Bitcoin Trading Alert: Time to Back Out?

MasterCard is lobbying on Bitcoin, The Hill reported. The credit card company is thought to be one of the businesses that might potentially lose most if Bitcoin was to become a reliable and widely-acceptable payment network. The article:

MasterCard is paying lobbyists to focus on the growing digital currency Bitcoin, according to federal lobbying disclosure records.

In a quarterly report filed this month, lobbying firm Peck Madigan Jones said that five of its lobbyists were concentrating on “Bitcoin and mobile payments,” among more than a dozen other issues, on behalf of MasterCard.

The payment giant is the first company to officially lobby on the virtual currency, according to federal disclosure records.

(…) MasterCard said that it was “gathering information in connection with recent congressional hearings to better understand the policy issues around virtual and anonymous currencies.”

MasterCard is trying to get to know what kind of regulation related to Bitcoin it might expect. This doesn’t necessarily mean that the company itself is trying to forward any kind of agenda for or against Bitcoin. One thing that should remain clear, however, is that the company will not be lobbying for the benefit of the Bitcoin community but rather to fulfill its own goals.

We would expect more such efforts in the future, not only from MasterCard but also from Visa and other companies linked to payment processing.

Let’s take a look at the charts today.

On BitStamp, Bitcoin went 0.6% up yesterday on decreased volume and it looked like the decline had paused but the short-term outlook was not changed, still bearish. Generally, the decline in volume could have been seen as a warning sign that a move up was possible but this was weakened by the fact that Bitcoin closed below $450 for the second day in a row.

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