Bitcoin price hovers around $38,600 in early Tuesday trading
Ethereum, Dogecoin and XPR all trading lower
Bitcoin and Ethereum are both lower early Tuesday morning.
Bitcoin was trading at $38,602 per coin while Ethereum was trading at nearly $2,500, Coindesk reported.
Meanwhile, Dogecoin was at 19 cents and XPR was trading at 71 cents, the report said.
MAYOR SUAREZ ON MIAMICOIN LAUNCH, SAYS CITY IS FOCUSED ON ‘DIFFERENTIATING OUR ECONOMY’
With China cracking down on Bitcoin trading, investors are looking elsewhere – including the West to host their machines. Industry experts tell Coindesk Factors like lead times to build out hosting sites, energy and labor costs, tax regimes, climate and political and business environments are among many local issues that make it difficult for miners to map out a specific route of migration.
Investors are targeting North America, but keeping an eye on Central Asia, Latin America and Europe as more serious contenders in the future. Some in the crypto industry are encouraging this development because it indicates a more decentralized distribution of hash power around the world and potentially assuages fears of Chinese miners having an outsized influence on the Bitcoin network.
In other crypto news, a U.S. lawmaker whom Coindesk says has shown little interest in cryptocurrency in the past, is sponsoring a bill which would allow the Treasury Secretary to veto the creation of stablecoins, direct regulators to define rules for decentralized finance (DeFi) and possibly create a charter for crypto exchanges, among other measures.
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The 58-page "Digital Asset Market Structure and Investor Protection Act," which Rep. Don Beyer, D-Va., introduced Thursday, seeks to create an exhaustive regulatory regime for digital assets. The measure would define which sorts of cryptocurrencies might be securities, which can be treated as commodities and bolster tax data collecting for reporting purposes.