Bitcoin Regulatory Issues Heating Up

The price of the Bitcoin continues to be around 4.7%, which is down when compared to the beginning of the last weekend.  This trend is expected to flip to the upside by a few analysts.  The Altcoins somehow did not project decisive moves.

Tom Lee stated, “So expect Bitcoin to break the pattern this weekend and rise this weekend.”

Josh Rager yet another market commentator continued with his neutral sentiment.  He stated, “If you wanted to see a potential scenario for a lower-high & lower-low, it would likely top somewhere near the weekly resistance.”

Bitcoin has already been branded as a “national security issue” earlier this month by Mnuchin who stated, “I can assure you I will personally not be loaded up on Bitcoin in 10 years.”

Mnuchin in a recent press conference opined that millions of Bitcoin and cryptocurrencies had been exploited to support illicit activities like cybercrime, human trafficking, illegal drugs, ransomware, extortion and tax evasion.

The price of the Bitcoin has continued to stay above the $9,600 support level.  The price climbed higher versus the USD.  The resistance at $10,000 is broken, and the price is testing the key $10,200 resistance. A break was seen above the major contracting triangle, and resistance was seen at $9,910 on the hourly chart of the BTC/USD pair.  The sooner a successful close is seen above the $10,200 resistance; the price will continue higher.

Subhash Chandra Garg, IAS, Economic Affairs Secretary and Finance Secretary of India favored the creation of the regulatory framework for Bitcoin in India.  However, he has applied for voluntary retirement from service beginning October 31, 2019.

Subhash Chandra Garg tweeted: “Handed overcharge of Economic Affairs today. Learnt so much in the Finance Ministry and Economic Affairs Dept. Will take charge in Power Ministry tomorrow. Have also applied for Voluntary Retirement from the IAS with effect from October 31. Last tweet from this handle.”

Subhash Chandra Garg, the bureaucrat, considered cryptocurrency to be an “economical phenomenon” and he firmly believed that the regulation of the cryptocurrency would bring in great results for the finance sector and the Indian Technology.

The bureaucrat’s views were not taken well by the government of India.  The panel released a draft bill which prohibits holding and trading of Bitcoin.  He further wrote, “It also opens up the door for a possible official digital rupee. Private cryptocurrencies are of no real value. Rightly banned.”

Richard Newman

Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.

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