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Bitcoin Rises 5% Amidst Technical Rebound Signal

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Bitcoin

Bitcoin

Bitcoin (BTC) may have been on a superb run for much of 2019, but in July, the cryptocurrency has run into trouble as a range of factors contributes towards wild price fluctuations. The launch of Facebook’s Libra and the skepticism expressed about it by such powerful figures like the head of the Federal Reserve, Jerome Powell, as well as the United States President Donald Trump, proved to be a huge drag on Bitcoin.

Mixed Sentiments

Trump expressed his misgivings about Bitcoin specifically in his tweets. These developments had a significant effect on dragging the price of Bitcoin to around $10,000. Yesterday, BTC fell below that psychologically important level as well after a regulatory body in Switzerland stated that it had not received a reply from Facebook (NASDAQ:FB) about the concerns expressed regarding users’ privacy.

>> Bitcoin Survey Shows Major Distrust Abounds for Facebook’s Libra

However, it needs to be remembered that many experts had stated that the cryptocurrency still displayed plenty of bullish tendencies and their words came true today, as the token crossed the important $10,000 mark in earlier trading. It rose by as much as 5% to hit $10,163 today at one point. That being said, it is perhaps more important to mention that the cryptocurrency managed to climb despite unflattering comments from the United States Treasury Secretary Steve Mnuchin.

During the course of an interview, Mnuchin implied that Bitcoin might not exist in 10 years. He said, “I won’t be talking about Bitcoin in 10 years, I can assure you that. I would bet even in 5 or 6 years I’m no longer talking about Bitcoin as Treasury Secretary. I’ll have other priorities. I can assure you I will personally not be loaded up on Bitcoin.” Such a development is proof that Bitcoin is perhaps showing much more resilience than it is often given credit for and many buyers piled on to the cryptocurrency today. It is going to be interesting to watch the proceedings over the course of the weekend.

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IBM is Interested in Working on Facebook’s Libra Crypto

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Libra

Libra

The cryptocurrency space has been on an impressive run this year and one of the biggest developments this year was the announcement of Facebook’s Libra, the social media company’s very own crypto token. It goes without saying that it was a huge announcement and caused a lot of noise in the crypto sphere. As is well known, Facebook (NASDAQ:FB) is heading the Libra project, but the company is going to be helped by many other firms.

Key Development

Today, it has emerged that tech giant IBM (NYSE:IBM) is apparently open to the idea of working with Facebook on this particular project. Libra has caused quite a stir on a global level, but this is perhaps a positive development for the project.

One of IBM’s top executive spoke to CNBC today and stated that the company is open to the idea of working on the Libra project. The company’s general manager in charge of blockchain service, Jason Kelley, stated that IBM is looking for collaborations in the blockchain space.

He said, “Blockchain is a team sport. Our clients are ready to work with (Facebook) and we’re ready to work with all of them to bring it together.” Some of the biggest companies in the world have realized the importance of blockchain and are actively looking for ways to get into space quickly.

>> CME Group to Launch Bitcoin Options in Early 2020

However, it is important to keep in mind that Libra has experienced a massive backlash from policymakers, central banks, and regulators all over the world ever since Facebook made the announcement a few months back. Kelley stated that the entry of credible companies like Facebook brings much-needed legitimacy into the space and hence could, in fact, be a massive positive for the crypto space. The social media giant has reassured the relevant authorities that it is only going to launch Libra once all the regulatory hurdles have been cleared.

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Bitcoin Struggles to Hold the Rally

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Bitcoin

Bitcoin

Cryptocurrencies have been struggling over the past few days with increased scrutiny and piling up of bearish signs. Bitcoin, for instance, is nearing a turning point, and according to popular cryptocurrency analyst DonAlt, it is closer to testing support levels of $6,700.

Bitcoin Drops Below the 50-Day Moving Average

The signs are indicating that Bitcoin is headed for more losses after breaking below the 50-day moving average. This is an indication of the end of the recent rally that brought the world’s largest crypto close to $14,000 at the end of last month. The digital coin has fallen below the GTI Vera Band indicator’s lower limit, and as of the last session, BTC was trading at $9,475.

The analyst measured Bitcoin’s current bias on a three-day span on Monday, which provided clarity on the digital coin’s price movement showing that it went past the 3-D pennant structure but on the downside. Bitcoin has failed to enter the range, and this further asserts the possibility of extending its downward trend.

>> Bitcoin Price to Reach $55K? Joe Kernen Suggests So!

Price Analysis

As the coin deepens its plunge, DonAlt has provided three major support areas. The first region is between $8,150 and 8,850, which has been a strong resistance level for Bitcoin for multiple occasions this year. Also, he has indicated that the second support area will be in the region of $6,700 because it has an account of experiencing enhanced selling pressure. Judging from how the coin performed last year at the $6,700 support level, prices are likely to be sent higher at more than 79% and 51% respectively for the two occasions.

The cryptocurrency market is reacting to various issues happening, such as greater regulatory scrutiny on digital coins, which will likely become a major talking point as the US approaches its 2020 elections. Other developments that have sent the prices down include the fallout from launching Facebook’s (NASDAQ:FB) stablecoin, as well as the ongoing trade war between the US and China.

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Crypto Derivative Platform FTX Introduces Alternative to Short Alts

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FTX

FTX

CoinDesk reports that new crypto derivatives platform FTX has launched one of the most abstract and strangely-named futures index fund in the cryptocurrency market.

The index, dubbed Shitcoin Index Perpetual Futures or SHIT-PERP, is a 58 low market cap coins index. It is flanked by other low-cap indices ALT-PERP and MID-PERP and includes projects such as Grin, Nano, and Waves.

FTX’s Connection with Alameda Research

The derivative platform was opened in spring after an incubation program under Alameda Research began. The FTX derivatives platform operates an over the counter desk, indexes, and futures, as well as spot trading. The Antigua- and Barbuda-based platform has been adding margin and spot trading progressively.

According to FTX statements, the connection of FXT to Alameda Research offers it profound liquidity. Alameda Research was founded in 2017, and so far it manages more than $100 million in crypto assets that on a daily basis trade between $600 million and $1.5 billion. It operates one of the best performing accounts on BiotMEX, having helped onboard staff from Google (NASDAQ:GOOGL), Facebook (NASDAQ:FB), Optiver, Jane Street, and Susquehanna to FTX.

>> Tezos (XTZ) Outperforms Altcoins: Soars Over 40% This Week

FTX Index Allows Varied Coin Interactions

Despite having an odd name, the index stands by its product that was introduced sometime in June. While speaking to CoinDesk, Darren Wong, the Chief Marketing Officer of FTX, stated that the index enables investors and traders to have interactions with coins in various innovative ways.

Wong said that if a trader or investor is looking for exposure to a specific initial coin offering that is not in the general industry, they can short SHIT-PERP. This means by the trader shorting the alt market, they potentially hedge their bets and minimize their downside. Equally, if one is looking to short low market altcoins, then they can make use of SHIT-PERP because it is one way of shorting low-cap markets.

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Facebook’s GlobalCoin Could be Launching as Soon as Next Year

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GlobalCoin

GlobalCoin

There’s been a lot of information circulating that Facebook is moving into the crypto market. And while some of this information is outright false, other bits are true — at least, that’s what the sources say. Take today, for example. On Friday, BBC said Facebook (NASDAQ:FB) is going to roll out GlobalCoin next year in several countries.

Here’s everything we know.

Facebook’s GlobalCoin Hitting the Market Soon?

According to BBC, a London, UK-based broadcasting company, Facebook is planning to roll out its cryptocurrency “GlobalCoin” in 2020. The online media giant, according to the BBC report, will launch the crypto-based payments system in roughly 12 countries by Q1 2020. And while that might seem far away, BBC also said Facebook plans to commence trials by the end of 2019. That and Mark Zuckerberg’s company has also already gone to the U.S. Treasury for advice.

More details about GlobalCoin are expected to be announced in the coming months. And while the world does need these additional details — the influence Facebook has on the world is huge, so the possibility of the company moving into crypto is extremely significant — Facebook seems to already be benefiting from the BBC report. Well, maybe not benefitting, but at least FB stock didn’t plunge after the report on GlobalCoin came out.

According to Yahoo Finance, as of 3:44 PM EDT, FB stock is trading at $181.19; this puts FB stock up 0.18%.

Takeaway

As mentioned, Facebook launching its own cryptocurrency is massive. Companies like Facebook and Amazon are constantly moving into different sectors of the market successfully, and the launch of GlobalCoin in a dozen countries would be yet another example of this. 

What do you think, though? Should Facebook launch GlobalCoin? If so, which countries should gain access to the cryptocurrency?

Let us know what you think in the comments below, and don’t forget to follow along with this story in the coming months! 

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Facebook Officially Launches Libra Despite High-Profile Departures

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Libra

Libra

Libra, the highly-scrutinized planned cryptocurrency led by Facebook (NASDAQ:FB), officially launched in Geneva yesterday despite several high-profile defections from the project last week.

Libra Launches With 21 Chartered Members

The Libra Association, the non-profit governing body of the digital currency, officially signed on 21 charter members at a meeting at its Swiss headquarters. The association was originally made up of 27 members; however, the high level of regulatory scrutiny leveled at the project led to several prominent defections in recent weeks. These include Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Mastercard (NYSE:MA), which all jumped ship last week as it emerged that Mark Zuckerberg would defend his plans to launch Libra before a Congressional committee.

Libra also named its board of directors and formalized the association’s executive team in Geneva. David Marcus, Calibra CEO and former head of Facebook’s blockchain activities, will take a seat on the five-person board. Joining him will be Katie Haun, a general partner with Andreessen Horowitz; Wences Cesares, CEO of Xapo; Patrick Ellis, general counsel at PayU; and Matthew Davie, chief strategy officer of Kiva. Notable companies making up the 21 chartered members include Spotify, Uber, Vodafone, and several prominent investment firms.

High-Profile Defections

Despite the high-profile defections and intense regulatory resistance to the project, The Libra Association has said that more than 1,500 entities have expressed an interest in signing up, with 180 of them meeting the requirements to do so. In order for new members to join the association, a two-thirds vote is required by the current group of 21. The Libra Association was initially meant to consist of 100 companies; however, no further update on that figure has been provided, nor has an official launch date.

>> NASDAQ Launches AI-Powered CIX100 Crypto Index

Regulatory Resistance

Should Libra ever come to fruition, it will be a stablecoin backed by a basket of fiat currencies including the US dollar (50%), the euro (18%), the yen (14%), the British pound (11%), and the Singapore dollar (7%). However, regulators on both sides of the Atlantic have been highly opposed to the plans, with France’s finance minister saying he will block any attempts to develop the coin in Europe, while members of the Federal Advisory Council in the US described the project as a “monetary threat.”

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Bitcoin Extends Sell-Off as Facebook’s Libra Uncertainty Lingers

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Bitcoin

Bitcoin

After having a rollicking rally during the first half of the year, Bitcoin (BTC) has had a forgettable time in the month of July, and the reasons behind the troubles are manifold. The announcement from Facebook (NASDAQ:FB) about its very own cryptocurrency Libra may have initially been thought of as a welcome addition to the crypto sphere, but in a matter of time, it turned into a troublesome entity for Bitcoin.

Libra has been panned by some of the most powerful people in the world, including the United States President, Donald Trump, and the head of the United States Federal Reserve, Jerome Powell. That had a considerable effect on the price of Bitcoin as it continued to drop and then recover, but the recovery never fully took on the same momentum that it enjoyed around four weeks ago.

BTC Falls to Near $9,500

Today, Bitcoin declined further after the concerns about Libra were expressed by regulatory authorities in Switzerland, the world’s preeminent banking hub. The Swiss Federal Data Protection and Information Commissioner, which oversees the various issues pertaining to digital currencies, had contacted Facebook with regards to specifics about Libra. However, neither the social media giant itself, nor its subsidiary in charge of Libra, have responded to requests from the Swiss regulatory body. The Geneva-based body released a statement claiming that it had contacted Facebook with regards to the extent to which a person’s personal information is going to be processed in case they buy Libra. It says it has yet to receive any reply from Facebook.

This is another red flag for Libra and has affected Bitcoin once again, which declined considerably after the news broke. The price of Bitcoin collapsed by as much as 3.5% as it hit $9,613, which is its lowest level this week so far. The news affected the crypto sphere at large and had resulted in declines for both XRP and Ethereum (ETH) as well.

>> TRON (TRX) Drops After Meeting Between Warren Buffett & Justin Sun Fails

Technical Analysis

Going forward, $9,510 and $9,010 could act as good short-term supports. However, if Bitcoin falls below $9,000 on good volume, then based on the technical chart, $8,600 to $8,100 cannot be ruled out.

Considering the continuous sell-off since late June, it is better to follow a wait and watch approach if you are a trader. On the brighter side, Bitcoin might trigger a new breakout above $10,300 and $10,750.

From a trader’s point of view, $9,010 and $10,750 could be range-bound trading.

Featured image: DepositPhotos © AntonMatyukha

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Tim Cook Talks Cryptocurrencies | It’s a No for Tech Behemoth

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Tim Cook

Tim Cook

Three months ago, Facebook (NASDAQ:FB) disclosed plans to roll out a cryptocurrency in the summer of 2020. Such news has made several headlines, with the latest being negative, as PayPal (NASDAQ:PYPL) might pull out of Facebook’s project. Even worse for the technology behemoth is that Apple (NASDAQ:AAPL), another tech giant, has expressed zero desire in following in the company’s footsteps, according to Tim Cook. Which brings forth the question: is it correct for Facebook to involve itself with virtual currencies?

Here’s what we know about Apple’s latest comments.

Tim Cook Talks Cryptocurrencies

Last week, Tim Cook talked cryptocurrencies, establishing his view on the sector once and for all: he’s not for it. When asked whether Apple will follow Facebook, Cook said to Les Echos newspaper that he has no current plans to venture into the crypto sector, adding that he doesn’t think companies should try to gain power by creating currencies.

“No. I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency,” Cook explained. “A private company shouldn’t be looking to gain power this way.”

>> Coinbase Pro Increases Fees, Resumes Accepting GBP

There was once a time when the market thought Apple might get into cryptocurrencies, with rumors surfacing in September when an Apple executive was quoted as saying the company was “watching” cryptocurrency. Tim Cook has squashed that hope. “Currency, like defence, needs to stay in the hands of countries, that’s the heart of their mission,” the billionaire said. The market doesn’t seem to be holding it against the company this week, though, with AAPL stock trading up 1% on the Nasdaq.

Takeaway

Are you disappointed that Tim Cook has said he isn’t interested in cryptocurrencies, or do you agree with him? Should currency stay in the hands of countries? Let us know your thoughts in the comments below!

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Mastercard and Visa Reconsider Libra as Regulatory Criticism Intensifies

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Libra

Libra

On Tuesday, the Wall Street Journal reported that MasterCard Inc. (NYSE:MA) and Visa Inc. (NYSE:V), among other financial partners, could be reconsidering their position in Facebook Inc.’s (NASDAQ:FB) cryptocurrency project Libra.

Backers Not Ready for Criticism from Regulators

The Journal report indicated that the financial backers of the cryptocurrency project are not ready to draw criticism from regulators. Libra has received criticism from legislators owing to the reputation of Facebook regarding how it has been handling personal information. Many have declined Facebook’s request to support Libra publicly.

In an interview with CNBC, Visa CEO Alfred Kelly had indicated that although they had signed a letter of intent with the Libra Association, they were nonetheless not a member of anything. He further added that the company will not be part of the association unless there is proof of compliance with regulations.

Libra has two dozen backers, and the report indicates that policy execs of the Libra Association have received a summons to a meeting in Washington. Last week, the association head indicated that the leaders of the project were committed to addressing regulatory concerns about the token. According to Bloomberg, Stripe Inc. and PayPal Holdings Inc. (NASDAQ:PYPL) are still unsure about signing on with the project.

>> Bakkt’s First Week Trading Volumes Hit Just $5 Million USD

Facebook Pushes Back the Launch of Libra

Last week, Reuters reported that the coin’s launch could be pushed back in order for Facebook to address growing regulatory concerns across the globe. Facebook had planned to launch its stablecoin in mid next year in collaboration with Libra Association members. Libra Association leaders will meet in Geneva on October 14 to review a charter for the association as well as appoint directors.

The cryptocurrency project was seen as the path to the mainstream adoption of virtual currency. However, the project has met political and regulatory criticism with some EU countries such as Germany and France vowing to block it from Europe. Last month, Bruno Le Maire, the economy and finance minister of France, indicated that Libra is a threat to monetary sovereignty under current circumstances and should not operate in Europe.

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Binance Launching Venus Blockchain Project: Challenging Facebook’s Libra?

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Venus blockchain project

Venus blockchain project

One of the largest cryptocurrency exchanges in the world is taking on social media behemoth Facebook (NASDAQ:FB). Well, sort of. On Monday, August 19, Binance announced it will be launching the Venus blockchain project.

Here’s what we know and why Binance is challenging Mark Zuckerberg’s billion-dollar company by doing so.

Binance Launching Venus Blockchain Project

This morning, news broke that Binance is launching the Venus blockchain project; the initiative is an attempt to create localized stablecoins as well as digital assets. According to the announcement, the Venus blockchain project will leverage the crypto exchange’s infrastructure. It will do the same with its extensive user base and established compliance measures. Many think Binance is now challenging Facebook’s Libra, as the Venus initiative has been defined as a “regional version of Libra.”

“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy,” explained Binance co-founder He Yi. “Libras are growing at an exponential rate and will reshape the world financial system, bringing changes more than the internet. Instead of resisting change and losing the opportunity, it is better to embrace the change.”

Moving forward, Binance has said that it welcomes anyone with an influence on a global scale to work with them on the Venus blockchain project. “We encourage like-minded people and organizations to contact us and discuss the infinite possibilities of the digital world together,” the announcement read.

>> Bitcoin Soars as Bakkt is All Set to Launch Bitcoin Futures in September

Takeaway

Blockchain is a technology trend that is likely going to be around for years, with its capabilities endless. And this recent move by Binance shows that. But what do you think? Do you think Binance should launch the Venus blockchain project? Do you think it will give Facebook’s Libra a run for its money? Let us know your thoughts in the comments below. And don’t forget to follow along with this story in the weeks to come.

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