Federal court: Virtual currencies are commodities – October 4

Current Bitcoin Price: $6579 (as of 8:30 AM PST)

Over the last 24 hours the market has been nudged up by just about 1%. Binance Coin and Dogecoin are the only two assets among the top-20 that have seen any red, and even there the damage is modest.

TRON is one of the bigger gainers today: it’s up 6.87%. Likewise, NEM and Maker are up by 4.28% and 5.34% respectively.

While the price action may not appear overly bullish, we’re glad to see the market holding stable coming to the end of a 10-month wedge. Technical factors point to a large price movement in the next few weeks, and we’d prefer the direction to be upwards!

Top Bitcoin & Crypto News Stories for 4th October 2018

Federal court: Virtual currencies are commodities

The CFTC, or Commodities Futures Trading Commission, is another one of the United States’ beloved regulatory bodies. As the name suggests, the CTFC is in charge of commodities, as opposed to the SEC which is in charge of securities.

Yesterday, the CFTC published an announcement on Twitter with federal court findings that put virtual currencies into the box of commodities, as opposed to securities or anything else.

Coinbase valued at $8 billion

Coinbase is a popular fiat-crypto exchange across the world, especially in the United States and most areas of Europe. With the last bull run, the company saw immense growth and the huge profits that come with that.

Seeking investment from the legendary Tiger Global Management LLC, Coinbase has been valued at $8 billion dollars. This suggests the $500 million investment proposal would be in exchange for one sixteenth of the company.

Wall Street advisor bullish on crypto

Ric Edelman is a Wall Street advisor and best-selling personal finance author. His company, Edelman Financial Services LLC, has been rated one of the best advisory services by the nation’s Barron’s financial newspaper.

Guess what? Edelman thinks crypto is here to stay:

“I’m bullish on it because Bitcoin is now ten years old. It’s a $200 billion market in crypto total, Bitcoin is about 40% of that. Clearly, it’s here to stay.”