Bitcoin

Bitcoin Daily: Trump Bans Petro Crypto; N.Y. Town Outlaws Crypto Mining

Petro

Bitcoin may soon climb to $9,000 again, CoinDesk reported. Still, the cryptocurrency has some ways to go. It fell to a five-and-half low of $7,335 on the CoinDesk Bitcoin Price Index (BPI) on Sunday. But the cryptocurrency was trading at $8,504.43 as of 8:54 p.m., according to CoinDesk.

In the U.K., the British government and its regulators plan to look into risks associated with cryptos, Reuters reported. “In our upcoming FinTech strategy, the government will announce further work with the Financial Conduct Authority and the Bank of England to consider these issues in more detail,” John Glen, a junior finance minister, said at an event on Monday.

And in the U.S., President Donald Trump has issued an executive order banning transactions that involve digital coins issued by Venezuela, CNBC reported. The order applies to U.S. citizens as well as anyone within the country. News of the ban comes as Trump signed an order to impose economic sanctions on the country last year.

In U.S. markets, bitcoin's rally looks oddly like the Nasdaq's 2000 rally before the dot-com bubble, CNBC reported. Morgan Stanley said in a note to clients that both the Nasdaq in 2000 and bitcoin in the current day have rallied 250 to 280 percent – but “the bitcoin rally was around 15 times the speed,” said Morgan Stanley strategist Sheena Shah.

In other market news, cryptocurrency stocks are faring well at the beginning of this week, Nasdaq reported. Stocks such as Longfin Corp and Bitcoin Investment Trust started the week off in the green as cryptos, such as bitcoin, rebounded.

And a small town in New York doesn’t want bitcoin mining or the electricity usage that comes with it, Altcoin Today reported. Plattsburg’s city council has banned commercial crypto mining for the next year and a half. And it’s not a surprise, considering the city is watching its electricity allotment: If it goes over that amount, it will be forced to purchase electricity on the open market for a higher price.

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