Swinging up and down, and up again. Bitcoin, currently trading at $8K, has recovered bullishly from a scheduled hard-fork melodrama that did not happen. However, if you are looking for a melodrama, Bitcoin will never disappoint. After SegWit2x hard-fork was suspended, a silent hard-fork occurred at the Bitcoin Cash blockchain by ‘Bitcoin Core’ enthusiasts. The cryptocurrency has been dubbed as Bitcoin Clashic. In other news, the Supreme Court of India (SC) has issued a notice to the Indian government and the RBI seeking a cryptocurrency regulatory framework.
The ongoing Zimbabwe Coup has also affected Bitcoin price in the country. Bitcoin price bidding at one time was observed as high as $13.6K. However, despite skyrocketing prices and over 60% cryptocurrency market share, Royal Society’s Open Science Journal has stated in its market research that Bitcoin does not dominate the cryptocurrency market.
Meanwhile, a cryptocurrency startup has come up with prepaid Visa cards that will allow people to transact Bitcoins-to-Sterling in the UK.
Let’s take a look at the recent developments from the world of Cryptocurrency!
SC Asks Govt. To Regulate Bitcoin
Supreme Court of India has issued notice to the Ministries of Finance, Law and Justice, IT, SEBI and the RBI while hearing a plea filed by petitioner Dwaipayan Bhowmick seeking a Bitcoin regulatory frame. In its 43-page petition, Bhowmick has sought explanations regarding the delay over regulatory frameworks. The petition says, “Lack of any concrete mechanism pending the regulatory framework in said regard has left a lot of vacuum and which has resulted in total unaccountability and unregulated Bitcoin (cryptocurrency) trading and transactions. For the delay in such a situation has the seed that can cause grave financial implication on the economy of the country. It is pertinent to mention herein that emerging trend of crypto money if unchecked and unregulated is a threat to exchequers money and financial sovereignty of the country.”