It was another tough week for bitcoin prices as regulatory and legislative concerns abounded, paring gains achieved late last week. Here are the top headlines for Friday, March 9, as traders headed into the weekend.
Bitcoin broke below the $10,000 benchmark on Wednesday, March 7, but that wasn’t the end of this week’s decline. By Friday afternoon, prices were as low as $8,700 on some exchanges. Bitcoin started the week as high as $11,700 on Monday, March 5, but that was the only day this week the No. 1 cryptocurrency made its way into the green. This week’s gains also pushed the cryptocurrency market capitalization below $400 billion total. A broad range of cryptocurrency assets trended lower this week, joining bitcoin in its losses.
First Ethereum Real Estate Deal
For the first time ever, a U.S. property is set to be sold entirely through a blockchain transaction using ethereum, News BTC reported. The transaction will take place in South Burlington, Vermont, which has agreed to become a pilot city for global blockchain-based real estate marketplace Proppy Inc. Both Dubai, United Arab Emirates and Kiev, Ukraine have also signed on as pilot cities in the hopes of becoming the next big locale for blockchain-oriented business. Proppy uses the ethereum blockchain network to transact and record all of its contracts and documents instead of using the city’s record system in its hometown of San Francisco. While this is the first blockchain real estate purchase is the U.S., it is not the first in the world. Proppy facilitated the remote purchase of an apartment in Kiev using blockchain last October.
Tennessee Weighs Ban
The Tennessee State Senate Ways and Means Committee took the next step in banning public retirement benefit funds from investing in cryptocurrency this week. The body voted 10-0 in favor of twin bills that would keep the funds from investing in digital assets, passing the measure to the House Ways and Means Committee, according to public records in Tennessee. If the measure passes through the Tennessee legislature and is signed into law, it will be the first of its kind to ban public trustees from investing in the crypto space.
Congressional Hearing on Tap
A U.S. House Financial Services subcommittee is scheduled to hold a hearing on cryptocurrencies and initial coin offerings next week, according to a statement from the Capital Markets, Securities and Investment Subcommittee. The hearing is set for Wednesday, March 14, at 10 a.m. ET. Subcommittee member Rep. Tom Emmer (R-MN) told CoinDesk that the hearing is largely expected to be educational, as the committee has expressed interest in getting more information about the implications of digital assets on capital markets. The hearing follows a Senate Banking Committee meeting last month at which SEC Chairman Jay Clayton and CFTC Chairman J. Christopher Giancarlo indicated that their respective agencies could seek stricter oversight for the crypto market down the road.