These Happenings Could Be Catalysts to Moving Crypto Prices Higher This Week
The crypto space could see higher prices this week based on several positives that are taking place.
This week is shaping up to be one of the best so far this year for the cryptocurrency space as several happenings could serve as catalysts to move prices higher.
These happenings include:
- a package of crypto bills on its way to passage in Wyoming
- a Bitcoin Super Conference in Dallas, Tx.
- more developments on the regulatory front
Here, we’ll discuss each.
Blockchain capital of the world?
House Bill 19 addresses the current illegality of people being able to buy, sell, own and mine Bitcoin in the state. Exchanges can’t operate in Wyoming because regulations don’t allow it.
House Bill 101 relates to Blockchain, which is an area that technology companies have been asking be addressed. HB 101 would give companies the option to store their internal documents on a private Blockchain.
House Representative Tyler Lindholm is a sponsor of both bills.
“We essentially could be the Blockchain capital of the world within a year from now – that’s a very realistic outlook as far as the sheer number of companies that have contacted us in the last week alone. I don’t know if it’s going to be the answer to Wyoming’s deficit woes – but I don’t think it’s going to hurt.”
Super Bitcoin Conference
Running from Feb. 16 through Feb. 18, is the Bitcoin, Ethereum & Blockchain Superconference. It is being held in Dallas, Tx. These types of events are known for generating headlines that have moved cryptos higher.
At least 800 people are expected to attend the event to hear what some of the top players in the crypto space have to say about it. Almost half of the attendees will be industry players or enthusiasts. Also, a quarter of them are “newcomers.”
The rest are people with ICO or Blockchain startups, venture capitalists, and crypto journalists.
Thirty five speakers will discuss everything from Bitcoin, Ethereum and alt coins, to ICOs and Blockchain startups. The speakers include one of Bitcoin’s biggest cheerleaders – John McAfee.
Other speakers include Andre De Castro, CEO & Founder of Blockchain of Things, Inc.; Tim Draper, Draper Associates & Draper University; Sergey Nazarov, CEO of SmartContract.com; and Michael Gord, Executive director of the Blockchain Education Network ('Soft Fork' Speaker).
The agenda is not available. It will be released to attendees upon their arrivals.
Riding last week’s positive regulatory wave
Other than Wyoming’s crypto-friendly package of bills making its way through the state’s legislature, there’s another state that’s also working on legislation that could help the space. We told you about Arizona working on groundbreaking legislation that could allow its residents to use Bitcoin and other cryptocurrencies to pay their tax bills.
If this legislation becomes law, Arizona would be the first state in the U.S. to allow for such crypto-related concessions.
We are coming off a harrowing week in the crypto space, as prices of cryptos seemed more inclined to fall instead of rise as we saw at the end of last year. Over the course of last week, we saw some stabilization of Bitcoin’s price, which briefly dipped below $6,000 last Monday.
Things began to stabilize after the chairs of two key regulatory bodies discussed the space during a Congressional hearing. On hand were Jay Clayton, the chair of the U.S. Securities and Exchange Commission, and Christopher Giancarlo, the chair of the U.S. Commodity Futures Trading Commission.
During the discussion, the pair told the panel about how they were gingerly handling the cryptocurrency space not only because of its newness, but also because of the unique opportunities that it presents. They pointed out that while they hadn’t slapped extensive regulations on those operating in the space, they had put in place tools to catch the bad actors, and put an end to any criminal acts they were committing.
After stabilizing, Bitcoin’s price was mostly flat last week. It managed to tick up to $9,000, however, over the weekend. At the time of writing, Bitcoin was trading around $8,700. Bitcoin Cash and Ethereum, were trading around $1,277, and $861, respectively.