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February 2006

Bitcoin Bulls are Back | Why 2019’s Rally is Different Than 2017

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Bitcoin

Bitcoin

July might have been a forgettable month for Bitcoin after six months of steady gains this year, but the cryptocurrency has made a remarkable comeback in August so far.

Bitcoin Near $12K

The rally started at the beginning of the month and has continued as the cryptocurrency seems poised to touch $12,000 per token. While the month of July saw Bitcoin price fluctuating due to a range of extraneous issues starting from criticism of the cryptocurrency by United States President Donald Trump to Facebook’s Libra, August has seen a complete reversal of sorts. According to the chief of Fundstrat and noted crypto bull Tom Lee, the current rally in Bitcoin is related to the economic risks that have originated at a global level.

He stated that earlier, the price of Bitcoin’s value used to be directly tied to the United States Dollar, and generally, the price rose as the dollar weakened. However, Bitcoin’s rally in 2019 has coincided with a period during which the dollar has been remarkably strong and hence, it proves that the cryptocurrency is definitely no longer so closely tied to the dollar. Lee stated that it has been the same with Bitcoin’s relation with gold, and this proves that Bitcoin is possibly now being used as a protection against the current global risks by investors.

>> Grayscale Investments to Make Biggest Transfer in Crypto History

Due to the wreckage in many markets that have been triggered by the United States-China trade war and other factors, many investors are now looking for safe assets in which they can park their money. Hence, many are now choosing the US dollar, bonds, gold, and Bitcoin.

The trade war between the world’s two biggest economies does not seem to be coming to an end anytime soon, and it escalated further after China devalued its currency. The Yuan is now at its lowest in a whole decade, and the continuation of the trade war could well prove to be a blessing for Bitcoin.

Featured image: DepositPhotos © KostyaKlimenko

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Libra Gets First Major Political Backer in US Congress

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Libra

Libra

Libra, the underfire planned cryptocurrency led by Facebook (NASDAQ:FB), has been dominating headlines in the world of crypto for all the wrong reasons. Regulators on both sides of the Atlantic have been staunchly opposed to the development of the coin, labeling it a threat to the economic and monetary sovereignty of nations. However, in a rare show of political support for Libra, Republican Senator for South Dakota Mike Rounds has written to Anchorage to endorse the project.

Anchorage, a South Dakota-based trust fund, is one of the 21 founding chartered members of the Libra Association, the non-profit organization that will oversee the project. Rounds described the project as an example of a technological advancement that he feels is needed to aid US consumers. “Technologies like Libra … have the potential to help unbanked and underbanked consumers right here at home […] It would be unfortunate to shun a new solution that could connect more of the most vulnerable Americans to our financial services system,” wrote Rounds.

Rounds also emphasized his belief in the importance of Congressional regulation of Libra and said he supports expanding US anti-money laundering law to cover cryptocurrency, but he was critical of the “archaic and inflexible nature of our regulatory and legal system” that drives companies to incorporate internationally. Rounds also described the negative reaction to Libra as “puzzling” and claimed that there is no legal way to define a cryptocurrency as a security, due to the fact the Securities Act of 1933 is outdated.

>> Huobi Intends to Open Fiat Gateway with Lira-Tether in Turkey

It is an interesting stance from Rounds, although undoubtedly motivated by the backing of a major trust fund located in his home state. However, it will be interesting to see if Rounds’ support of Libra leads to more politicians going against the grain and also voicing their support for the project. Mark Zuckerberg is due to defend Libra before congress at a meeting of the House Financial Services Committee next Wednesday, which will be chaired by one of its staunchest critics, Democrat Representative Maxine Waters of California.

Featured Image: DepositPhotos © BiancoBlue

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TRON Partners With Metal Pay to Enable Instant Purchase of TRX

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TRON

TRON

Over the past few years, TRON (TRX) has emerged as one of the more promising cryptocurrencies in the market, and today, there was another landmark announcement regarding the token. According to the announcement today, TRX has partnered with Metal Pay, a cryptocurrency service provider, and the agreement is expected to be beneficial for the cryptocurrency.

Major Details

By way of this agreement, users on the Metal Pay mobile application will be able to purchase TRX with fiat currency. This is a major development because it opens up TRX to a far bigger pool of investors and could have an effect on its price as well.

In this regard, it should also be pointed out that people who hold TRON can also earn 5% cash back in the form of MTLs, which are Metal Pay’s very own tokens. The Metal Pay platform offers other useful services as well. Users who hold TRX will be able to use the platform’s exchange to turn it into 20 other cryptocurrencies.

Cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) are included among those. Metal Pay has emerged as one of the more promising platforms in recent times, but it remains to be seen if TRX can manage to benefit from this partnership.

However, there are some things that need to be kept in mind by potential users of Metal Pay. A spokesperson for the company stated that identity verification will need to be completed in order to sign up for the service. Users need to make a bank account that is insured by the Federal Deposit Insurance Corporation in order to use Metal Pay.

>> Bitcoin (BTC) Soars 10% on Strong Momentum: A Change Coming?

Once identity verification is completed, a user can buy cryptocurrencies worth as much as $3,000 per day, $12,000 each month, or $40,000 a year. This is a service that will allow users to buy TRON tokens easily in exchange for fiat.

Featured image: DepositPhotos © hello.artmagination.com

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