Crypto News: The CRYPTO FUD machine dying and senate hearing results in pro Bitcoin stance!

In my last article I discussed some of the most popular topics I've written about and articles that were well received. As a broad trend I plan to move away from writing cryptocurrency articles and focus more on new and exciting technologies and scientific developments.

In a deviation from that broad trend I'd like to get back on my coverage of Bitcoin and cryptocurrencies in general today as I feel this story deserves attention. As you may have noticed, Bitcoin has just taken an epic fall from grace from its all time high of $20,000 to its current place floating around $6500.

Now the reason for this fall is complicated but most of it can be attributed to the near parabolic rise in the price lacking proper corrections on its way up and a whole truckload of fud put out by traders, mainstream media and even governments. This was a co-ordinated effort to bring prices down and it worked! One of the biggest 'fud factors' was a scheduled senate hearing in the U.S. which was arranged to discuss government intervention and regulation proposals for Bitcoin and the cryptocurrency markets in general. I'd like to discuss that briefly in this article.

Today, February 5, 2018, in written testimony presented before the Senate Banking Committee, J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission (CFTC), suggested a "do no harm" registration process of distributed ledger and cryptocurrency companies and startups.

Well that's just dandy considering the harm has been done already! Thus begins the next shill cycle, the price here gives a lot of room for potential profits to be made in pumping Bitcoin now so why not begin the healing process right?

Giancarlo said, "Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a responsible regulatory response."

This is a very sound statement but one has to wonder why this conversation / hearing topic wasn't touched upon far before Bitcoin's epic rise to $20,000. Seems like a coincidence indeed right?

The written testimony, which came off mostly positive and supportive of distributed ledger technology, made comparisons between the dot-com era and the blockchain movement that is currently happening.

In my opinion this hearing and its potential impact on cryptocurrency regulations had a lot to do with Bitcoin's rollercoaster type drop of more than 60%.

The outcome doesn't surprise me in the slightest because why would they want to kill such a lovely cash cow right when it was getting going?

Giancarlo went on to say, "'Do no harm' was unquestionably the right approach to the development of the internet. Similarly, I believe that 'do no harm' is the right overarching approach for distributed ledger technology."

I think many would argue that the harm has already been done. New investors to cryptocurrencies have racked up epic losses buying at the wrong time!

Contrary to public tensions about regulatory actions, both the SEC and CFTC statements have come across relatively positive about blockchain technology and cryptocurrency. The SEC chairman even said in a recent statement, "I believe that initial coin offerings--whether they represent offerings of securities or not--can be effective ways for entrepreneurs and others to raise funding, including for innovative projects."

Well folks, this is the first bit of good news I've heard about Bitcoin in the past month or so. Could they finally be done dumping and simply be looking to hold here as they load their bag? Who am I talking about? The whales of course! The guys that control the media, government and everything else under the sun.

I may be jumping the gun here but I'm buying BTC at these levels and taking a good shot at grabbing a piece of the 'recovery' here. Markets work in cycles and if they want this game to continue the cycle will need to be changed and the bulls must return to run. If I'm wrong it has been nice trading with you!

What are your thoughts on this piece of news here?

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Thanks for reading @Techblogger!

Source:

CFTC Chairman Shows Support For Cryptocurrency and Blockchain Projects by Suggesting "Do No Harm" Registrations - INC

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INC