After a extremely volatile few weeks, the leading cryptocurrency has a long last started to see green once more. The bearish action we have previously seen dragged price below $10k for a short time and it even seemed like the leading cryptocurrency would have dropped even further below $9k. But now, the markets have healed and the cryptocurrency is seeing green. This seems to coincide with a statement that the US treasury secretary recently said in a briefing, stating that the upcoming Libra stablecoin could be taken advantage of by criminals for illicit activities.
In theory, the negative statement from the government official should have damaged the industry but as we can see from CoinMarketCap at the time of writing, the exact opposite has happened as the markets are shining green.
The Head of Research at Fundstrat, Tom Lee is a believer that Bitcoin is making gains is proof that the market doesn’t care.
Bitcoin seems comfortable with statements made by #Mnuchin regarding Crypto and KYC/AML.— Thomas Lee (@fundstrat) July 15, 2019
- White House wants fair ground rules but does not seem intent on further action at this time.
- $BTC rise shows market comfortable with this
Cc: @stevenmnuchin1 pic.twitter.com/muHV1RFoxK
It was almost like clockwork as Steven Mnuchin made the comments on Libra and Bitcoin just as the the flagship currency started to rise.
As reported by ZyCrypto:
“This implies the need for KYC for cryptocurrency users around the world which could make the process of buying and selling crypto more difficult especially for those who use exchanges.”
There are a few ways of looking at this though. For example, let’s say that Mnuchin’s words did actually have an impact on the price. Would this mean we have taken a step forward but two steps back? This time last year, such news would have most likely seen a flash crash, especially given the fragile state of the markets at the time.