Wild West, CryptoQueen On FBI List And Bitcoin Drops to $19k

---

Lots to report as we head into the 4 July holiday weekend in the US (which could spell trouble for Bitcoin) so here’s a quick recap of what you need to know.

The EU claims it now has a decision in place to deal with the ‘Wild West’ that crypto has become, which should mean that some sort of regulation is underway. Digital currencies have now also made the FBI’s top ten most wanted list as the missing ‘Cryptoqueen’ Ruja Ignatova has been added to that notorious ranking.

Meanwhile Bitcoin drops to $19k in what could become a make or break price point. Several analysts fear the 4 July holiday weekend in the US could signify another crypto dump.

Current mood #Bitcoin pic.twitter.com/DaX8f8hPuz

— PreacherBTC (@PreacherBTC) July 1, 2022

Wild West gets regulated

Last Thursday, the European Parliament and Council agreed on a uniform legal framework for the use of cryptocurrencies in the 27 member states of the European union, marking the first time ever the virtual currency is bound by EU law.

The new set of rules, which will be implemented in a few years only, became known as MiCa.

Stefan Berger, the lead MEP (Member of the European Parliament), stated that:

MiCA is a European success. We are the first continent to have a crypto-asset regulation. In the Wild West of the crypto-world, MiCA will be a global standard setter.

Onlookers expect the US to make a similar move in the fall.

Cryptoqueen on FBI list

Ruja Ignatova, the missing Bulgarian Ponzi-schemer who left the crypto space with a dented reputation and a 7.2 billion dollar hole, is making headlines again. The FBI has found that she is notorious enough to put her on the top ten most wanted list.

Ignatova famously created One-Coin back in 2014, a pyramid-scheme cryptocoin that was never launched. Buyers received commission if they were able to sell the currency to more people.

She timed her scheme perfectly, capitalising on the frenzied speculation of the early days of cryptocurrency.

Explained Damian Williams, Manhattan’s top federal prosecutor.

Dr Ruja was the feature protagonist in the BBC Sounds podcast series called the “Missing Cryptoqueen”, which became very popular during the Covid-19 pandemic.