The digital currency market ended one of its best weeks after a six months been waiting, while Bitcoin once again surpassed the $8,000 USD mark.
Market analysts had previously said that this depreciation, which began earlier this year and reached its lowest point in February _ losing $12,549 USD in about 50 days _, was due to a series of corrections because of the fast increase during the last year. They also said that it would take the first six months of 2018 to find a balance and pick up its upward trend.
Over the last few months, Bitcoin'S value oscillated between $6,000 and $9,000 USD, but the last two months were mostly losses. It wasn’t until last week that the market went back on track, and during July not only there’s been a market value increase, but also more stability than in previous months.
Early Thursday, the market’s total capitalization was of $300.14 billion USD, an increase of almost $10 billion dollars _ or 3.44 percent _ over the past week. The rise is shown in the following graphic, and when compared to last week’s, we can see a similar upward line.
The Top-10 cryptocurrency board now reflects a bullish trend _ except for Theter _, compared to last week, which showed mixed results.
On July 25, during a Congressional hearing, Christopher Giancarlo, chairman of the U.S. Commodity Futures Trading Commission (CFTC), underscored the importance of Blockchain technology and acknowledged that the organism is four years behind regarding technologic innovations.
Since last year, the CFTC has a center engaged with the FinTech innovation community, called “LabCFTC.”
“LabCFTC is our front door into these new regulatory FinTech developments in the marketplace, and it’s so important to us to be able to understand these innovations that are coming down the pike so fast,” said Giancarlo, while noting the importance of establishing new legal procedures.
“We’re falling behind. The Bank of England has announced a new blockchain compliant payment settlement system. We’re 4 years behind. We need to test and understand it and know how to work it as a regulator before coming to Congress… Using subpoenas to get information from blockchain finance industry I think is the wrong way to go about it. I think cooperation is the way forward,” he added.
The CFTC and the U.S. Stock Market met earlier this year to address the cryptocurrency issue, talking positively of the Blockchain technology and noting the large number of organisms that could benefit from this technology in different ways.
So, we can say that Blockchain technology continues to emerge and its future could benefit millions of people from different sectors.
By Omar Cortés