China has been seeking public opinion about the revised list of industries, which the country has been looking to eliminate, encourage, or restrict. When the public opinion was sought, Bitcoin mining was in the revised list of industries.
The National Development and Reform Commission (NDRC) has published their results. The world’s largest market, which provides the computer hardware required to mine Bitcoin, is China. However, these activities have come under the regulatory area.
Under the current scenario, the NDRC has not included Bitcoin Mining in the results. The reasons for this exclusion are being interrogated.
David Marcus, Head of Facebook’s Cryptocurrency projects, stated recently, “I don’t think of Bitcoin as a currency. It’s not a great medium of exchange because of its volatility.” He further added, “I see it as digital gold.”
According to Marcus, the reason for Bitcoin not have been regulated is that it is not seen to be a medium of exchange. The reason why people do not use Bitcoin is that it is highly volatile.
A recent research report titled, “Bitcoin Reformation” talks about how the Bitcoin is forming a new economic class. The paper finally states that Bitcoin might lead to one of the most significant transfers of wealth in human history.
The SEC has already rejected several Bitcoin ETF proposals. However, the SEC is reviewing an application from Wilshire Phoenix, a relatively young financial firm in New York.
Considering the possible risks to investors, the SEC has been refusing to approve ETF with exposure to digital assets.
Peter Schiff recently tweeted, “It looks like the Bitcoin pump is finally over. Get ready for the dump!”
The price of the cryptocurrency has been down by 1% at the time of reporting the news. The price of the Bitcoin has been ranging $9,000 and $9,400 over the past two weeks. This price action is indicative of a probable price drop.
The technical factors, however, support the view that Bitcoin will soon hit $11,600.
“BTC tends to fill volume profile gaps and especially gaps in the CME. We still have time to burn before the rocket ship takes off, so a high chance to do that while the price wanders sideways in consolidation.
There are a lot of apprehensions about whether the epic bull run of Bitcoin was organic. Several people support the idea of a single Whale to have manipulated the Bitcoin market. Interestingly, “Even a fairly small amount of capital can manipulate the price of Bitcoin.” per Researcher Griffin.