- Jeff Screecher, CEO, and Scott Hill, CFO, of Intercontinental Exchange (ICE) announced that Bakkt would be expecting a launch later in 2019.
- Hill called Bakkt ICE’s long term investment.
Jeff Sprecher, the CEO of Intercontinental Exchange (ICE), and CFO Scott Hill announced that Bakkt would be expecting a launch later in 2019. The two were on an “earnings call” discussing the financial results for Q4 and the rest of 2018. Hill said:
“And finally, our investment in Bakkt will generate $20 million to $25 million of expense based upon the run rate in the first quarter. We will update you on progress at Bakkt and the level of investment as we move through the year.”
“So it’s a bit of a moonshot bet and it’s been organized in a manner that is very different than the way ICE typically does businesses […] They’re well along in building out an infrastructure that I think you’ll see launch later this year.”
Hill concluded by calling Bakkt ICE’s long term investment:
“I think Bakkt is really an investment… That’s more about the future and revenue and market opportunities that we see in the future and less about 2019 topline”.
Libra branded ‘delusional’ as Senate Banking Committee unleashes hell on Facebook’s David Marcus
Libra seems to be the new cuss word in Washington D.C.
After unveiling Libra and setting up the association to oversee its governance in Switzerland, Facebook probably thought they’d be taking more flights across the Atlantic. However, it looks like the layover in the US Captial is longer than expected.
On July 16, David Marcus, lead of the Libra project and VP of Messaging Products at Facebook, sat before the US Senate Banking Committee to discuss Facebook’s cryptocurrency project, and it wasn’t pretty. Senators from both parties unified with pressing questions about the privacy, security, and global concerns associated with Libra.
This is certainly not the first rodeo for Facebook executives in front of US Congressmen. But, the way the latest hearing went, it certainly won’t be the last.
Senators likened Facebook’s plan of entering the payments realm to a toddler burning the house down, calling Libra a “delusional” goal, and revisiting Facebook’s privacy problems. Arson comments and snide remarks aside, there were genuine concerns that the wide reach of the social media giant, coupled with its entry into the payments realm via a digital asset, would be a sovereign problem and not a case of a private company merely expanding its operations.
Senator Sherrod Brown, who during the Fed Chairman’s appearance before the House Finance Committee on Libra mulled big tech’s efforts to rival big banks, questioned the trust customers had in Facebook after its previous debacles and PR disasters. He opened his address by stating, “Facebook is dangerous,” and called out the social media company.
“Do you really think people should trust Facebook with their hard-earned money?…I just think that is delusional.”
He spoke out against not just Facebook’s payment plans, but also its nefarious advertisement algorithm, its ability to betray journalistic principles and create a facade of news stories. Brown also spoke of the Menlo Park company “manipulating our emotions.” The business model of Facebook, according to Sen. Brown, is to ‘intensify hate’ by the dichotomy of connecting people and making a buck. In short, the motto of Facebook is “Move Fast and Break Thing.”
Senator Brown added,
“We’d be crazy to give them a chance to experiment with people’s bank accounts, to use powerful tools they don’t understand like monetary policy to jeopardize hard-working Americans ability to provide for their family. This is a recipe for more corporate power over markets and consumers.”
Other Senators also reigned down on Marcus, visibly angry about last year’s privacy issues. Chairman of the Committee, Senator Mike Crapo, questioned the 2 billion strong “reach and influence” Facebook has, equating this to a global cause for concern. However, he appreciated Facebook’s endeavor to build a credit system that was cheaper and faster, despite criticizing the means.
The concept of cryptocurrencies coupled with a private company of Facebook’s reputation has made the Senators even more displeased. Senator Thom Tillis said that digital assets are still in the “wild wild west” phase due to a lack of regulations, while still maintaining that Libra could be a “good idea for us to explore.”
Other Senators including Senator Pat Toomey and Senator Mark Warner lauded the idea of blockchain-based payment system, adding that the regulatory backlash against Facebook and Project Libra was a bit “premature” and “misguided,” to some extent.
Throughout the accusations, Marcus maintained a pro-regulatory stance and added that Facebook would work with any governing body, both at home and overseas, to ensure that everything is by the book. Libra will not see the light of day, unless the “regulatory concerns” are addressed, stated Marcus after the hearing.
His post-hearing tweet reiterated the above sentiment,
The conversation was thoughtful and highlighted important issues we, and the @Libra_ Founding Members, will need to address. I want to reiterate here what I said before the Committee: We will take the time to get this right.
— David Marcus (@davidmarcus) July 16, 2019
Marcus is certainly adhering to the lawmakers’ repeated concerns; from the Fed Chair, to POTUS, to the Treasury Secretary and now the Committee, the Libra main-man seems to have his hands full at the moment. With the Senate hearing done, Marcus will sit before the US Financial Services Committee soon. And by the looks of things, his stint in Washington D.C. will go on for a while now. If I were Marcus, I wouldn’t book my flight to California just yet.
Stellar, EOS and Binance Coin Price Prediction and Analysis for July 17th; XLM, EOS, BNB
STELLAR PRICE ANALYSIS (XLM/USD)
On an hourly chart, XML/USD pair continues the downwards pressure. The downtrend was buttressed by the 21 day MA that gravitated above the 7 day MA that signaled a bearish outlook. XLM has down surged by 4.6%, having begun trading at $0.08982 and is currently at $0.08572 over the last 24hrs.
The pair’s price experienced sideways price movements after a price fall that placed new resistance level at $0.08986 and support level at $0.08572. Presence of a four-price Doji was also seen repeatedly. This showed that the market dealt with a small number of transactions.
The Relative Strength Index was also touching below level 30 at several instances that indicated an oversold market condition. This also showed that the bears had dominated the market momentum in the last 24hrs.
The market is at the moment recovering as reflected by the RSI indicator that has upped from level 29 to level 42. This also indicated the reluctance of traders to go short in anticipation of better prices.
STELLAR PRICE PREDICTION
The 21 day MA is still trading above the 7 day MA that indicated a strong bearish signal. This shows incoming bearish momentum in the next few hours. New targets should be set at $0.08200. The support level is imminent to be broken.
EOS PRICE ANALYSIS (EOS/USD)
Like XLM, EOS/USD pair has also undergone a bearish outlook over the last 24hrs. EOS is down by 3.7% with a circulating supply of 923,253,298 coins. It started the sell-off at $4.4622 and is currently at $4.3032. The pair’s price faced a slight dip yesterday. The RSI X indicator that was seen trading below level 30, the oversold territory reflected this.
A sideways momentum that placed resistance level at $0.31635 and support level at $0.29914 followed the bearish momentum. Notably, both levels were tested severally. The RSI indicator was later seen heading upwards as it had moved from a low of 20.13 to a high of 49.75 that reflected an increase in buyouts.
Like XLM, the pair’s price RSI indicator is currently heading north which shows the unwillingness of traders to go short hoping for better prices.
EOS PRICE PREDICTION
At the press time, the 7 day has crossed over the 21 day MA. This indicates incoming bullish momentum. The resistance level is likely to be breached while the new target should be set at $4.5000.
BINANCE COIN PRICE ANALYSIS (BNB/USD)
BNB, on the other hand, is down by 5.7% over the last 24hrs. It began trading yesterday at $29.36 and is currently at $27.70, which showed a significant fall. The bearish pressure was supported by the 21 day MA that was seen gravitating above the 7 day MA.
BNB/USD pair saw a short-term period of consolidation below $28.73 level that was later dropped below $27.35 that confirmed the downtrend. The RSI indicator was also seen at 15:00 and at 0000h below level 30 that indicated the oversold market condition.
The dip in BNB price has affected investors sentiments negatively that led to lack of confidence in the coin as reflected by the RSI indicator that is currently trading flat. This also showed a lack of momentum in the market. Additionally, neither the bulls nor the bears have currently the upper hand.
BINANCE COIN PRICE PREDICTION
The 21 day MA is still above the 7 day MA that indicates a bearish signal. A further downtrend is to be expected. New targets should be set at $26.1860.
Altcoin Season Is Coming, What Does This Mean For XRP, Tron, Ethereum and Others?
According to Coin Market Cap, Bitcoin dominance is currently 66.6%. This hasn’t gone well for altcoins that bleed daily. Some analysts believe that altcoin season is coming to take back a chunk of the market cap from bitcoin. Alt season happens when all other cryptos except bitcoin grow exponentially. It is a season that many crypto traders look forward to. During this alt season, many coins rise by twice their value and may even go as high as a hundred times their value. It looks farfetched but it has happened before and now, analysts believe it will happen again.
When will the altcoin pump start? What is the fate of XRP, and other altcoins who desperately need a pump?
XRP (XRP) Price Today – XRP / USD
XRP Price Prediction 2019: Altcoins are Coming
One crypto trader predicts that the altcoins would pump soon. In a tweet that went viral, the trade, known as Paddy Stash, uses a video to show how things would change for altcoins.
The video has been viewed more than a hundred thousand times and highlights the past 6 years of rising and falling dominance of the altcoins. If the coins follow the same pattern, Stash believes that altcoins are poised for a rise to take back a large chunk of the cryptocurrency market cap from bitcoin.
it isn’t clear when this would kick in as Bitcoin is holding 66.6% off the entire market cap. Also, this is the highest it has recorded since April 2017.
How Will This Affect Top Altcoins?
Ethereum, the second cryptocurrency by market cap has had a terrible start of the week. The coin was in the red zone on Monday and was falling freely. The coin is presently traded at $225.60 at press time. This figure is a far cry from its all time high of $1,432.88 in January 2018. However, the token seems to be recovering slowly on 16, July 2019.
XRP is also trading at $0.314680 and has seen a growth of 0.57% in the past 24 hours. The coin successfully held its ground at the resistance level and seems to be making a recovery. Recently. Stark payments, popular crypto payment processor in London announced that it supports XRP. Also, Ethereum and Bitcoin are also a part of the supported currencies.
In other news, TRON is also seeing some growth. The token is presently traded at $0.024828 according to Coin Market Cap. It has a total market cap of $1,655,567,755 and a 24 hour volume of $534,512,097. CEO of Tron, Justin Sun says he hopes he can convince Warren Buffet to change his mind about the potential of digital currencies. He was interviewed by Forbes and he spoke about his plans for the impending meeting with Warren Buffet.
XRP may finally cross the psychological $1 level if the alt season starts. The XRP price prediction 2019 is also bullish even though the market isn’t impressive right now. Perhaps, it may be time for altcoins to take some parts of the total market cap of the crypto market.
How high can XRP go? Will Ethereum recover? Market trends would tell.