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White House is “clueless’ about Bitcoin

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Gary David Cohn, an Investment Banker and Chief economic adviser to President Donald Trump is clueless about Bitcoin.

In an Interview with CNBC, Jim Cramer on Friday asked the National Economic Council director and adviser to President Donald Trump for his opinion on the cryptocurrency that has recently seen its price skyrocket.

In response, Cohn simply shrugged.

“I’m going to leave that to you,” he told Cramer. “You’re the expert today.”

Gary Cohn is an Investment Banker who is known for in depth knowledge of financial markets,

He was formerly the president and chief operating officer of Goldman Sachs from 2006 to 2017. Cohn is a registered Democrat, but has donated extensively to Republican politicians as well.

Cohn is considered one of the most influential voices in the Trump administration.

His recent comments on CNBC shows that he is absolutely clueless of what Crypto currency is, and if he is saying so, it is pretty much obvious President Donald Trump is unaware of what’s happening around in the world of crypto currencies.

Later on in an Interview with Bloomberg he mentioned that we are keeping an eye on Bitcoin, but we don’t think so that Bitcoin is a economic threat.

CNBC reporter Steve Kopack posted his reaction on Twitter when he was asked about the Bitcoin

The lack of discourse about bitcoin is something of a pattern. Last week, Sarah Huckabee Sandersanswered a question from a reporter during a press briefing about whether the government would regulate cryptocurrencies like bitcoin. “I know this is something that is being monitored by our team here,” she said, in what amounted to the first White House response from the Trump administration on bitcoin. “Tom Bossert, with the Homeland Security team, an adviser to the president, has brought this up in a meeting earlier this week. I know this is something he is keeping an eye on.” She quickly changed the subject.

It seems that White house is clueless and confused about what to say about Bitcoin in Media as they have absolutely no idea how to tackle questions about the emerging market of crypto currencies.

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Crypto Market cap reached $275 billion

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Market cap of crypto currencies reached the level of $275 Billion after a spike on 4rth July 2018, Bitcoin maintaining its dominance at 42% , making it the biggest crypto currency in the world.

Bitcoin price currently trading at around $6700 after a 3% spike in the price , making it jump from $6500 to $6700 within minutes, analysts are predicting that this recent upside movement in crypto market in weak and need to sustain these levels in order to attract more buyers, otherwise overall bearish market is still in control.

$7000 is a key level for Bitcoin 

$7000 is very important level for bitcoin according to many technical analysts, If it breaks above $7000 and stays there then chances are that upside move will be healthy, otherwise bear will look forward to take control of the situation again.

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Switzerland merging Cryptocurrencies with conventional banking

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Switzerland is on the right track to become a Crypto nation and country is making efforts to allow cryptcocurrencies to fully access conventional banking .

Bitcoin and other crypto currencies has taken a big hit in brutal bear market of 2018 but that’s not stopping Switzerland to allow cryptocurrencies to fully access conventional banking system within the country. Switzerland is currently in progress and drafting rules and regulations for such collaborations.

Heinz Tännler, Swiss expert & finance director of Zug canton, told media earlier that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.

He said: “We hope to clarify relationships by the end of the year at the latest.

“Time is pressing, other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”

“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”

Blockchain becoming the global phenomenon 

The concept of Blockchain is interesting and attractive for all the countries, many countries may disagree on the existence and usage of cryptocurrencies, but all of them agree with the fact concept of blockchain is not going anywhere and governments can benefit from this technology in various fields, but if you ask any expert of blockchain, he would tell you that success of Blockchain technology has to be linked with existence of crypto currencies, without crypto currencies, and ecosystem can’t exist, many governments around the world are slowly recognizing the fact and Switzerland is definitely on the right track if they allow crypto currencies to work in collaboration with the Banks, because many banks around the world are not allowing crypto currencies to offer services through them, but this initiative will open many doors in that regards.

 

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Crypto market stabilizing gradually

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Crypto market is stabilizing around $450 billion market cap after gradual increase in overall value in recent weeks.

Leading crypto currencies are on the rise, lead by Bitcoin, Ethereum, Bitcoin Cash and Ripple. Although increase in bitcoin value is less as compared to other crypto currencies but overall market is on rise with current market of $440 billion.

Bitcoin is currently hovering around the $9300 mark after being rejected at $10000 mark couple of times in last days, Ethereum is on the charge as well but the most surprising one is Bitcoin cash. Bitcoin cash was at $600 couple of weeks ago and now at $1600, shows rapid growth in recent weeks.

EOS

Crypto currency of the month has to be EOS, investors of EOS are enjoying a massive rise in value in past few weeks, EOS started April at $5 mark and now is at $18 , value of EOS increased more than 3 times within one month.

Current top 5 crypto currencies

  1. Bitcoin : $9388
  2. Ethereum: $741
  3. Ripple: $0.83
  4. Bitcoin Cash: $1630
  5. EOS: $18.28

 

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