Bitcoin Today: The Future of Money

19 ก.ค. 2018

Price
Having tested the 7600 resistance, BTCUSD eventually plunged to 7300 level. The fact that the price did not slip to the 7000 level immediately after touching 7600 resistance indicates about soon attempts to test the 100-days EMA and 7600 resistances again; as long as the price will hold above 7300 we will stick to the bullish overview. In case of diving below 7300, we emphasize 7000 level as a support to the growth scenario. In case of a movement upward and a breakthrough above 7600 the next resistance that will matter – 8000.

Today forecast
Trading in the 7300 – 7600 zone.

Latest news

• Financial Policy Subcommittee hearing The Future of Money: Digital Currency
  The hearing, entitled “The Future of Money: Digital Currency,” considered potential domestic and global implementations of cryptocurrencies. The Financial Policy Subcommittee hearing will examine "the extent to which the United States government should consider cryptocurrencies as money," while the House Committee on Agriculture will focus on the emergence of "digital assets".
  Congress is set to "evaluate the merits of any uses by central banks of cryptocurrencies, and discuss the future of both cryptocurrencies and physical cash."
  Addressing this point, Rodney Garratt, a professor of economics at the University of California, Santa Barbara, claimed that the banks have to decide whether they want “to withdraw completely from providing a payment device for general public,” or whether they prefer to adopt one of sorts of digital alternative. Which, in turn, could be “some form of crypto.”
  Guy Hirsch, US Managing Director of eToro, states: “today’s hearings are a great step in the right direction."
  "We encourage regulators to hear more from good actors and companies with an international presence since they would be valuable to this discussion in Congress.”
  "Cryptocurrencies are by design global assets and companies with global perspective are uniquely positioned to help regulators better understand the diverse regulatory approaches and best practices.”
  "Any law that Congress will pass affecting cryptocurrencies will have global impact on foreign companies that are doing business in the US or want to enter the US market and therefore it is important for US lawmakers to facilitate dialogue with other nations on this matter."
  On the challenges for Congress he adds that digital assets have properties that don’t apply to our current understanding of securities or commodities.
  Guy Hirsch adds that while it makes sense to classify some tokens as securities, others are more accurately classified as currency or commodities, or perhaps a new asset class altogether.