Daily Management Review

Ripple's Head tries to defend cryptocurrencies before the US Congress


Brad Garlinghouse, Head of California-based Fintech startup Ripple, and co-founder Chris Larsen, wrote an open letter to the US Congress on the eve of relevant hearings at the Senate Banking Committee. They asked the lawmakers to decide on regulation, but at the same time not use "one-size fits all" approach for all digital assets.

LeWeb14 via flickr
LeWeb14 via flickr
So, Garlinghouse and Larsen are convinced that cryptocurrencies will complement fiat currencies, and not put their existence at risk. They believe that the United States should head development of the industry.

According to them, without proper regulation, there are risks for innovation, tax revenues and jobs in the blockchain industry.

“We urge you to support regulation that will not dissuade American companies from responsibly using this technology to develop innovations,” the letter says.

For the sixth consecutive day, the price of Bitcoin has been staying below the moving average (MA) for 50 periods on the daily chart, which speaks in favor of the domination of bears in the short term, according to CoinDesk Markets analyst Sebastian Sinclair. 

On Monday, the price of Bitcoin briefly dropped to $ 9111, but then rose to $ 9,725. However, the overall picture still speaks in favor of a rollback to support of $ 9,100 and even $ 8,800, Sinclair is convinced. On the daily chart, the RSI indicator cannot overcome resistance at the level of 50, which indicates the sellers' confidence, the analyst emphasized.

source: coindesk.com