Digital currencies on August 26

On Monday, August 26, the price of Bitcoin increased, and it even managed to surpass the $10,500 per Bitcoin. Bitcoin enjoyed strong support during the early morning on August 26. There are many factors which determine the price of cryptocurrencies. One of the factors is the trade war between the U.S. and China.

On Friday Chinese authorities announced that they would impose additional tariffs on American goods.

Bitcoin which is the biggest cryptocurrency in terms of market capitalization managed to recover from less than $10,000 to more than $10,660. However, the price fell as Bitcoin was not able to hold the momentum.

Yesterday the price fell but remained well above the $10,000 level. On Monday, the price per Bitcoin was $10,344.

Digital currencies and regulations

Facebook’s cryptocurrency project Libra is facing questions from the government as well as private organizations.  They planned to launch Libra in 2020. However, due to various problems associated with this project Facebook might be forced to delay their plan.

U.S. lawmakers have multiple questions regarding this project. One of the important topics of discussion was the Libra Foundation’s address as it is registered in Switzerland. A delegation from the U.S House of Representatives visited Switzerland to talk about the cryptocurrency regulations and Libra in particular.

U.S. Congress members met with government officials to learn more about the Swiss regulations regarding the digital currencies. However, Congress members still have questions regarding this project. They will continue to work in this direction. They would like to learn more about the regulations and how to tackle illegal activities. Facebook is a large tech company, and its digital currency project attracts attention which is not surpassing at all.

On August 26, Bitcoin’s price was above $10,000, which is good news for investors. Bitcoin is one of the most lucrative cryptocurrencies on the market.