The US Senate appears cautiously optimistic about imposing limited regulations on Bitcoin.
Bitcoin identifies demand under $8,400 levels.
If we see a correction in the price of gold to the low of $1,300 or so, it is a great opportunity to add to the long side.
Bitcoin dropped significantly last week after the Chinese government banned foreign cryptocurrencies in its ongoing attempt to rein in Bitcoin and other cryptocurrencies. The EU is still considering what to do, if anything, about such currencies, while the US Senate appears to be meandering toward supporting Bitcoin or at least regulating it to some limited degree. With the market capitalization of Bitcoin standing at about $115 billion, it appears to be far too large an asset for governments to ignore.
US Senate Hearing
Last week before the US Senate Banking, Housing and Urban Affairs Committee Securities and Exchange Commission Chairman (SEC) Jay Clayton and Commodities Futures Trading Commission (CFTC) Chairman Christopher Giancarlo debated “what can be regulated, what should be regulated and how, while offering a broader outlook on the long-term future of virtual currency markets and blockchain technology.”
Source: Seeking Alpha