Daily Crypto Summary, 16. September 2017

Overview

Bitcoin finally surged hundreds of dollars, holding steadily at $3700 at the time of this writing.  This surge occurred after bitcoin hit a low of $3000 before rebounding.  As with major price fluctuations of the past, the entire crypto market also gained value as Bitcoin climbed.

China Ban

The Chinese government wants exchanges to start phasing out their operations and to cease all activity by September 30, 2017.  This announcement, while causing prices to plummet, validates what Bitcoin: financial freedom away from government interference.  Bitcoin was never meant to be traded when it was created, but to be an alternative decentralized currency that the government could not control. This exchange ban comes after the US deemed most ICOs to be illegal unless they got regulatory approval.  ICOs are now considered securities in the American governments eyes.

Canada a Bright Spot

Canada declared bitcoin operations legal in its territories, allowing blockchain companies to freely market their services.  The decision coincided with the registration of a Bitcoin investment company in Canada for the first time ever.  The historical decision also legalized ICOs in Canada, which is a reverse of the global trend: many countries are banning or greatly restricting ICOs because regulations are yet to be created.This announcement is some of the first positive press since Bitcoin began to decline after rumors spread China was going to ban exchanges in its territories.  Canada is one of the few countries that seem to have embraced cryptocurrencies putting it in a select group including countries such as Switzerland.

US Attacks Crypto again

A bill was recently introduced into the US Senate that would require all travelers who cross the United State to declare their cryptocurrency holdings if they cross $10,000 in value.  The bill was introduced to help prevent money laundering and stop funds from going to criminal organizations.  The punishment for not declaring the cryptocurrency could lead to up to five years in jails.  This bill follows the Chinese ban, making it seem like cryptocurrencies are under attack worldwide.