Recap | US Treasury Secretary: Bitcoin a “national security issue,” cryptocurrency dominated by illicit activity and speculation
|Jul 15||Public post|| 3|
US Treasury Secretary: Bitcoin a “national security issue,” cryptocurrency dominated by illicit activity and speculation
Following President Trump’s derisive tweet about Bitcoin, U.S. Secretary of the Treasury Steven Mnuchin held a briefing on regulating Bitcoin and Facebook’s Libra because of their use in criminal activity and the threat they pose to the financial system.
40-years trading veteran Peter Brandt stated that if Bitcoin continues retracing it could violate the “parabolic phase” that started in December 2018 and fall up to 80 percent from current levels, taking Ethereum, XRP, and Litecoin down with it.
From a local peak on July 12, Bitcoin tanked from a high of $11,950 to a low of $9,857. Meanwhile, most altcoins experienced even larger double-digit losses.
The Bitcoin network hashrate reached its all-time high this month, reaching 74.5 EH/s on Jul. 5. The hashrate has also recorded its fastest growth in history, Binance Research revealed, increasing by 13.11 EH/s in the past month.
The first videos of the highly anticipated debate between Dr. Nouriel Roubini and Arthur Hayes have been released, showing the affectionately called Dr. Doom losing his cool when the topic of Bitcoin’s scalability was discussed.
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