Just like many of us, it seems lawmakers in the United States just can’t get enough of crypto.
Earlier this month both houses of Congress heard from Facebook representative David Marcus who did a rather poor job pitching his vision for the future of money. Now, it seems like even Facebook is playing down the possibility of the Libra coming to light.
As we’ve been saying for weeks, the Libra is incredibly bullish for bitcoin. It seems that the Libra hearings have managed to pique Congress’ curiosity about the broader crypto market.
Today, the Senate Banking Committee will hold a special inquiry into cryptoassets which will be streamed live at 10:00 AM in Washington DC at this link.
Though this hearing is very exciting, it’s also quite scary. There will be exactly three witnesses and you can download their full statements at the above link…
Jeremy Allaire is the CEO of Circle, the Goldman Sachs backed owners of Poloniex exchange, who just opened shop in Bermuda. Jeremy was on the list to join the Sun-Buffett lunch before it was postponed and he is the closest thing to a crypto champion that we have on the panel.
Ms. Rebecca Nelson is a virtual ghost. Googling her didn’t yield me many results, just a lot of dead ends. Her statement does seem to be very middle of the road and advocating for Balanced Regulation for Crypto.
The antagonist on the panel is Mehrsa Baradaran, who claims to have been fighting for financial inclusion for her entire career but feels that crypto is not the way to do it. Rather it should be the work of the Federal government and the Federal Reserve.
@MatiGreenspan – eToro, Senior Market Analyst
- Should Be Higher
- Money Can have Strange Effects
- Crypto Market Silence
Please note: All data, figures & graphs are valid as of July 30th. All trading carries risk. Only risk capital you can afford to lose.
Today is the calm before the Fed. Usually, markets are pretty docile ahead of a big central bank meeting and with the Fed expected to cut rates tomorrow, this meeting is HUGE.
That’s not to say we won’t get any action. There are plenty of other drivers that can shake things about. The Pound, for example, is tanking this morning and is now close to testing the post-referendum levels of early 2017 (red line). A drop below 1.20 would be particularly nasty as there are no support levels beyond this point.
Also, today will be one of the busiest days for earnings announcements with dozens of companies reporting their revenues for Q2. The cherry on the top is Apple of course, who has been shifting focus away from iPhone sales and attempting to position themselves as a services company. So, today we’ll get a good indication of how that’s going.
Policy of Truth
It’s too late to change events. It’s time to face the consequences. For delivering the proof. The Policy of Truth.
Yesterday, Citi Bank was the first US Bank to announce layoffs as they cut deeply into their investment and trading desks.
You’ll recall that not too long ago we saw a similar move from Deutsche Bank. According to analysts, this is just the beginning and many more banks are about to make deep cuts to these divisions as they are simply less profitable these days.
In an investment landscape that is plagued by low yields across the board, it’s becoming harder and harder for financial institutions to make money.
The term ‘canary in the coal mine’ is often used in financial circles to mean an indicator for problems ahead. It goes back to the days when coal miners used to bring an actual canary with them to work so that if poisonous gasses would leak, the canary would die and thereby warn them of the danger.
I do hope that this does not apply to our current situation but what we do know is that Everything Counts in large amounts.
Enjoy the Silence
Volumes continue to decline in the crypto market as the cooldown seems to be coming to completion. In our weekly interview with CoinTelegraph, I made the case for bitcoin breaching below the $9,000 level. My hope is that it does not happen, but there is certainly a good chance that it will. Make sure to review the video right now at this link here: https://youtu.be/GhNbIngIf_g
In the meantime, Enjoy the Silence.
Many thanks to Depeche Mode for all their amazing music.
About the Author: Mati Greenspan is a Senior Market Analyst at eToro Connect with Mati on…. eToro: http://etoro.tw/Mati Twitter: https://twitter.com/matigreenspan LinkedIn: https://www.linkedin.com/in/matisyahu/ Telegram: https://t.me/MatiGreenspan Office Phone: +44-203-1500308 (ext:311)
Disclaimer: The opinions expressed in this article do not represent the views of NewsBTC or any of its team members. NewsBTC is neither responsible nor liable for the accuracy of any of the information supplied in Sponsored Stories/Press Releases such as this one.