There are a few Golden Rules of ₿itcoin and Crypto, "Not your keys, not your coins" is a big one.
Once you send your Crypto to an Exchange and/or Stake it, it is no longer yours to control. You have an IOU. This has lead to shenanigans by Exchanges that allow 'Staking' which allows users to essentially lock their Crypto in an Exchange for an annual yield as that Crypto is lent out (just like what banks do with your savings account).
Problem is many Crypto Stakers were unable to unlock their Crypto and reclaim it when they were done Staking. The Exchanges held onto it, and often the returns they promised weren't made good on. Kraken was notorious for this behavior and was fined $30M by the SEC, which is more ceremonial than anything considering they are worth $10.8 Billion.
Ethereum is next on the chopping block since switching to a "Proof of Stake" blockchain, which favors the largest holders of ETH (bankers), unlike ₿itcoin which is "Proof of Work" and favors their miners who secure the network and process transactions. Ethereum is releasing what they call the "Shanghai fork" which will allow Stakers to obtain higher yields, and Unstake at will, since Staking has come under intense scrutiny by the SEC.
https://www.coindesk.com/tech/2023/02/09/jpmorgan-ethereums-shanghai-upgrade-to-raise-staking-toward-proof-of-stake-blockchain-average/
Goldman Sachs is also moving further into the world of Crypto investments. Before now GS was only offering ₿itcoin and Ethereum to their richest clients who were willing to purchase $250K or more at a time. It appears that model has been profitable for them and they would like to move into offering Crypto investments to everyone.
https://www.bitchute.com/video/XknidCWx0D1U/
I would not be surprised to see stand-alone Exchanges being phased out over time, and Big Banks, like JP Morgan, and Investment Firms, like Goldman Sachs, merging with and/or buying and running Exchanges in the future.
Across the board, all Cryptos are down due to the uncertainty in the market because of SEC regulation. If you own ₿itcoin, I wouldn't worry. It's the only 'Commodity' cryptocurrency and the SEC has already admitted that it is not a 'Security' set to be regulated, so take advantage of the dip and buy more if possible. Prices are down from over $23k to $21,530 and this will likely be temporary as buyers and sellers realize they are safe from SEC regulators.
TIMECODE:
00:00 - CNBC Crypto World, Feb 10, 2023
00:22 - Crypto prices drop
00:39 - The headlines
03:49 - Mathew McDermott of Goldman Sachs
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