Bitcoin called ‘legitimate’ in Senate, soars in value
In a letter released a day before a Senate committee hearing on Bitcoin, the FBI recognized the digital currency as offering “legitimate financial services,” though it warned criminals and those with malicious intent could exploit the currency. Still, it was a sufficient vote of confidence to send Bitcoin prices to new record highs. The Mt. Gox exchange briefly saw trades of 1 BTC for 900 USD before the price stabilized. The asking price just three weeks earlier had been around $200. The hearing was called by the Homeland Security and Governmental Affairs Committee to determine the risks....
Related News
The bitcoin price just hit $300 on Mt. Gox. This is the highest it's ever been. The highest trades at the time of writing have been at $309.99 at 08:45 GMT. Bitcoin prices have been steadily increasing over recent weeks, but have accelerated pace in the last twenty-four hours. Today's price spike follows the discovery of so-called "Silk Road 2.0", a resurrected version of Silk Road that came to light yesterday. Senator Tom Carper, Chairman of the Senate Homeland Security and Governmental Affairs Committee, has already issued a statement stressing the "inescapable reality that technology is....
Bitcoin and other digital currencies will get to make their voices heard before a Senate committee hearing November 18 in Washington. The Senate Committee on Homeland Security and Governmental Affairs called a hearing to learn more about Bitcoin and what it calls “virtual currencies.” Five government agencies will send their representatives to offer perspective. Representing the digital currency economies will be Patrick Murck, from the Bitcoin Foundation; Jeremy Allaire, CEO of Bitcoin startup Circle; and Jerry Brito, a Bitcoin researcher from George Mason University. Brito himself makes....
Cash App, a mobile payment service of Square Inc., generated more than $1.63 billion in bitcoin revenue in Q3 2020, which is an increase of more than 1,000% over the same period last year. The company recently invested 1% of its total assets, or $50 million, into bitcoin. Cash App’s Bitcoin Revenue Soars Square Inc. released its Q3 2020 earnings report on Thursday. The NYSE-listed (NYSE: SQ) company with a market capitalization of $86 billion provides software and hardware payments products and small business services. Its CEO Jack Dorsey also co-founded Twitter. Square’s....
A Senate committee in Australia has made a number of proposals to address the lack of proper regulations for the cryptocurrency space. The lawmakers believe the country needs new rules for its fintech and digital asset industries to be able to compete with jurisdictions that are already attracting some of its own crypto firms. Senate Committee Calls for Accommodating Crypto Rules in Australia The rapid expansion of the crypto space has caught many governments by surprise, but while other nations are already providing market participants with some regulatory clarity, Australia is yet to....
Yearn Finance founder Andre Cronje’s new defi token called KP3R has soared more than 3,600% in just over 24 hours after official launch, as yield farmers pour in millions of dollars into the project. The token opened at just $10 on Uniswap on Oct. 28, but is currently trading at $373.58, as of press time. According to Coingecko data, over $402 million in volume has been traded in the past 24 hours, with investors providing a total $7.6 million in liquidity. The digital asset’s market capitalization exploded similarly, reaching $73.6 million – a level equalling number 109....