today, to be very frank, it’s actually fiat ramps,” CZ said in comments reported by Insider, referring to how people move money from traditional banks to crypto exchanges. “With tightening regulations in the earlier part of this year, we’re seeing a lot of traditional institutions that used to provide fiat ramp channels pull away.”
A U.S. banking crisis earlier this year forced the closing of crypto-friendly Silvergate, Signature and Silicon Valley banks has pushed many exchanges and crypto companies offshore.
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Meanwhile, the Securities and Exchange Commission (SEC) has been pursuing a campaign of heavy-handed enforcement action against crypto companies including Binance, the world’s largest crypto exchange by volume.
In June, the SEC sued Binance and rival U.S. platform Coinbase, alleging they had both violated securities rules.
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