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Bitcoin is hovering around the $615 mark today. Prices hit a high of $621 in the early Asian session. But BTC/USD quickly reversed and headed into the red again, hitting a low of $611.62 on BTC-E. We are currently in no man’s land. A break below $610 may exacerbate BTC losses to $600. On the other side, we would need a move above $636 to even consider turning bullish. Here is today’s price action.
Central bank officials love to chime in on bitcoin lately. Yesterday we reported about the remarks of Geoff Bascand, the deputy governor at the Reserve Bank of New Zealand. Now we have Gareth Murphy, a senior Central Bank of Ireland official. Murphy delivered a speech last week in Dublin at a digital money conference BitFin 2014. He expressed worry that digital currencies like bitcoin could have an effect on the ability of central banks to influence monetary policy:
”Moving forward, central banks will have a lot of variables to consider as “two worlds collide”: a euro economy and a virtual currency economy, which will have a considerable effect on exchange rates, monetary policy and the rate of credit, elements that have been controlled by central banks for decades”
Murphy thinks that ”bitcoin and other virtual currencies will become a bank’s worst enemy”. The central banker also warned Irish consumers that the Irish central bank doesn’t recognize bitcoin as a legitimate currency, this means that consumers will not be protected in the event of a loss in digital holdings, theft or the shutdown of an exchange website.
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July 08, 2014 at 11:27AM
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