Bitcoin shows that can survive and thrive without China
Bitcoin traders have got a couple of things right lately. The digital currency can survive and thrive without China. And government regulation is positive, not negative, for the future of Bitcoin and other major cryptocurrencies. It adds credibility to the market, while limiting the supply of new coin offerings.
- Bitcoin Prices Firmly Above $4000 Without China
Most cryptocurrencies traded sharply higher on Wednesday, following recent news that US and Japanese regulators are getting serious about writing the rules for the cryptocurrency markets. Bitcoin prices held above the $4000-mark, close to 30% above the recent low.
That’s certainly bullish from a technical point.
A couple of days ago the Securities and Exchange Commission (SEC) announced the creation of a Cyber Unit that will monitor cyber-related misconduct, including “violations involving distributed ledger technology and initial coin offerings.”
“Cyber-related threats and misconduct are among the greatest risks facing investors and the securities industry,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division. “The Cyber Unit will enhance our ability to detect and investigate cyber threats through increasing expertise in an area of critical national importance.”
Meanwhile, Japan’s Financial Services Agency (FSA) is considering placing virtual currency exchanges operating in the country under full surveillance, effective October.
That’s according to a story published recently in Japan Times. The FSA will check whether the exchanges for bitcoin and other cryptocurrencies have the right internal controls in place in order to protect customer assets.