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David Marcus, the Head of Facebook’s Libra, Says Libra will not be a threat to Monetary Sovereignty

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David Marcus, Previous PayPal president and the Head of Facebook’s Libra cryptocurrency, has taken to twitter by opposing the idea that the digital currency will make threats against monetary Authority of sovereign countries.

Nevertheless, David Marcus has turned out to disprove these worries. Further, he wrote in an expansive Twitter thread that, asserting that at its center, Libra is intended to be a ” better payment network and system running on top of existing currencies” for a worldwide audience, not an altogether new model to fulfill the world’s needs.

Instead of testing the current framework, Marcus accepts that Libra will be a tool for development. Moreover, he presented that Libra is a stablecoin getting its value from a container of fiat currencies. Besides, with the goal for Libra to stay as a specific type of payment, it depends upon the success of national fiat, as opposed to making a well organized new type of currency.

Furthermore, the advancement of the Libra has raised serious worries among regulators over how it will be directed. Prior this month, a member of the board of the ECB (European Central Bank) forewarned that the Libra virtual currency could in specific situations negatively influence the bank’s capacity to regulate the single market and the Euro.

Predominantly, governments have overlooked Bitcoin. While the cryptocurrency supporters consider it to be the future of finance and currency, with the possibility to take over fiat currencies as we are aware of them today, governments did not go with the flow. Almost certainly, they look BTC as merely a criminal’s device or a type of money for those on the margins.

One of their first remark with the idea that Libra could hypothetically be used by criminals hoping to harm is that this Facebook supported crypto resource, because of its vast presumable network at launch will be compared to new fiat currency in a global context. Succinctly put, the launch of Libra, some dread, could start to infringe on the U.S. dollar’s Authority in the U.S., the Euro’s strength in the Eurozone.

Regardless, Marcus remark comes as the world’s national bankers have assembled in Basel to talk stablecoins and the potentially harming impact they may have on the economy. Marcus concluded by expressing that the Libra Association plans to be in full agreement with regulatory oversight and is eager to work with national banks and legislators to guarantee the best possible implementation of the cash.

However, Bertrand Perez, the Director-General of the Libra Association, expressed that the stablecoin should make it to by the latter half of 2020, a little later than the mid-2020 launch date suggested to Libra’s much debatable launch in June.

Source.cryptonewsz

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Cryptocurrency

Cryptocurrency market update: Subdued trading action continues on Sunday, XRP/USD gains traction

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  • Bitcoin struggles to determine its next short-term direction.
  • Ethereum rebounds after posting modest losses on Saturday.
  • Ripple remains on track to register weekly gains for the second straight week. 

Major cryptocurrencies stay relatively calm for the second straight day on Sunday and continue to fluctuate between technical ranges in the absence of significant fundamental drivers that could impact the cryptocurrency market sentiment.

Top-3 coins price overview

Bitcoin (BTC/USD) posted small gains on Saturday and closed the $8,300 and is now moving up and down in a tight channel near that level. As of writing, the pair was up 0.5% on a daily basis at $8,345. Unless the pair advances beyond the critical 200-day moving average (MA), which is currently located at $8,700, and registers a daily close there, it is likely to have a difficult time finding its next direction.

Above the 200-day MA, $8,970/$9,000 (Fibonacci %78.6 retracement of June rally/psychological level) could be seen as the next resistance ahead of $10,000 (psychological level/Fibonacci %61.8 retracement of June rally). On the downside, the first technical support is located at $8,270 (20-day MA) before $7,700/$7,800 area (September 26th, September 30th, October 6th, October 7th low).

Ethereum (ETH/USD) lost 0.5% on a daily basis on Saturday and closed at $180. However, this move didn’t have enough momentum to suggest that sellers were looking to take control of the ETH/USD pair’s movements. In fact, the pair easily recovered Saturday’s losses on Sunday and was last seen trading near $182, adding 1.1% on the day. Looking at the near-term technical levels, $185 (50-day MA) aligns as the first hurdle on the upside before $200 (psychological level/October 11th high). Supports, on the other hand, could be seen at $177 (20-day MA), $170 (October 6th, October 7th low) and $152 (September 26th low).

After gaining nearly 2% on Saturday, Ripple (XRP/USD) is outperforming other major cryptocurrencies on Sunday as well. As of writing, the XRP/USD pair was up 1.95% on the day at $0.2783. With this weekend’s rally, the pair remains on track to gain more than 8% on a weekly basis after rising 6.3% in the previous week. 

Looking at the daily chart, the Relative Strength Index indicator continues to stretch higher above the 50 mark, suggesting that bullish momentum is gathering strength. The pair could face the first resistance at $0.29 (October 9th high) ahead of $0.3 (psychological level) and $0.3270 (September 18th low). On the downside, supports are located at $0.2635 (50-day MA), $0.2125 (September 24th low) ve $0.20 (psychological level).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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SEC Looks to Suspend “Unlawfully Sold” Telegram (GRAM) Cryptocurrency

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The upcoming launch of GRAM tokens has become somewhat of a spectacle for the cryptocurrency community in recent months. With final token disbursement on the horizon, the SEC has filed for emergency action against Telegram and Telegram Open Network (TON), both of whom are offshore entities to the United States. Out of the entire ordeal, the SEC’s classification of GRAM as a security is the biggest risk to the smooth launch and execution of the network, October 11, 2019.

Telegram Crackdown as Expected

Choosing to launch their network and native token without regulatory consultation was seen as a bold move from Telegram; however this appears to have backfired as the SEC has finally decided to “halt” their token offering. Nearly $1.7 billion has been raised by TON to launch a blockchain-enabled payment network that can be used over their messaging app and the scope of potential mainstream adoption is arguably on par with that of Facebook’s Libra, should that ever see the light of day.

The biggest concern for the SEC, at this point, is that GRAM tokens will be sent to respective investors before October 31, 2019. In light of this, the regulator believes this opens up the possibility of the United States market becoming a dumping ground for the tokens.

What irks the regulator the most is when companies issue tokens and don’t register them with the SEC. As the SEC describes, they allegedly evaded registration of their “security” by simply designating it as a ‘cryptocurrency’.

Veering Treatment From the Regulator

In one instance, the regulator could decide to impose a fine on a $4 billion initial coin offering (ICO) that is less than a basic business purchase and allows the project to continue working; or, they decide to completely stop the project from running in the country because they didn’t bow down to U.S. authority, which may open doors for Libra.

By the SEC’s definition, both EOS and Telegram conducted “unlawful digital token sales”. Whether EOS and GRAM are securities or not is up for debate, but that one small difference can’t possibly account for such a large deviation in their treatment.

In the age of decentralized money networks that are self-regulating, the SEC is fighting a very obvious power struggle, and they will do anything to ensure they do not lose their authority over this segment.

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Cryptocurrency market update: Major cryptos stay quiet on Saturday

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  • Bitcoin stays above $8,000 despite Friday’s heavy sell-off.
  • Ethereum edges lower toward $180 after getting rejected near $200 earlier this week.
  • Ripple remains on track to close the second straight week higher.

Major cryptocurrencies edged lower on Thursday and Friday and now seem to be staying in a consolidation phase amid a lack of significant drivers. Earlier in the week, the US Securities and Exchange Commission (SEC) announced its decision to reject the latest application for a Bitcoin ETF by Bitwise and weighed on the cryptocurrency market’s sentiment. 

Top-3 coins price overview

Bitcoin (BTC/USD) rose to its highest level since the sharp drop witnessed on September 24th at $8,820 but failed to preserve its momentum and erased more than $500 from its highs before closing the day at $8,265. As of writing, the BTC/USD pair was trading at $8,310, adding 0.5% on a daily basis. Friday’s action also showed that for the third straight day, the pair tested the 200-day moving average, which is now located at $8,675, and failed to closed the day above that level.

With a decisive break above that level, the pair could target $8,970 (Fibonacci %78.6 retracement of June rally) ahead of $10,000 (psychological level/Fibonacci %61.8 retracement of June rally). On the downside, the immediate support is located at $8,300 (20-day MA), ahead of $7,700/$7,800 area (September 26th, September 30th, October 6th, October 7th low).

Ethereum (ETH/USD) rose to its highest level in more than three weeks at $197 on Friday but lost its traction before testing the critical $200 mark. Although there were no catalysts behind that fall, the BTC selloff weighed on the ETH. As of writing, the pair is up 1% on the day at $183. $185 (50-day MA) aligns as the initial resistance for the pair ahead of $200 (psychological level/October 11th high). On the flipside, $178 (20-day MA) could be seen as the first support before $170 (October 6th, October 7th low) and $152 (September 26th low).

Similar to the BTC’s and the ETH’s price action, Ripple (XRP/USD) turned south in the second half of the week and posted modest losses on Thursday and Friday before staging a technical correction on Saturday. As of writing, the XRP/USD pair was up 1.7% on the day at $0.2726. Looking at the daily chart, the Relative Strength Index indicator is edging higher above the 50 mark despite the recent drop, suggesting that buyers remain control of the price action. $0.29 (October 9th high) could act as the first resistance on the upside for the pair ahead of $0.3 (psychological level) and $0.3270 (September 18th low). On the downside, $0.25/$0.26 (20-day MA/50-day MA) could be the first technical support ahead of $0.2125 (Sep. 24 low) and $0.20 (psychological level).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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