Top stories in the Crypto Roundup today: U.S. Senate Banking Committee schedules hearing on blockchain and cryptocurrencies, New York State doubles up on cryptocurrency announcements and 5-year untouched bitcoin supply hits all-time high

Bitcoin (BTC) dropped once again below the $10,000 mark and is trading at the time of writing at $9,675.13 (-3.45%) with a daily volume of $3.72bn, while ether (ETH) is trading at $205.83 (-2.92%) with a daily volume of $1.63bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 3,496.36 (-2.56%).

U.S. Senate Banking Committee Schedules Hearing on Blockchain, Cryptocurrencies

The U.S. Senate Committee on Banking, Housing, and Urban Affairs announced it will meet in open session to conduct a hearing - entitled, ‘Examining Regulatory Frameworks for Digital Currencies and Blockchain’ - on Tuesday, July 30, 2019 (10:00am UTC-4).

Three witnesses are scheduled to participate in the July 30 hearing. They are Jeremy Allaire, cofounder, chairman, and chief executive of Circle, on behalf of The Blockchain Association; Rebecca Nelson, specialist in International Trade and Finance for Congressional Research Service; and Mehrsa Baradaran, a professor of law at the University of California, Irvine School of Law.

New York State Doubles Up on Cryptocurrency Announcements

The New York State Department of Financial Services (DFS) announced on Tuesday the establishment of a new Research and Innovation Division, which will, among other things, “house the Department’s division responsible for licensing and supervising virtual currencies,” according to a communiqué.

Also from the state of New York, assemblymember Clyde Vanel announced the selection of six representatives from the blockchain and cryptocurrency industry to join its so-called Digital Currency Taskforce. Included among the six are some of the blockchain industry’s most recognisable figures, such as ConsenSys founder Joe Lubin and Global Blockchain Business Council chief executive Sandra Ro.

5-Year Untouched Bitcoin Supply Hits All-Time High

In the latest issue of its weekly newsletter, blockchain analytics startup Coin Metrics shared news that “the amount of Bitcoin (BTC) supply that has been untouched (i.e. not transferred) for at least five years recently reached an all-time high (i.e., 3,847,859 BTC).”

In an attempt to interpret its finding, Coin Metrics posited that the all-time high “potentially signals that BTC is increasingly becoming a store of value, as opposed to a medium of exchange.”

Coin Metrics went on to explain that ‘total untouched supply’ in the result of subtracting ‘total active supply’—that is, the amount of unique supply that transacted at least once over a specific time period—from the ‘total current supply’.

“Untouched supply tends to mirror price movements,” Coin Metrics continued, before sharing graphical depictions of BTC supply that has been untouched for “at least 180 days, 1 year, and 2 years, relative to BTC price USD (shown on a log scale).

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.