• MetaLawMan shares perception into the federal government’s efficiently executed plan to break down the cryptocurrency market.
• In March 2023, the market confronted disaster as the federal government launched a extreme crackdown in 18 days.
• The enthusiastic advocate mentioned the federal government would proceed its assault available on the market and communities wanted to be resilient.

In an X submit titled “A Stroll Down Reminiscence Lane,” crypto fanatic James Murphy (aka MetaLawMan) revisited the U.S. authorities's alleged plans to “stifle” the cryptocurrency trade. He regarded again on the deep cryptocurrency trade downturn in March 2023, which was brought on by a harsh authorities crackdown that unfolded in simply 18 days.

In a sequence of X posts in March 2023, MetaLawMan documented coordinated authorities motion in opposition to the cryptocurrency trade. He provocatively acknowledged, “When the historical past of cryptocurrency is written, this can be a memorable March.”

Key moments within the cryptocurrency crackdown

On March 8, 2023, monetary large Silvergate introduced its closure and subsequent liquidation. The information despatched shock waves via the cryptocurrency market and affected main cryptocurrency firms. On the identical day, Senator Elizabeth Warren highlighted the necessity to tackle cryptocurrency-related dangers and known as on regulators to take motion.

The crypto market skilled a significant crash within the following days as regulators shut down banking giants Silicon Valley Financial institution and Signature Financial institution. Many crypto firms, together with well-established ones in Hong Kong's crypto hub, confronted extreme strain as a result of financial institution failures.

On March 20, the White Home launched an financial report highlighting threats related to cryptocurrencies, together with market volatility, manipulation, and different fraudulent actions.

Shortly thereafter, the U.S. Securities and Alternate Fee (SEC) issued a Wells Discover to main cryptocurrency alternate Coinbase, accusing it of being an “unlawful unregistered securities alternate.” The subsequent day, the regulator issued a market warning, broadly alleging that the U.S. cryptocurrency market is working illegally. On March 24, the Federal Reserve rejected Custody Financial institution's utility for membership within the Federal Reserve System, citing its involvement in cryptocurrency actions.

Crypto's Resilience

Regardless of the steep challenges the trade faces, cryptocurrencies, together with the risky Bitcoin, have remained comparatively secure and even seen slight will increase. As MetaLawMan famous, main cryptocurrencies together with Bitcoin, XRP, and Ethereum skilled vital worth will increase between March 7 and March 25, rising from $22,000, $0.37, and $1,550 to $27,500, $0.46, and $1,750, respectively.

Additionally learn: Cryptocurrency crash: Ethereum plummets as US and Japanese shares fall

Reflecting on these occasions in March 2023, MetaLawMan mentioned that governments will proceed to focus on the cryptocurrency trade, and that the crypto neighborhood wants to stay sturdy and combat to outlive.