Bitcoin climbed 5.87 percent in London
Bitcoin climbed 5.87 percent in London
BITCOIN could be on the up again this week as a meeting of US government committee could provide clarity on regulations surrounding the cryptocurrency craze. Lack of oversight has made many institutional investors sceptical of the industry.
Bitcoin has had a tough start to the year, plummeting to a two month low on Friday, falling as low as $7,700.
But the cryptocurrency could bounce back with a meeting this week of the US Senate Banking Committee on regulation of cryptocurrencies in the country, according to Brian Kelly, the CEO of an investment firm focused on digital currencies.
Speaking to CNBC, he said: “Next week we’ve got a big event here in the US, we’ve talked a lot about the regulatory pressures that have come from South Korea and from China and other places.
“But we’ve got something coming up in the US that I think could be a big event for us.”
“So on February 6th the Senate Banking Committee are having a meeting and they’re going to be talking about what the regulatory oversight role of the SEC and the CFTC should be when it comes to cryptocurrencies and virtual currencies.”
The Securities and Exchange Commission (SEC) is an independent agency of the US government which regulates the securities industry and stock and options exchanges. The Commodity Futures Trading Commission (CFTC) regulates futures and options markets.
Kelly said the meeting could provide clarity for institutional investors who have been sceptical about jumping on the bitcoin bandwagon.
He said: “The bullish part of this is it could give some regulatory clarity.
“One of the biggest problems we’ve had in this market is institutional investors don’t know where exactly they stand regulatory wise, what can they do, what can’t they do.
“Because no one agency has really said this is our domain and there’s not one overarching regulatory scheme.”
“So this could be a green light to institutional investors.
“Once you get that regulatory clarity and we can start to think about what’s going on here and in particular when you’ve seen the regulations trying to stamp out bitcoin in other places, here in the US could be a bitcoin up.”
Bitcoin climbed 5.87 percent to $9,345.64 at 14:26 in London, according to CoinDesk.com
Bitcoin climbed 5.87 percent in London
Reviewed by mir khaleq ali
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Reviewed by mir khaleq ali
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07:31
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