Major Cryptocurrencies Made a Meaningful Recovery after Struggle on SundayJuly 29, 2019
The cryptocurrency market faced a strong selling wave on Saturday. This in turn forced Bitcoin to lose nearly $500 in value in just a few minutes leading to price trends struggling below the critical $10,000 mark. This sell off initiated a struggle, which was hard for major cryptocurrencies to recover from. Major Cryptocurrencies made a meaningful recovery after struggle on Sunday.
Rep. Patrick McHenry, described Bitcoin as an “Unstoppable Force.” He told this as a part of the testimony he delivered in the recent hearing of the committee when he stated: “The world that Satoshi Nakamoto — author of the Bitcoin white paper envisioned, and which others are building is unstoppable. We should not work towards detering this innovation. Governments cannot stop this innovation. Those who tried to stop this have already failed. Therefore, the question then becomes, what are American policymakers going to do to meet the challenges and the opportunities of this new world of innovation?”
The Iranian government has recently approved cryptocurrency mining. The government will move ahead after the cabinet meeting. This means that those who were mining cryptocurrencies secretly will now be able to mine openly. There will be no prohibition in the process of importing mining machines either.
The Iranian government endorsing the mining process provides a renewed legal platform and miners will be able to gain significantly in a way to help boost the economy of the country.
The electricity of Iran is currently being sold at 2.5 cents; however, when mining is approved the electricity cost for the mining farms might be higher when compared to the standard rates. With the evolution of the cryptocurrency market, a better proposition of the blockchain technology is expected. In the process of cryptocurrency expansion, Iran is moving in the right direction. Iran will be able to increase its income and thereby helping the government to buy foreign exchanges. This in turn will provide for a significant boost for the economy of Iran. With improved revenue, the government will be able to fight against the difficulties they are already facing.
Ren Zhengfei, Huawei Director believes that China should be creating its own cryptocurrency. He further opined that the coins should work on the principles similar to Facebook, “Libra.”
One of the Tweets read thus: “Founder of Huawei stated that China can simply issue it’s own version of Libra. Why should we wait for others to do it? The power of a country is always stronger when compared to that of an Internet company.”