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CFTC chairman Heath Tarbert answers some of the hard-hitting questions around Bitcoin, cryptocurrency, and its’ on-going regulations in the US. The CNBC interview covers various aspects related to cryptocurrencies, like clarity on securitization and Libra.

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Escape Velocity for Bitcoin and cryptocurrencies

The cryptocurrency markets have independently grown to about $220 billion. Moreover, the decentralization many of the leading protocols prohibit direct regulation. Hence, while the thing is curtailed, for now, it can soon gather pace.

This raises concerns around capital controls and the influence that the government authorities have on them. Tarbet notes that,

I never use the term cryptocurrency. I have always used to term digital assets. because in my view… these are not yet legal tender, they’re not money… So something like Bitcoin is very important, but again, we classify it as a commodity.

However, a considerable part of the value proposition of these cryptocurrencies is as an exchange medium.

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Chairman Tarbert notes that the ‘key development’ around these digital assets is if countries start accepting taxes in these cryptocurrencies. While he says that the US is still far away from it, but looks like he is not opposed to the possibility.

On Libra and Bitcoin

“Well they are fundamentally different products” – on Bitcoin and Libra

The CFTC chairman was also not entirely dismissive of Libra as most other regulators and politicians in the US are. According to him, Libra is still developing.

Moreover, there is a strong notion that Libra resembles an ETF in many aspects. Hence, it must be regulated as a security under the SEC. While Chairman Tarbert was confident about Bitcoin and Ethereum’s stance, he did not explicitly put Libra under any of these classifications.

 

America Focusing on Leading Blockchain Tech Space as Well

Tarbert also affirms the stand of America around the development of this technology.

China’s recent push towards the adoption of blockchain technology calls for governments around the world to take note of it. In the past, France has also expressed its intent for developing the space.

He told the media,

Blockchain technology is being used first and foremost for these digital assets. But ultimately I could see it overtaking the internet, effectively parallel to the internet.

He says that their primary focus must be around the development of blockchain technology.

How do you think the blockchain industry will shape the future financial economy? Please share your views with us. 

Summary

CFTC Chairman Highlights the 'Key Development' Around Bitcoin and Cryptocurrencies

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CFTC Chairman Highlights the ‘Key Development’ Around Bitcoin and Cryptocurrencies

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CFTC chairman Heath Tarbert answers some of the hard-hitting questions around Bitcoin, cryptocurrency, and its’ on-going regulations in the US.

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Nivesh Rustgi

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CoinGape

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Nivesh Rustgi , 2019-11-21 05:24:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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