Blockchain Association predicts economic recovery will boost Bitcoin investment and price
Bitcoin (BTC) seems to be stabilizing in terms of instability compared to previous months, with the leading digital currency maintaining a price level of around $19,000 in October.
In an interview with CNBC’s Squawk Box on October 21, Kristin Smith, the executive director of the Blockchain Association, discussed the cryptocurrency market and Bitcoin in relation to its recent price fluctuations.
Smith observed that Bitcoin has been quite steady for many reasons. First, ordinary investors have mostly stopped participating in Bitcoin due to worries about paying for petrol and food; “they do not have the means to invest in Bitcoin at this time.”
She does, however, feel that current investors are committed and in it for the long haul. According to statistics obtained by Finbold from CoinMarketCap, Bitcoin is presently trading at $18,952, down 1.13% in the last 24 hours and 4.11% in the past week, with a total market value of $363 billion.
Smith said that Congress is currently working on legislation that would offer greater regulation for the spot market for underlying digital commodities, which would include the Bitcoin spot market.
The executive director acknowledged that there is a “serious possibility” that the law would be passed. The chair and ranking member of the United States Senate Agriculture Committee has proposed a fresh draught of the Digital Commodities Consumer Protection Act before the end of the year (DCCPA) She said, “This is a decent foundation for controlling centralised spot market exchanges.”
Decentralized finance (DeFi) operates differently from custodial exchanges, despite the fact that there is still a question left about it.
After its initial language was revealed to the public, however, the DCCPA has lately been under criticism from the crypto community, which has slammed it as damaging to DeFi.