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One step toward the market’s recovery is to defeat cryptocurrency influencers. The EU has made progress by creating a new bill necessitating influential people to show the dangers of cryptocurrency.
The collapse of once-recognized businesses like Celsius and FTX, for example, demonstrated that users could lose all their assets in cryptocurrencies almost instantly. The cryptocurrency market is infamously volatile.
Celebrities must therefore fully understand cryptocurrencies before endorsing them. No one in the sector should lose sight of this as there is so much at stake.
Regulators are now debating the morality of famous people who use sizable bait to entice people into cryptocurrency because of these enormous risks.
The laws for celebrities
More and more legal powers are placing strict requirements on celebrities before they can pledge their cryptocurrency products to the general public.
The MiCA law, a recent set of regulations adopted in the European Union, for instance, mandates that cryptocurrency media people to amply reveal the hazards connected with the goods they recommend.
Even greater precautions have been taken by Singapore. Influencers there cannot promote crypto assets on social media at all, according to the state laws, which only permits cryptocurrency corporations to do so on their services.
While limiting or prohibiting famous people and media bloggers from promoting cryptocurrencies may be praiseworthy, the impact of words on the trajectory of cryptocurrencies remains an open question.
Elon Musk, the new owner of Twitter, is a well-known proponent of cryptocurrencies and a major Dogecoin investor.
As an illustration of his enormous influence in the cryptocurrency industry, Memcoin’s price increased by almost 23% to $0.1677 just minutes after it was made public that he intended to purchase Twitter.
Over the past year, Musk has made a number of posts and comments about DOGE that have either increased or decreased the price of the cryptocurrency, following Musk’s statement.
CEO of Binance Changpeng Zhao also affected the crypto market
Once, he made a post that his company is setting up a fund to help the crypto market recover from the FTX crash, which caused Bitcoin’s price to jump.
The news raised the price of BTC to about $17,000 despite CZ not mentioning which undertaking the investment company would support or when it might happen.
One must take into account these individuals’ influence over the goods and services he buys and sells. Regulators are not allowed to treat Musk or CZ like everyday citizens.
They speak with authority, especially in an unstable sector like the cryptocurrency. Some even have hypothesized that the fire that engulfed FTX may have been started by a Twitter argument among CZ and the Chief executive officer of FTX.
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