Crypto collapses as bitcoin faces regulatory pressure from China

>>> WELCOME BACK TO "FAST MONEY. WE'VE GOT A BITCOIN ALERT, THE CRYPTOCURRENCY CRASHING AGAIN AS CHINA CALLS FOR TIGHTER REGULATION AROUND MINING AND TRADING, TAKING DOWN THE REST OF THE CRYPTO COMPLEX BITCOIN IS NOW DOWN MORE THAN 20% SINCE MONDAY WE ALSO HAVE THE BIDEN ADMINISTRATION IN ONE OF ITS PROPOSALS SAYING IF BITCOIN IS USED IN A TRANSACTION THAT IS GREATER THAN $10,000 WORTH IT HAS TO BE REPORTED TO THE IRS, TO MAKE IT DIFFICULT TO USE BITCOIN FOR LARGER TRANSACTIONS. JAMES, IT'S BEEN AN ABSOLUTELY CRAZY WEEK FOR CRYPTOCURRENCY. WHAT DO YOU MAKE OF THIS RIDE? >> I THINK THERE'S ALWAYS AN INVERSE TO AN AMAZING STORY, OBVIOUSLY THE RUN UP IN BITCOIN AND CRYPTO SPACE FROM THE BEGINNING OF YEAR, BEGINNING OF LAST YEAR, ANY PREVIOUS POINT IN TIME, THE RUN UP WAS CRAZY AND AMAZING. FOR THIS SPACE FOR INVESTORS SO MANY PEOPLE WERE INTRIGUED ABOUT THIS CRYPTOCURRENCY PHENOMENON IN TERMS OF INVESTING AND MAYBE ARE UNSOPHISTICATED ABOUT RISK THIS SHOULD BE AN INDEX INVESTMENT FOR PEOPLE. BIT BITQ HAS AN INDEX FUND SINCE THEN BITCOIN WAS $50 AND DOWN 30% AND INDEX DOWN ONLY 40% DURING THAT TIME I LIKE TO SEE RISK MANAGED AND SPREAD ACROSS THIS PLATFORM.

IT COULD COME DOWN A LOT MORE. FOR PEOPLE JUST GETTING INVESTED DO IT IN A DIVERSIFIED WAY. >> THAT'S THE SMART WAY FOR MOST INVESTING PERIOD NADINE, YOU LOOK AT OTHER BITCOIN-RELATED PLAYS LIKE COINBASE IT'S BEEN ABSOLUTELY UGLY AS WELL HOW DO YOU VIEW THIS SPACE CONSIDERING IT HAS BEEN AROUND A LONG TIME NOW AND WE'RE STILL RIDING THIS VOLATILITY >> RIGHT I MEAN, WE TALKED ABOUT THIS LAST TIME AND KAREN HAD MADE A POINT ABOUT PICKUP TRUCKING IT A POINT ABOUT PUTTING IT AWAY.

OUR FIRM TRADES IT WE CAN'T FALL IN LOVE WITH IT, WE HAVE TO TRADE IT. RIGHT NOW IT'S BROKEN OUR SHORT-TERM AND INTERMEDIATE TERM LINES LOOKING AT 44% DOWN YOU COULD GET VERSUS 17% UP. SO WE'RE JUST WAITING TO SEE WHAT HAPPENS BUT I THINK MORE IMPORTANT, MEL, IS WHAT CHINA IS DOING THEY DON'T WANT DOLLAR TO BE THE RESERVE CURRENCY BUT THEY DON'T WANT BITCOIN TO SNEAK IN AND TAKE THE SPACE THEY WANT THEIR OWN DIGITAL COIN, DIGITAL CURRENCY TO BE IMPORTANT IN THE WORLD. WE HAVE WRITTEN ABOUT THAT FOR INVESTORS LAST YEAR. THAT AND CREATING IT'S OWN INTERNET BACK BONE THIS IS NOT GOING AWAY, IT'S IMPORTANT FACT. >> BITCOIN.

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