RATE Group | Regulation News Moves Bitcoin Prices, BIS Report Says
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Regulation News Moves Bitcoin Prices, BIS Report Says

24 Sep Regulation News Moves Bitcoin Prices, BIS Report Says

Posted at 21:19h in Bitcoin News by

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A new report from the Bank of International Settlements (BIS) contends that bitcoin markets are swayed by news events related to regulation.

“While cryptocurrencies are often thought to operate out of the reach of national regulation, in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions,” argues the report, which was drafted by Raphael Auer and Stijn Claessens and was published on September 23.

The full report adds to the growing body of research conducted by the BIS – considered by some to be the “central bank’s central bank” – on the subject of cryptocurrencies and blockchain.

Among the examples cited by the BIS: the news from March 2017 that the U.S. Securities and Exchange Commission (SEC) had shot down a proposal from investors Cameron and Tyler Winklevoss to create what would have been the first U.S.-based exchange-traded fund for bitcoin.

“In the five minutes around the announcement, the price of bitcoin…

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