Bitcoin price crashing, gov session announced on dump

By Chris Burns/Feb. 5, 2018 9:57 am EST

Following Bitcoin investors over the weekend, you might've heard the word "correction" a whole lot. That's the word used for when the price of a commodity has gone too high too fast, and the more "correct" price is sought with a selloff. After days of "corrections" and a fairly steady fall in price since nearly reaching $20k at the end of 2017, it's looking more and more like Bitcoin isn't going to run back up to its all time high price any time soon.

This morning it was announced that the US government's Committee on Banking, Housing, and Urban Affairs will meet in an open session to conduct a hearing. This hearing centers on cryptocurrencies, and was titled: Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission. For those that hadn't planned on paying any taxes on cryptocurrency earnings in the future, this might well be bad news.

Witness to this session will be The Honorable Jay Clayton, Chairman, U.S. Securities and Exchange Commission; and The Honorable J. Christopher Giancarlo, Chairman, U.S. Commodity Futures Trading Commission. A similar panel was held all the way back on November 19th, 2013 by the same committee. That panel was called "The Present and Future Impact of Virtual Currency."

Noteable witnesses on that panel included Mr. Anthony Gallippi, Co-founder and CEO, BitPay, Incorporated, and Mr. Paul Smocer, BITS President, for the Financial Services Roundtable. The newer session only lists the chairmen Clayton and Giancarlo – for now. That session will take place February 6th, at 10AM Eastern Time.

As it was with each major Monday fall over the past few weeks, altcoins of almost every sort fell at once. It would appear that the only time altcoin futures rose was when Bitcoin price stayed steady – which it really hasn't one whole heck of a lot in the last couple of weeks especially.

As it was with each previous Bitcoin article here on SlashGear, none of what's written here should be taken as investment and/or financial advice. SlashGear takes no responsibility for the actions of the reader before, during, or after the reading of this article. Seek out professional financial assistance before making any sort of investment whatsoever.