It's messed up that Egypt is doing it so underhandedly, but the fact that they are building up their own holding of cryptocurrency is just another sign that crypto is becoming more important.
The big banks are now using futures markets to drive down the price of Bitcoin, but it's only a temporary solution for them. No one can stop the eventual triumph of cryptocurrencies.
Another major fact in the market that few people are talking about is the imminent launch of the Chinese oil market later this month in gold backed yuan—aka the "petroyuan." I just posted about it on my blog. This month is going to be big—for crypto, for gold, etc.
Indeed, The whole futures markets with bitcoin is kinda krazy. and I think will only add to it's volatility. As it opens up a lot of private money who don't really know or care much about cryptocurrencies. Moreso just seeing it as another fun new speculation tool.
It's interesting seeing how all these different nations treat and react to crypto. Some try and ban it, then change their mind only to adopt it and make their own.
The 'petroyuan' is interesting.. It's a big move on a global level.