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Read Source Article Bitcoin Price Watch: Currency Shoots Up to $6,600

At press time, the father of cryptocurrencies has shot up by over $400, and is now trading for $6,650. After many analysts stated that the $5,000 range was imminent, it appears bitcoin has impressed (and surprised) us once again by halting its descent earlier than expected. Whether it shoots back up to the $7,000 range in the coming days is hard to predict, but for now, investors and traders alike can relax in the short-term, and revel in the idea that bitcoin knows how to pick itself up and move forward.

The currency’s price rose along with Ethereum’s after the Securities and Exchange Commission’s (SEC) director of corporate finance William Hinman announced to audiences at the Yahoo Finance All Market Summit in San Francisco that both currencies would not classify as securities due to their decentralized natures, thus making them invulnerable to SEC regulations and laws.

Hinman commented that bitcoin is, and always would be, a commodity, and is thus subject to regulation from the Commodity Futures Trading Commission (CFTC) due to its stance as a “fiat replacing” currency.

The cryptocurrency community praised the decisions, and felt assured in how both bitcoin and ether were meant to be seen

Categories:   Crypto Currency Portal

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