Nicky Morgan Calls Bitcoin a Gamble Unless Regulation is In Place

Maheen Hernandez By Maheen Hernandez October 6, 2018 Off

Spencer Bogart stated that Bitcoin is getting “close to bottoming.” The price of Bitcoin was at $6,571, which is a drop by 2 percent in 24 hours. 

However, though the price drop is just a small swing, the drip is below the price point called as the horizontal support.  This is indeed indicative of an imminent slump in the price of BTC’s value.  This is indeed a “breakout from the downside.”

Crypto Expert, Nikola Lazic has to say that the downside breakout can be an indication of a plunge

Just like several other cryptocurrencies, Bitcoin is a very unpredictable asset type, and at times the price fluctuation is very wild within just a short span of time.  However, the bad news of drastic fluctuation did not scare all the investors away.  A major of the market is holding on.

For over a week now, several major financial asset managers have been on the news.  The influence of TD, Ric Edelman, and Yale did not have any effect on the price of the cryptocurrency.

The development is that several institutional investors are getting interested in the crypto space and more of institutional capital is coming into the crypto space.

Nicky Morgan, the Treasury Committee chair has called Bitcoin as a gamble.  The treasury committee strongly believes that regulation should be in place for Bitcoin to be reliable.  The unregulated industry will leave the investors facing a lot of risks.

TD Ameritrade has partnered with investment ErisX.  ErisX will be developing trading products for TD Ameritrade’s clients.

By partnering with ErisX, TD Ameritrade “Just Went Full Crypto” and will be very soon offering Bitcoin spot and futures trading.

When Melissa Lee on CNBC’s Fast Money asked “Is it going to be a seamless experience if I have an account and I want to trade Bitcoin Cash or Bitcoin Futures” Steve Quirk replied, “Yeah that is where we are working towards”

It will be possible for TD Ameritrade Customer to trade directly from their account by the end of 2019.  This is huge news for crypto users.  Despite ErisX being a year away from offering this to their clients, the possibilities are exciting for their customers.  Of note, the company behind ErisX has successfully operated a trading platform ever since 2010.

Quirk further explained, “I think the appeal for us is in, you have the biggest players in the Bitcoin space from a market making the side, both DRW and Virtu are here. If you have people that are very well versed in this space, then what we’re bringing to the table as a strategic investor and an advisor is a pretty deep understanding of our 11 plus million clients and understanding what they look for when it comes to a product.”

TD Ameritrade is just one of the partners.  ErisX is supported by several other companies out of the gate.