Another crypto week is coming to an end – weekly review
Another week in the crypto world has passed and apart from Bitcoin's volatile exchange rate development, there have been a few headlines in the past seven days:
Pro Bitcoin presidential candidate Andrew Yang leaves the race
If you've been on Twitter in the past few months, you've probably heard the name Andrew Yang. Yang is a businessman who has become a presidential candidate. He decided to use his experience in job creation and business creation to participate in the race for the Presidency of the United States.
Technology was an important part of his campaign and it is not surprising that Bitcoin and the blockchain were mentioned. Yang expressed his support for the technology by posting a photo of him and Charlie Lee from Litecoin, and mentioning on other occasions that he believes blockchain and cryptos are a positive technological class for the future.
Unfortunately for Bitcoin bulls who were optimistic about a Yang presidency (which would likely be characterized by better crypto regulation), the candidate dropped out of the race last week after poor performance in a democratic area code .
JP Morgan towards Ethereum
This week, Reuters reported that one of the world's largest financial institutions, JP Morgan, plans to merge its “Quorum” blockchain unit with ConsenSys, a New York development studio, for Ethereum. Market commentator Satoshi Flipper said why this is a bull market for ETH:
“Why is this so optimistic for ETH? Because money is king and JPMorgan has a lot of it. With the upcoming release of 2.0, JPMorgan could wish for a stronger presence in the blockchain arena of companies. And Ethereum is a quick ticket to get there, ”he explained, referring to the news report.
Finance Minister confirms crypto riot
Last year, after Libra was introduced, Treasury Secretary Steven Mnuchin said that cryptocurrencies pose a “financial system risk” and a “national security issue”. It appears that Mnuchin has started responding to the growing threat.
During a hearing by the Senate Finance Committee, Munchin said the Treasury Department's Financial Crimes Enforcement Network (FinCEN) will soon introduce “significant new requirements” for cryptocurrencies and their respective Bitcoin trading providers and so on and so on becomes.
He did not elaborate on these comments, although a recent White House budget proposal suggests a crackdown on the use of cryptography in money laundering and terrorist financing will take place.
CNBC show interest in Bitcoin
This week, the moderators of the CNBC show “Fast Money” showed optimism about the outlook for Bitcoin. Host Seymour Asset Management's Timothy Seymour, CIO, argued that Bitcoin's recent upward trend is a result of developments in institutional involvement in the cryptocurrency space.
Another panel moderator said that a world in which central banks devalue their money to keep the economy “healthy” is a world in which Bitcoin “wins”:
In a world where central banks stumble over themselves to devalue their currency, Bitcoin wins. In a world of fiat currencies, Bitcoin is the winner.
Proof of text: newsbtc