BITCOIN could be on the up again this week as a meeting of US government committee could provide clarity on regulations surrounding the cryptocurrency craze. Lack of oversight has made many institutional investors sceptical of the industry. this week bitcoin day
By ABIGAIL MORRIS
15:07, Sun, Feb 4, 2018 | UPDATED: 15:08, Sun, Feb 4, 2018
Expert: Regulatory clarity will give go ahead for investors of Bitcoin
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Bitcoin has had a tough start to the year, plummeting to a two month low on Friday, falling as low as $7,700.
But the cryptocurrency could bounce back with a meeting this week of the US Senate Banking Committee on regulation of cryptocurrencies in the country, according to Brian Kelly, the CEO of an investment firm focused on digital currencies.
Speaking to CNBC, he said: “Next week we’ve got a big event here in the US, we’ve talked a lot about the regulatory pressures that have come from South Korea and from China and other places.
“But we’ve got something coming up in the US that I think could be a big event for us.”
Bitcoin price latest cryptocurrency blockchain Brian KellyCNCB•GETTY
Bitcoin could get a boost from a US committee meeting this week
This could be a green light to institutional investors
Brian Kelly
“So on February 6th the Senate Banking Committee are having a meeting and they’re going to be talking about what the regulatory oversight role of the SEC and the CFTC should be when it comes to cryptocurrencies and virtual currencies.”
The Securities and Exchange Commission (SEC) is an independent agency of the US government which regulates the securities industry and stock and options exchanges. The Commodity Futures Trading Commission (CFTC) regulates futures and options markets.
Kelly said the meetin![Screenshot_2018-02-05-21-08-42-1.png](https://steemitimages.com/DQmfUU3BRS5hMvVgnPL1svgBgFZr5RXij3q1PRN3Jgap3QU/Screenshot_2018-02-05-21-08-42-1.p