BITCOIN enjoyed a sharp rise on Sunday as investor confidence continues to grow and the threat of snap regulations dissolves.
Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Bitcoin is priced at $11.533 at the start of the day, having risen around $500 since Sunday morning.
Cryptocurrency commentators are still mulling over comments from govenor of the Bank of England, Mark Carney who said last week that cryptocurrencies such as bitcoin a "failure" and a lottery.
He said they exhibit all the "classic hallmarks of bubbles" which attract "fools".
Mr Carney said: "The prices of many cryptocurrencies have exhibited the classic hallmarks of bubbles including new paradigm justifications, broadening retail enthusiasm and extrapolative price expectations reliant in part on finding the greater fool.
"At present, crypto-assets raise a host of issues around consumer and investor protection, market integrity, money laundering, terrorism financing, tax evasion, and the circumvention of capital controls and international sanctions."
However, Kevin Murcko, CEO of cryptocurrency exchange, CoinMetro agrees that although Mr Carney's words were harsh, regulation is needed.
He said: "We have long believed that cryptocurrencies should be held to same standards as traditional fiat currencies, especially when it comes to active trading.
"The core content of Carney’s speech, which although highly negative and damning, does call for further regulation. This shows us that a legal financial framework for the crypto space is quickly becoming a reality.”
He adds: “Strong regulation backed by respected institutions is important to deliver stability to the market. This can only benefit investors in the longer term. For any currency to thrive, it requires liquidity and meaningful movement of tokenized securities.
"This is something that cryptocurrencies have struggled with due to the unregulated and costly infrastructure that currently supports their issuing, holding and trading. The current volatility that we’ve witnessed across the crypto markets is in large part caused by a lack of regulation and uniformity in how these are traded.
“What’s important is that central banks don’t snuff out the crypto industry. Contrary to what some believe, it is only in its infancy, and will only continue to grow.”
Source: https://www.express.co.uk/finance/city/927207/Bitcoin-price-mark-carney-bank-england-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news
