BREAKING NEWS: US Congress Talks Positive About Cryptocurrency

BREAKING NEWS US Congress Talks Positive About Cryptocurrency

A brand new report from Congress called 2017 “the Year of Cryptocurrencies” and calls for lawmakers and industry stakeholders to cooperate on the technology’s use.

The 2018 Joint Economic Report, an assessment of the nation’s economic status and recommendations for the upcoming year, included an entire section dedicated to cryptocurrencies and blockchain technology. This is the first time the blockchain technology was mentioned in such a substantial way in the annual publication.

The comprehensive report tracks cryptocurrencies rise to prominence. The report states that blockchain technology can serve as a potential tool for fighting cybercrimes and protect both the nation’s economy and its infrastructure. It’s this area of application, the report notes, that should be a priority for lawmakers and regulators.

Lawmakers and the public should become more familiar with both cryptocurrencies and the underlying blockchain technology.

Policymakers, regulators, and entrepreneurs should continue to work together to ensure developers can deploy these new blockchain technologies quickly and in a manner that protects Americans from fraud, theft, and abuse, while ensuring compliance with relevant regulations.2018 Joint Economic Report

It adds that “regulators should continue to coordinate among each other to guarantee coherent policy frameworks, definitions, and jurisdiction,” concluding that government agencies “at all levels should consider and examine new uses for this technology.”

This report is just one of the many new signs that the U.S. government is taking the subject of blockchain and cryptocurrencies seriously. Which is nothing but good news for the crypto space. Crypto and blockchain technology is here to stay.

Read the full Joint Economic Report here.

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Ethereum Rate Forecast: Ether Could Retest $650

Ethereum weblog

Ether is showing a couple of constructive indications earlier mentioned $590.00 from the US greenback. ETH/USD could crack the $620.00 resistance for a move toward $650.00.

Crucial Highlights

Ether’s selling price is most likely forming a brief-expression bottom at $572.00 from the US greenback.

There is a consolidation breakout sample forming with resistance around $620.00 on the two-hour chart of ETH/USD.

ETH/BTC is buying and selling around a crucial assist area at .0720BTC.

Technically, the two-hour chart indicators are consolidating down below midlines.

ETH/USD Forming Support

Soon after a substantial decrease, ETH/USD observed assist all-around $575.00. The pair started out correcting increased and it is now showing a couple of constructive indications with assist at $590.00.

As mentioned yesterday, ETH/BTC declined further more and tested the .0720BTC assist. If the pair fails to stay earlier mentioned .0720BTC, it could most likely examination the future assist at .0700BTC.

Ethereum Price ETH/USD Forecast

Hunting at the two-hour chart of ETH/USD, the pair is forming a respectable assist earlier mentioned $575.00. There was a minimal upward wave earlier mentioned the 23.six percent Fibonacci retracement stage of the very last drop from the $747.89 superior to $572.29 reduced.

However, the pair failed to attain traction earlier mentioned $620.00 and is now forming consolidation breakout sample with resistance around $620.00 on the exact chart.

If Ether consumers attain control and do well in pushing the selling price earlier mentioned $620.00, there could be further more gains toward the $650.00 stage. On the draw back, the triangle assist is at $590.00. Should the selling price fail to stay earlier mentioned $590.00, it will most most likely retest $572.00-575.00.

Ether Price Analysis Chart

Moving down to the 30-minute chart, ETH/USD is now attempting to crack a declining channel with resistance at $612.00. However, the pair need to move previous the $618.00 and $620.00 resistance amounts to established the rate for an upward move toward $650.00.

On the draw back, there is a connecting bullish trendline forming with assist at $590.00, which is also the triangle assist zone. The present selling price motion is a bit bullish, but it would take a successful two-hour close earlier mentioned $620.00 for further more recoveries in the around expression.

Crucial Resistance Levels

$620.00 and $650.00

Crucial Support Levels

$590.00 and $575.00

two-hour RSI

The RSI is even now properly down below the 50 stage, but recovering.

two-hour MACD

The MACD is slowly but surely lessening its bearish slope.

Aayush has spent more than 7 yrs as a money marketplaces contributor and observer. He specializes in marketplace methods and complex evaluation, arrives with an IT background. He possess powerful complex analytical capabilities and is properly recognised for his entertaining and useful evaluation of the forex and commodities marketplaces. He is a computer software engineer by occupation, enjoys running a blog and observing money marketplaces

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US: Plattsburgh NY Introduces Temporary Ban On New Crypto Mining Operations

New York town of Plattsburgh introduces a ban on Bitcoin Mining over increasing energy price concerns.

The small US city of Plattsburgh NY has unanimously passed a measure to ban crypto mining in the town, Vice reported March 15.

The city council unanimously approved an 18 month moratorium on crypto mining activities in Plattsburgh. The moratorium only affects new Bitcoin mining operations and does not affect ones already existing in the city.

The idea of a moratorium was first introduced by mayor Colin Read in January after residents reported inflated electricity bills:

“I’ve been hearing a lot of complaints that electric bills have gone up by $100 or $200. You can understand why people are upset.”

Plattsburgh benefits cheap electricity provided by a hydroelectric dam located on the Saint Lawrence River. While residents usually pay $0.045 per kilowatt hour (kWh), industries including  Bitcoin mining operations only have to pay $0.02 cents/kWh.

The biggest Bitcoin mining operation in the city used 10 percent of Plattsburgh’s 104 megawatt hour (Mwh) electricity allotment in January and February. Speaking to Vice, Read said that he’d seen proposals that suggested using 20 to 30 Mwh of electricity for Bitcoin mining operations. “We don’t have that,” said Read.

Over the course of the next 18 months, city officials will be working with residents and local mining operations to find a solution to the energy problem that will keep residents’ energy bills low, while allowing businesses to come to the town.

One proposed solution is to make miners pay for overages of the city’s power budget or increase the rates per kWh for miners.

Tom Pillsworth, a local resident and partner in a Bitcoin mining enterprise in the city, said that, “It would never cost the Plattsburgh citizens any more money to let more miners come in here because the miners are willing to pay for those overages… The miners are more than willing to pay.”

Small towns with low energy costs have become a destination for mining companies who flock to rural areas in which low costs per kWh make it easier for them to turn a profit.

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New Marketplace Utilizes Cryptos to Minimize Fees For Global Expansion of Small Producers

The project meets the interests of small-scale producers that seized the local markets and need to increase sales.

The Storiqa project, founded in early 2017, revealed to the community an idea of a quick-to-setup marketplace with minimal financial borders and global transactional fees. The basis of this idea lies around the issue of cryptocurrency liquidity. Despite the fact that plenty of merchants around the world are ready to accept Bitcoins or Litecoins, there is still a vacant market for selling and buying in cryptos.

The audience of 1.66 bln people

The online retail seems to be a promising direction. According to data used in Storiqa’s white paper, global e-commerce levels are increasing, with a turnover of $2.2 tln expected by 2018, a 20 percent increase when compared to 2017.

The number of online shoppers increases annually by an average of 16 percent and the total number amounts to approximately 1.66 bln people worldwide, according to a Global E-commerce Report marketing study by Nielsen. The majority of customers that spend money online are located in China, US, Great Britain and Japan.  

Storiqa’s target audiences are customers who want to buy goods and services with cryptocurrencies. “Shoppers with cryptocurrency is an untapped market for e-commerce. No one before has tried to bring cryptocurrency at common usage in terms of e-commerce,” says the projects white paper.  

Cryptos and small entrepreneurs

As for small businesses that are supposed to populate the platform from inside,  the new marketplace allows small and medium entrepreneurs to start online selling on global market in just one hour. The project team states that online selling platform meets the interests of small-scale producers that have already established themselves in local markets and want to increase sales on an international level.

Another element of Storiqa’s platform are bloggers and traffic owners who would like to make reviews and monetize traffic. “For example, bloggers take a product for review and publish the video with referral link that leads to traffic monetization if shoppers purchase goods from this link,” says the white paper.

Thinking through the wallet issue

Storiqa recently finished its token sale, having reached its $25 mln hard cap in two weeks before the planned end date. UPS, the global logistics company, has revealed interest in getting traffic via Storiqa, as was said by the startup representatives to Cointelegraph. On March 7, another Blockchain startup Origin Protocol announced partnering Storiqa by sharing expertise in terms of technological development.

As Storiqa reported to Cointelegraph, Alan Wong, ex-CMO of Huawei Devices, has joined the project team as Senior VP of Operations Asia. Formerly an advisor, Alan is a telecom veteran with 18 years of C-suite experience under his belt. He will lead Asian expansion from their regional HQ in Singapore.

Storiqa has recently announced its listing on several exchanges, with HitBTC among of them. The project promises to reveal its product MVP covering the full package of features later this year- between Q2 and Q3. So far, a beta-version of a platform was released in mid-2017.

STQ wallet will be presented by the end of March. An STQ wallet, designed for the marketplace, allows payments in STQ tokens at first, Storiqa’s team reported to Cointlegraph. As for tokens, they provide a variety of benefits for customers. For example, buyers while paying STQ receive higher cash back.

“Blockchain helps in building smart reviews: shoppers will be able to leave feedback on products only after receiving the ordered product. It means no fake reviews on Storiqa,” states the project team.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Forget the price rout – Bitcoin and Ethereum fundamentals are moving forward

The death of bitcoin is at hand if you believe what you read in much of the mainstream media.

However, alongside the portent of doom there are usually more positive tones to be discerned in the briefings and commentary from financial experts when it comes to distributed ledgers as opposed to much of the stuff built on top of the technology.

In an interview with Bloomberg, the governor of the Bank of England Mark Carney reprised his “bitcoin is a failure as money” position he imparted in a recent speech.

However, one very striking sentence stood out he did say that bitcoin “points the way in many respects to the future of money” and he went on to say that it represented a “challenge to central banks and those who oversee payments systems and markets”. So maybe not so worthless after all.

You may too have come across reports of Stefan Hofrichter’s comments in which he proclaimed that bitcoin “ticks all of the boxes” of a classic bubble and is “one that is probably just about to burst”.

Hofrichter is the head of global economics and strategy at Allianz Global Investors and any dispassionate reader of his blog post would have noted that he too went on to differentiate blockchain from the supposed weaknesses of bitcoin and other current crypto. It is worth citing what he wrote, because no one else seems to be:

“Despite our concerns about bitcoin, its underlying blockchain (or distributed-ledger) technology clearly has potential merits – not least of which is blockchain’s ability to reduce significantly the costs of verifying transactions and networking. This is prompting a range of financial institutions, including central banks, to explore blockchain more closely and to evaluate practical applications – including conducting financial transactions.”

So forget about the naysayers and the bleeding red in your portfolio if you bought bitcoin above $10,000, and instead take comfort in the value proposition that is blockchain.

But wait, does it really make sense to right-off bitcoin quite so soon?

Forget about the price for a moment and focus on the fundamentals. Aside from price volatility, the inadequate scaling ability of the network is the chief barrier to it becoming an efficient means of exchange.

Lightning Network and Plasma Cash to the rescue

But in addressing and solving that problem rapid progress is now being made.

This week saw the Lightning Labs implementation of Lightning Network go live in beta form.

As it happens, Lightning Labs has also just completed another funding round and Jack Dorsey of Twitter is in there as one of the major investors. That’s encouraging and shows that Silicon Valley’s best and brightest are still on board with bitcoin.

And let’s not leave out SegWit, which is now being used in 30% of transactions on the bitcoin network.

It’s also worth mentioning that this week Peter Thiel, the PayPal co-founder, let it be known that he is continuing to build his position in bitcoin but is not so keen on the 2,000 other coins/tokens in the crypto-verse. Thiel is very much in the Gold 2.0 camp.

Whether or not it works as a means of exchange, he reckons it will be a hedge against the world going over the cliff edge – it’s the apocalypse theory of value.

“It’s like bars of gold in a vault that never move, and it’s a sort of hedge of sorts against the whole world going falling apart,” said Thiel, and when you look at what’s happening in the US, where investors are worrying about the “Three Ts” of Tariffs, Treasuries and Trump, he might have a point. By the way, Thiel is a Trump supporter.

To conclude, don’t get hung up on the price and follow the progress on fixing the fundamentals.

Plasma Cash is another interesting development in that regard, this time relating to the Ethereum network, It takes the LightningNetwork approach of payment channels moved off-chain but it goes much further by using “child blockchains” to do the computational heavy lifting for smart contracts, with the root chain only getting involved if required by fraud proofs .

Ethereum co-founder Vitalik Buterin proposed at a conference in Paris on 9 March that Plasma Cash should be the way ahead for an Ethereum scaling solution. Watch this space.

 

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Introducing the Coinbase Protocol Team

Our industry has come a long way since Satoshi’s white-paper. Bitcoin has become a household name and an increasing percentage of the world’s population has access to cryptocurrencies. Fundamental breakthroughs in cryptography, permissionless consensus, and decentralized computation have opened up many new possibilities.

Cryptocurrencies and decentralized protocols will underpin an open financial system that brings greater equality of opportunity to the world. We at Coinbase have been hard at work connecting people to these networks by building secure, easy to use products. But there is a long way to go, and building an open financial system isn’t something we can do alone.

This is why we’re formally announcing the Coinbase Protocol team. Our mission is to contribute to community-led projects which will move our industry forward. We’ve been looking at projects like payment channels, off-chain computation, trustless light clients and proof-of-stake blockchains. We want to promote collaboration and cross-pollination of ideas by working with different development teams. Over the past year, we’ve made a number of public contributions, including work on a new light client protocol for Bitcoin to support the Lightning Network.

We’re looking for talented engineers with great ideas, who share our vision. If you’re interested in working with a distributed team on the future of financial protocols, we’re hiring!


Introducing the Coinbase Protocol Team was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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US Congress Divided On Crypto: From ‘Regulation Is A Wet Blanket’ To ‘Crypto Is A Crock’

Washington Committee hearing on crypto reveals discord among Congress’ approach, unity in the crypto community’s need for more clear regulations.

The Subcommittee on Capital Markets, Securities, and Investment convened Wednesday, March 14, to discuss the future of cryptocurrencies, digital currencies, ICOs, and Blockchain development in the US.

Throughout the course of the proceedings, it became clear that the panel of four crypto and Blockchain industry experts was more or less in agreement that further regulatory clarification from the US government is necessary. However, the committee members, representing different parties and a wide range of ideologies, displayed a range of positions, from condemnation, to hands-off encouragement.

Following opening remarks, representatives on the committee interviewed the panel of experts on topics ranging from the efficacy of current regulations and regulatory bodies, like the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC), to cybersecurity and the nature of Initial Coin Offerings (ICOs). Representatives who were unfamiliar with cryptocurrencies and Blockchain took the opportunity chance to clarify these terms with top experts.

The industry expert panel that appeared before the subcommittee as witnesses consisted of legal professionals from various spheres: Mike Lempres, Chief Legal and Risk Officer at Coinbase, Dr. Chris Brummer, Professor of Law at Georgetown University, and Robert Rosenblum, a partner at Wilson Sonsini Goodrich & Rosati specializing in cryptocurrency and Blockchain companies, and Peter Van Valkenburgh, a self-proclaimed “cryptolawyer” and the Director of Research at CoinCenter.

Per the format of House Committee hearings, each witness was allowed a five minute statement, and then Representatives then proceeded with their own question sessions of five minutes each.

“We have regulation in place, we just need clarity”

While the panel of experts participate differently within the crypto space, they were largely in agreement before the subcommittee that the current state of regulations in the US is insufficient to ensure the success of the industry, that many are willing to comply, but  “just need clarity”.

Lempres was the first to give his remarks, stating that, “There is no need for Congress to create a new regulator or regulatory scheme, because federal regulators already have sufficient authority to oversee this space effectively.” Lempres added however, that regulatory agencies need to be able to distinguish between different tokens to enable innovation, saying, “this requires regulators to coordinate and provide clear guidance to market participants.”

While Lempres noted the efforts Coinbase has taken to ensure compliance at all levels, including Coinbase’s BitLicense with the state of New York, he added that the unorganized nature of the regulatory structure would ultimately lead to redundancies between state and federal policy.

The panel largely agreed that ICOs were especially in need of regulatory oversight. Dr. Brummer pointed out the lack of standardized disclosure for those running ICOs, noting that whitepapers are entirely unregulated, in the sense that they are neither held up to any standards, nor are they required to provide potential investors with any particular information.

Rosenblum later stated that he has seen people in ICO markets raising money in ways that “any securities lawyer would have told you and truthfully did tell you, you shouldn’t do… No rational securities lawyer would every sell, or advise their client to sell off a whitepaper. We always sell off a private placement memo or disclosure document.”

On the other hand, Lempres noted the potential and inevitability of ICOs to enable entrepreneurs to raise money outside of the traditional VC system, “on a level playing field”:

“Entrepreneurs won’t need to know funders in Silicon Valley or New York to access vibrant sources of capital. At the same time there is a need for responsible regulation to ensure investor protection. We welcome that regulation.”

Congress confused about crypto

The attitudes of the Representatives ranged from cautiously optimistic about new technologies, to outwardly hostile toward the industry as a whole. Representative David Scott of Georgia, also the co-chairman of the Fintech Caucus, asked questions pertaining to the safety of crypto investors, questioning the panel earnestly on how they could create a more streamlined regulatory structure: 

“[The SEC and CFTC] have not proposed rules regarding the regulations of cryptocurrency and other digital assets and instead have relied on informal rulemaking or enforcement actions, so I want to ask you in particular Mr. Rosenblum, what in your minds could federal regulators be doing better?[…] to regulate this [sic] emerging and exciting digital assets.”

Rosenblum answered Rep. Scott’s question by first agreeing that regulation by enforcement was not the best path to take, saying:

“I agree with the point that you’re moving towards… regulation by enforcement in an area that is as dynamic as this is not the appropriate way to regulate… I do agree with you entirely, we need clear guidelines, clearer understanding of how the SEC’s registration rules… should apply and do apply, and that not something that you can through regulation by enforcement.”

Representative Sherman of California was far less conciliatory towards the industry as a whole, and condemned the very idea of cryptocurrencies. In his opening remarks he said:

“Cryptocurrencies are a crock…They help terrorists and criminals move money around the world… They help start-up companies commit fraud, take the money, and one percent of the time they actually create a useful business, but then again I daresay that some tiny percent of all larceny and crime helps finance something that turns out to be useful.”

During Rep. Sherman’s question session to the panel, Van Valkenburgh attempted to explain how cryptocurrencies are useful to “underbanked” or “unbanked” individuals.

“Cryptocurrencies are accessible, they’re accessible financial tools only on the basic precondition that someone has a smartphone and an internet connection and I think there are regions of the world where people will sooner have smartphones and internet connections than access to valuable and secure financial services from companies,” said Van Valkenburgh.

Sherman ended his session still convinced of cryptocurrency’s inherent nefariousness, saying “perhaps we’ll have another hearing after some major terrorist event financed by cryptocurrencies.”

Rep. Emmer from Minnesota, who is a member of the Congressional Blockchain Caucus, took a different approach entirely from his colleagues, calling for minimal regulation in the industry. Rep. Emmer insisted that he feared regulation would only stifle innovation in the Blockchain space and give more power to the government, saying almost any regulation would be a “wet blanket” on the industry’s development. 

Emmer urged those present not to, “take the policemen we already have and give them more powers to start to invade this space and perhaps frustrate the development.”

A coin by any other name…

The lack of defined regulatory guidelines for the crypto space not only creates an environment in which legitimate companies must walk on eggshells for fear of running afoul of regulations. Part of the problems is that, as Lempres pointed out, there’s no unity among US regulators as to what a cryptocurrency actually is. For a given cryptocurrency, the SEC may consider it a security, while the CFTC considers it a commodity, the IRS considers it property, and the FinCEN thinks it’s money.

According to Mr. Lempres, ideally “the SEC and CFTC should be able to draw a line to determine whether a token should be treated as a commodity or as a security.”

Even among the panel of experts, there was some disagreement as to when a cryptocurrency changes from a security into a commodity. Van Valkenburgh, Rosenblum, and Brummer all agree that the Howey Test, a test created by the Supreme Court to determine if an asset is a security, is an appropriate way to evaluate a crypto token, such as those sold during ICOs. However, Rosenblum argued that after a token has been sold during an ICO and is, it was often unclear how the status of the token – often used as a native currency on a given platform while also be traded on exchanges – should be determined.

What everyone agrees on, however, is that the US government’s current inability to provide a regulatory clarity risks losing opportunities to other countries. To this point, Van Valkenburgh stated:

“If policy makers get the line between commodity tokens and securities offerings wrong, and if it isn’t made clear by regulators, it will destroy the viability of these innovations and cede leadership of this technology to the rest of the world.”

Reflecting on the effectiveness of the hearing overall, Dr. Brummer told Cointelegraph that “there was certainly a sense that everyone was engaged and trying to think through some complex issues in serious way.  Which is an important prerequisite to sound policymaking.”

At press time Mr. Rosenblum as well as representative Ellison had not responded to Cointelegraph’s requests for comments.

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Next Following Days to Be Crucial for Ripple

Ripple

Ripple has been steadily falling throughout March, although the mid term descending channel was formed well before, in early January 2018, the Chief Analyst at RoboForex Dmitriy Gurkovskiy says.

Ripple is trading at $0.6893 on Friday Mar 16. Technically, if the bulls fail to maintain current levels, the next downward target will be at $0.5620 or $0.5630. Previously, an important support at $0.6950 was broken, and this left no hope for the price to come back at $0.8600. In case the price manages to stay at $0.6860 or $0.6885 during the next two days, Ripple may get a chance for some growth. Conversely, if the bears are more persistent, they may push the price as low as $0.2300 after taking over $0.5625. On the other hand, the short term charts reveal that rangebound trading may well save Ripple from the bear aggression.

When it comes to indicators, the MACD is in the negatives while moving sideways; the sell signal is still here to stay, although it does not get stronger. The Stochastic is, on the contrary, trying to slide away from the negative territory, which may signal some local buys may occur soon. The overall signal is mixed, however, as the indicator is still in the negatives. All this shows that the next few days are going to be crucial for Ripple.

Fundamentally, the news on investing into startup companies using Ripple are very much important for the cryptocurrency price. This is actually a legal way to stimulate the demand for Ripple, and if it succeeds, the company will get a good reason to rely on developer support. This is not the first time such a thing happens: for instance, Ripple has already invested $25M in Omni, a company specializing in goods rental and storage.

Of course, Ripple showed negative reaction on Google banning cryptocurrency and ICO ads, just like other digital coins. The web giant is reputed to be very much consistent regarding this policy and allow no exceptions, unlike Facebook, where the publishers are able to post their ads using modified cryptocurrency names.

Ripple is now in the top 3 most popular digital currencies, being overrun just by Bitcoin and Ether, with the market cap at $30.5B. Its application area, however, is quite narrow, compared to the competition. Ripple is mostly used for making overseas payments, and its clients are mostly companies that service such transactions.

Ripple

Disclaimer

Any forecasts contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

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Recent House Financial Services Hearing Bashes Bitcoin, Illogical Arguments

Whenever the topic of Bitcoin regulation comes up, things often deteriorate rather quickly. That situation is no different where House Financial Services subcommittee meetings are concerned. Their most recent get-together raised a lot of questions and showed there is a massive bias toward cryptocurrencies.

The Subcommittee Hearing’s Purpose

On paper, the recent meeting of the House Financial Services subcommittee had positive intentions. The goal is to get an overview of the cryptocurrency landscape. based on that information, regulatory measures may be introduced in the future. Unfortunately, the members of this subcommittee are rather divided on cryptocurrencies altogether. It seems there is a very strong bias toward this form of money, which is not entirely surprising.

Representative Brad Sherman of California is convinced cryptocurrencies are a “crock”. He is not a fan of how people can make a lot of money from buying, selling, and trading cryptocurrencies. At the same time, most stock market traders make good money by sitting at home in their pajamas as well. It seems the bias against cryptocurrencies is mainly because it is cryptocurrency. An unregulated form of money that makes people millions is a thorn in the side of Sherman.

Airing these concerns during a subcommittee hearing is always positive, though. Everyone’s opinion matters when these groups get together. However, Sherman is not a big fan of the ICO business model either. In his opinion, ICOs are a “lie to the public” and a way to disguise unregulated IPOs. Again, this shows there is some need for regulation of sort sorts, albeit that is much easier said than done.

Regulation is Coming Eventually

Even though the bashing of Bitcoin is clearly visible, the regulatory discussions are far from over. Instead, we will see further subcommittee meetings to discuss the regulatory aspect of the “crypto craze”. Protecting investors is one of the main objects of this subcommittee. Things will move along rather slowly, though .The lack of understanding cryptocurrencies is a problem which is difficult to solve.

It seems a study on the ICO market will be published rather soon. Whether or not that study will be as biased as this subcommittee’s meeting, remains unknown. It is evident a ruleset needs to be put in place for both ICOs and the cryptocurrency at some point. What those rules will entail exactly, has yet to be determined. Once the report is published,  the subcommittee will “move in” to establish some new guidelines.

Luckily, not everyone is as biased to cryptocurrencies. Representative Tom Emmer of Minnesota is in favor of a hands-off approach, for the time being. Finding the balance between regulation and innovation is not all that easy. A mixed bag of responses from this House Financial Services subcommittee, with conflicting interests as well. All of this seems to indicate a unified regulation of cryptocurrency and ICOs is still far away.

The post Recent House Financial Services Hearing Bashes Bitcoin, Illogical Arguments appeared first on NewsBTC.

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Bearish Analysts Expect a Bitcoin Price Drop to $2,800

Depending on whom you pose the question to, Bitcoin will either rebound or meet its demise. As of right now, some analysts are convinced the Bitcoin price will drop well below $5,000 pretty soon. If Market Securities Dubai’s Paul Day is to be believed, we will hit $2,800 in the not so distant future.

The Bitcoin Price Decline So Far

Anyone who has paid attention to Bitcoin this year may have noticed a peculiar trend. After hitting nearly $20,000 in late 2017, that same Bitcoin is now worth just over $8,200. Such a price trend is not uncommon in the world of cryptocurrency, though. The Bitcoin price goes through a bearish cycle virtually every year. Each time this happens, the value retraces from an all-time high by up to 90%. Right now, we are looking at a 53% decline with little improvement in sight.

Despite this negative trend, some speculators remain optimistic. John McAfee is a permabull when it comes to the Bitcoin price. His prediction of a value of $500,000 in the next two years still holds true to this date. Whether or not such a price goal is even remotely possible, is a different matter altogether. It will depend on merchant adoption, payment integrations, and new regulatory measures being deployed all over the world.

Speaking of regulation, things remain uncertain in this regard. South Korea still keeps an open mind, which is good to see. Additionally, we see India contemplating regulation of cryptocurrencies, yet no one knows how things will play out. In the US, cryptocurrency remains largely unregulated as well. The European Central Bank has no intention of intervening in this regard, which is rather interesting. A mixed bag of regulatory measures, as one would come to expect at this point.

The Bearish Bitcoin Price Outlook

Despite there being no real reason for it, the Bitcoin price is still struggling for traction. Bloomberg analysts are concerned this may only be the beginning “of the end”. More specifically, a prediction is made which puts the Bitcoin price at $2,800 in the very near future. This trend is known as a “death cross”, although it remains to be seen how things will play out.

According to the analysts, the chart trend paints a worrisome outlook. The “bubble” of 2017 has triggered a massive sell-off, although this trend could have materialized without such a big bull run last year as well. Market Securities Dubai’s Paul Day fears a  major Bitcoin price dip is looming just ahead. That is, assuming the current trends of 2018 will continue to repeat themselves in the coming weeks and months.

This prediction does not take any of the positive Bitcoin developments into account, though. A lot of things are happening behind the scenes. All of those developments can have a positive impact on the Bitcoin price in the long run. Charting and technical analysis are valuable tools, but they only tell part of the story. For now, we have to wait and see where the Bitcoin price will head during the remainder of 2018.

The post Bearish Analysts Expect a Bitcoin Price Drop to $2,800 appeared first on NewsBTC.

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