The Crypto Currency market has continued its recent bearish trend, following news of further crackdowns.
Major Banks, including JP Morgan and UK’s Lloyd Banking Group have banned the use of Credit Cards to purchase Cryptocurrency, causing another sell off in the market.
US Congress Meeting on 6 FEBRUARY 2018
Congress will be meeting on 6 February in order to discuss Cryptocurrency regulation. J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission and Jay Clayton, Chairman at the Securities and Exchange Commission, will both make statements on Cryptocurrency.
A copy of Giancarlo’s and Clayton’s statement has been released ahead of tomorrow’s hearing, which can be read here. The statement does appear to contain some positive news such as the following:
To be clear, I am very optimistic that developments in financial technology will help facilitate capital formation, providing promising investment opportunities for institutional and Main Street investors alike. From a financial regulatory perspective, these developments may enable us to better monitor transactions, holdings and obligations (including credit exposures) and other activities and characteristics of our markets, thereby facilitating our regulatory mission, including, importantly, investor protection… (Clayton)
It appears that there will be in-depth discussions on how regulation should take place, and how ICO’s should be treated. ICO’s have been under fire for a while now which led to bans in China.
Many investors believe that regulation will have a negative impact on the Crypto market, however if the market is regulated suitably, it could lead to further investors jumping on board in the long term. We expect the market to be extremely volatile tomorrow with all eyes on the US.
CHINA ADDING FURTHER BANS
China have announced that they shall be banning the use of off-shore Cryptocurrency exchanges in order to prevent “financial risks.”
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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.