Cryptos Hollywood Disruption

 

There were some sprinkles of positivity buried under the headline though as both industrial output and retail sales came out strong. The feeling is though, that no matter what happens to the economy, the People's Bank of China will be there to inject further stimulus if needed and prop up the markets.

Asian stocks did experience a tad bit of volatility at the time of the announcement (purple circle) but overall are taking this in good stride.

European stocks, on the other hand, have not been performing particularly well today, and at the time of writing, indices are slightly in the red.

Wyoming Crypto Country

Even though there are only about half a million people living in Wyoming the square state is quickly becoming a leader of bitcoin and blockchain legislation.

A new bill has now been introduced to clarify the status of bitcoin and other crypto assets. The highlight, of course, is that bitcoin and other cryptocurrencies will be given the same legal status as money.

The state has also clarified the definitions of crypto assets, very similar to the way the Swiss regulator Finma has almost exactly a year ago and divided them into three categories: Currencies, Securities, and Digital Assets (Utility Tokens).

At this point, though the news is exciting the effects are rather limited. Wyoming is a small state and it's still not clear how the federal government will react to this. Certainly, if other states follow in their footsteps this can turn into something bigger but we're still very much in the early stages of the game.

Nevertheless, this small step is a huge win for bitcoin and blockchain as it sets a great example of supportive legislation for the entire country and the entire world.

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Please note: All data, figures & graphs are valid as of January 21st. All trading carries risk. Only risk capital you can afford to lose.

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