Bitcoin Today: Prices Dip as Regulatory Bodies Weigh In

After rising in morning trade on Tuesday, bitcoin was back in the red in afternoon action. The tip cryptocurrency by marketplace value traded underneath $6,200 again as the broader digital item marketplace slumped.

Here’s what you need to know in cryptocurrencies for Tuesday, Jun 26.

Prices Could Go Lower

Spencer Bogart, Blockchain Capital partner and self-proclaimed bitcoin “super bull,” pronounced that prices could drop even serve this summer, according to CNBC. Bogart said, “If we go back to the summer of 2017, when crypto prices were booming, there was about 100, 200, maybe 300 crypto sidestep supports that were formed.” He continued to explain that many of those roughly year-old sidestep supports are now attack their one-year lockup, definition that with prices down more than 50% for many cryptos a number of liquidity providers will be looking to sell. That could supplement heated vigour on bitcoin and other digital assets. “They’re saying, ‘Hey, we want to redeem out of that fund.’ That means forced offered on interest of all these new crypto supports that have popped up. we think that could take prices artificially lower,” Bogart said.

FTC Offers Warnings

The Federal Trade Commission pronounced that consumers mislaid $532 million to cryptocurrency-related scams in the first two months of 2018, according to Coindesk. Speaking at a commission-sponsored seminar patrician “Decrypting Cryptocurrency Scams,” the FTC’s Bureau of Consumer Protection conduct Andrew Smith pronounced that figure could balloon to as much as $3 billion by the end of this year. Also on the row with Smith was Coin Center’s executive of research, Peter Van Valkneburgh, who said, “I think nobody should ever buy any more cryptocurrency … than what they are totally peaceful to lose, if you are peaceful to attend at all. That is a summary that needs to be steady and repeated.”

Secret Service Calls for Congressional Attention

Speaking in front of the U.S. House of Representatives Financial Services Committee, Robert Novy, emissary partner executive for the U.S. Secret Service Office of Investigations, called for “congressional attention” on the emanate of cryptocurrencies that offer privacy-enhancing features. “We should also cruise additional legislative or regulatory actions to residence intensity hurdles associated to anonymity-enhanced cryptocurrencies, services dictated to problematic exchange on blockchains and cryptocurrency mining pools,” Novy said, according to published testimony.

Two Nations Rule Out State-Backed Cryptos

Australia and New Zealand have both strictly ruled out the probability of formulating a executive bank-backed cryptocurrency in the nearby future, according to the Reserve Bank of Australia’s conduct of payments process Tony Richards. In a debate Tuesday, Richards pronounced that nonetheless the bank has found little direct for a bank-backed crypto, there could be “significant implications for the bank’s financial fortitude mandate” should the broader open adopt digital currencies at aloft rates. Richards explained that, nonetheless he is invested in bitcoin, it has “structural flaws” and that “scalability and governance problems of the bitcoin system” make it distant reduction appealing than more normal payments methods.

Article source: https://www.thestreet.com/investing/bitcoin/bitcoin-today-prices-dip-as-regulatory-bodies-weigh-in-14634467