- International Monetary Fund’s chief Christine Lagarde outlines her view with regard to cryptocurrencies and their future
- Bitcoin took a brief dive yesterday as a single seller could have contributed dumping $100 million of the digital currency
- New York Attorney General decides to launch an inquiry into cryptocurrency exchanges
Over the course of the past months there were quite different views regarding virtual currencies presented by the most prominent institutions all around the globe. This time International Monetary Fund’s chief Christine Lagarde weighed in writing two interesting posts on the official IMF website to cryptocurrencies. Although she admitted that many of virtual currencies are not likely to survive the process of creative destruction, those which will be able to do so could have a significant impact on how we save, invest and pay our bills. She continues that’s the reason “why policymakers should keep an open mind and work toward an even-handed regulatory framework that minimizes risks while allowing the creative process to bear fruit”. Lagarde singled out several benefits cryptocurrencies offer to users such as inexpensive financial transactions and the convenience of cash. Apart from them she wrote that “some payment services now make overseas transfers in a matter of hours, not days” and added that “if privately issued crypto-assets remain risky and unstable, there may be demand for central banks to provide digital forms of money”.
Technically after a brisk jump taking place last week the Bitcoin price keeps continuing to rise, but it’s stalled a bit of late. Bulls may eye an upper bound of the channel as their closest resistance followed by a $9350 line. On the other hand, a support might be localized nearby $7300. Source: xStation5
Bitcoin took a brief dive yesterday as a single seller could have contributed dumping $100 million of the digital currency
While major virtual currencies have not been experiencing substantial moves over the recent days barring a rise from the past week, we had a quick fall yesterday sparked probably by a single seller of Bitcoin. A seller was to dump as much as $100 million of the virtual currency causing a sudden decline equal more than $200. However, the downside move was already erased as the price spiked in the morning when European investors came online. Having said that, it’s worth noting that the Bitcoin total capitalization seems to have bottomed out making its low below $140 billion, and currently the total cap is marching just shy of $200 billion.
New York Attorney General decides to launch an inquiry into cryptocurrency exchanges
As per New York Attorney General Eric Schneiderman’s announcement his office is going to look into all operations, conflicts of interest as well as other key issues influencing cryptocurrency investors and consumers through a formal investigation. The official letter was addressed to 13 virtual currency exchanges including GDAX, Bitfinex, Bitstamp USA, Kraken or Binance. This does not appear to be something shocking as New York has one of the most stringent regulatory frameworks for cryptocurrency businesses which are obliged to obtain a so-called “BitLicense” from the state’s Department of Financial Services before they begin operating in the state.