Investors weren't subjected to bitcoin's notorious swings in value on Friday, March 2. Instead, the No. 1 cryptocurrency traded close to flat for most of the day, trying its best to reach the $11,000 benchmark. Bitcoin experienced low trading volumes Friday at about $7 billion. The average trading volume in January, for comparison, was $13.4 billion.
As bitcoin tries its best to reach $11,000, these are the headlines you can't miss.
Ex-FDIC Chief Weighs In
Former Federal Deposit Insurance Corporation chair Sheila Blair said she isn't particularly worried about the hype surrounding cryptocurrency, according to an interview published in Barron's. "I don't think we should ban it -- the green bills in your pocket don't have an intrinsic value, either. The value is based on what others think is its value. That's true of any currency," Blair said. Blair led the FDIC from 2006 through 2011 and previously served on the Commodity Futures Trading Commission. She continued, "Regulation should be focused on good disclosure, education, warding off fraud and making sure it is not used for illicit activities. Let the market figure out what it's worth. That is what it is doing now."
UK on Laundering
Bank of England Governor Mark Carney said the bank will step up its efforts to curb cryptocurrency money laundering and use in illegal financial activities, according to comments Carney gave this week. Carney said he thinks exchanges are in need of stricter regulation in his country as a means of trimming financial crimes that utilize cryptocurrencies. "In my view, holding crypto-asset exchanges to the same rigorous standards as those that trade securities would address a major underlap in the regulatory approach," Carney said. "Their core technology is already having an impact. Bringing crypto-assets into the regulatory tent could potentially catalyze innovations to serve the public better,."
U.S. Wants to Keep Coins
The U.S. government is weighing the potential confiscation of 500 bitcoins it seized from four traders charged with creating fake identification in Ohio, according to the Justice Department in that state. The four traders in question allegedly netted 500 bitcoins now worth about $5.5 million over a period from June 2013 to February 2018. The government is considering forcing the accused to forfeit their coins, which would mean the assets would go into the government's growing pool of seized cryptocurrency. Officials could then either auction the bitcoin off or keep it, though auction seems to be the more likely route.
Bitcoin to $100K?
Bitcoin could "easily" see a $100,000 price tag in the coming year. That's the assessment from James Altucher, a noted crypto commentator, author and podcast host, made during TheStreet's live webinar about cryptocurrencies this week. "Bitcoin could easily see $100,000 in the coming year," he said. Bitcoin prices reached a high of near $20,000 in Dec. 2017, but have since fallen to roughly $10,500. A move to $100,000 would represent an 852% increase from current levels. For comparison, the S&P 500 is up 2.3% since the start of the year. Meanwhile, Oliver Pursche, chief market strategist at Bruderman Brothers, personally invests in cryptocurrencies, but said his holdings represent less than 1% of his net worth. "I own four of them," Pursche said. "With the full understanding and belief that two are probably going to zero, one is going to tinker along and if I'm lucky, one of them becomes a rockstar."
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