Latest cryptocurrency news and prices, 12 July 2019
Despite negative sentiment from US President Donald Trump towards Bitcoin and cryptocurrencies, the market seems unaffected with several top tier cryptos seeing green today. Here are your latest cryptocurrency news and prices for today.
Latest Bitcoin (BTC) news and prices
U.S. president, Donald Trump in a tweet yesterday, stated he is “not a fan” of cryptocurrencies. He states that they are “not money” citing their price volatility to the dollar. Trump’s tweet marks the president’s first public sentiments about crypto since being inaugurated. Read more here.
The difficulty in bitcoin mining has reached an all-time high as per data from BTC.com, a Chinese mining pool.
As of July 9, the difficulty spiked by over 14% to reach 9.06 trillion with an average hash rate of 64.85 EH/s — a fresh all-time high in the network’s history. Read more here.
(Trading at $11,674.27 at 14:00 12 July 2019)
Latest Ethereum (ETH) news and prices
The U.S. Securities and Exchange Commission (SEC) has granted an ethereum-based token a Reg A+ qualification, the startup YouNow said Thursday.
Props is an ethereum-based blockchain token that integrates with streaming platforms like YouNow and XSplit to reward users and creators with tokens. Read more at coindesk.com
(Trading at $276.07 at 14:00 12 July 2019)
Latest Ripple (XRP) news and prices
Bears have established full control over XRP/USD recently as the coin has collapsed from above $0.40 at the beginning of the week and touched the area below $0.32 on Thursday. At the time of writing, XRP/USD is changing hands at $0.3230, down over 3% in recent 24 hours. The total market value of the coin was reduced to $13.8 billion, while an average daily trading volume is registered at $1.8 billion. Read more at fxstreet.com
Litecoin (LTC) news and prices
American professional football team the Miami Dolphins announced that Litecoin (LTC) is now the team’s official cryptocurrency, according to a press release on July 11.
The Miami Dolphins and Litecoin have also partnered with Aliant Payments, a crypto merchant services and payment processing firm, to enable crypto payments for the team’s upcoming 50/50 raffle, which reportedly donates half of its revenue to charity. Read more at cointelegraph.com
From yesterday’s low at $94.76 the price of Litecoin increased by 11.74% as it came up to $105.89 at its highest point today around which it is currently being traded. The price is still in an upward trajectory but is showing signs of encountered resistance as the last 15 – min candle left a large wick from its upper side..(Source:blockonomi.com)
Bitcoin Cash (BCH) news and prices
Bitcoin Cash ABC tumbled by 10.47% on Thursday. Following on from a 6.74% fall on Wednesday., Bitcoin Cash ABC ended the day at $346.06.
An early morning rise to an intraday high $387.32 was the only bullish move of the day. Falling well short of the first major resistance level at $415.9, Bitcoin Cash ABC slid to a mid-morning intraday low $315.94.
Read more at fxempire.com
EOS news and prices
EOS price consolidated for a long time above the $5.600 support area against the US Dollar. However, the price struggled to climb above the $6.100 resistance, resulting in a bearish reaction.
Read more at blockonomi.com
(Trading at $4.79 at 14:00 12 July 2019)
Binance Coin (BNB) news and prices
The Binance Coin contract has a function known as burn function, which is available to anyone, at any time. By calling this function one can permanently remove a nominated amount of coins from the circulating supply. All coin burns are recorded as a transaction on the blockchain, meaning that they are 100% transparent and anyone is able to verify that the coins have been destroyed. This is great to reduce the circulating supply and possibly boost the value of the remaining existing coins. Read more at ourbitcoinnews.com
The price of Binance Coin has tumbled over the past 24 hours, decreasing by more than 7.4% and trading at around $29.58 at the time of writing. The recent price drop coincides with a sharp decline in the Bitcoin market. (Source: cryptopotato.com)
Tether (USDT) news and prices
New York-based Metropolitan Commercial Bank has shut down accounts linked to stablecoin issuer Tether, according to CoinDesk.
Tether, Bifinex’s parent company iFinex, and Digfinex, the majority owner of iFinex and Tether, reportedly maintained accounts with the financial institution. But the recent report revealed that Metropolitan Commercial Bank has closed all three accounts, following a request last year. Read more at tokenpost.com
(Trading at $1.00 at 14:00 12 July 2019)
Bitcoin SV (BSV) news and prices
Currently, Bitcoin SV is ranked at #9 on CoinMarketCap. The price of BSV is $160.11. A drop of 2.98% was noted in the course of the past 24-hours. The circulating supply involves 17,854,986 BSV tokens.
The trading volume recorded is $365.697 million. The total market cap of Bitcoin SV is $2.858 billion. Throughout his life, Craig Wright the founder of BSV has claimed to be responsible for a few inventions: the structure of Lasseter’s Online, being the co-author of the Bitcoin whitepaper, and so on.
Read more at outbitcoinnews.com
TRON (TRX) news and prices
Following a rising channel formation, Tron’s price has dramatically dropped to the low of $0.028 after plunging from the $0.045 high on June 26. However, the price drop is estimated by 45% over the past 15 days of trading and by 12.5% over the past 24-hours of trading as a result of selling control in the market. A bullish regroup might set a rebound in the market. As of now, the bears are dominant. Read more at tronweekly.com
Crypto Trader Says Mysterious Whale Building Massive Buy Walls – Plus Ethereum, Ripple and XRP, Litecoin, Zcash
From a mysterious crypto whale on Binance to a new fork of Zcash, here’s a look at some of the stories breaking in the world of crypto.
Ethereum and Bitcoin
Crypto traders say an Ethereum whale is making a huge splash on the crypto exchange Binance.
According to Three Arrows Capital CEO Su Zhu, the whale has bought 300,000 ETH worth about $70 million in recent weeks. The most recent buy order clocks in at 20,000 ETH worth about $4.5 million.
The big buy order triggered a debate on whether the whale is trying to create the illusion of demand to push the price of Ether, Bitcoin and the entire crypto market higher.
On Sunday, a separate crypto whale was accused of selling 15,000 ETH on the crypto exchange Bitstamp and triggering a cascade that pushed Bitcoin and the overall crypto market at large into a downward spiral.
Ripple and XRP
The Canada-based crypto exchange CoinField has rapidly expanded its use of XRP as a base pair on the platform. The exchange says it now has 30 coins paired directly with XRP.
Litecoin creator Charlie Lee just sat down for an interview with MaiCoin. The podcast looks at Facebook’s Libra, Lee’s upcoming meeting with Justin Sun and Warren Buffett and Asia’s love for Tether (USDT).
Lee says lunch with Buffett is exposure for crypto. As for flipping the vocal crypto critic into a Bitcoin or Litecoin supporter, Lee says,
“It’s not possible to convince him. He doesn’t invest in technology stuff, so he’s not and won’t be into Bitcoin, and that’s not surprising at all.”
The privacy coin Zcash just had its first “friendly” fork, creating a new coin called Ycash. The new coin was created by Zcash team member Howard Loo, and is described as having a number of goals that differ from Zcash.
“We are launching Ycash to restore a goal – mining on commodity hardware – that appears to have been largely abandoned on the Zcash blockchain. We are also launching Ycash to uphold a promise – that the Zcash Founders Reward would be forever capped at 2.1 million coins – that we fear will come under increasing pressure between now and the expiration of the Founders Reward in October 2020.”
Japan Eyes Development of SWIFT-Like Platform for Cryptocurrencies: Report
While world leaders are facing the threat of Libra and Facebook’s massive userbase of 2.5 billion, enough to transform the entire global financial system seemingly overnight, Japan is spearheading the development of a SWIFT-like network for cryptocurrency, reports Reuters.
Similar to the SWIFT network used by banks, the new international crypto-based platform would allow banks to track transactions and more effectively fight money laundering.
Set to launch in the next few years, it would be monitored by a team related to the inter-governmental Financial Action Task Force (FATF).
Given the decentralized nature of cryptocurrencies which run on public blockchains, however, it remains unclear how the system would conduct its surveillance.
Meanwhile, the world’s financial leaders are moving in concert to stay ahead of the Libra threat. Gathering at the G7 conference in France on Wednesday, Italy’s finance minister told Reuters,
“There’s widespread concern and a decision that this concern should translate into action… to control what’s going on.”
The news outlet reports that a source said there was “a very large consensus on the need to act quickly” in response to the changing landscape of money and global payments and with Facebook’s looming entry into the industry.
Japanese Finance Minister Taro Aso is initiating plans for a comprehensive assessment of Facebook’s Libra.
Said Aso following the first day of the G7 gathering,
“Applying existing regulations alone may not be enough. A comprehensive examination is needed to see if Libra poses new challenges that existing rules do not take into account…
On the other hand, authorities need to respond in a timely fashion so they’re not behind the curve.”
Facebook Libra Risks to Financial Stability Demand ‘Highest’ Regulatory Standards, Says G7
The G7 group of nations has warned that cryptocurrencies such as Facebook’s Libra are a threat to global financial stability.
A task force set up by the G7 to examine the issues said that rules of the “highest” standards are needed to minimize the use of digital currencies in money laundering and funding terrorism, Reuters reportsThursday.
Following a meeting of finance chiefs from the G7 in Chantilly, France, this week, the group also said it would address tax issues raised by the digital economy, as per a draft summary of the meeting obtained by Reuters.
As expected, Facbook’s Libra and its perceived risks to the monetary control of regulators was high on the agenda at the meeting, although some benefits were also observed.
Benoit Coeure, European Central Bank (ECB) board member and head of the G7 task force, told the G7:
“A global stablecoin for retail purposes could provide for faster and cheaper remittances, spur competition for payments and thus lower costs, and support greater financial inclusion.”
Yet, he went on to say that such cryptocurrencies raise “serious risks” to policy priorities, such as anti-money laundering, financing of terrorism, consumer and data protection, competition and compliance with tax rules.
Bank of France governor and and member of the governing council of the ECB, Francois Villeroy de Galhau, also said that, while regulators seek to encourage innovation, “that cannot come to the detriment of the security of the consumer.” He also said more details were needed regarding gray aspects of Facebook Libra.
A piece in the Financial Times today further quotes Coeure as saying that cryptocurrencies like Libra “could also pose issues related to monetary policy transmission, financial stability and the smooth functioning of and public trust in the global payment system.”
French finance minister Bruno Le Maire echoed previous concerns over the threat to the dominance of national currencies by a token launched by a tech firm with billions of users, saying: “The sovereignty of nations might be weakened or jeopardised by these new currencies.”
The draft document from the G7 stated that “significant work” is required from developers of stablecoins like Libra before regulatory approval is likely to be granted.
The FT cites the document as saying:
“As large technology or financial firms could leverage vast existing customer bases to rapidly achieve a global footprint, it is imperative that authorities be vigilant in assessing risks and implications for the global financial system.”
Among its draft recommendations, the G7 says such stablecoins must meet the highest regulatory standards and come under regulatory oversight. A good legal basis in jurisdictions where they operate is also key in order to guarantee adequate protection for stakeholders and users.
The group further lists the need for “operational and cyber resilience” and secure, transparent management of assets to protect market integrity.