Bitcoin is having a good day today up $380 to $16,850 but the next couple years in crypto aren't going to be fun for anyone trying to run a business in the space. The regulators are coming.

This morning, influential US senator Sherrod Brown called on the Treasury to develop crypto legislation. Yellen evidently heard the call as she's on the wires saying the space needs 'adequate regulation'. She added that "most activity in crypto has not been about financial innovation" and that there needs to be adequate customer protections.

The regulator pendulum always overshoots and the argument about innovation is falling flat right now.

In terms of trading, bitcoin is doing a nice job of carving out a separate space from the broader crypto market and has been surprisingly resilient so maybe there's a pair trade there. I'd also note that nearly all the trouble has been in the crypto-specific space while forex brokers offering crypto have been a safer way into the space than crypto brokers; but be careful with the leverage.

bitcoin daily