The price of the Bitcoin benefited a lot from President Trump. His talking points added to the awareness about Bitcoin price and technology. The US congress are not realizing that they will not be able to implement a ban on the crypto asset. With each major event around Bitcoin users are learning more about the token and they are realizing a lot about the value of the peer-to-peer cash system.
The US Department of Justice declared a Bitcoin connection between the DNC hack. It has been seen that the Russian Government has been using digital currency in order to fund its activities related to the attack. In addition to mining the cryptocurrency, the Russian hacking team has used Bitcoin in order to make payments relating to the operation.
Bitcoin’s major selling point involves limiting the level of access and the kind of control that large institutions might have over one’s finances.
Trump has been recently involved in shutting down several darknet markets like “internet transnational criminal organizations.” For Bitcoin it is like bad publicity is better than no publicity at all.
Mike Crapo recently stated, “If the United States were to decide — and I’m not saying that it should — if the United States were to decide we don’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global innovation.”
Allaire stated that the current issue with Bitcoin is that it is just an open source software.
With the dollar being the standard unit in international finance and transactions, there is a lot of power vested with the US to threaten the existence of Bitcoin. However, there are legal difficulties in bringing a ban on the Bitcoin by the US government.
Bitcoin is an indicator of several Geopolitical tensions according to Peter Tchir. The market capitalizations of all cryptocurrencies is currently at $261,434,827,781.
The regulatory frameworks for cryptocurrencies are currently being examined seriously by the United States Senate Banking Committee.
Whether it will be a major bull run or a deeper price correction for Bitcoin has been studied using the NVT ratio. Bitcoin has already evolved to be a powerful financial technology. The NVT indicator previously signaled the top in the 2017 rally. The indicator has not so far signaled a bottom. This means either that the indicator missed it or the indicator has not seen the bottom ranges of Bitcoin yet.