A bipartisan group of Senators introduced a new bill late last month that would require travelers to declare their digital currency holdings at all ports of entry into the United States. Senate bill S.1241 – the “Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017” – was introduced by Iowa Senator Chuck Grassley, and was co-sponsored by Senators Sheldon Whitehouse, John Cornyn, and Diane Feinstein.
It’s become a recurring theme in many political circles: whenever terrorism is discussed, it’s usually just a matter of time before Bitcoin is dragged into the discussion. That pattern repeated itself again this week in the Australian House of Representatives, when opposition leader Bill Shorten decided to include commentary on the world’s most well-known digital currency while talking about terrorism, terror financing, and encryption technology.
Yesterday, Bitcoin set a new all-time price high, passing the $3,000 mark. Today, the world’s most well-known digital currency sharply retreated from that record high, as trading volumes on the major cryptocurrency exchanges surged. Amid that heavy traffic, global Bitcoin exchange Coinbase experienced yet another major outage that temporarily left its customers without access to exchange services.
Bitcoin’s price managed to cross the $3,000 barrier for a brief period on Sunday afternoon, according to CoinDesk’s Bitcoin Price Index. The coin set a new all-time high of $3,012.05, though the price quickly retreated to the high 2900s. At press time, the currency’s price on Coinbase stands at just below that milestone: $2,998.87.
San-Francisco based cryptocurrency exchange Kraken has announced that it is lowering its withdrawal fee from the roughly $7 flat fee (.0025 XBT) proposed several days ago to a flat fee of about $3 per withdrawal (.0001 XBT). The company cited customer preference in its decision, and has suggested that it will conduct batch withdrawals to help control costs.