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Currencies BitCoin Bitcoin Mostly Unchanged, More Reactions to Proposed NY Rules

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Bitcoin is trading mostly unchanged today. After opening the day at $582 per coin, BTC fell slightly to hit $580 only to then rally to a daily high of $589. One bitcoin is currently trading at $586 on BTC-E. A break of the important round figure at $600 may result in extended gains toward $633 and $650. Below, there is a small support area near $572. If this gets taken out, the first major support afterwards stands at $550, followed by $500.


The largest bitcoin exchange by trading volume, Huobi, acquired wallet service Quickwallet and China’s BTC/LTC block explorer The sum paid was not disclosed. Users can use Quickwallet to deposit to Huobi and if they use BTC/LTC, a link on Qukuai will display the transaction details .

Coindesk published an excellent piece detailing the reaction in the bitcoin community to the latest NYDFS regulation proposal. The near unanimous sentiment is that the rules go too far and will likely stifle bitcoin innovation in the US, if adopted as is. Respondents think that the proposed rules will create a steep barrier to entry. Eric Voorhees said that the regulation is tailored to shutout the smaller players: ”This will eliminate the college dorm room startup. It will eliminate the young entrepreneur who is willing to put in 100 hours per week, but who doesn’t have $100,000 for his first two months of legal bills. It will make innovation the purview of large companies, which is to say, it will diminish innovation.”

Here are some of the people Coindesk interviewed: Tim Byun, the Chief Compliance Officer of BitPay, Perianne Boring, bitcoin writer and a representative for the Chamber Of Digital Commerce, as well as famous bitcoin investors Eric Voorhees and Roger Ver. You can check out the article here.

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