Cryptocurrency market pending decision of US Securities and Exchange Commission
Baku, Azerbaijan, October 5
By Huseyn Veliyev - Trend:
The global cryptocurrency market is awaiting the decision of the Securities and Exchange Commission of the United States regarding the regulation of operations on crypto-currencies, Elnur Guliyev, the founder of Crypto Consulting company told Trend.
He said it is expected that a decision on this issue will be made by November.
“Many countries are awaiting the commission’s decision regarding the sale and purchase of cryptocurrencies as valuable assets. Many things depend on this decision. If permission is obtained, this will have a positive effect on the growth of the entire infrastructure. The rate of cryptocurrencies may increase, and the mining will develop against this background. This will also contribute to the entry of large investors into the market," Guliyev said.
If no decisions are made, which is unlikely, then, Guliyev said, the current market situation will continue.
"Nevertheless, the mood on the market is positive. Currently, the most popular cryptocurrencies are Bitcoin, Ripple and Ethereum. Just these cryptocurrencies are having now an impact on the market, and the price of Ripple has increased at least twice recently," Guliyev said.
Guliyev noted that the representatives of large mining companies who gathered recently at a conference on mining in Singapore, said that regardless of pricing in the market, they will develop the market.
"It was also noted there that a significant appreciation of the cryptocurrency exchange rate is expected by 2020. On the other hand, Google has spread the information that it will no longer interfere with Bitcoin advertising beginning from October. At the initial stage, this Google policy will apply to the US and Japan, then other countries, which, in turn, will also have a positive impact on the market," Guliyev said.
Currently, the expert said, the competition in the field of mining is unfolding at the level of states, each of which is trying to create more acceptable conditions for the miners.
"Today, the mining is becoming one of the areas of economy of many countries. Even the neighboring Iran recently made a statement on this fact, which already speaks volumes. There are a lot of individuals involved in mining in this country. A similar situation is developing in Belarus and Uzbekistan, where acceptable conditions are being created for miners who only need to pay taxes. Azerbaijan is also likely to take this step, although, on the other hand, this activity is not prohibited in the country,” Guliyev said.
Follow the author on Twitter: @h_veliyev