Trump Administration acted to pop the 2017 Bitcoin Bubble, US Bill Classifies Stablecoins As Securities and Bitcoin Drops Below 8.000 USD
Here is your daily overview of cryptocurrency news, written by the Crypto2Cash team.
Trump Administration Popped 2017 Bitcoin Bubble
Coindesk reports that the Trump administration acted to deflate the bitcoin bubble of 2017 by allowing the introduction of Bitcoin futures products.
Bitcoin’s price increased strongly in December 2017 and by launching the Chicago Mercantile Exchange (CME) and CBOE bitcoin futures, the market was offered an instrument to short Bitcoin’s price. The two futures went live on the 18th of December, Bitcoin peaked on the 17th of December.
US Bill Classifies Stablecoins As Securities
In a draft bill published Tuesday, a legislation was introduced to regulate stablecoins under the Securities Act of 1933, seeking to provide clarity in an area the bill suggests lacks regulatory guidance.
Stablecoins are cryptocurrencies whose values are pegged to a fiat currency or other assets.
Bitcoin Drops Below 8.000 USD Again
Bitcoin was trading above the 8.200 USD mark yesterday, but had dipped below 8.000 USD in recent hours.
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