Cryptocurrency has evolved from Being Just an Alternate Currency

Steven Anderson By Steven Anderson July 22, 2019 Off

The weekend session was pretty Bullish for the Bitcoin.  There was a 1.3% decline, and the bulls were trying to correct the price.

Bitcoin continues to dominate the industry.  Saifedean Ammous tweeted:  “Cryptocurrencies are a zero-sum game, and if you’re not Bitcoin you’ve already lost. Copying bitcoin is not innovation; it’s just a new way of running an old scam: money printing. Actual innovations will be built on Bitcoin NOT by people copying it to print their own money.”

The cryptocurrency has evolved from being just an alternative currency to fiat currency, and it has become an essential tool of value transfer across the globe.

Major coins have been trading sideways, and they have been relatively quiet over their losses in the past 24 hours.

While the Bitcoin broke the $11,000 threshold yesterday, the coin was not able to sustain the value, and it went down by 1.86%.  The current price has been in the $10,406 range.

ETH has been down by 1.34% and has been trading around $221.26.  The highest in the day was at $236.05.

Iain Wilson, Advisor at NEM Ventures, stated, “Recent price action in bitcoin and altcoins has been dominated by the U.S. Administration’s negative comments on both Facebook Libra and cryptocurrency in general.”

Wilson further continued stating, “Both Democrats and Republicans can unite around a shared view that crypto lessens the reach of the U.S. political establishment.”

The investors’ hype will probably be cooled by the cold war between the political establishments from across the world.

Larry Cermak tweeted:  “This is getting quite serious. Let’s summarize: – Both BitMEX and Bitfinex are now investigated for servicing U.S. customers – Bittrex and Poloniex started to geo-block tokens from the U.S. – Binance pulled crypto-to-crypto trading out of the U.S. completely.”

U.S. regulators are looking to regulate the industry with stringent KYC and amendment to privacy policies.  The cryptocurrency was so famous for the anonymity it offered, but now the companies are to compromise on the privacy front. Cryptocurrency is a hidden threat to the USD, and therefore, regulators want to control them. However, it might not be possible for the U.S. to manage the cryptocurrency operations outside the U.S.

The expected launch date for Ethereum 2.0 continues to be unconfirmed, but the ETH ecosystem is preparing for the most significant milestone for the network. While the protocol is in the development stages, the researches opine that there will be a delay in the product launch.  The date might change based on the external variables and other factors.