Bitcoin has finally crossed the $6,200 mark, sitting just under $6,300 at the time of publishing. The rise in price has, including the jump past the important $6,000 mark, has occurred in a span of a few days, and the market looks like it’s turning around in preparation for a bull run.
Bitcoin was last at these price levels in November 2018, chalking up a 6-month high that many experts and analysts believe is only the start of what will be the beginning of a run to all-time high levels in the near future.
BTC is now FUD-resistant. Please note the call-to-action button. pic.twitter.com/tM1HU8ehxs
— Kris Marszalek (@Kris_HK) May 9, 2019
There has been some discussion as to what what might have caused the recent run, first past $4,500, then $5,000, and now the $6,200 level.
The United States Treasury recently released a detailed document emphasizing the execution of existing regulations to business models to virtual currencies.
The Financial Crimes Enforcement Network (FinCEN) issued “interpretative guidance”, which described regulations and their application to transactions involving cryptocurrencies,
…FinCEN regulations relating to money services businesses (MSBs) apply to certain business models involving money transmission denominated in value that substitutes for currency, specifically, convertible virtual currencies (CVCs).
The document does not employ new regulations, rather it emphasizes the obligation of financial institutions to the Bank Secrecy Act (BSA) as it relates to business models involving virtual currencies.
The publication covers a lot of subjects relating to cryptocurrencies and the market, including dapps, exchanges, decentralized exchanges, ICOs and wallets, and is well worth reading.
