Some resources shows that senate hearing is on 6th and some are on 14th of February. Here i will show you whatever 6 or 14th but Why 6th February is Extremely Important for Cryptomarket. In simple there are 5 reasons related cryptomarket crash and bitcoin price crash.
- USA Senate meeting on 14th February, they are in support of btc at the moment.
- 16th February end of Lunar new year Asian investment will come after this period.
- Robin hood USA leading stock exchange more than 30 million users will introduce crypto or all virtual currencies like bitcoin btc, ethereum eth, ripple xrp and Ada etc.
- Bitcoin and ZCL hardfork on 28th February.
- Almost all fud is done like Korea fud, China fud, India fud, USDT fud.
We are almost done with these bad news. We are in the situation where market is not doing good at this time but it’s not only happening with the bitcoin or crypto market, all others markets are down every years first 2 months are down for every market because of parabolic growth.
On the 6th of the February the heads of the U.S. Securities and exchange commission (SEC) and the commodity futures trading commission (SEC) are set to testify on cryptocurrencies during a U.S. Senate hearing.
What does it means?
SEC Chief Jay Clayton and CFTC Chief J. Christropher Giancarlo set to appear as witnesses during the hearing at the senate committees on Banking, Housing, and Urban Affairs. The major topic of the hearing is: “Virtual currencies: The oversight tool of the U.S. Securities and Exchange Commission and the U.S. Commodity Future Trading Commission”.
Both Clayton and Giancarlo support ICO and cryptocurrency “investment” regulation.
What is Senate hearings and why is it so important?
The primary goal of any committee during hearing is to collect and analyze information in early stage of legislative policy making. If the senate committee on Banking invites SEC and CFTC Chief, it’s clear that U.S. legislators are very interested in cryptocurrency market regulations.
As we might previously noticed news about ICO regulation in Korea and China caused serious market panic-sell and corrections. Again, we can’t say for sure the outcome of the hearings but it’s logical to assume that we might see future ICO restrictions and regulation for the market as it’s the nature of the Government to regulate things.
Does it mean that it will completely crash Bitcoin btc?
No, absolutely not.
Will it prevent market recovery?
Very possible that it will contribute to the bear market strength, blocking bulls from any active actions.
Trust crypto market you can’t even imagine crypto will recover fast, just hold it.