US Treasury Secretary Makes It Clear That Libra Won’t Release Until Regulatory Concerns Are Met

Following on from Donald Trump’s tweet at the end of last week, where he said he wasn’t a fan of Bitcoin or other cryptocurrencies, the United States Secretary of the Treasury Steven Mnuchin held a briefing on regulating the leading cryptocurrency as well as Facebook’s upcoming Libra stablecoin. In the briefing, the US secretary spoke on the use of crypto in illicit activities and the threat that they pose to the whole financial system.
Bitcoin Treasure
Mnuchin started the meeting off by talking about the leading cryptocurrency and how it is often used by criminals for fraudulent means which looks into finding a way around the obstacle that is the US authorities.
Mnuchin said:

“I will focus primarily on the serious concerns the Treasury has of the growing misuse of cryptocurrency by money launderers, terrorist financiers, and other bad players.
Cryptocurrency such as Bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking. Many players have used cryptocurrency to support their maligned behavior—this is indeed a national security issue.”

This comparison isn’t surprising though. If we take a look at the infamous Silk Road, this was part of the reason for accelerating the adopting of Bitcoin while it was still garnering some kind of fame but with crypto being associated with such illegal activity, a lot of people think that Bitcoin itself is ‘illegal’ to a sense. 
Mnunchin made clear that “If you think you’re going to use Bitcoin to go on the dark web… you’re gonna get caught.” 
So with this, it shouldn’t come as a surprise that the focus of the treasury is on criminal uses and how businesses which transact or deal in cryptocurrency must obey to the proper rules and regulations.
The secretary went onto talk about Facebook’s Libra coin, to which he said:

“The United States has been at the forefront of regulating entities that provide cryptocurrencies. We will not allow digital asset service providers to operate in the shadows and will not tolerate the use of the cryptocurrencies in support of illicit activities.”

He went onto add:

“We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals.”

Source: Crypto Daily

Alleged Draft Of India’s Bitcoin Ban Leaked Online

The rumours of India proposing to ban cryptocurrency have been floating around the space for a while now and they may have just been confirmed after the Indian blockchain lawyer Varun Sethi posted an alleged first draft of the proposed bill. 
The bill, called “Banning of Cryptocurrency and Regulation of Official Digital Currencies” proposes to ban or heavily restrict all cryptocurrency-related activity in the nation and a draft of the bill has apparently been leaked. 
You can check out the alleged draft of the bill here.
Crypto Crosshairs
Whether this draft is real or not, it seems that India has crypto in its crosshairs for foreseeable future. 
According to a report from the Economic Times in April 2019 mentioned that the bill had already been examined by a committee of representatives from the Department of Economic Affairs, Central Board of Indirect Taxes and Central Board of Direct Taxes, as well as other regulatory entities.

As reported by the recently revived CCN, “the committee held the view that there has already been an unnecessary delay in taking action against cryptocurrency. This bill if passed will make all crypto related activities including mining and trading illegal in the country, with offenders risking jail time of up to 10 years.”
A part of the report reads:

“No person shall mine, generate, hold sell deal in, issue, transfer, dispose of or use cryptocurrency in the territory of India.”

With already strict crypto regulations in place, this isn’t the first time that the government will be blamed for planning to rid crypto and digital assets completely.
The only positive thing about the bill seems to be that the government is hoping to bring in its own stablecoin. The draft doesn’t ban the use of distributed ledger tech and blockchain either but only if it is used for educational purposes. 
If India does go ahead to ban cryptocurrencies it will be a big loss for the market. Unfortunately, there won’t be much that the community could do either. Hopefully, India’s government will turn down the bill but who knows what the future holds.
Source: Crypto Daily

Crypto Exchange CoinFLEX to Launch Its First Initial Futures Offering for Polkadot’s DOT Tokens

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Crypto Exchange CoinFLEX to Launch Its First Initial Futures Offering for Polkadot’s DOT Tokens
This will be for the first time that any crypto platform is launching futures contracts for pre-launched assets. Each DOT token is available at $75 and can be purchased using CoinFLEX’s native FLEX tokens.
Crypto Exchange CoinFLEX to Launch Its First Initial Futures Offering for Polkadot’s DOT Tokens

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Source: CoinSpeaker

JPMorgan Pushes Its S&P 500 Prediction Above That of Stock Market Bull Tom Lee

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JPMorgan Pushes Its S&P 500 Prediction Above That of Stock Market Bull Tom Lee
JPMorgan expanded its S&P 500 prediction which now stands at 3,200 from initial 3,000. The new target exceeds that of popular stock market bull and Fundstrat co-founder Thomas Lee who initially set the 3, 125 level.
JPMorgan Pushes Its S&P 500 Prediction Above That of Stock Market Bull Tom Lee

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Source: CoinSpeaker

‘Investigate Google’, Billionaire Tech Entrepreneur Peter Thiel Tells the FEDs

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‘Investigate Google’, Billionaire Tech Entrepreneur Peter Thiel Tells the FEDs
Peter Thiel, a Renegade Venture Capitalist billionaire tech entrepreneur and advisor to President Trump wants Google investigated for their allegedly treasonous actions in China.
‘Investigate Google’, Billionaire Tech Entrepreneur Peter Thiel Tells the FEDs

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Source: CoinSpeaker

Bitcoin, altcoins continue to struggle as correction wave hits vital cryptocurrency market metrics

While the cryptocurrency market’s rollercoaster ride comes as no surprise to its users, the ongoing correction streak, in tandem with U.S. government’s resistance, has fueled the depletion of the cumulative market capitalization. It is in light of all these developments that Altcoin Magazine released its latest edition of the Altcoin Review, tracking the growth and […]
The post Bitcoin, altcoins continue to struggle as correction wave hits vital cryptocurrency market metrics appeared first on AMBCrypto.
Source: AMB Crypto

OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’

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OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’
Now, with the lunch date set for Thursday, July 25, speculation is rife that Sun will invite a selection of dignitaries from the world of cryptocurrency and blockchain to meet Buffett. Among those likely expected at the lunch is OKEx executive.
OKEx Executive May Make Appearance at Tron Buffett ‘Power Lunch’

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Source: CoinSpeaker

U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat

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U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat
The Treasury Department has concerns that Libra, as well as Bitcoin, could be misused by terrorist financiers and money launders, to carry out illicit activities ranging from cybercrime to tax evasion, extortion, and ransomware.
U.S. Treasury Secretary: Bitcoin, Libra Pose National Security Threat

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Source: CoinSpeaker

How Low Could Bitcoin (BTC) Fall From Here?

Bitcoin (BTC) closed the day below $11,000 but it ended up rallying past $11k as we predicted in our last analysis on BTC/USD. The price ended up retracing from $11,000 and ended up closing below it just below the 21 Day EMA. One might argue that the 21 Day EMA was not really hit and the price could still shoot past it. We are looking at the XBT/USD chart from the Bitmex exchange but prices vary from one exchange to another and we could see it being hit on other exchanges. That being said, this is not very significant and the price has already started the day above the 21 Day EMA and is expected to close below it by end of the day. If we take a look at the daily chart, we can see that Bitcoin (BTC) has topped out and is now extremely unlikely to shoot towards a new all-time high or even a new yearly high.
It could stall a move to the downside but it is going to decline sooner or later. The 4H chart shows that the price failed to close above the $11,000 mark because it has now become a strong resistance. This zone is not likely to be breached easily now that the price has crashed below it. There is a lot of seller waiting to sell at that level which is why we do not expect the price rising above it. If we take a look at the 15 minutes chart, we can see that the price has broken below a rising wedge. This breakdown is certainly not very clean but then again it never is clean in real time trading. The market makers have to shake out retail traders here and there but the price always ends up doing what it is supposing to do without the impatient traders onboard.

The death cross on the 15 minutes chart is going to be the catalyst to bring the price down. Death crosses on 15 minute charts are not really significant but in this market we have seen them to be significant especially in periods of downtrends. If we take a look at Coinmarketcap, we can see that Bitcoin dominance is on the rise as BTC/USD is up more compared to most major altcoins in the past 24 hours. This trend is unlikely to change anytime soon. Bitcoin dominance is likely to keep on rising to 85% or higher and there is only two cases in which that could happen. Either BTC/USD will keep on rallying more than the rest of the market or it will keep holding its ground better compared to most of the market.

We expect the second scenario to be most likely considering BTC/USD has topped out and is now long overdue for a major correction. If we take a look at the EUR/USD pair, we can see that it is in line with the future outlook of Bitcoin (BTC). The pair closed below the 50 Day EMA which is very significant. If it ends up breaking below the descending triangle, we will see a strong decline in Bitcoin (BTC) because as the US Dollar (USD) goes up Bitcoin (BTC) comes down in Dollar terms and vice versa. Based on the discussed factors, we see no reason how Bitcoin (BTC) could rise to a new all-time high or even a new yearly high from here. We expect it to have topped out here and the downtrend is likely to follow sooner rather than later.   
Source: Crypto Daily

Binance Coin [BNB] Slips Down at #8 Rank on CMC – Here’s How CZ Responds

The native token of Binance crypto exchange has slipped down to an 8th spot on the graph of Coinmarketcap (CMC). While other cryptocurrencies are running upward, Binance Coin (BNB) followed the backward path.
Binance Coin Slips From 6th Spot to 8th Spot on CMC
One of the largest crypto exchange, Binance has recently celebrated its two years anniversary and had finally launched the long-awaited feature, Margin Trading for eligible traders. However, on July 11, 2019, the exchange has announced that it completed the eighth Binance Coin (BNB) token burn event.
In addition, it had also stated that the exchange is intending to burn team allocated BNB tokens, counting 808,888 BNB. This comes in a wake of the company’s commitment of burning 100 million BNB tokens wherein team’s allocation counts at 40% of the total supply.
On the day of Binance’s anniversary (July 14, 2019), BNB was valuing the market capitalization of $4.1 billion, resting as a sixth-biggest crypto asset on Coinmarketcap.
Comparatively, BNB sided down to the eighth spot, losing its major value and counting with the market cap of $3,076,609,022. At the time of writing, BNB is trading at the value $28.18 against US Dollar and showing the decline of 0.27 percent over the past 24 hours.
Crypto Market | Coinmarketcap
CZ’s Responds to Declining Volume
The effect of BNB’s declining value can be quickly captured at the Twitter handle of Binance’s CEO CZ who posted a tweet, observing, “CMC just gave an 80M BNB haircut. He apparently adds that CMC’s calculation of circulating supply works well for mining coins and not projects with burn (BNB).

CMC just gave an 80M BNB haircut. They way CMC calculate Circulating Supply works only for mining coins, it does not work for projects with burn, unlocked team allocations, etc.
Oh well, more room for $BNB to grow. 🙂 pic.twitter.com/ogSCCCvDEb
— CZ Binance (@cz_binance) July 16, 2019

It’s worth to note that, Tether dethrone BNB at sixth spot and EOS at the 7th spot. At the current time, Bitcoin and other leading altcoins are experiencing a positive movement their volumes whereas BNB is the only asset with a negative remark of 0.27 percent over the past 24 hours (under the top 10 cryptocurrencies on CMC)
BNB Marketcap | Coinmarketcap
Featured Image – Shutterstock
The post Binance Coin [BNB] Slips Down at #8 Rank on CMC – Here’s How CZ Responds appeared first on Coingape.
Source: CoinGape

US Treasury Secretary follows up on POTUS’ Libra criticism; Bitcoin under fire

Libra’s hopes seem to be hanging by a thread. Facebook has add yet another foe to its cryptocurrency project,  the United States Treasury Secretary, Steve Mnuchin. Picking up where the President of the United States left off last week, his appointee lashed out at the cryptocurrency market in a recent press briefing. While only over […]
The post US Treasury Secretary follows up on POTUS’ Libra criticism; Bitcoin under fire appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Dominance Taps 70% in Recovery Rally, Are Altcoins Dead?

Bitcoin has made a bit of a recovery today in the wake of comments by US Treasury Secretary Steve Mnuchin. The 8 percent pump has left altcoins in the digital dust again as BTC market share knocks on the door of 70 percent.
Bitcoin Briefly Back at $11,000
This time yesterday Bitcoin was trading very close to $10k after falling below it briefly on Sunday. The king of crypto started to recover during US trading when it tapped $11,000 once again. There was no big dump from resistance and BTC has remained higher than Monday’s levels, trading at around $10,800 at the moment.
Long term trader ‘CryptoFibonacci’ has been eyeing the charts for possible areas of support and resistance and it is clear that just below $11k is one of them. The 50 day moving average is also key and this held during the big selloff over the past couple of days.
“The 38.2 Fib retrace, 10 and 20 ema’s are major resistance. So, it’s pretty simple to me. Get past this, or else.”

$BTC Daily Chart (Coinbase exchange).
The 38.2 Fib retrace, 10 and 20 ema's are major resistance. So, it's pretty simple to me. Get past this, or else.#BTC pic.twitter.com/PYiFnrRZPC
— CryptoFibonacci (@CryptoFib) July 16, 2019

Zooming out still shows an ominous head and shoulders pattern which is traditionally a bearish trend reversal indicator. That said, over the past three months Bitcoin has defied most technical analysis and done its own thing.
BTC Dominance High Is The Norm
Today’s 8 percent pump has lifted market dominance to 69.75% according to Tradingview.com. This equals the high in early December 2017 as Bitcoin was winding up to its big run up to ATH. The previous high was back in July 2017 when market share tapped 77.5%, and before then BTC was the only cryptocurrency.
BTC dominance. Coinmarketcap
Trader and Analyst Luke Martin has pointed out that a high Bitcoin dominance is the norm for crypto markets. For most of its history Bitcoin has dominated over 90% of the market, only in March 2017 did this start to change with the rise of Ethereum and other altcoins.
“$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%. I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier. Alts make a great trade when the macro trend is up.”

$BTC dominance less than 50-60% is rare when comparing to historical average ~ 80%.
I expect alt windows to keep happening, but it’s important to note $BTC making up larger share of crypto market is the norm – not the outlier.
Alts make a great trade when the macro trend is up. https://t.co/ixUmWNm3gw
— Luke Martin (@VentureCoinist) July 15, 2019

At the moment the altcoins are still on the floor, very few have made any effort at recovery from yesterday’s altcoin apocalypse. Total crypto market capitalization is $13 billion heavier today but that is nearly all Bitcoin’s doing.
Only Bitcoin’s two siblings, BCH and BSV are making any substantial moves today as the rival coins add around 10 percent each climbing to $310 and $130 respectively.
Image from Shutterstock
The post Bitcoin Dominance Taps 70% in Recovery Rally, Are Altcoins Dead? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Libra Testimony – Facebook Expects Switzerland Govt To Regulate Libra Association

Ahead of Test hearing before US senate committee on July 16, Calibra’s CEO David Marcus released his prepared testimony which quickly revealed few crucial aspects concerning Libra.
Libra v/s US Regulators
Mr.Marcus who is currently heading Facebook’s Calibra wallet has released 7 pages long testimony document, entitling “Hearing before the United State Committee on Banking, Housing, and Urban Affairs”. There are two days of hearing set for Libra Testimony – wherein the day one, July 16 hearing will be live-streamed on the Senate Banking Committee’s website.
While the initial phases of the paper state Facebook’s vision behind launching Libra, Libra Association, Libra Reserve, partners associating with Libra association and more – it quickly adds its expectation with the regulatory regime.
However, the social media giant had initiated its Libra effort in the United States but the US Regulators – so far – has raised serious concerns over the launch of Libra. In this testimony document, David Marcus mentioned that they expect Switzerland Govt to regulate Libra because, according to Mr.Marucs, if not America, other countries will.
I am proud that Facebook has initiated this effort here in the United States, Marcus writes. I believe that if America does not lead innovation in the digital currency and payments area, others will. If we fail to act, we could soon see a digital currency controlled by others whose values are dramatically different.
As Coingape earlier reported, Facebook is opting Geneva, Switzerland as the headquarter for Libra Association, Mr.Marcus detailed that “the company had preliminary discussions with Swiss Financial Markets Supervisory Authority (FINMA) and expect to engage with them on an appropriate regulatory framework for the Libra association”. Further, it reads that;
To be clear, the Libra Association expects that it will be licensed, regulated, and subject to supervisory oversight. Because the Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). It continued adding, the Association also intends to register with FinCEN as a money services business.
Although the testimony is scheduled for today, Tuesday, July 16 at 10.am ET, its predicted that committee might first address Libra and the testimony Marcus shared ahead of the hearing and later the privacy probably become the center of the whole topic.
US Regulators v/s Facebook’s Privacy Measures
Concerning about privacy, Marcus states that the first-ever product to be launched will be “Calibra wallet” and as such the financial information of the users will not be shared with Facebook, Inc. Further, it added “as a result, it cannot be used for targeting”, whereas “the vision will especially be enabling the unbanked and underbanked to take part in the financial ecosystem”. Moreover, it mentioned;
But we expect that the Calibra wallet will be immediately beneficial to Facebook more broadly (in the form of advertising the opportunity for business and transact directly ) That increased usage is likely to yield greater advertising revenue for Facebook.
Besides all these details, Mr.Marcus noted another point in the financial section of testimony which might be a center of attention for Senate committee. While writing about the privacy and security of personal information, Mr.Marcus assured that Facebook will not be involved in user’s data, except in limited circumstances;
And, except in limited circumstances, such as preventing fraud or criminal activity and complying with the law, Calibra will not share customers’ account information or financial data with Facebook unless people agree to permit such sharing.
As for now, the result of testimony is still not available but Mr.Marcus already explained what and how he will be testifying Libra in front of Senate Committee.
You can check the result of testimony here – https://www.banking.senate.gov/hearings/examining-facebooks-proposed-digital-currency-and-data-privacy-considerations
Image Source – FT
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Source: CoinGape