RATE Group | Bitcoin (BTC) Cracking As Government Drums For Regulation
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Bitcoin (BTC) Cracking As Government Drums For Regulation

16 Jul Bitcoin (BTC) Cracking As Government Drums For Regulation

Posted at 19:53h in Bitcoin News by

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  • Bitcoin (BTC) is down 14.8 percent
  • Steven Mnuchin is calling for cryptocurrency oversight and compliance

Eventual regulation of cryptocurrencies in the US, following Steven Mnuchin presser, could have far-reaching consequences on Bitcoin and cryptocurrencies. In the meantime, BTC is on edge and may slide to $9,500.

Bitcoin Price Analysis

Fundamentals

From launch, Bitcoin is considered a threat to the status quo. However, scrutiny was amplified following the parabolic rise of digital asset prices in Q4 2017 and meltdown of 2018 that highlighted the volatile nature of these emerging assets.

Attractive as they are, Bitcoin and cryptocurrencies, in general, are appealing to libertarians as well as those seeking refuge from economic turmoil. Even so, President Trump’s comments did spark a debate on the real value proposition of Bitcoin.

Claiming that the USD is the most powerful currency in the world, his concerns stem from BTC alleged use as a tool for money laundering. Trump adds that…

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