Live fast, die young and leave a good looking corpse was the mantra of the old rock and roll crowd. AlphaMetrix, a pool operator that seemed to follow that rule, was brought down by regulators after not paying traders or investors.
Congress got to hear a lot of nice things about Bitcoin from regulators this week. The cryptocurrency's market price has also touched record highs. If you think either development is good news for Bitcoin, you're missing the point.
As AlphaMetrix closes its trading operations, the CFTC filed charges against the firm earlier this week alleging it had violated the Commodity Exchange Act. AlphaMetrix now is denying those charges as it cooperates with the Court.
President Barack Obama said the automatic spending cuts set to kick in today will be a “slow grind” on the economy and that it may take weeks to win over enough lawmakers from both parties to reach a deal on a replacement deficit-cutting plan.