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December 2009

Facebook Warns Libra Currency May Not Hit the Market

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Libra

Libra

The month of July has been one of turmoil and chaos in the crypto sphere, and one of the big reasons behind such a state of affairs was the announcement of the Libra coin, the cryptocurrency that is to be introduced by Facebook (NASDAQ:FB) next year. As soon as it was announced, it sent alarm bell ringing among regulators all across the world. The head of the United States Federal Reserve, Jerome Powell, expressed his skepticism, while the President of the United States, Donald Trump, did the same in a series of tweets.

Confusion in the Crypto Market

Eventually, such comments led to complete chaos in the crypto market as more and more traders believed that such comments could eventually lead to skepticism regarding the entire crypto market. As a matter of fact, Bitcoin’s excellent run during the first half of the year stuttered in July as the token continued to lurch from one extreme to the other on the back of any news relating to Libra.

However, todayFacebook announced that although it has every intention to launch Libra officially in 2020, there are plenty of factors that could scupper its plans. In fact, the social media giant seemed to concede in its quarterly report that the cryptocurrency might never actually be launched.

>> Tether (USDT) to Begin Running on BlockStream’s Liquid Sidechain

The company’s statement seemed to reflect its wariness at the regulatory scrutiny that it is surely going to face when it launches Libra. In its filing made to the SEC, the company stated, “Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue.” In such a situation, the company believes that it would not be able to roll out its product in its entirety in a timely manner, and it would eventually result in a poor product.

It remains to be seen how the crypto market reacts to the latest installment of dramatic news from Facebook’s Libra currency.

Featured image: DepositPhotos © TarasMalyarevich

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Bakkt is All Set to Introduce Bitcoin Futures in September

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Bakkt

Bakkt

Bakkt is all set to launch its much-awaited platform for Bitcoin futures.

When cryptocurrency first grabbed the attention of the global public, it was still looked upon as a novelty and something far too chaotic to be regulated by the relevant authorities. However, much has changed over the past couple of years as a range of fresh products have been launched, and perhaps the most important one is Bitcoin futures.

Everything is on Schedule

Earlier on this year, cryptocurrency firm Bakkt announced that it was all set to launch a fully regulated Bitcoin exchange in September. Moreover, the company also stated at the time that Bitcoin futures were going to be offered in the said exchange. It goes without saying that there is a lot of excitement around this platform, and recently, the company confirmed that it is on track for the launch.

The new platform that is going to be launched by Bakkt is aiming to make an investment in Bitcoin easier for most customers. However, it should be pointed out that the primary focus for Bakkt is to attract institutional investors to the platform and if it can do that, then that could prove to be a major breakthrough for the entire crypto space.

>> Bitcoin Transaction Worth $1 Billion USD Moved to Single Wallet

In addition to that, the Bitcoin futures contracts that are going to be traded on the platform are going to be settled in Bitcoin. This particular feature makes it especially advantageous for institutions that might want to avoid any kind of volatility. Over the years it has been noticed that advanced platforms often failed to meet their deadlines when it came to launches.

However, Bakkt has managed to buck the trend and announced that it is going to launch its new platform on September 23 as planned. It is a platform that could have far-reaching consequence for the entire crypto space if it does manage to attract a considerable chunk of institutional investors.

Featured image: DepositPhotos © grejak

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Over 93.5M Ripple (XRP) Moved Across Exchanges: Market Reaction

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Ripple

Ripple

Over the past week or so, Ripple has been in the news after it emerged that the company is exploring the option of actually going for an initial public offering at some point. However, in a new development that might not please XRP fans, it has emerged that as many as 93.5 million tokens of the cryptocurrency were moved across crypto exchanges. Last year, there was a lot of controversy with regards to Ripple’s practice of selling large volumes of XRP and thereby affecting the price of the world’s third-biggest cryptocurrency.

Major Details

Market watchers revealed that the transactions took place soon after the Chief Executive Officer of Ripple, Brad Garlinghouse, revealed that plans are being made with regards to an IPO. However, analysts are now wondering whether the news of the IPO is going to lead to a rally in the price of XRP in the near term.

More importantly, it should be noted that the 93.5 million XRP tokens were moved from wallets to exchanges in four transactions. The entities involved in the transactions involved Bithump, Bitstamp, and Coincheck. It remains to be seen how this will affect the XRP price, and crypto investors could do well to keep an eye on the token over the coming days.

However, that is not all. XRP is best known for its use case, which is in the sphere of payments, and Ripple is looking to expand the payments network in a big way in 2020.

>> Vodafone Becomes Latest Big Name Backer to Quit Libra

The company revealed earlier this week that in 2020 it is looking for ways in which it can help individuals and enterprises make cross border payments with far more ease. It is important to note that Ripple has already managed to sign up 150 validators for its XRP ledger, and that is a significant development when it comes to eventual expansion.

Featured image: DepositPhotos © adriantoday

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DASH Losing Ground as Short Term Momentum Turns Bearish

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Dash

Dash

Dash (DASH) is down by more than 40% over the past month, on the broader cryptocurrency sector turning bearish.  Similarly, Bitcoin (BTC) has also come under pressure in recent trading sessions. The flagship cryptocurrency has already slid below the $10,000 mark after a spike to highs of $13,000 early in the month.

Comparing Payments Processes

Dash has continued to edge lower even as its CEO, Ryan Taylor, reiterates that Bitcoin is flawed as a payment solution compared to Dash. According to Taylor, his cryptocurrency is well-positioned to address all the shortcomings of the biggest cryptocurrency by market share. Dash is seeking to become a cryptocurrency for mass adoption following the introduction of instant transactions.

Low transaction fees, as well as near-instantaneous transaction settlement, are some of the attributes that make Dash stand out compared to Bitcoin. Scalability issues, as well as high transaction fees, are some of the factors that have forced people to shun Bitcoin. The likes of Dash and Ripple (XRP) have since emerged as an ideal option for settling transactions.

Taylor insists that Bitcoin is deeply flawed on payment perspective, something that his altcoin is building on as it continues to strengthen its edge on crypto transactions.

“Whoever designed it did not bring payments industry best practices to bear, and there were obvious mistakes… Absolutely every adoption factor for mass scale is the opposite of what it should be for Bitcoin,” said Mr. Taylor.

>> Litecoin (LTC) Corrects 35% from 52-Week High, What’s Next?

Dash Price Analysis

Amidst the sentiments, Dash has continued to edge lower and now faces the risk of sliding below the $100 mark. While the altcoin is still bullish as a long-term play, the short-term momentum has turned bearish following the breach of the $140 support level.

A breach of the $100 mark could result in the acceleration of the sell-off wave. Considering the emerging bear trend, this altcoin will have to bounce back and take out the $140 resistance level to spur further buying pressure. Below the $140 mark, the crypto remains susceptible to further drops.

At the time of writing, DASH is trading lower by 3% at $103.80.

Featured image: DepositPhotos © maloha13

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