Crypto Tidbits: Unstoppable Force Bitcoin Back at $10,000, Libra in Congress

Another week, another round of Crypto Tidbits. As is seemingly the norm, Bitcoin saw a tumultuous week, trading from everywhere from $9,100 to around $11,000. Per the time of writing this article, the dust has somewhat settled, with BTC around the $10,500 region for at least the past 18 hours.

Cryptocurrency prices are lower than they were earlier this month or in late-June. But this week saw its fair share of positive news — and negative news of course.

On one side, a Congressman lauded Bitcoin as an unstoppable force; on the other, the U.S. Treasury Secretary echoed Donald Trumps concerns, noting that cryptocurrencies are mostly used for illicit acts, like money laundering and the sale of illegal narcotics, in an emergency press conference.

Bitcoin & Crypto Tidbits

  • An Unstoppable Force — Congressman Lauds Bitcoin: Bitcoin gained yet another ally in the United States government recently. Patrick McHenry, who represents North Carolinas 10th District, told Congress and CNBCs Squawk Box this week that he strongly believes that Bitcoin and the movement surrounding the cryptocurrency is an unstoppable force. While he didnt make any clear recommendations, it is implied that he believes that regulators should foster innovation by being friendly to the unstoppable force as to ensure that the United States isnt at a disadvantage.
  • China Authority Confirms Bitcoin is Property: This week, the Hangzhou Internet Court purportedly confirmed that Bitcoin is a form of virtual property, meaning that it is legal to hold the cryptocurrency. While this doesnt confirm that all regulators see Bitcoin as legal across the country, which is rife with legal, cultural, and social nuances between districts, some see this as a watershed moment for cryptocurrency in China.
  • Libra Trends on Chinas Version of Twitter: Speaking of China, reports arose this week that Libra had become a trending topic in the nations intranet. On Weibo, the nations version of Twitter, Libra was the second-largest trend earlier this week, while China purportedly had more relative interest in the Facebook cryptocurrency than the U.S. Per venture capitalist Dovey Wan, who is often based in China, this spike in interest is a response to David Marcus comment during this weeks Congressional hearings that Libra will be a competitor to WeChat Pay and Alipay, Chinese brands.
  • BitMEX Under Investigation by the CFTC, Says Bloomberg Report: According to a Bloomberg report released Friday, which cited individuals familiar with the matter, the U.S. Commodity Futures Trading Commission (CFTC) is investigating one of the Bitcoin industrys own. BitMEX, per the sources, is suspected by the financial regulator of knowingly faci ...
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Tags: Bitcoin, Cryptocurrency, Commodity Futures Trading Commission, Libra, United States Congress, Irresistible force paradox, Tidbits, Federal government of the United States, Donald Trump, United States Secretary of the Treasury