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Bitcoin Falls; Mnuchin Says U.S. Likely to Issue New Rules on Crypto

Cryptocurrency Jul 26, 2019 01:00AM ET
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Investing.com – Prices of Bitcoin fell again on Friday after U.S. Treasury Secretary Steven Mnuchin said U.S. regulators are likely to issue new rules on cryptocurrencies to ensure that they do not negatively impact the financial system.

Bitcoin fell 3.2% to $9,785.6 by 12:52 AM EY (04:52 GMT). Ethereu fell 2.8% to $213.70, while XRP and Litecoin dropped 2.2% and 1.9% respectively.

Mnuchin on Wednesday repeated concerns that Bitcoin is being used for criminal activity and urged regulators around the world to work together on the issue.

“We’re looking at all of the crypto assets," Mnuchin said in a CNBC television interview. "We’re going to make sure we have a unified approach and my guess is that there are going to be more regulations that come out from all these agencies.”

Questions over Facebook’s proposed plan to launch its own cryptocurrency have pushed Bitcoin down about 17% so far this month.

In other news, Australia said it is setting up the world’s first dedicated office to police Facebook (NASDAQ:FB) and Google (NASDAQ:GOOGL) to address concerns on anti-trust issues.

"These companies are among the most powerful and valuable in the world," Australian Treasurer Josh Frydenberg told reporters in Sydney after the release of a much-anticipated report on future regulation of the dominant digital platforms.

"They need to be held to account and their activities need to be more transparent."

Meanwhile, Bloomberg said the world’s largest cryptocurrency by market value appears to have solid support around $9,500, its 50-day moving average - it bounced off that level twice last week, during which the coin lost close to 12%.

Bitcoin Falls; Mnuchin Says U.S. Likely to Issue New Rules on Crypto
 

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Comments (6)
Desmond Sunny
Desmond Sunny Jul 26, 2019 6:19AM ET
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Screw these gov. Regulated currencies..
Marc Trombella
Marc Trombella Jul 26, 2019 4:55AM ET
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Amazon will eventually accept Bitcoin. Hedged agsinst international crisis.
Marc Trombella
Marc Trombella Jul 26, 2019 4:54AM ET
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If things transition the way i expect, even Amazon will accept Bitcoin. Not all cybercurrency will survive but Bitcoin has the strongest international backing hedged against all currency.
Christina Massey
Christina Massey Jul 26, 2019 3:06AM ET
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and ever creeping into every aspect of life Facebook currency is not criminal?!
Bagger Vance
Bagger Vance Jul 26, 2019 1:21AM ET
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Gold backed dollar coming so fast voter IDs wont see it coming
Lisa Foote
Lisa Foote Jul 26, 2019 1:06AM ET
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You know what currency criminals use the most? The US dollar!
Di Di
Di61 Jul 26, 2019 1:06AM ET
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And some don’t want that to change
 
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