Libra: Facebook And Other Tech Giants Are A Threat To Large Banks, IMF Warns

The International Monetary Funds on Monday released a report based on the activities of big tech companies like Facebook entering into the finance space to operate as financial institutions. In this documentary tagged “The Rise Of Digital Money”, IMF warned that these tech companies are most likely to leave banks behind in this financial struggles.
According to the report, the IMF believed that the future of money is going digital and other conventional forms of monies like cash and bank deposits are fast going extinct. As a matter of opinion, IMF, in the document insinuated that banks must learn to adapt to this new system of digital currencies like cryptocurrencies which are already filling the wallets of enthusiasts and being registered on the mind of regulators.
Blockchain Versus Traditional Banks
Digital currencies or electronic currencies or cryptocurrencies, terms which this news uses interchangeably, are fast gaining popularity and have caught the eyes and attention of regulators around the world, central banks, and several government offices including that of the United States President, Donald Trump.
As news about cryptocurrencies came to materialize, big tech companies like Facebook ventured into the ecosystem in order to explore it. Therefore, Facebook started building a unique, probably hybrid in terms of decentralization cryptocurrency project now commonly known as Libra.
With other big tech companies, large financial institutions, and credit card companies backing Facebook’s Libra, the project quickly rose to stardom within the crypto ecosystem.
Realizing the threat of disruption Libra posed to banks and present financial bodies and existing systems, regulators drastically moved against Libra. This combination of actions caused Libra’s development to be halted till date. Facebook is awaiting a Senate hearing on Libra this week.
Banks Must Evolve Or Be Left Behind
The report maintained that while these new fast developing set of currencies renders similar services as banks and financial bodies, their blockchains enable for faster transactions, the anonymity of users, cross border settlements, and transaction cost. In contrast, these are services which present-day banking bodies and financial systems are also rendered but less efficiently.
According to the report, banks must therefore evolve or be left out.
“Some will be left behind no doubt,” “Others will evolve, but must do so quickly.”
How Countries Responded
Many regions are reacting differently to this new development. A bill to keep big tech companies out of finance was passed recently in the United States and this makes it unlikely for Libra to be implemented in the region. India maintained its crypto involvement jail term and places like China and Venezuela are actively considering the issuance of a “national cryptocurrency”.
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Source: CoinGape

Update: Bitpoint Detects Additional $2.3 million In Stolen Assets After Recent Hack

Japanese cryptocurrency exchange operator, Bitpoint, announced the discovery of additional $2.3 million (250 million Yen) on Sunday.
The news came after Remixpoint announced last week that its subsidiary (Bitpoint) was initially hacked of $32 million dollars in crypto assets.
Bitpoint, which announced the suspension of exchange activities (trading, deposit, and withdrawals) following the incidence was operating on five major crypto assets at the time. And the exchange was “unsure” or probably was still trying to figure out with assets were affected at the time.
However, Bitpoint made the announcement, indicating that most of the assets stolen from the exchange’s hot wallet were that of the customers.
As the new estimated loss following the hack now touches around $35 million, whether this newly discovered stolen asset belonged to the exchange or its customers was not mentioned.
Nonetheless, Bitpoint’s parent company continued to expand indefinitely as it passed regulatory scrutiny in Thailand.
Last week, Bitherb (also a subsidiary of Remixpoint) got licensed by SEC to operate four more crypto businesses.
Although, as Bitpoint discovers more stolen funds, it is however uncertain how things are going to turn out for three respective groups: Remixpoint, Bitpoint, and Bitherb which was recently set up in Thailand to operate under the newly acquired licenses.
At the moment, Bitpoint’s refund strategy has not yet been announced and customers are still unsure which assets were stolen, both initially and now.
Also, no official statement was made as to whether deposits and withdrawals have commenced on the platform.
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Source: CoinGape

Bitcoin [BTC] Bows To Selling Pressure, Slumps By 11% In 24 Hours

Bitcoin (BTC) was able to recover a couple of hundreds back from the previous low of $9,843 and returned towards $10,215 by the time of writing this analysis. Although, the upward movement remains slow and we still need to see a follow through to get a chance for extended upside momentum. At the time of writing, BTC/USD is changing hands at $10,215 down 11% in the last 24 hours and remained steady since the beginning of Monday.
The Technical Side
On the one day charts, Bitcoin was seen bowing to the selling pressure coming in the early hours of Monday. However, the Relative Strength Index (RSI) rebounded upward on a 1-hour time frame, which may be seen as a sign on the corresponding inbound recovery. The first resistance was met by SMA50 (Simple Moving Average) on 15-mun chart currently at $10,395. It is followed by the midline of the 1-hour Bollinger Band and the upper line of 15-min Bollinger Band at $10,500.
Once this resistance is overcome, the upward trend is likely to gain some energy with the next focus on psychological $11,000 (a confluence of SMA50 and the upper line of Bollinger Band on 1-hour timeframe). 
Alternatively, a resistor move below the $10,000 mark will bring SMA daily at $9,900 level in sight. This area is likely to show strong support, though, once it is broke, the sell-off will continue towards July 2 low at $9,657.
Source: TradingView
Altcoins
Altcoins haven’t quite found a reversal route following their persistent bear markets. It appears as though their unlucky season continues to wax stronger as most major acts like Ethereum (ETH) and Ripple (XRP) are still swimming in a pool of blood.
Source: Coinmarketcap
Ethereum (ETH) Falling Drastically
Over the past 24 hours, Ethereum has also met with a strong resistance which kept persistently below the $230 level, representing a significant loss of 17.2% in price. Ethereum shows no inbound upward trend and may likely fall below the $210 level before the bell time. At the time of writing, Ethereum is trading at $221.66.
Ripple (XRP) Down Almost 7% In 24 Hours
Ripple also got hit hard. Price fell by 6.49% within the last 24 hours and now trading $0.301 per unit. Major resistance exists at the $0.300 mark and if broken (as the case most likely is), ripple will set course for the $0.295 psychological level and may plan a rebound from there.
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Source: CoinGape

Next U.S. President Could Be A Lover Of Bitcoin

Following Trump’s controversial tweet about bitcoin last week, one might have thought Trump’s combination of words against bitcoin and all cryptocurrencies in general stir many emotions. However, traveling back through history(from recent times though), many popular Americans have always been interested in the games(blockchain and cryptocurrencies). Some of these enthusiasts are now seen running for the President of the United States in 2020.
In the most “outrageous” comment ever recorded for bitcoin and cryptocurrencies, Trump took to Twitter to boldly denounce these set of assets while tagging them “unregulated…and based on thin air”.
The issue of regulation and ” thin-air” basics became more prominently discussed within the space but not as much as people now talk about the fact that bitcoin has gained vast popularity enough to draw the attention of the president of the United States. According to Brian Armstrong, CEO of Coinbase,
“Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago,” Coinbase chief executive Brian Armstrong tweeted. “‘First they ignore you, then they laugh at you, then they fight you, then you win.’ We just made it to step three y’all.”
As the tension heightened, attention drew close to the United States 2020 Presidential election candidates and obviously, there were people whose opinions on bitcoin went South of Trump’s. At the time of writing this piece, one could conveniently assume that certain U.S. 2020 presidential election candidates were receiving donations towards the course in bitcoin and other major altcoins.
According to the report, Andrew Yang, a 2020 United States presidential candidate last year opened the doors for donations towards his presidential candidacy and included bitcoin and major altcoins like Ethereum as an optional donation method. Andrew Yang was always a big fan of bitcoin ever before Trump’s controversial comment. According to Yang,
“The blockchain has a wealth of potential. [It] could make many things more secure transparent and efficient.”
More testimonies keep rolling in at this point with more enthusiasts siding with the digital currency, bitcoin. Another 2020 U.S. presidential candidate, Tulsi Gabbard, invested in Ethereum and Litecoin in late 2017 when bitcoin rose from $1,000 to $20,000.
Ultimately, a side of the coin shows great potentials for bitcoin in the United States in years to come and possibly, an enthusiast might even be sitting in the White House at the time. They believe in the underlying technology of bitcoin and have a wide base of supporters rallying for the same purpose.
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Source: CoinGape

Bitcoin Will Defeat U.S. Dollar In Coming Years, FDD Research Reveals

The Foundation For Defense Of Democracies (FDD) in a report released July 11, 2019, has revealed the relationship between the U.S. Dollar and most popular cryptocurrency Bitcoin (BTC). The report also outlined possible outcomes of this relationship and how bitcoin is the currency of the future.
Bitcoin: Trump Fanned The Flame
Many now wonder when bitcoin became a topic of national concern and presidential debates. This was especially triggered when the President Of The United States (POTUS), Donald Trump, debased the popular cryptocurrency and compared it with the U.S. Dollar.
For many crypto enthusiasts and evangelists, this was the beginning of the mass adoption of the cryptocurrency space in general. And in fact, in correlation to this belief, the controversial digital currency rose to stardom with a corresponding bullish movement in the following hours.
U.S. Dollar: The Beginning Of The End
For the U.S. Dollar, it marked the beginning of the end. As many Americans have now come to notice, the war between the U.S. Dollar (USD) and bitcoin (BTC) is probably going to end with bitcoin (BTC) laughing last and best, to be more realistic!
While Bitcoin (BTC) has met with many skeptics in its decade long existence, it has come to be recognized and placed itself at the center of the world’s fast-growing technology currently preparing to disrupt this present financial system.
Financial Authority Shifting Towards The Blockchain
According to the journal, the United States holds the world financial power and pulls the strings as of today. Although, more than 50 years ago, the Dollar was not a thing of concern as the Great Britain Pound (GBP) was in control. However, the events that turn the situation around and placed the USD in limelight has now shifted to Bitcoin. This result was predicted to be similar to what was experienced between the Great Britain Pound (GBP) and the U.S. Dollar (USD).
However, the U.S. position of influence is not necessarily permanent. Technology has created a potential pathway to alternative financial value transfer systems outside of U.S. control. The target timeline maybe two to three decades, but these actors are developing the building blocks now. They envision a world in which cryptocurrency technology helps them eclipse U.S. financial power, much the way that the dollar once eclipsed the British pound
Decentralization All The Way
The power of decentralization of the blockchain has thrown an eye-opener to economic competitors of the United States. Countries like China might have seen a “savior” as to how the U.S Dollar could be stripped off of power. As these countries continually search out new channels and adopting cryptocurrencies, they seek to build financial systems that work outside of the United State’s grip and control. An excerpt from the journal also stated that,
“Efforts are underway around the world to build new systems for transferring value that works outside of conventional banking infrastructure. The Bitcoin software code enables users to send non-copyable digital assets, known as a cryptocurrency or digital currency, to another person without an intermediary, removing the role of the traditional banking sector…”
“U.S. adversaries see this development as an opportunity to reduce Washington’s ability to impose economic sanctions, which depend on intermediaries like traditional banks to monitor compliance…”
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Source: CoinGape

Amidst Recent Hack, Remixpoint Gets New Crypto Services Approvals

Bitherb Co. Ltd. which is a subsidiary of Japanese public company Remixpoint, which operates a regulated Japanese crypto exchange, Bitpoint Japan, has been approved by Thailand’s Securities and Exchange Commission (SEC) to operate four new crypto services.
According to report on the commission’s website, the company, which has not begun operating on these approvals yet would be able to operate along the lines of the country’s SEC categories of crypto operation approvals available to companies including crypto exchange service, digital token exchange service, crypto brokerage service, and a digital token brokerage service.
The past few days have been particularly disheartening for Remixpoint and its subsidiary companies. On Thursday, the company announced a break of security in which one of its subsidiaries, Bitpoint, a Japanese crypto exchange was hacked and lost $32 million in crypto assets. Although the assets that were stolen were not exactly reported at the time, the exchange had trading support for five major cryptos including BTC and ETH.
The news of new approvals and event of hacking coming at the same time would create a mixed feeling for the big company who seemed to have several subsidiaries. While issues of refunding the customers affected in Bitpoint hack comes to mind, another issue is the funding of the new projects recently gotten approvals for.
Thailand seems to be catching up in the cryptocurrency adoption game. Recently, the Thai’s SEC approved three other companies to operate crypto services. These companies, which were all approved this year include Bitkub Online Co. Ltd. (Bitkub), Bitcoin Co. Ltd. (BX), and Satang Corporation (Satang Pro) — were approved in January. All of them got approvals for both cryptocurrencies and digital tokens.
Remixpoint announced in February that  BitHerb Co. Ltd. had gotten four approvals. However, the commission had not completely validated the subsidiary’s system and had not added it to its list of approved companies.
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Source: CoinGape

Digital Assets Will Cause Millennials To Dump Gold For Bitcoin- Barry Silbert

Popular Bitcoin enthusiast and crypto investor, Barry Silbert, during an interview with Inside the Icehouse earlier Thursday, has expressed his opinions about world gold reserves and how Bitcoin would come to replace fiat and many other popular assets including Gold in years to come.
Barry, The Crypto King
Barry Silbert, known by some as “the crypto king” is the Founder and CEO of Grayscale Investments LLC, the parent company of Grayscale bitcoin trust.
Barry also founded and is the CEO of Digital Currency Group, a global enterprise building, supporting and investing in over 140 companies across the globe including Coinbase and Ripple.
New York Fed, World’s Gold Largest Depository
Speaking on the world’s gold reserve as a store of national value for countries and how these countries might need the bitcoin alternative in the future, the Federal Reserve Bank of New York was made a major point of reference.
For the records, the Federal Reserve Bank of New York is the largest depository of monetary gold. Sitting on around 497,000 gold bars with a total weight of 6190 tons buried 50ft below sea level, the New York Fed acts as gold custodian for account holders like the U.S. and the governments of other countries.
Gold Slowly Declining In Availability
According to the report, the history of this enormous gold city dates back to World War II when most countries sought a safe place to store their gold. As of 1937, the mass of gold present at this location was more than 12,000 tons, an amount twice as much as the present reserve. As this world gold reserve continue to decline slowly, more declination is expected to come in years. This then begged the question of what would replace this reserve when all the gold storage is out!
XAU/USD Performance
Recently, gold caught a bullish trend in the stock exchanges and this caused quite a roar as to which was better when compared to bitcoin. Several arguments were put forward along the lines of availability, volatility, acceptability and monetary value. While some bitcoin pessimists maintained that bitcoin was too volatile as a medium of exchange and therefore not a typical currency, bitcoin backers countered by arguing the security, ease of movements and returns on investments side of the story. This was on for some time.
Bitcoin’s  Adventure
Bitcoin too has been bullish for a while after its bearish season of 2018. Although not much happened as to touching its all-time high, it touched a significant $13k USD price in June, a point many thought bitcoin would never rise to again!
Bitcoin Is Readily Available With Fixed Total Supply
However, Barry’s point of view remains understandable and quite straightforward. Bitcoin is definite in supply, easy to transact, readily available and secure(as long as a user stores private keys securely). This relative properties of bitcoin to gold would account for much availability of bitcoin against gold in coming years. Also, as against gold, the total supply of the world bitcoin is certain and increasing value is highly speculated. According to Barry, this would make for a good asset useful as a store of national value in the long run.
Bitcoin Taking Over
Barry, in his opinion on bitcoin taking over fiat and even gold, said there would be no more fiat in years to come and few countries have already recognized the truth. Countries like Venezuela and China are looking into developing national cryptocurrencies in preparation for the crypto revolution. Others will follow the trend too, according to Barry.
It is clear that cryptocurrencies are here to stay as an asset class… It is clear that Money is going digital. It is clear that, in the future, physical cash is gonna go away… You know, from history over 500 years, the average life of fiat currencies is 27 years…
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Source: CoinGape

Ethereum Cofounder Hits At Libra, Says It Erodes Privacy Gains

Ethereum Cofounder, Mihai Alisei has expressed his concerns about the idea of Facebook Libra project’s possibility of disrupting the blockchain’s privacy.
Alisei maintained that the blockchain technology was supposed to render a decentralized trustless peer-to-peer system of exchange between users which enables privacy of gains. According to Alisei,
Regulated blockchain projects like Libra would subject blockchain users under the watch and scrutiny of financial regulators. This would totally erode the privacy expected of the blockchain.
Facebook Libra caused quite a stir since its official announcement. Facebook and it’s Libra team came under several attacks and oppositions which served as a major resistance to the project’s development. Earlier this month, Maxine Waters and other top members of the House Financial Service Committee asked Facebook to halt the development of Libra until the further regulatory investigation was concluded.
Based on these circumstances, Facebook’s Boss; Mark Zuckerberg and his Libra team would attend a Senate hearing next week. The head of Facebook’s Libra project, David Marcus, promised to answer all legislators’ “important questions”.
Although Libra fell on rocky waters in some countries like India, Iran, and China, it has also become immensely popular among crypto enthusiasts who believe widely in the project.
The more Libra’s popularity grows, the more likely it becomes of it to be heavily regulated, thereby subjecting its blockchain privacy to the set of regulations under which the present financial system and banking are run.
Distributed networks are simply decentralized and exists over a P2P design. Corporate control goes against the ethos of distributed networks. There is no much decentralization, privacy, and anonymity. Libra would achieve a hybrid- something partially decentralized which would retain some of the qualities of the present banking system or financial service agencies.
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Source: CoinGape

Japanese Exchange, Bitpoint Got Hacked; $32 Million Missing!

Japan has experienced another cryptocurrency exchange hacking this year, perhaps the first of the year’s second half. This time, a licensed Japanese cryptocurrency exchange, Bitpoint reported Friday to have been hacked of some crypto assets totaling around $32 million dollars.
According to report received in the early hours of Friday, Bitpoint halted all exchange operations including deposited and withdrawal requests, as well as trading activities on its platform following the event of the successful hacking.
Bitpoint is a licensed Japanese cryptocurrency exchange under its parent company Remixpoint Inc. In the announcement following the event, Bitpoint revealed that the exchanged noticed a security breakthrough in which irregular withdrawals were made from its online wallets on Thursday.
At the time of writing the article, Bitpoint had not revealed which assets were stolen, however, the exchange had trading support for only five cryptocurrencies including BTC, BCH, Ether, XRP, and LTC.
According to Remixpoint Inc’s official announcement, the hack affected majorly the customer’s funds. It was reported that 71% of the funds stolen were customers assets as $23 million of the stolen funds were customers deposits.
Japan has been getting hits from hackers recently and has reported cases of hacking a couple of times this year already. With Japan regulators looking to see into cryptocurrencies adoption, the news of exchange hackings would have a great impact on the country’s cryptocurrency regulations decision.
More updates expected from Bitpoint regarding the hack.
The exchange’s parent company Remixpoint Inc. said in an announcement that $23 million of the illegal outflow belonged to its customers.
The hack is the latest incident that has happened to exchanges in Japan. In September 2018, Zaif, also a licensed exchange under the Japanese Financial Services Agency, was hacked and lost $60 million worth in cryptocurrencies.
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Source: CoinGape

Fed’s Chairman Denounces Libra, Predicts Project’s Uncertainty To Surpass Regulatory Demands

Jerome Powell, Chairman of the U.S. Federal Reserve has issued a stern warning to Facebook along the lines of its Libra project, maintaining that developments of the highly controversial cryptocurrency project cannot proceed until the accurate regulatory procedure has been put in place.
In Powell’s words, “serious concerns” are yet to be expressed and must be addressed before developments and implementation procedures.
Facebook seems to be under the limelight recently, particularly as a result of its newly announced cryptocurrency project, Libra. In this global financial services provision, as many as 1.7 billion unbanked people globally are targeted with financial services. This, according to report would enable Whatsapp and Facebook users to send and receive money on the respective platforms.
As many come to believe in this inbound “new dawn”, several governments and financial agencies move to put Libra under strict regulations, a result of which Facebook had to halt the development and implementation of Libra initially planned to launch in 2020.
The announcement of Libra had initially spelled good luck for bitcoin. This news came at the time when bitcoin was just recovering from the 2018 bear markets. With excitements of Libra in the air, bitcoin caught a bullish trend and moved up quite rapidly to record a high all-time of 15 months at $13,100 around early June. As bitcoin tried to maintain this those good day, news of Libra’s uncertain future caused a setback and bitcoin moved down the charts once again, loosing around 10% within the last 24 hours.
Powell commented that the proposed Bitcoin rival, Libra being developed by Facebook posed some serious financial problems than anyone can imagine as of now. According to him,
“Libra raises many serious concerns regarding privacy, money laundering, consumer protection, and financial stability,” Powell warned, added he doesn’t think “the project can go forward” until these are addressed.
Adding that Libra doesn’t exactly fit into the current financial system and policies, Powell also expressed his views on how regulatory procedure Libra has to pass through before implementation.
“It’s something that doesn’t fit neatly or easily within our regulatory scheme but it does have potentially systemic scale,” he said. “It needs a careful look, so I strongly believe we all need to be taking our time with this. The process of addressing these concerns should be a patient and careful one, not a sprint.”
Mark Zuckerberg and his Libra team, according to report are currently preparing to attend a Senate hearing next week and have promised to follow due regulatory process and cooperate with regulators. However, the implementation of Libra in other regions like India and China still remains uncertain.
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Source: CoinGape

Crypto Market Update: Bitcoin Falls Towards $11k, ETH Down -11.75%, XRP Follows The Lead

The bear markets are particularly massive and still very much around, at least, for a few days.
BTC, as well as major alts, were seen fallen drastically in price, making lower highs and escaping below major support levels to establish lower prices within the last 12 hours.
As it stands right now, the first 5 largest cryptocurrencies in terms of market capitalization have all dropped prices by at least 10% within the last 24 hours with BCH leading the pack at -18.19%.
This market situation only spark the mind-blowing question of whether the recent bullish trend that was seen in bitcoin and a couple of other altcoins was a “mere” bubble as few analysis predicted and whether the short-lived bull markets are officially over?
BTC Shed More Than $800 In The Last 12 Hours
As against all indications, BTC broke the two major support levels at $12,100 and $11,600 marks respectively to establish a lower price below $11,500. Now trading at $11,497.83, BTC is currently looking to test the support level at the $11,000 mark area.
Bitcoin Price Chart | Source: TradingView
Although BTC retained its market dominance at 65.33%, it has a market cap of $204.82 billion.
Ethereum Price Going Down
Ethereum was one of the alts which felt the pressure of the BTC crash. Although ETH previously rose alongside BTC, its corresponding pullback upon Bitcoin’s bear signal was correlating. At the time of writing, Eth had lost -12.21% in price and was traded at $271.42.
Ethereum 1 day Price Chart | Source: TradingView
XRP Still In The Valley
Ripple was the first to predict the inbound bearish signal about 2 weeks ago. While BTC and ETH cruised towards stardom, with XRP initially following the train, it suddenly took a bend in the opposite direction started its movement down the rail. From a significant $0.42 about 12 days ago to its present $0.33 price, ripple had fallen by 15.42% within the last 24 hours.
XRP 1 day price Chart | Source: TradingView
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Source: CoinGape

Bitcoin Losses More Than $600(-5%) In Less Than An Hour As Alts Continue Their Bearish Trend

BTC and major alts coins, as seen on CoinMarket Cap (CMC), have caught a bearish fever over the last 2 hours. With BTC at the head of this trend, as many as the first 20 cryptocurrencies listed on CMC are falling drastically in price and market capitalization.
The crypto market has been experiencing a “one-sided” alternate bull seasons with only BTC showing great potentials of the price increase. Within the last 48 hours, BTC rose by at least 12% while alts could only seek for a bull season return as they continued their bearish festival.
BTC Over A 1-hour Period
Now, over the last 1 hour, BTC too seemed to have nurtured the common touch and has lost about $739 which represents around -5% decrease in price.
At the time of writing this piece, BTC was trading at $12,375.11 and had climbed down the charts from $13,100 losing $725, about 15 hours since the start of the day.
CoinMarket Cap Showing price chart of bitcoin over 24-hour period | Source: coinmarketcap.com
BTC is capped at $220.54 billion and has a market dominance of 65.41%.
Major Alts
Ethereum (ETH): Ethereum followed the bullish signal and had also moved up the charts recently. However, over the last 24 hours, Ethereum has moved down the charts from $312 24-hour high to its present price.
At the time of writing this piece, ETH is trading at $289.17, which represents a price loss of around -6.75%. Eth is capped at $30.94 billion and has a market dominance of 9.19%.
Ripple (XRP): Ripple made a show of going bullish recently by climbing up to $0.4. However, the show didn’t last as the 3rd most popular cryptocurrency in terms of the market cap had not much to offer.
On the 24-hour price movement, XRP had crashed seriously from the $0.398 mark to a disappointing $0.357 level, representing around 9.47% decrease in price.
At the time of writing this article, XRP is trading at $0.357 and is capped at $15.2 billion.
Other major alts including bitcoin cash(BCH), Litecoin (LTC), EOS, Binance coin (BNB) and Tron (TRX) have all taken a bear blow with all falling down the charts.
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Source: CoinGape

Libra: Facebook Speaks Again, Promises To Answer Lawmaker’s “Important Question”

Following Maxine Waters’ call for Facebook to halt the development of its new cryptocurrency project, David Marcus, head of Libra, has assured Maxine Waters and other top members of the House Financial Service Committee that Facebook’s new cryptocurrency development team is “taking the time to do this right”.
The letter, dated July 3rd, which was sent in response to Democratic lawmakers’ Moratorium on Libra, David promised to answer lawmakers “important questions” in a bid to defend Libra’s mission.
The Rising Issues With Libra
Libra is probably facing some hard times for a few obvious reasons. First, it draws natural pessimists from the present financial system who believe that projects like Libra would disrupt the financial system.
Also, Facebook has recently received accusations of user data and privacy scandals. For a cryptocurrency project which promises to render cross-border payments services, the issues of user data and privacy are of significant interests.
Further, Facebook has a user base of over 2.3 billion globally and also possesses records of privacy scandals. This made a good subject matter for regulators around the world to predict Libra’s propensity to fail along the lines of user data protection and privacy policies.
More To Be Heard Next Week
Next week, the house is expected to hold a hearing on Libra and David, in preparation to explain the core importance and use cases of the project have assured members of the house of maximum cooperation.
The Winklevoss Brothers’ Take On Libra
During an interview session with CNBC in which the Winklevoss twin brothers were present, they expressed optimism about Libra’s future implementations and possibilities of other tech giants following the trend.
Amidst preparation for next week’s Facebook Libra’s Senate hearing, Tyler Winklevoss, during the interview, advised Facebook’s CEO, Mark Zuckerberg and his team to cooperate with lawmakers. According to Tyler,
“Work with regulators…,” “Talk with them. You know, we definitely went through the front door, and we tried to educate the regulators and shape the regulation in a thoughtful manner because if you get the regulation wrong it can stifle innovation, but the right regulation allows for innovation to flourish, and we think we have achieved that right balance with New York.”
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Source: CoinGape

Former PBoC Governor Criticizes Libra, Outlines Libra’s Shortcomings

According to a trend of tweets made by CnLedger on Wednesday morning, former People’s Bank of China‘s governor, Xiaochuan Zhou has made a comment about the highly controversial Facebook’s proposed cryptocurrency, Libra. According to Zhou through CnLedger’s Wednesday tweet,
Facebook’s Libra may pose difficulties on global monetary policies and disrupt the existing financial system.
Cryptocurrency Regulation In China
China has taken it as a point of duty recently to moderate the use of cryptocurrencies in the country and has taken drastic measures in an attempt to put these new class, yet, highly volatile category of assets under strict financial policies and governmental control. Although recently, as more controversies revolve around cryptocurrencies, particularly, Bitcoin, which is experiencing a current bullish trend and the newly proposed Libra developed by Facebook to achieve a global cross-border payment, China has also made a show of wanting to readopt the use of cryptocurrencies again, as against their present ban on these class of assets.
ICO Ban Of 2013
Within a period of 5 years(2013-2018) under the leadership of Xiaochuan Zhou as the governor of the People’s Bank of China (PBoC), a famous Chinese bitcoin exchange crackdown and ICO ban were conducted in China. With Zhou at the head of this revolutionary policies, ICOs and more generally, the use of cryptocurrencies were banned in China and this has remained valid till date.
The Invention Of Libra
Social media giant, Facebook also started thinking along the lines of creating a cryptocurrency lately in a vision to provide financial services to the billions of “unbanked” persons around the world. This revealed arrangement would enable global Facebook and WhatsApp users to send and receive money through these respective platforms. Although Libra, as the project is now widely recognized, was planned to launch in 2020, it fell short of regulatory clearance and has been stopped until further notice.
Merits And Demerits Of Libra
Zhou, according to CnLedger acknowledged that Libra exhibits characteristic of price stability as against typical cryptocurrencies and would help to reduce the problems of cross-border payments in developing countries. However, Libra’s Anti-Money Laundering (AML) and fund custody issues are also points of disadvantage.
China’s Way Forward
In this dilemma of a situation, China’s concerns about Libra is quite clear and straightforward; Though Libra faces regulatory attacks, its chances of survival(in its original design) is next to nothing. And if not Libra, there would always be something else of similar design. If eventually such thing as Libra comes to play, it would be supported by people who are integrated with the global dollarization trend. In this wise, it is only reasonable for China to take precautions, undergoing quality policy research before nurturing the common touch.
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Source: CoinGape

Binance Reduces Block Confirmations On BTC & ETH Transactions

Giant cryptocurrency exchange, Binance on Tuesday announced through their official announcement channel that the platform had reduced the required number of network confirmations needed to deposit and withdraw major cryptocurrencies on their platform.
As the exchange revealed that the decision was taken as a measure of customer satisfaction, the assets included in the new development are the two top cryptocurrencies; BTC and Eth.
Binance also seized the opportunity to promise its vast community of continual customer satisfaction efforts and also informed members to always submit suggestions relating to the development of the exchange. According to the announcement, To provide a better service for our users, Binance has made the following adjustments to the number of block confirmations required for user deposits & withdrawals
In this new development, the number of network confirmation needed to deposit BTC was halved from 2 block confirmations to 1 block confirmation while the block confirmations needed to make withdrawals stands at 2 block confirmations.
The block confirmation halving also applied to Eth transactions, but this time, a bit improved!
The number of block confirmation for both deposits and withdrawals of Eth was reduced from 30 to 12 block confirmations.
The announcement closed with an appreciation remark and pledged continual and improved service offerings.
The post Binance Reduces Block Confirmations On BTC & ETH Transactions appeared first on Coingape.
Source: CoinGape