BusinessFinancing

Bitcoin review: Valuations spike ahead of SEC’s first FinTech Forum in DC

Sunday, May 26: Bitcoin, the world’s largest cryptocurrency by market capitalization, broke from an ascending triangle pattern on the daily chart after being held beneath $8,250 for an extended period of time. The development comes after the price of bitcoin dropped to as low as $6,600 on May 17 before a large amount of buying pressure pushed prices back above $7,300 within the same day. Since then, the bitcoin price has jumped by 22 percent, rising above $8,500 on this Sunday night (h/t CoinDesk).

Monday, May 27: Bitcoin jumped to $8,940, its highest level since May 11, 2018. The rally would fade somewhat, with the cryptocurrency slipping back to $8,750, representing a 9 percent gain on a 24-hour basis.

Tuesday, May 28Mackenzie Bezos grabbed headlines this week when she signed the Giving Pledge, making a commitment to give more than half her fortune to charity or philanthropic causes. Another billionaire, Ben Delo, also signed the pledge.

Delo is the billionaire co-founder of crypto derivatives exchange BitMEX. The 35-year-old plans to fund projects targeting catastrophic threats such as nuclear war and extreme climate change, as well as potential risks from emerging technologies such as engineered pandemics and advanced AI. Said Delo:

My ambition now is to do the most good possible with my wealth. To me, this means funding work to safeguard future generations and protect the long-term prospects of humanity.

The list now has 204 signatories from 23 countries, ranging from Elon Musk to Richard Branson, and Michael Bloomberg to David Rockefeller.

Wednesday, May 29: The AP Stylebook took a stance on why digital money shouldn’t be referred to as “crypto” and when reporters should capitalize the word “bitcoin.”

Crypto, the AP says, can be confused with cryptography. Also, “cryptocurrency” is not the same as “virtual currency,” which is used in virtual worlds such as online games. Additionally, the AP said, know when to use and uppercase “B”:

AP Stylebook

@APStylebook

AP Style tip: Bitcoin is a digital currency. As a concept, Bitcoin is capitalized. The currency unit, bitcoin, is lowercase.

Thursday, May 30: Bitcoin’s price peaked above $9,000 for the first time in more than a year. However, the rally was short-lived, as the price returned below $8,600 just minutes later.

Friday, May 31: The Securities and Exchange Commission convened its first FinTech Forum at the agency’s headquarters in Washington, D.C. The event addressed a range of issues related to digital assets and blockchain technology.

The speaker roster included William Hinman, director, Division of Corporation Finance; Paul Brody of Ernst & Young; Joshua Ashley Klayman of Klayman LLC; Aaron Wright of Cardozo Law School; Brett Redfearn and Elizabeth Baird of the Division of Trading and Markets; David Forman, Fidelity Brokerage Services; Jay Baris of Shearman & Sterling LLP; Amy Steele of Deloitte; Christopher Ferris of IBM; Todd McDonald of R3; and Kevin Werbach of the Wharton School, University of Pennsylvania.

Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close