Today's Crypto Updates:
- $800 in 1 Hour: Bitcoin Price Drops Big to Near $9K
- US Congress to Discuss ICOs in Hearing Next Week
- Bill To Allow To Pay Taxes In Bitcoin Passes Arizona House Committee
- First US Real Estate Transaction In Blockchain Completed: What's Next?
Summary Of Today's News:
Bitcoin drops to around $9K. US Congress to discuss ICOs. Paying your taxes with crypto is one step closer. Real estate transactions powered by blockchain technology. Read all about it below!
1. $800 in 1 Hour: Bitcoin Price Drops Big to Near $9K
Source: https://www.coindesk.com/800-in-1-hour-bitcoin-price-drops-big-to-near-9k/
Key Highlights:
"Bitcoin's price nearly hit $9,000 on Thursday, a move that came hours after the cryptocurrency briefly went back above $10,000."
“Observers attributed Wednesday's move to several factors, including issues at cryptocurrency exchange Binance, a warning from the U.S. Securities and Exchange Commission about exchange compliance and a report from the trustee of Mt Gox revealing that some $400 million in bitcoin and bitcoin cash had been liquidated over a several-month period.”
Crypto Phil's Take:
A lot of big FUD lately. And yes it sucks to be back down to around $9000. But remember, less than a month ago, the price of Bitcoin was hovering in the $6000 range. It's not going to be a straight shot to the top.
2. US Congress to Discuss ICOs in Hearing Next Week
Source: https://www.coindesk.com/us-congress-discuss-icos-hearing-next-week/
Key Highlights:
"A subcommittee of the U.S. House of Representatives Financial Services Committee is set to hold a hearing next week on cryptocurrencies and initial coin offerings"
“...amongst Financial Services Committee members, there's a growing interest in learning more about the subject and the implications of the tech's use in areas like remittances.”
Crypto Phil's Take:
I'm expecting another wave of FUD to come from this hearing next week. That is, unless the news is overwhelmingly positive. The markets seem to be in a fairly fragile state as of late.
3. Bill To Allow To Pay Taxes In Bitcoin Passes Arizona House Committee
Source: https://cointelegraph.com/news/bill-to-allow-to-pay-taxes-in-bitcoin-passes-arizona-house-committee
Key Highlights:
"The Ways and Means Committee of the Arizona House of Representatives passed SB1091, a tax bill that would allow state residents to pay their tax bills with cryptocurrencies"
"If the bill passes the state legislature, Arizona will be the first state to accept cryptocurrencies for sums owed to the state government, although other states across the US have introduced similar bills."
Crypto Phil's Take:
This is a much needed bit of good news for cryptocurrencies. Adoption by states in the U.S. would add to the legitimacy of cryptocurrencies in a big way.
4. First US Real Estate Transaction In Blockchain Completed: What's Next?
"Vermont is headed towards blockchain-recording of real estate transactions. Other states will follow..."
"Natalia Karayaneva, CEO of Propy said, 'This is only the beginning. With this transaction, we've broken first ground in putting the $217 trillion real estate market on the blockchain. We're starting with Ukraine, but over the coming year we plan to facilitate real estate transactions with the use of PRO tokens in California, Vermont, and Dubai.' "
Crypto Phil's Take:
Here's another bullish piece of news. Leveraging the power of blockchain technology to tackle real estate records and transactions seems like a no brainer. Considering cryptocurrencies use the same technology, it's just something else that adds legitimacy.