Bitcoin Is Now The 9th Biggest Currency In The World

At the currency time of writing, Bitcoin is now as big as Russia’s monetary base.
Yes, you read that right! This means Bitcoin is the ninth biggest currency in the world and with the price making further gains, who knows where it will end up…
According to a recent tweet from Crypto Voices showing a graph of the world’s monetary bases, we can see that gold still dominates the monetary systems with a $7.7 trillion supply but over the next few years, Bitcoin could make its move.
When it comes to a country’s monetary base, it is measured in terms of the total amount of currency in circulation or held in commercial deposits in the central banks, rather than its gold reserves.
After gold, you might think that The United States would take second place but it is in fact Japan. But with the $25 trillion debt the US has garnered over the years, this shouldn’t come as much as a surprise.

Nations that are rich in their oil reserves like the United Arab Emirates and Saudi Arabia don’t appear the graph. You might think this is because their wealth is held in oil rather than fiat but as Crypto Voice says:

“Don’t know their methodologies, but Saudi Arabia and Denmark, for example, are pegged currencies, so their base money is the USD and EUR, respectively, and shouldn’t be counted. The correct economic comparison is the monetary base value of each currency’s central bank.”

Taking silver and gold out of the equation, Bitcoin is the ninth biggest currency in the world. Even with the two assets included, it is the eleventh biggest, which is still impressive for a currency that’s only been around ten years.
Bitcoinist ask how significant this is, to which they say:

“With a market cap currently at $162 billion and with some analysts predicting a BTC value of over $40k by the end of 2019, after just 10 years of being created, it’s a pretty big deal indeed.”

With the adoption of crypto rising, it could be but a few years before it catches up with the monetary base of that like India, Switzerland, UK and even the US.
Source: Crypto Daily

Bitcoin (BTC) Unlikely To Stall A Move To The Upside For Much Longer

Bitcoin (BTC) is unlikely to keep on stalling a move to the upside for much longer although this is what it has been doing for the past few days. The 4H chart for BTC/USD shows that there is a deliberate attempt to induce weakness in the price action every time it begins to rally around while being around $9,000. Some of these moves would have shaken out both aggressive longs and shorts in the past few days. It has thus become riskier to trade the price at current levels regardless of the way it swings. The price does seem to be trading within an ascending triangle which makes a move to the upside more likely but then again we have seen a lot of surprises in the cryptocurrency market.
The price just needs to rise slightly above the 38.2% fib retracement level from all time high to convince both the bulls and the bears that the price has topped out. Market makers know that a lot of traders are anticipating a test of this level to go short which is why one of three things could happen. The first scenario would be that the price ends up rallying towards $10,000 but it falls sharply before shorts can stack up. The second scenario would be that BTC/USD falls towards $7,000 and then begin to rally towards $10,000. The third scenario which is also the least likely is that the price might end up rallying towards the 61.8% fib retracement level. Now, the third scenario is unlikely but if it were to happen a lot of people retail bears will be taken by surprise and we might see a massive short squeeze.

Bitcoin (BTC) is close to breaking out of the ascending triangle and the 4H chart for EUR/USD shows us which way this breakout is likely to be. In our last two analyses on Bitcoin (BTC), we discussed the Euro and how it has room to rally short term. We also outlined a path on which it can rally during the next few days. As we can see, the price has exactly followed our projected path and it is already halfway there. It is easier to manipulate the price of Bitcoin (BTC) but large forex pairs with much higher volume are hard to manipulate. This is why the Euro can often be a better indicator of the future price action than Bitcoin (BTC)’s own price action.

As long as EUR/USD remains above the 50 EMA on the 4H time frame, we can see BTC/USD rally towards $10,000. The overall look of things and the general state of financial markets suggest that Bitcoin (BTC) neither has much time nor room to keep on stalling. It has to break out soon to do its thing and when it is done, it will go where the market takes it. Gold has just reached five years high as the Fed takes a dovish approach. Investors see trouble in the market and they are moving out of risky assets. Bitcoin (BTC) remains one of the riskiest assets prone to massive manipulation and wild swings which means it is likely to be hit the hardest as money flows into Gold.
Source: Crypto Daily

Facebook, WhatsApp and Instagram may be banned by countries after Libra’s launch, says Caitlin Long

Co-founder of the Wyoming Blockchain Coalition and a blockchain evangelist, Caitlin Long, recently spoke about Libra, Facebook’s cryptocurrency, during an interview with WhatBitcoinDid. She spoke about whether people would start to use the cryptocurrency extensively, resulting in the devaluation of the local currency owing to a lack of use. Long stated that Libra’s launch would […]
The post Facebook, WhatsApp and Instagram may be banned by countries after Libra’s launch, says Caitlin Long appeared first on AMBCrypto.
Source: AMB Crypto

How Blockchain Will Track Medicinal Cannabis In Canada

The Vice President of Business Development at Shoppers Drug Mart said they are teaming up with TruTrace Technologies in order to start a blockchain-based ledger to be able to keep up with the quality of the medicinal herb. This is a venture that will address 1,300 of the companies stores across Canada.
Supply-side logistic is just one area where the blockchain tech shows definite promise. It is especially pertinent to medicine because every product needs to be properly sourced to make sure of its safety. According to a recent statement by the VP of Business Development, Shoppers Drug Mart plans to kick off this new technology to help keep an eye on the stock of the cannabis.
The Vice President at the firm, Ken Weisbrod has said that the medicinal cannabis industry is one where transparent oversight is well-needed.
Speaking at the World Cannabis Congress in Saint John, in giving his first-ever public remarks in regards to the shoppers’ cannabis business he said:

“This is the future for medical cannabis in the world. I know the U.S. is looking at what we’re doing here, and it’s really important that we take this leadership stance.”

Shoppers Drug Market Corporation is currently running around 1,300 stores in Canada and has more than $12 billion in cash and stock.

This makes it the biggest pharmacy chain in the nation.
The CEO of TruTrace, Robert Galarza has said:

“We think this push with Shoppers will hopefully lead into a similar relationship with the Walgreens and CVSs of the world. There’s skepticism right now from the medical industry and we’re trying to help breach that; it all boils down to information. Information is power, data is power.”

Medicinal cannabis has been legal in Canada since the start of the century in 2001. In fact, recreational weed was made legal just last year but even so, a lot of doctors won’t prescribe it as a treatment.
Weisbrod said:

“There are about 85,000 physicians in the country and the majority have not embraced this drug yet,” he said. “Quite frankly, they need more information and more data about the drugs they’re putting their patients on.”

Source: Crypto Daily

Facebook’s Blockchain Head, David Marcus, Speaks Up on Libra Vs. Bitcoin [BTC]

Facebook released the Whitepaper of its cryptocurrency, Libra on 18th June 2019. The cryptocurrency community and Bitcoin maximalists welcomed the news as a positive impetus for awareness about Bitcoin. Nevertheless, one might still argue that, if Libra is globally used as a medium of exchange, what the use of Bitcoin [BTC] is?
An analogy with Gold could explain the difference between the two. While Bitcoin is a store of value, Libra, like many other FIAT currencies, is a medium of exchange. David Marcus, the Co-Creator of Libra, Head of Facebook’s Blockchain team and former head of PayPal suggested the same in a tweet, he said,
“Many want to pit Libra vs. Bitcoin. In my mind these two are not in the same category. BTC is a decorrelated (investment) asset. Libra is designed to be a stable medium-of-exchange. I have been, and remain a fan of BTC, but for very different purposes.”
If there was a competition between Libra and Bitcoin, Marcus seems to have conceded rather than overselling the facts. Moreover, he mentioned that Bitcoin is a ‘decorrelated asset’; an asset that has no particular utility; however, ubiquitous and limited in nature like Gold.
Also Read: “I Believe in Bitcoin,” says Edith Yeung As She Talks About Rising Institutional Interest
Samson Mow, Crypto-analyst and Blockchain expert agreed with David Marcus as he tweeted,
‘Totally agree with David. They are not in the same category. Libra is the western clone of Alipay, marketed as a cryptocurrency.’
What is Bitcoin then?
Andreas Antonopolous, an educator and author of several books on Bitcoin and cryptocurrencies, explained that since Libra is not borderless (imposed by Government constraints), censored,  ‘permissioned‘ and even mutable to a certain degree on validators consent, it not an ideal cryptocurrency.  
Bitcoin is open, borderless, permissionless, censorship-resistant, publicly verifiable and immutable.
All the other currencies like US Dollar, Euros, Yen, Yuan, and so on, are backed by the GDP of a country. The stablecoins pegged to these currencies are hence exposed to the same degree of risk a FIAT is. Libra, on the other hand, is backed by a basket of currencies and Government bonds. Being a cryptocurrency, it is also transparent and partly decentralized.
Hence, there is a high possibility that will become a popular medium if Exchange and challenge the current banking system. The new cryptocurrency enabled system will allow the ‘unbanked’ population of the world to transact freely using their phones.
Which cryptocurrencies do you think will become favorite mediums of exchange in the future? Please share your views with us. 
The post Facebook’s Blockchain Head, David Marcus, Speaks Up on Libra Vs. Bitcoin [BTC] appeared first on Coingape.
Source: CoinGape

Crypto Market Facing Directionless Mundane Trading: Ethereum Hits Key Hurdles

Crypto trading activity sustains in spite of the widespread consolidation lead by Ethereum and Bitcoin.
Ethereum holding on to minor gains above $270: Recovery will be an uphill task.

The crypto market almost motionless trend says that cryptocurrencies are entering into a consolidation phase ahead of the weekend trading sessions. In spite of the consolidation, trading activity across the board seems to be going on as usual. The market capitalization continues to rise from $284 billion at the close of the session on Wednesday to $288 billion at press time as per the data on Coincheckup.
Ethereum is currently battling to stay above $270 after retreating from yesterday’s high at $272.76 (on Coinbase). Prior, to the retreat, the second largest digital asset staged a recovery from $260. The support at $260 was essential in providing solace after ETH/USD tested $280 following the Bitcoin driven surge over the weekend.
ETH/USD 1-h chart
Chart source: Tradingview
Meanwhile, Ethereum is changing hands at $270.25 at press time following a 0.21% recovery on the day. The recovery has hit key hurdles to the upside starting with Wednesday high at $272.76. According to the current status of the technicals, the upward correction will be an uphill task for Ethereum bulls. The Relative Strength Index (RSI) recovery from the levels at 30 fizzled out short of 70 giving way for an ongoing retracement at 54. However, if the RSI manages to stay above the average, we could see an upward correction in the price in the coming sessions today.
ETH/USD will have to clear the resistance at $275 for a correction to $280 which is the current key hurdle. Trading above $280 will allow the buyers to focus on $300 in the medium-term.
On the downside, the immediate support lies with the 100 Simple Moving Average (SMA) 1-h currently at 269.70. The 100 Exponential Moving Average (EMA) is also in a position to offer support at $267. If these levels are cleared Ethereum will be facing the next support area at $260. Extended losses will seek for a cushion at $250 and $230 respectively.
Also Read: Bitcoin [BTC] Flag Pattern Aims $11000, But are the Bull Exhausted? Analysts Weigh-in
Ethereum Key Technical Indicators
Trendline: Clearly shows an up trending Ethereum market.
RSI: Above the average; could be grounds for gains in the short-term.
100 SMA: Immediate support.
EMA100: Support above the trendline.
The post Crypto Market Facing Directionless Mundane Trading: Ethereum Hits Key Hurdles appeared first on Coingape.
Source: CoinGape

Tron’s DApps record $15.9 million in 24-hour volume; beat EOS and Ethereum

The twelfth largest cryptocurrency according to CoinMarketCap, Tron [TRX], might have missed making a mark with respect to its price. However, its DApps have taken over the task of contributing significantly to its environment. Tron, in their latest announcement about the Odyssey 3.6 upgrade, had prioritized entertainment-focused decentralized applications [DApps]. Tron’s Chief Executive Officer, Justin […]
The post Tron’s DApps record $15.9 million in 24-hour volume; beat EOS and Ethereum appeared first on AMBCrypto.
Source: AMB Crypto

Ethereum Price Analysis: ETH/USD Price Ranges Within $258-$227 Levels, Expecting a Breakout

Coinspeaker
Ethereum Price Analysis: ETH/USD Price Ranges Within $258-$227 Levels, Expecting a Breakout
The bullish breakout at $227 supply zone is envisaged should the Bulls gain enough pressure and Ethereum price may rally to the previous level of $289. In case the Bears continue to defend the $227 level consolidation may continue.
Ethereum Price Analysis: ETH/USD Price Ranges Within $258-$227 Levels, Expecting a Breakout

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Source: CoinSpeaker

Binance coin pumps by over 6% in an hour; breaks its all-time high

On June 20, Binance coin [BNB], a coin ranked seventh on CoinMarketCap, surged by a massive 6.38% over the past hour. The coin also broke its all-time high and was trading at $36.47, at press time. At press time, BNB was being traded at $36.47 with a market cap of $5.097 billion. The 24-hour trading […]
The post Binance coin pumps by over 6% in an hour; breaks its all-time high appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin marks another milestone; records a higher monetary base than South Korea, Australia

Bitcoin [BTC] made headlines recently with the value of the smallest unit of Bitcoin, Satoshi, recording greater values than the fiat currencies of Iran, Vietnam and Indonesia. After breaching the $9000 mark recently, Bitcoin marked another milestone after it became the 8th largest currency in the world, surpassing Russia. The digital coin crossed Russia’s monetary […]
The post Bitcoin marks another milestone; records a higher monetary base than South Korea, Australia appeared first on AMBCrypto.
Source: AMB Crypto

Insurance Giant MetLife Set to Disrupt Life Insurance Using Ethereum Blockchain

Coinspeaker
Insurance Giant MetLife Set to Disrupt Life Insurance Using Ethereum Blockchain
MetLife’s Singapore-based incubator LumenLab has partnered with media corporation Singapore Press Holdings (SPH) and insurance company NTUC Income (Income) to roll out Ethereum-based smart contract platform known as Lifechain.
Insurance Giant MetLife Set to Disrupt Life Insurance Using Ethereum Blockchain

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Source: CoinSpeaker

Cloudflare Introduces Ethereum Gateway to Its Distributed Web Gateway Toolset

Coinspeaker
Cloudflare Introduces Ethereum Gateway to Its Distributed Web Gateway Toolset
Cloudflare adds Ethereum Gateway to its Distributed Web Gateway toolset now enabling its users explore the blockchain without having to download any app.
Cloudflare Introduces Ethereum Gateway to Its Distributed Web Gateway Toolset

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Source: CoinSpeaker