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US Lawmaker Says There’s No Way to Kill Bitcoin – But Will Congress Try to Stop Coinbase?

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US Rep. Patrick McHenry (R-N.C.), ranking member of the Financial Services Committee, confirms why Bitcoin is shaking up governments, banks and institutional and retail investors around the globe.

Says McHenry,

“There’s no capacity to kill Bitcoin.”

Speaking on CNBC’s Squawk Box, McHenry gives an overview of the government’s efforts to tame Libra and its development team at Facebook by holding consecutive Senate hearings. In large part, the hearings reveal Libra’s threat as a game-changer in global finance with the power to reach billions of people overnight.

According to McHenry,

“The issue here is there’s a knee-jerk reaction to kill it before it grows. There’s a whitepaper that’s an idea and there’s a consortium of companies – some with better reputations than Facebook currently has – that are developing a digital payments platform and a digital currency. Interesting, right? Instead, we have a knee-jerk reaction to kill an idea.”

McHenry questions the role of government in private enterprise and intervention in the development of business concepts.

Slaying Facebook over its latest innovation has raised concerns about the government’s willingness to support the foundational tenets of free markets, free enterprise, product competition and the country’s history of invigorating capitalism, jobs and leadership through innovation.

Says McHenry,

“Look, in the broad sense here, I’m a friend of innovation and I’m not a friend of a missioned society where every business has to come to government with their hand out and say, ‘Can I do this? Can I bring a new product to market?’ If they comply with existing laws, have at it.

I’ve got legitimate questions that I think need to be answered, but this whole thing about yelling at Facebook about trust – give me a break. Consumers are making a choice.”

Regarding Facebook’s record on protecting data privacy, McHenry doesn’t conflate the two.

“There’s a whole slew of litigation about this. Let’s have a separate hearing about that – that’s fine.”

“The way we’ve set this up is we have guardrails. You follow the speed limit, you can drive whatever vehicle as long as it’s safe.

Host Andrew Ross Sorkin, who posits that governments have a monopoly on money, asks McHenry if lawmakers will ultimately try to stifle the crypto industry or if they’ll let it flourish.

Says Sorkin,

“Long-term, do you think that regulators and politicians like yourself will allow the emergence of these new types of currencies if they don’t look a lot like the regulations and guardrails that we currently have around fiat currency and money?”

Responds McHenry,

“Well, I think there’s no capacity to kill Bitcoin. Even the Chinese with their firewall and their extreme intervention in their society couldn’t kill Bitcoin. So a distributed ledger, full and open, in the essence of Bitcoin as a first mover in this space, the developer of this technology blockchain and digital currencies –”

When Sorkin jumped in to point out that Bitcoin’s price has taken a precipitous drop over the past 48 hours as speculators seemingly react to a slew of high-level bashes against cryptocurrency, including recent criticisms from President Trump, Treasury Secretary Steven Mnuchin and the politicians conducting the Facebook Libra hearings, McHenry stayed on point about the foundations of the technology which has not changed since Bitcoin launched in 2009.

“My point here is you can’t kill Bitcoin. But new iterations of this that are trying to mimic it, that are not fully distributed, that are not fully open, there are different mechanisms to kill it.”

But regulators could prohibit businesses and services that provide support for Bitcoin – like Coinbase. While McHenry agrees that there’s room for a new financial product that could dramatically improve the flow of money around the globe by implementing a system that is much more cost-effective and technologically advanced than old legacy platforms such as SWIFT and Western Union, he avoided giving Sorkin a direct answer to a key question.

Speaking on behalf of Bitcoin investors, Sorkin asks,

“If you said right now that Coinbase could not accept money from an American citizen, if you said that any of these wallets cannot accept money, you – I’m not saying you’d shut down Bitcoin. Bitcoin would exist somewhere and it would be in sort of a dark web kind of situation. But it effectively would make it very, very difficult for the mainstream to use it…

If it ever gets mainstream, if it ever gets to escape velocity, does Congress, do regulators say, ‘You know what, actually – in the same way that you’re looking at Libra as closely as you are, and this is going to happen at the G7 meeting as well – do people say, ‘Bitcoin will live in the shadows. But boy, it’s not going to live in the mainstream.’ And that’s the question that I think I have and that’s the question that I think Bitcoin investors have and that’s why the price of it has come down, literally, in the past 48 hours.”

McHenry had no direct reply.

Dave Hodgson, director and co-founder of NEM Venturesthe venture capital and investments arm of the NEM blockchain ecosystem, tells Forbes that the rubber has met the road.

“Government and central banks are after Bitcoin and Libra because they reduce their ability to control markets and populations, while also making some of what they do irrelevant. It is uncomfortable when people ultimately realize that the emperor has no clothes.”

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Analysts Predict 30% Drop to CME Futures Gap As Bitcoin Falls Below $11,000

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Bitcoin News Update – Previously, the key support level of $11,000 has been a strong region of buying pressure for Bitcoin. The top cryptocurrency dipped below $11,000 after a short period of consolidation. At press time, Bitcoin is trading at $10,980, nearly 4% down from its 24-hour highs of over $11,400. The crypto-asset has witnessed a significant drop within 24 hours. Today’s dip clearly marks an extension of the downward movement started by Bitcoin when it plunged from the weekly highs of over $12,000.

Bitcoin News Today – Bitcoin Price Analysis – Bitcoin Price Forecast – Bitcoin Plunges to $10,980

Fortunately, Bitcoin has found strong resistance at $12,000 price level. Each attempt of the coin to decisively break above this level has met violent rejections. Recently, analysts revealed that there is a high probability for a further drop in Bitcoin price in the near future. A popular crypto analyst on Twitter, Mitoshi Kaku, recently tweeted that the next key level of support for Bitcoin is $10,600.

The analyst suggested $10.1 and $10.6 as the two main levels on the macro level. He pointed out that $8.6K is almost guaranteed between 10/28 and 11/11 if the two main levels are lost.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice
Bitcoin$10,141.00-2.84%

Analysts forecast a further 30% fall in Bitcoin price. According to Bitcoin Price Prediction, the cryptocurrency is likely to continue the downtrend until it fills its CME futures gap which is now in the low-$8,000 level. Consequently, the embattled investors will experience another 30% plunge before Bitcoin reverses its downtrend and begin to soar.

Bitcoin Latest Update – Bitcoin News Update – Two Gaps on Bitcoin CME Futures Chart

Bitcoin rarely leaves gaps in its CME Futures chart in the past without filling them. Currently, the crypto-asset has two gaps at $11,800 and $8,400. It is likely that Bitcoin will soon touch these levels. Another popular crypto analyst on Twitter, the cryptomist, recently tweeted about the gaps on Bitcoin’s CME Futures chart.

The Cryptomist believes that the top cryptocurrency will fill the current two gaps now. She pointed out that Bitcoin has almost filled the $10,890 gap and is left with more gaps, -11.8K and -8.4K. She explained that both gaps will be filled in the near future. It is likely that the analysts will have a better idea of which of the aforementioned gaps that will be filled first.

Bitcoin News Today – Bitcoin Price Analysis – Bitcoin Price Prediction 2019 – Key Indicators Turn Bearish for Bitcoin

The king of cryptocurrencies recorded 6% loss as it traded at $10,500 on Bitstamp on August 14. This current price erases nearly 53% of the rally from the July 28 low of $9,111 to the August 6 high of $12,325. The devaluation of China’s Yuan on August 5 may have triggered the recent BTC rally. The top cryptocurrency rallied 7% on the same day and rose to $12,325 the next day.

However, the Bitcoin drop witnessed in the last 48 hours also coincided with the recovery of Yuan. China’s Yuan, CNY, has appreciated by 0.26% yesterday and reported a 0.32% gain today against the greenback. Yuan’s recovery has forced investors who bought Bitcoin during the devaluation to cash out.

Bitcoin hourly chart shows a high-volume price breakdown which favors a dip to $10,000. Bitcoin Price Prediction suggests that a minor bounce may precede the drop to $10,000 level. Consequently, the cryptocurrency has retraced over 50% of the $3,000 rally it recorded in the 10 days to August 6. The price drop today has caused Bitcoin to look weaker than it was yesterday.

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Bitcoin worth $180 million transferred between wallets in different transactions

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The market experienced a surge in the number of transactions occurring between unknown wallets, as Bitcoin maintained its position above the $10,000 mark. The king coin was priced $10,413.87 at press time with a jump of 3.30% over the 24-hour cycle. As the crypto-market joined the bullish ride, the transfer of crypto coins also surged in the market.

Whale Alert, one of the web’s major cryptocurrency transaction trackers, shared the news of the transfer of 7000 BTC between unknown wallets over its official Twitter handle,

“7,000 #BTC [72,418,271 USD] transferred from unknown wallet to unknown wallet.”

BTC was transferred between the wallet address 14DHxoHYRXL9RudVAGxyzjjcPm9zCCZvXX and wallet address 1LKAwBi5Yb7LzQ5NN1NdRCXbQ8RcJkG1h1 with a timestamp of 10:14:54 UTC, 17 August 2019. The transactions were carried out with 4 confirmations. Additionally, hash for the transaction was c4b7d86168518fff669662ac33ec696751f6a7ecfb7e5d8d4b64f2255408af7d. Transaction was carried out over the Bitcoin blockchain with a transaction fee of 0.00004032 BTC. Additionally, the block height of the transaction was 590505 and it was deemed a successful one.

Previously, 5000 BTC were transferred as reported by Whale Alert,

“5,000 #BTC [51,727,337 USD] transferred from unknown wallet to unknown wallet.”

It was transferred between the wallet address 1Ehser8uNsySVCQXcnaN4MjWwFWTNasiVX and wallet address 19KFMGRaAQChPzGv2jHa5tuegMgAoq5sG5 with a timestamp of 10:14:54 UTC, 17 August 2019. The transactions were carried out with 10 confirmations.

Yet again, the crypto community’s attention was steered towards another large transaction between unknown wallets, as Whale Alert communicated about the transfer of 6000 BTC,

“6,000 #BTC [62,072,804 USD] transferred from unknown wallet to unknown wallet.”

The transaction occurred between the wallet address 1PSk8YMLYAYFfSyGjuaH7NvDZydK79ySB2 and wallet address 174dXYQXf5hw7WmwS9pHdWSNXaLfZC4wqN, having a timestamp of 10:14:54 UTC, 17 August 2019. 

Source:ambcrypto

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Bitcoin stays calm above $10,000, struggles to turn bullish

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  • Markets cheer Bakkt’s introduction of crypto futures on Friday.
  • Bitcoin still down more than 10% for the week despite latest recovery.
  • $10,000 continues to act as strong support in near-term. 

After slumping to its lowest level of August at $9,467 on Thursday, Bitcoin (BTC/USD) staged modest recovery and advanced above the critical $10,000 mark. Although Bakkt’s announcement of the launch date of its highly anticipated crypto futures platform allowed the sentiment surrounding major cryptocurrencies turn positive on Friday, Bitcoin’s rally remained short-lived. As of writing, the BTC/USD pair is posting modest daily losses at $10,300. For the week, the pair is still down more than 10% despite this latest rebound. 

Bakkt cleared to launch Bitcoin futures

Owner of the New York Stock Exchange (NYSE), Intercontinental Exchange Inc, said on Friday that it won the approval for its Bakkt unit to introduce futures that will pay out in Bitcoin starting September 23rd. Commenting on this development, “We believe that the availability of a benchmark that can be referenced globally will create confidence in the true price of Bitcoin,” Kelly Loeffler, Bakkt’s chief executive officer, told Bloomberg in an interview. “It’s an important step in creating more trust.”

Technical outlook

Looking at the technical picture, the Relative Strength Index (RSI) on the daily chart continues to move below the 50 mark, suggesting that buyers are struggling to take control of the price action. Additionally, both the 20-day Moving Average and the 50-day Moving Average stay above the price, confirming the near-term bearish outlook.

On the downside, $10,000 (psychological level/Fibonacci 61.8% retracement of June rally) remains as tough support. With a weekly close below that level, the sell-off could drag Bitcoin to $9,500 (Aug. 15 low) and $9,000 (psychological level/Jul. 17 low/Fibonacci 78.6% retracement of June rally).

On the other hand, a strong dynamic resistance seems to have formed at $10,800 (20-DMA/50-DMA/Fibonacci 50% retracement of June rally) ahead of $11,500 (Fibonacci 38.2% retracement of June rally).

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