As a meeting of US government committee could provide clarity on regulations surrounding the cryptocurrency craze , BITCOIN could be on the up again this week.
Bitcoin has had a tough start to the year, plummeting to a two month low on Friday, falling as low as $7,700.
But the cryptocurrency could bounce back with a meeting this week of the US Senate Banking Committee on regulation of cryptocurrencies in the country.
Speaking to CNBC, the CEO of an investment firm focused on digital currencies Brian Kelly said : “Next week we’ve got a big event here in the US, we’ve talked a lot about the regulatory pressures that have come from South Korea and from China and other places.
“But we’ve got something coming up in the US that I think could be a big event for us.”
“So on February 6th the Senate Banking Committee are having a meeting and they’re going to be talking about what the regulatory oversight role of the SEC and the CFTC should be when it comes to cryptocurrencies and virtual currencies.”
The Securities and Exchange Commission (SEC) is an independent agency of the US government which regulates the securities industry and stock and options exchanges. The Commodity Futures Trading Commission (CFTC) regulates futures and options markets.
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