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April 2005

Bitcoin (BTC) Falls Back Again As Facebook’s Libra Faces Huge Setback

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Bitcoin

Bitcoin

Bitcoin (BTC) has been on a tearing run for much of 2019 after making a remarkable turnaround from its low of last year. However, the past few days have not been particularly great for the cryptocurrency as the price fluctuated quite wildly at the start of the week. Although Bitcoin did recover, the price slumped on Friday yet again as Facebook’s proposed cryptocurrency has reportedly run into trouble with the House of Representatives Committee on Financial Services.

According to reports, the committee has apparently asked Facebook to refrain from developing Libra, its cryptocurrency, and once the news hit the wires, Bitcoin’s price started tumbling.

Key Concerns

The committee has raised concerns that the usage and prevalence of Libra could eventually lead to a monetary system that could end up competing with the one in the United States. Additionally, it would undermine the importance of the dollar, and that is clearly not in the best interest of the country, as most of the global trade is done in dollars. One of the reports even quoted one of the committee members and their fears about Libra. A member said, “This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.”

At the time of writing, Bitcoin is trading lower by 7% at just above $11k mark.

Blow to Crypto Markets

At a time when cryptocurrencies are looking for regulatory clarity, this has come as a heavy blow for most of those. In addition to Bitcoin, other leading cryptos experienced slumps as well. Ethereum (ETH), the cryptocurrency with the 2nd biggest market capitalization after Bitcoin, slumped by 3.8% to hit $285.94 at one point. The third biggest crypto, XRP, went down by as much as 4.4% at one point to slump to $0.383. It is quite clear that it has not been a particularly good day for cryptos, and considering the fact that Facebook has been asked to not produce its crypto, it has created a bit of panic in the crypto sphere today.

>> Litecoin (LTC) Outperforms Bitcoin Ahead of Blockchain Halving

On the regulatory front, the situation was further compounded by the Financial Conduct Authority of the United Kingdom when it said crypto derivatives like futures and options should not be made available to retail investors since they are extremely volatile. This is the sort of situation that cryptocurrencies have experienced for many years, and this is not the first time this has happened. However, the backlash against Facebook’s Libra is a new frontier.

Bitcoin is still up 265% from its last year’s low of $3,200.

Featured image: DepositPhotos © sdecoret

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Chicago Mayor Believes Crypto Adoption is “Inevitable”

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crypto adoption

crypto adoption

Cryptocurrency received an endorsement from Chicago Mayor Rahm Emanuel when he stated that wide-scale crypto adoption is “inevitable” at a FinTech meeting in his city earlier this week.

The chief of staff for former US President Barack Obama said that while he is no expert in crypto technology, he believes digital assets could help financially unstable countries with their economic recovery.

The politician thinks that “an alternative way of currency dealing with the debt markets is going to happen” at some point in the future.

“One day, somebody’s going to figure out—whether that’s Argentina, ten years from now, five years from now—how to use cryptocurrencies to stay alive when their [sic] facing a financial crisis, and then you’re going to find out that this moment has arrived,” Emanuel said of crypto adoption.

Countries like Venezuela have already turned to cryptocurrency in an attempt to circumvent US-led sanctions, attract investment and bring the country back from the brink of full-blown default.

Crypto Adoption: Cryptocurrency Here to Stay

Despite crypto being a highly volatile market, the Chicago mayor isn’t the only one that believes the currency is here to stay. In fact, some believe cryptocurrency could replace fiat currency as early as 2030.

Former IBM engineer Thomas Frey said at a recent event that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”

According to a recent survey led by researchers at the Neustar International Security Council, 80% of businesses are interested in using cryptocurrency for transactions. What’s more, 48% of the survey respondents said that the use of cryptocurrency could be a way for their businesses to generate income by delivering increased value.

Crypto Adoption: Big Companies Moving into the Space

A number of major companies have already begun creating their own cryptocurrencies, including Starbucks, Samsung, Square, Facebook, and IBM.

The most recent company to join the cryptocurrency movement is US multinational financial services giant Visa, which is on the lookout for project managers with blockchain and cryptocurrency knowledge to join their team.

Featured Image: Pixabay

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Telegram’s 300 Million Users May Be Able to Trade Cryptocurrency

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Telegram

Telegram

Crypto bull runs often result in developments that often seem a bit farfetched, but at the end of the day, almost everyone wants to cash in on the phenomenon. It happened in 2017, and it is happening once against in 2019 as Bitcoin led the massive crypto surge in the first half of the year.

Naturally, some of the world’s biggest tech companies are now getting an interest in Bitcoin as well as in the wider crypto ecosystem. It has now emerged that messaging platform Telegram, which is best known for providing complete privacy to its users, is going to introduce crypto trading.

Big News

According to reports, the messaging app is going to provide a crypto trading facility by way of Bitcoin and Button Wallet, the company that is involved in providing crypto wallets. It is important to note that Telegram has a massive user base of around 300 million, and if the company can leverage that user base, then the whole thing could turn into a success. The Chief Executive of Button Wallet, Alex Safonov, stated that this initiative will help in the process of mass adoption of cryptocurrencies, particularly as people do not need to use fiat money for trading purposes.

>> Blockchain.com Partnership with Payment Processor BitPay

The whole thing is simple and should not be difficult for the average Telegram user to pick up. The user needs to activate the Telegram Open Network wallet, which is powered by Button Wallet, and will then be provided with 6.6 testnet grams to use in the account. It is important to note that Button Wallet supports all the major cryptos, including Ethereum, Bitcoin, and Litecoin. Hence, a user will be able to transfer such coins into their new wallet and commence trading with other users on the platform. That being said, it remains to be seen how many users will actually use it once it is launched.

Featured image: DepositPhotos © albertyurolaits

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Bitcoin (BTC) Takes a Hit

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Bitcoin

Bitcoin

The cryptocurrency space may have been having a great time this year so far as Bitcoin started on one of its strongest bull runs since 2017 and other crypto tokens gained as well. However, it needs to be kept in mind that there are a lot of things that can disrupt the crypto space and perhaps the biggest disruption was Facebook’s recent announcement that it was going to launch its own cryptocurrency. While that was a disruptive development on its own, nothing perhaps readied the crypto sphere for an attack from the United States President.

Donald Trump Criticizes Cryptocurrencies

In a series of scathing tweets, President Donald Trump criticized cryptocurrencies and Bitcoin, before going on to add that companies like Facebook should apply for banking licenses.

In the first tweet of what is known as a ‘thread’ on the social media website, Trump said, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

>> BitTorrent Token (BTT) to Power Expedited File Sharing on TRON Network

In the second tweet, he went on to attack Facebook’s Libra and stated that the coin neither had ‘standing’ nor ‘dependability,’ and insisted that the social media company should seek a Banking Charter instead.

In this regard, it needs to be noted that this is not the first time that Facebook’s Libra has come under for attack from powerful people in the United States. Yesterday, the head of the US Federal Reserve Jerome Powell spoke about his doubts with regards to Libra and went on to state that there is going to be intense scrutiny of the token before it could be allowed to be used in any way. The statement led to a bloodbath in the crypto sphere as the prices of all major cryptos declined significantly.

At the time, Bitcoin is trading lower by 2.50% at $11,404. The most popular cryptocurrency has fallen about $2,300 from last week’s peak price of $13,764.

Featured image: DepositPhotos © actionsports

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