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Tuesday, July 16, 2019
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Libra Testimony – Facebook Expects Switzerland Govt To Regulate Libra Association

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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

The post Libra Testimony – Facebook Expects Switzerland Govt To Regulate Libra Association appeared first on Coingape.

Quadrant Protocol officially launches Data Smart Contracts Payment Module

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CryptoNinjas – Bitcoin, Cryptocurrency & Blockchain Asset SourceQuadrant Protocol, the technology that maps and authenticates data making it easier to buy and sell quality, authentic data feeds, has announced the launch of its Data Smart Contracts Payment Module to be released on the Quadrant.io platform. The Data Smart Contracts Payment Module brings enterprise data subscriptions onto the blockchain and facilitates the production […]https://www.cryptoninjas.net/2019/07/16/quadrant-protocol-officially-launches-data-smart-contracts-payment-module/

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

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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.”

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.

bitcoin

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.”

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.

DAG-based DLT project Ring Network shuts down development

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CryptoNinjas – Bitcoin, Cryptocurrency & Blockchain Asset SourceRing Network, which before rebranding started out as TrustNote, a project developing a MimbleWimble implementation of a DAG-based distributed ledger system, today announced “that after careful deliberation it made a tough operational judgment call about the proposed upcoming mainnet changes and has decided to pause the work being done to bring the Ring Network testnet […]https://www.cryptoninjas.net/2019/07/16/dag-based-dlt-project-ring-network-shuts-down-development/

Bitcoin Price (BTC) Trading Near Inflection Point After Recent Recovery

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  • Bitcoin price started a decent upside correction after trading as low as $9,784 against the US Dollar.
  • The price traded above the $10,500 and $10,800 resistance levels to start the recent recovery.
  • Yesterday’s highlighted major bearish trend line was breached with resistance near $10,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is now facing a strong resistance near the $11,000 and $11,100 resistance levels.

Bitcoin price started a strong recovery above $10,500 against the US Dollar. However, BTC is still struggling to settle above $11,000 and it could resume its decline in the near term.

Bitcoin Price Analysis

Recently, we saw a significant decline in bitcoin price below the $11,000 support against the US Dollar. The BTC/USD pair also spiked below the $10,000 support and settled below the 100 hourly simple moving average. A new monthly low was formed near $9,784 and the price recently started an upside correction. There was a strong upward move above the $10,300 and $10,500 resistance levels.

Moreover, the price traded above the 23.6% Fib retracement level of the last key drop from the $11,923 high to $9,784 low. Additionally, yesterday’s highlighted major bearish trend line was breached with resistance near $10,680 on the hourly chart of the BTC/USD pair. The pair even spiked above the 50% Fib retracement level of the last key drop from the $11,923 high to $9,784 low.

However, the price struggled to hold gains above the $11,000 resistance level. It seems like the $11,100 level and the 100 hourly SMA acted as a hurdle. Besides, the 61.8% Fib retracement level of the last key drop from the $11,923 high to $9,784 low also prevented gains. At the moment, the price is correcting gains below the $10,900 level. It seems like there is a breakout pattern forming with resistance near $11,100 on the same chart.

If there is a successful close above the $11,100 resistance and the 100 hourly SMA, there could be a convincing upward move towards the $11,500 resistance. Conversely, if there is no close above $11,000 and $11,100, the price is likely to resume its slide in the near term.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly facing a strong resistance near the $11,000 and $11,100 levels. As long as the price is below $11,100 and the 100 hourly SMA, the bears remain in control. Therefore, BTC is likely to resume its downward move.

Technical indicators:

Hourly MACD – The MACD is about to move back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD settled above the 50 level, but it lacking momentum.

Major Support Levels – $10,500 followed by $10,000.

Major Resistance Levels – $11,000, $11,100 and $11,500.

The post Bitcoin Price (BTC) Trading Near Inflection Point After Recent Recovery appeared first on NewsBTC.

Bitcoin [BTC] Price Logs $11,000 as Crypto Market Hails Secretary Mnuchin’s Speech

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The Secretary of the US Treasury held a press conference to address the concerns around the popularity of cryptocurrencies, especially Bitcoin and Libra. Since Facebook’s announcement of Libra, many regulating and statutory bodies in the US have come out and expressed their doubts.

Secretary Steven Mnuchin issued the address as an emergency announcement on cryptocurrencies. The highlight of the speech was primarily security concerns around the illicit use of cryptocurrencies. These include money laundering, trafficking, and terrorist financing.

Nevertheless, he seemed comfortable with the prospects of it being used as a speculative instrument. He said,

I’m not speaking on the investment merits of bitcoin, and using it for speculation. I am speaking on stopping the illicit financial activity.

BTCUSD
BTC/USD 4-Hour Chart on Bitstamp (TradingView)

Although it was an emergency speech that made many traders apprehensive at the moment. However, the market has gained about $750 since then. The price of Bitcoin at 3: 45 hours UTC on 16th July 2019 is $10786. It was trading around $10,200 before the announcement and touched a 12-hour high around $11,050.

Mati Greenspan, the Senior Market Analyst at eToro, shared the price analysis of Bitcoin as the speech was made. He tweeted,

Bitcoin is up 5% since Mnuchin started his emergency crypto speech 1 hour ago.

Bitcoin Mnuchin
BTC/USD 1-Minute Chart Analysis – The market region represents the time of the Speech (Source)

Nevertheless, he also mentioned that cryptocurrencies are considered “national security at the moment.” Hence, even while the traders and investors seem to be in the clear, various regulations and new law impositions can be expected from the US. Mati Greenspan said,

This attack seems to be targeted at Libra and not at bitcoin but there’s no doubt they’re about to crackdown on the entire industry.

Moreover, Secretary Mnuchin explicitly mentioned that the primary reason behind the emergency address was the attention grabbed by Libra. On Friday, the President of the US, Trump, also expressed similar views. He said that he wasn’t a ‘fan of Bitcoin.’ Both Mnuchin and Trump believe that its value is based on thin air.

Nevertheless, the crypto-community still sees it as a triumph. The mainstream attention and even a partial acceptance at the moment in welcomed by the traders. Vinny Lingham, crypto-Analyst and trader tweeted about these sentiments of progress for a crypto-trader, as he said,

2009: What’s a Bitcoin?
2014: Bitcoin is dead!
2019: Should we ban Bitcoin?
2024: What’s a Dollar?

Watch the full video here,

Do you see this as a win for cryptocurrencies or an issue of concern? Please share your views with us. 

The post Bitcoin [BTC] Price Logs $11,000 as Crypto Market Hails Secretary Mnuchin’s Speech appeared first on Coingape.

Crypto Market And Bitcoin Facing Many Hurdles: BCH, BNB, EOS, TRX Analysis

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  • The total crypto market cap recovered after it dived towards the $250.0B support area.
  • Bitcoin price also corrected higher above the $10,500 and $10,800 resistance levels.
  • EOS price is currently consolidating above the $4.100 support area.
  • Binance Coin (BNB) settled below the $30.00 level and it is currently trading near $28.00.
  • BCH price is up more than 10% and it broke the $280 and $300 resistance levels.
  • Tron (TRX) price is slowly recovering and it recently broke the $0.0250 resistance area.

Bitcoin and the crypto market cap started a decent upside correction, but facing many hurdles. Ethereum (ETH), binance coin (BNB), BCH, ripple, tron (TRX), litecoin and EOS could resume their decline.

Bitcoin Cash Price Analysis

After a significant decline, BCH price found support near the $260 level against the US Dollar. The BCH/USD pair started a decent upward move and broke the $275 and $280 resistance levels. The price is up more than 10% and it recently broke the $300 resistance level.

The next resistance on the upside is near the $320 level. If the price fails to continue higher, it could decline once again towards the $280 support level in the near term.

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price spiked towards the $4.000 support area during the recent slide. Recently, the price started an upside correction and moved above $4.100. The price is currently consolidating near $4.200, with a strong resistance near the $4.400 and $4.450 levels. On the downside, the $4.100 and $4.000 levels are important supports for the current wave.

Tron price declined heavily and even broke the $0.0240 support area. TRX price tested the $0.0230 level and it recently corrected higher. The price is now trading above the $0.0250 level, but it might struggle to move above the $0.0265 and $0.0272 resistance levels in the near term.

Binance coin (BNB) settled below the key $30.00 support area. BNB price is now consolidating near the $28.00 level and it could struggle to climb above the $28.50 and $29.20 resistance levels. The main resistances are near the $30.00 and $30.20 levels.

Bitcoin Crypto Market Cap Altcoins ETH, XRP, BCH, LTC, EOS, TRX, ADA, BNB

Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp decline below the $300.0B support area. The market cap even broke the $280.0B support and moved close to the $250.0B support area. A swing low was formed near $254.0B and the market cap recently recovered higher. It broke the $260.0B and $270.0B levels, but the previous support near the $280.0B and $285.0B levels acted as a strong hurdle. The current technical structure suggests that there could be more declines in the market cap. Therefore, bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX are likely to struggle to continue higher.

The post Crypto Market And Bitcoin Facing Many Hurdles: BCH, BNB, EOS, TRX Analysis appeared first on NewsBTC.

Polkadot Tokens Valued at $75 Pre-Launch in Crypto ‘Futures’ Offering

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They don’t exist yet, but you can soon buy Polkadot tokens from CoinFLEX via a new mechanism: the initial futures offering (IFO).

Ethereum Price (ETH) Remains Sell Despite Recent Bitcoin Recovery

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  • ETH price traded as low as $212 and recently corrected higher against the US Dollar.
  • The price traded above the $220 and $225 resistance levels, but it is still trading in a bearish zone.
  • There is an ascending channel forming with resistance near $240 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its slide if it struggles to clear the $240 resistance area in the near term.

Ethereum price is slowly recovering versus the US Dollar, along with bitcoin. ETH price is likely to face a lot of hurdles near the $240 and $242 resistance levels.

Ethereum Price Analysis

Recently, we saw a sharp decline in bitcoin, Ethereum, ripple and other major altcoins against the US Dollar. ETH/USD even broke the $240 and $230 support levels. The pair traded close to the $210 level and settled well below the 100 hourly simple moving average. A swing low was formed near the $212 level and the price recently started an upside correction.

More importantly, bitcoin price gained nearly 8%, sparking a recovery in ETH above the $220 resistance. Moreover, the price broke the 23.6% Fib retracement level of the last key drop from the $270 high to $212 low. It even traded above the $230 level, but struggled to clear the $235 resistance. At the outset, there is an ascending channel forming with resistance near $240 on the hourly chart of ETH/USD.

The channel resistance is also near the 50% Fib retracement level of the last key drop from the $270 high to $212 low. Therefore, the price is likely to face a strong resistance near the $240 area. A successful close above the $240 resistance may push the price towards the $250 and $255 levels. The 100 hourly SMA is also positioned near the $255 level and a bearish trend line on the same chart to act as a resistance.

Conversely, if there is no upside break above the $240 resistance, the price may resume its slide. An immediate support is near the $225 level, below which it could test the $220 level. If there are more losses, the price could revisit the $212 swing low in the near term.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is slowly recovering, but there are many hurdles on the upside near $235, $240 and $255. Therefore, sellers remain in action in the short term unless the bulls gain strength above $240 and $255.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is currently losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD failed to stay above the 50 level and is currently moving lower.

Major Support Level – $220

Major Resistance Level – $240

The post Ethereum Price (ETH) Remains Sell Despite Recent Bitcoin Recovery appeared first on NewsBTC.

Vitalik Buterin: Use Bitcoin Cash to improve Ethereum scalability

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