Day: June 20, 2019

Facebook’s Libra Carries Both Benefits and Risks

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Jerome Powell, the head of the United States Federal Reserve, has said that he recognizes both potential benefits and risks to Facebook’s recently-unveiled Libra cryptocurrency project . Powell made his remarks during a press conference broadcast on PBS news hour on June 19. During the conference, the Fed chair was asked whether he was concerned as to whether Facebook’s libra cryptocurrency could undermine the Fed and erode its power to influence the economy. In response, Powell said he believed that society remains a long way from digital currencies replacing central…

PoPermissionless Blockchain Network Algorand Raises $60M in Token Auction

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Photo: Algorand / LinkedIn Algorand managed to raise over $60 million in a token sale of its native Algo token. The token sale was held on the Coinlist platform. The entire process was organized in accordance with a Dutch Auction mechanism. This mechanism provides market participants with a possibility to set a uniform price per Algo token. The value of the tokens was established at the level of $2.40. Dutch Auction Model As the Algorand Foundation takes fairness and transparency as the core priorities, a Dutch auction is just an…

After CBOE Delisted BTC Futures, CME’s Bitcoin Futures Hit Record

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Photo: Shutterstock Since in March the Chicago Board Options Exchange (CBOE) announced they were ending its Bitcoin futures products, the Chicago Mercantile Exchange (CME Group) has seen a huge flood of bitcoin derivatives volumes. In May, CME’s bitcoin futures surpassed 33,000 contracts ($1.3 billion notional value) in one day. Also, CME’s open interest for its bitcoin derivatives positions smashed an all-time record high of 5,190 contracts. Bare in mind that June volumes are just starting to pick up and so are contracts in July. CME Bitcoin futures (BTC) shows growing…

QuadrigaCX Co-Founder Used User Deposits for His Own Trading, Created Fake Accounts

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The deceased owner of the now-defunct Canadian crypto exchange QuadrigaCX was allegedly transferring user funds off the exchange and using them as a security for his own margin trading on other platforms. The news was revealed in the fifth report from court monitor Ernst & Young (EY), filed on June 19 with the Supreme Court of Nova Scotia. EY has outlined its principal concerns in relation to the exchange, noting that its operations were “significantly flawed from a financial reporting and operational control perspective.” In addition to most of the…

If Bitcoin (BTC) Hits $10,000 Like Analysts Expect, What’s Next?

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The Importance of Bitcoin At $10,000 Ever since Bitcoin (BTC) has entered the upper-$8,000s and low-$9,000s, analysts have been eyeing $10,000. They see this level as a validation of Bitcoin’s validity as a viable asset. As Fundstrat Global Advisors’ Tom Lee put it best in a tweet, “[$10,000] will see FOMO from those who gloated about the 90% crash in BTC… and those who saw Bitcoin dead as forever.” Indeed, during 2017’s rally, all analysts and mainstream media alike eyed $10,000 as a level to keep an eye on. And…

Binance Coin (BNB) Likely To Retrace In Days Ahead, Capped at $38

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Binance Coin (BNB) steady The road to compliance demands aligning with regulators’ needs. The loss of US clients is a blow to Binance and BNB. However, the decision will be beneficial in the long term as Binance restructure, leaning towards regulatory compliance. From the charts, BNB is stable. Nonetheless, it is the second worst performing digital asset in the top 10. Binance Coin Price Analysis Fundamentals There is a transition going on in Binance. Known for their aggressive expansions, Changpeng Zhao and team appear to be taking a step back.…

Mass Regulation Before Mass Bitcoin Adoption

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Published: 20/06/2019 02:34 ET. Journalist: By CCN Markets: As expected, the US government has an interest in Facebook’s Libra project. The biggest regulatory organization in the world is sure to take notice when the world’s largest social network moves into the world of banking and personal finance. Suddenly, Blockchain is Legitimate Facebook’s aims are from limited to the US, however, and their cryptocurrency will be backed by a “basket” of assets including the dollar. In effect, during times of turmoil, the Libra could be one of the stable-r currencies for…

Bitcoin (BTC) Price Watch: Fresh 2019 High On The Cards?

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Bitcoin price stayed above the key $9,000 support and traded higher recently against the US Dollar. The price traded above the $9,300 resistance and it recently tested the $9,400 resistance area. There was a break above a major contracting triangle with resistance near $9,130 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to climb sharply higher once it clears the $9,390 and $9,400 resistance levels. Bitcoin price is trading with a bullish tone above $9,300 against the US Dollar. BTC is likely…

Crypto Market Showing Positive Signs: Bitcoin Cash, EOS, TRX, ADA Analysis

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The total crypto market cap stayed above the key $265.0B support area and climbed higher. Bitcoin price is up more than 1.5% and it is trading with a positive bias. EOS price is slowly moving higher towards the key $7.00 resistance area. Bitcoin cash price is back above the $410 level and it could continue to rise towards $425. Tron (TRX) price is trading nicely above the $0.0330 level and it could revisit $0.0350. Cardano (ADA) price is struggling to move towards the $0.0950 resistance area. The crypto market cap…

Ripple (XRP) Price Analysis: Recovery Facing Key Hurdles

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Ripple price started a major downside correction after a strong rally above $0.4600 against the US dollar. The price tested the $0.4175 support area and it is currently recovering above $0.4300. There is a rising channel forming with support near $0.4300 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to face a strong resistance near the $0.4400 and $0.4450 levels in the near term. Ripple price is currently moving higher against the US Dollar, but consolidating vs bitcoin. XRP could gain momentum…