The Cryptomarket has continued to fall following the global Crypto regulatory clampdown. Bitcoin dropped to around $7,500 before recovering to over $8,500 (at the time of writing).
Bitcoin and Crypto’s in general have been under attack for a while now with countries and governments seemingly taking it in turns to issue or threaten to issue bans and tighter regulation on the buying, selling and use of Cryptos. Facebook have also recently banned the advertising of Cryptocurrency.
The Indian government are the latest to issue an attack on Cryptocurrencies by stating that they will take measures to eliminate Cryptos as a form of payment. The Indian government do however state that they are looking into blockchain technology.
EU ON BLOCKCHAIN
The European Commission also made a positive announcement on blockchain:
Commissionerfor the Digital Economy and Society Mariya Gabriel said: “I see blockchain as a game changer and I want Europe to be at the forefront of its development. We need to establish the right enabling environment – a Digital Single Market for blockchain so that all citizens can benefit, instead of a patchwork of initiatives. The EU Blockchain Observatory and Forum is an important step in that direction.”
The European Commission has been funding blockchain projects through the European Union’s research programmes FP7 and Horizon 2020since 2013. Up to 2020, it will fund projects that could draw on blockchain technologies for up to €340 million. (extract taken from http://europa.eu/rapid/press-release_IP-18-521_en.htm)
As stated before the end of 2017, we believe that the biggest threat to the Crypto market this year will come from governments and big institutions seeking to impose further regulations. We do not however believe that tighter regulations will necessarily impact the price of Cryptos in the long term.
Governments clearly realise that blockchain technology is useful and cannot be stopped, which is why they are investing into blockchain developments.
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.