Guangdong Sheng, China – August 28, 2018 – Bitcoin prices have regained stability in the 6-7K range. The news to watch this week was the rejection by the SEC of as many as nine proposals related to ETFs.
While adoption of Bitcoin is reported as growing, thus supporting its price, some more precautionary notes have emerged. The latest is Coinbase, which believes that it is still a long time for Bitcoin to become a daily mode of payment, such as buying a cup of coffee at a local store.
According to some reports, only ten percent of cryptocurrencies, of which today there are thousands, are actually used for real life transactions, mostly in games and online shopping. A good number of new digital coins created in the wake of Bitcoin’s rise to fame have disappeared, while Bitcoin’s price is now down by around 70% from its historic highs it reached by end of 2017.
A ray of hope comes from the utility of Bitcoin in countries plagued by economic crisis, such as Venezuela or Turkey. Since the currency requires only a device like a smartphone and internet connection, things that are common today everywhere.
The SEC ruling cited the Exchange Act to strike down new ETF proposals, which focuses on preventing fraudulent and manipulative acts and practices. The price of Bitcoin, however, has remained unaffected.
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