There’s a lot of red out there in the big ol‘ ocean of crypto. The shining stars of the top ten cryptocurrencies are Stellar (XLM) and EOS.
The week is hardly halfway over yet and already, brand new crypto regulations loom as more bodies of government warn against splashing in the waves that are cryptocurrencies. On Monday, the European Supervisory Authorities (ESAs) expressed concerns that too many people were investing in crypto without knowing what they were doing. The group warned, “that VCs (virtual currencies) are highly risky and unregulated products and are unsuitable as investment, savings or retirement planning products … You should not invest money you cannot afford to lose.”
The central Bank of Thailand has also warned all banks in Thailand to avoid cryptocurrency. However, the Thai Finance Minister Apisak Tantivorawong earlier emphasized that the government would not be banning cryptocurrency altogether, only carefully regulating it. In the meantime, banks are to steer clear of anything crypto-related.
The looming threat of regulations and anti-crypto sentiments may be why the market is struggling today. At the moment, the only coins within the top ten that are up are Stellar and EOS.
The seventh top cryptocurrency, Stellar, has a selling price of $0.412327 at the time of writing. XLM is currently up 5.07% in the past 24 hours.
Since its inception, Stellar has increased by 13,755%. For the day, XLM is beating out its main competitor, Ripple, which is currently down 4.53% in the past 24 hours.
EOS is the only other top ten cryptocurrency, other than Stellar, that is currently up for the day. With a market cap of $5.99 billion, EOS is ranked as the 9th largest cryptocurrency. The coin is only just up, however, at 1.24% in the past 24 hours. EOS is currently selling for $8.98.
Stellar (XLM) and EOS
Will other coins recover today and balance out the market? Or will Stellar and EOS also plummet?
Facebook Unexpectedly Plants Its Flag in Crypto-Friendly Switzerland
By CCN: Facebook has reportedly set up a fintech company dubbed Libra Networks in Switzerland. The move clearly correlates with the social media giant’s Project Libra.
According to Reuters, the focus of the fintech is on the blockchain, payments, data analytics, and investing.
Libra Networks, which was registered in Geneva on May 2, will provide financial and technology services. Also in its wheelhouse will be developing related hardware and software.
ANOTHER SECRET MOVE
Famed investor Michael Novogratz recently called Project Libra “stunningly important” to the crypto space.
Given Facebook’s history of boasting about its projects, you’d think it would be bragging about Project Libra. That’s not the case. The Switzerland move was done with no fanfare such as company press releases or blog posts. This seems to be the way Facebook has chosen to roll out its Project Libra.
It’s keeping close to the chest even where the project will be launched. In December, it hinted at plans to set up shop in India. Early reports suggest Zuckerberg’s cryptocurrency will facilitate overseas remittance payments for Indian WhatsApp users.
Facebook’s Secret Cryptocurrency Led by PayPal Alumni Just ‘Months Away’ from India Launch https://t.co/YfEzcEdux3
— CCN.com (@CCNMarkets) May 9, 2019
Facebook launched Project Libra more than a year ago to allow money transfers between WhatsApp users. Over time, however, the scope of the project has expanded. That includes the decision to include e-commerce payments on Facebook and other websites as well as rewards for viewing ads, shopping online, and interacting with content.
When all is done, Facebook hopes to have a stablecoin that is pegged to the value of a local currency.
Switzerland has long been recognized as a leading hub of blockchain and cryptocurrency technology, with the Swiss town of Zug referred to as “Crypto Valley” throughout the world.
'FaceBook Registers Secretive LIBRA Crypto Currency In Switzerland : Reuters
Possibly That Is Why Powerful Tech Lobby NASSCOM Urges RBI 2 Favor Bitcoin Start-Ups ! Floating Currency Is A Prerogative Of A Sovereign Nation So Like China Did Long Back All Should B Totally Banned !
— Madhav Apte (@madhav_apte) May 18, 2019
— Hot New Trending (@HotNewTrending) May 18, 2019
PRIVACY ISSUES HAUNT FACEBOOK
As Facebook was making arrangements for this Switzerland fintech, it was facing hiring problems on the domestic front. CCN reported that recruiters are complaining that it is increasingly harder to find talent for Facebook’s engineering jobs. Potential hires don’t like the myriad privacy issues that the social media platform has seemingly failed to get a handle on.
They’re taking their talents to other tech giants, like Amazon, Google, and Microsoft.
The project has also drawn scrutiny from U.S. lawmakers. They are concerned that Project Libra will be plagued by Facebook’s failure to adequately secure users’ data
Well-known Ponzi scheme, Bitconnect is set for a relaunch on July 1
It’s an interesting time in the crypto sphere. As the markets are setting new yearly highs and excitement builds around Bitcoin’s potential, news has begun circulating that someone is trying to revive BitConnect, a project best known for being a Ponzi scheme.
Bitconnect became one of the most hyped projects of 2017 after YouTube and Twitter personalities promoted the project to gain affiliate payouts. However, by 2018 it had become apparent that Bitconnect was a scam and a class action lawsuit was filed, followed by the arrest of the Asia head of Bitonnect.
As such, many were taken by surprise when Bitconnect 2.0 was announced late last year. While the website stated the infamous project would be relaunching soon, nothing of the sort has happened. However, as NullTX reports, an email has been doing the rounds which claims Bitconnect’s return is imminent. This is further corroborated by a tweet stating Bitcoinnect 2.0 will be officially launching on July 1, 2019.
Welcome everyone back to Bitconnect 2.0
We will launch Bitconnect2.0 on July 1st
visit our website for more Infoshttps://t.co/xKJ10yeYoP
— Bitconnect2.0 (@Bitconnect2_0) May 18, 2019
A quick search on WHOIS reveals the domain name will expire this time next month, meaning the domain name will be taken offline before Bitconnect 2.0 even launches. Considering no one knows who’s in control of the domain, it’s going to be interesting to see how this plays out.
Medvedev: Crypto Regulations not a priority for Russia
- The Russian government is not thinking of regulating the cryptocurrency markets.
- Crypto trade may start again in the nation.
Many industries have been appealing the Russian government to formulate laws to operate the market for digital assets because of the regulatory uncertainty of cryptocurrency. It has become difficult for firms to do business. However, those people can do business in Russia anytime soon. Medvedev said in a legal conference in St Petersburg that formulating digital asset regulations “is no longer a priority for the state,” adding:
“Nowadays, the popularity of cryptocurrency has decreased, and regulatory issues may not be so relevant.”
However, Medvedev did not say that the lawmakers are entirely uninterested in cryptocurrencies. He noted that trading in the digital asset markets could go up again. If and when that happens, the regulators will renew their interest towards cryptocurrencies.