n Telegram is asking investors whether they will agree to push out the TON launch deadline.n
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No, a Facebook Libra Delay Would Not Cause a Crypto Crash
The world’s largest social media company has faced nothing but criticism since it announced grand plans to dominate global finance markets with its own crypto coin. Red flags were raised by governments and central banks across the planet over the threat that Libra proposes to their own sovereignty.
Zuckerberg’s Crypto Woes
In an interview with the Nikkei Asian Review, billionaire Zuckerberg admitted that Libra’s lofty ambitions may take a bit longer to reach fruition. He avoided the question on a 2020 launch replying;
“Obviously we want to move forward at some point soon [and] not have this take many years to roll out. But right now I’m really focused on making sure that we do this well.”
He added that the company was already behind in work in areas such as protecting privacy, ensuring users’ well-being, and preventing election interference. In other words the concerns of regulators around the world were fully justified.
Forbes, which often barks up the wrong digital tree with regards to Bitcoin price movements, has hinted that this may be related this week’s crypto market crash. In reality, it is highly unlikely that anything Facebook does is remotely linked to Bitcoin or its frequently witnessed price swings.
The outlet goes on to say that Libra could be a potential Bitcoin competitor but if this was in any way true then crypto markets would benefit from Facebook putting the anchors on its plans.
Facebook is still reeling from scandals involving data and news manipulation, personal privacy violations, hacks and server breeches, and antitrust suits. The notion of it being able to freely launch its own currency with virtually no culpability to a potential 2 billion users without attracting backlash was simply asking too much.
Ripple Exec: Libra is a ‘walled garden’
The project has attracted criticism from industry as well as government. According to CNBC Ripple’s senior vice president of customer success, Marcus Treacher, likened the crypto project to a ‘walled garden’.
This term is often applied to the likes of tech giants such as Apple which retain a tight grip of control over their products and the user experience with them. Ripple in a way could wear the same label over its centralized products but Treacher defended them anyway.
“Yes it’s a network, but it has no parameter. It connects with all of the players that want to use the technology.”
Ripple’s XRP token, which powers its xRapid cross border payments platform, hit a 20 month low this week of .22 according to Tradingview. Major token movements by the company in recent week have angered the community and investors which dumped XRP back to levels prior to its massive surge in late 2017.
Facebook’s Libra has not impacted crypto markets as it is an entirely different animal, other economic factors may have attributed though.
Image from Shutterstock
The post No, a Facebook Libra Delay Would Not Cause a Crypto Crash appeared first on NewsBTC.
Bitcoin Clueless as ECB Cuts Rate, and US-China Delay Tariffs
Bitcoin erased earlier gains on Thursday as US President Donald Trump said he would delay an increase in tariffs on Chinese goods.
The benchmark cryptocurrency was trading at ,156.85 in post noon European trade, down by .35, or 0.03 percent, since the market open. Late yesterday, it touched a session high of ,297.12 but failed to extend its profits as investors explored opportunities in risk-on assets. More specifically, they waited for the European Central Bank to deliver an economic easing package, as its president Mario Draghi takes the stage to publicize his monetary policy decisions.
Note: As of this time of writing, ECB has announced that it is cutting deposit rates from -0.5 to -0.4. It is also introducing a 20 billion economic easing package. Bitcoin is up by .
Breaking News
Draghi goes out with mini-bang as ECB goes back to its toolbox and pulls out quantitative easing just nine months after ending the program.+20 billion Euro QE for as long as needed
+Deposit rates -0.5 from -0.4some were looking for even more draconian moves
— Charles V Payne (@cvpayne) September 12, 2019
Investors Go After Risk-on Assets
A broad consensus of economists shows that ECB could push their interest rates into negative territory. They also see a new monetary easing of the sovereign and non-financial corporate bond purchases on the horizon. The move could eventually weaken the Euro, sparking a parallel trade war with the US, especially when Trump has threatened to slap extra tariffs on German automobiles and French wine.
European Central Bank, acting quickly, Cuts Rates 10 Basis Points. They are trying, and succeeding, in depreciating the Euro against the VERY strong Dollar, hurting U.S. exports…. And the Fed sits, and sits, and sits. They get paid to borrow money, while we are paying interest!
— Donald J. Trump (@realDonaldTrump) September 12, 2019
The US president is, nevertheless, appearing softer on the trade war he is already fighting with China. He delayed an increase in tariffs on 0bn worth of Chinese goods by 15 days. His decision came after Beijing suspended tariffs on some US imports, signaling the first signs of trade resolve before the two sides meet in October for further negotiations.
Global stocks gain w/Asia equities hit 6week high on goodwill trade gestures and on hopes that the ECB would kick off another wave on monetary easing. US & China extend olive branches before trade talks. Euro at .1012 as focus on how far ECB will ease. Gold 96, Bitcoin k. pic.twitter.com/Lf1y2M8CDk
— Holger Zschaepitz (@Schuldensuehner) September 12, 2019
Asian and European markets rejoiced on the ECB and trade resolve prospects. CSI 300 of Shanghai- and Shenzhen-listed stocks rose by 1.1 percent, while Japan’s Topic closed 0.7 percent higher. Europe’s benchmark Stoxx 600 rose by a minor 0.03 percent, while FTSE 100 of London advanced 0.3 percent. The S&P 500 Futures rose after tariff delay.
Meanwhile, safe-haven assets appeared cautious. Gold and the Japanese Yen rebounded to the downside after Trump’s tweets. While the precious metal was up 0.5 percent, yen looked stiff.
[Note: Gold has jumped above the ,500 mark shortly after ECB’s decision to cut rates and restart economic easing.]
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Report: Russian Duma May Delay Cryptocurrency Law Until Fall
The post Report: Russian Duma May Delay Cryptocurrency Law Until Fall appeared first on DCEBrief.
ETF? What ETF? Bitcoin Shrugs Off VanEck Delay with Instant 5% Gain
A day earlier than many were expecting, another SEC decision on a Bitcoin exchange traded has resulted in a delay. The one that today’s announcement concerned was a proposal that the digital asset space is generally most optimistic for – the VanEck ETF.
Despite the news event being largely expected, the Bitcoin price has responded by gaining more than five percent immediately following the announcement. This has taken Bitcoin back above the ,000 level.
VanEck ETF Delayed Again, But Nobody Cares
An SEC decision over the approval of a much-anticipated exchange traded fund proposed by VanEck and SolidX has been delayed yet again. Previous delays during the bear market were frequently accompanied by price crashes. However, this has not been the case this time.
Rather than dump the price, the news of the delay has been accompanied with a gain from around ,800 to over ,000 in just a couple of hours. Crypto market analyst Mati Greenspan highlighted the price surge via Twitter:
Bitcoin is up nearly 5% since the SEC delayed the VanECK ETF two hours ago.
— Mati Greenspan (@MatiGreenspan) May 20, 2019
Since most of the crypto space was expecting such a delay, many have dismissed the decision as a non-event. With much of the sentiment around the market remaining bullish after early 2019 price rises, some have even stated that the delay could serve as a buying opportunity for investors:
ETF delayed (As expected)
Don't think it'll impact the price a whole lot.
That said I'm generally hoping & positioned for lower since yesterday.
This would be a nice excuse to fill bids lower.Generally a buying opportunity, not a reason to panic. https://t.co/mn8hqtm9g4
— DonAlt (@CryptoDonAlt) May 20, 2019
The latest delay from the SEC also includes a request for public comment on whether the regulatory body should approve a Bitcoin ETF.
If Bitcoin Gains on a Delay, What About an Approval?
For many, the approval of a Bitcoin ETF by the SEC is like the financial regulator giving the asset class its ultimate blessing. They see it as a catalyst for much higher prices – almost as if the SEC green light would legitimise crypto in the eyes of many.
One Twitter user posted a graph showing what happened when a gold ETF was first introduced. The parabolic upwards price action on gold is clear.
Deadline for the SEC to decide about the VanEck/SolidX Bitcoin ETF expires on Tuesday May 21
My thoughts
– Delay: No major effect
– Rejection: Opportunity to buy dip
– Approval: Image below illustrates what happened after GOLD ETF approval. In other words: instant Market Buy pic.twitter.com/lbIvg3w0SV
— Mounia Rabhi, MSc.
![]()
(@Mounia_NL) May 20, 2019
The poster also states that the overall supply of Bitcoin being so limited compared to gold should lead to an even more violent upswing than observed in the market of the shiny precious metal following its own exchange traded fund being launched.
Interestingly, potentially negative news events, such as the recent Binance hack and the ongoing Tether scandal have not moved the market in quite the same way they have done previously. This lends support to the opinion of the likes of Tom Lee from Fundstrat and others that the bear market has run its course.
Lee holds that Bitcoin hitting ,200 in December was the ultimate bottom for the current market cycle and that we are now very much in the beginnings of a bull market. He provides 13 reasons why he believes that the so-called crypto winter is over and consistently higher prices are to be expected going forward.
After a disturbing pullback to ~,200, #Bitcoin back >,000 further cementing positive trend intact.
As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over…
…confirmed pic.twitter.com/M8ni4g2YvX
— Thomas Lee (@fundstrat) May 19, 2019
Related Reading: JPMorgan Sees Imminent Bitcoin Price Fall; Why It’s Unlikely to Happen
Featured Image from Shutterstock.
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Crypto Industry Reacts to Yet Another VanEck Solid X Bitcoin ETF Delay
A Bitcoin exchange-traded fund or ETF, has become a running joke across the cryptocurrency industry, with each new proposal set forth by various financial industry firms repeatedly rejected or delayed by the United States Securities and Exchange Commission.
The entire market of crypto investors were watching and waiting to see if today’s deadline for VanEck and Solid X’s proposal for a Bitcoin-based ETF would be rejected or approved, or delayed once again. As many expected, the deadline for the proposal has once again been extended by the SEC, further delaying a decision on if an ETF will be approved eventually.
Bitcoin ETF Delayed Once Again, Crypto Industry Yawns At Non-Event News
The potential of a Bitcoin ETF has reared its head quite a few times in recent years. The most recent Bitcoin ETF speculation took the price of Bitcoin towards ,000 in late July as a proposal put forth by Gemini co-founders Tyler and Cameron Winklevoss.
Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble
The proposal was rejected, and the price of Bitcoin fell once again towards ,000. Around that time, a proposal for a VanEck and Solid X Bitcoin ETF also reached its deadline with the SEC, but the proposal was delayed again and again. Each delay or rejection caused the price of Bitcoin to crash throughout the 2018 bear market.
VanEck Bitcoin ETF delayed. No surprise. https://t.co/MQgAXAtaYg
— Felipe (@PhilCrypto77) May 20, 2019
A government shut down put the proposal – which is said to have the best chance of being approved out of all of the different proposals out there – on ice for some time, but the review resumed weeks ago, and was targeting a May 20 deadline for a decision.
JUST IN: SEC delays decision, issues request for public comment on whether to approve or disapprove VanEck SolidX Bitcoin Trust (PDF) https://t.co/7ub6NM82le
— The Block (@TheBlock__) May 20, 2019
Today has come and gone, but the SEC has once again chosen to delay the proposal set forth by VanEck and Solid X. According to The Block, the SEC has also issued a request for public comment on whether or not the US financial watchdog should approve or disapprove the proposal.
ETF delayed (As expected)
Don't think it'll impact the price a whole lot.
That said I'm generally hoping & positioned for lower since yesterday.
This would be a nice excuse to fill bids lower.Generally a buying opportunity, not a reason to panic. https://t.co/mn8hqtm9g4
— DonAlt (@CryptoDonAlt) May 20, 2019
While in the past, such news would cause a sharp selloff, the price of Bitcoin has since risen following the news circulating. Also, now that the news had made its way across the cryptosphere, industry analysts and experts are all weighing in on the news that turned out to be a non-event.
VanEck ETF delayed as expected. Non-event.https://t.co/3VCdFpAYCS
— WhalePanda (@WhalePanda) May 20, 2019
Bitcoin has shown much resilience in recent weeks, also shaking off a hack of Binance and the worst Tether FUD to hit the industry yet without as much as a scratch. Instead, the price of Bitcoin continues to climb along the parabolic curve that began with the April rally.
As expected, the SEC has delayed the VanEck bitcoin ETF proposal. Read the order here: https://t.co/OB3TBgVGwg.
VanEck's new deadline is August 19. The SEC can & likely will delay one more time for a final deadline of October 18.
Looks like this ended up the right explanation: https://t.co/bkzeVRt1Hg
— Jake Chervinsky (@jchervinsky) May 20, 2019
The VanEck and Solid X Bitcoin ETF deadline has since been rescheduled for August 19, and has until one more final deadline of October 18 it can push its decision off until.
Will a decision finally be made?
Waiting for a Bitcoin ETF like pic.twitter.com/b5TdyuWCDR
— Crypto Bobby (@crypto_bobby) May 20, 2019
The post Crypto Industry Reacts to Yet Another VanEck Solid X Bitcoin ETF Delay appeared first on NewsBTC.
Bitcoin (BTC) Capped, US SEC Delay, It’s now A Matter Of WHEN
- Bitcoin (BTC) prices up but in tight ranges
- The US SEC delays their decision on Bitwise Bitcoin ETF
After their decision on Bitwise Bitcoin ETF, all eyes are on the US SEC and whether they will finally approve any of the many applications. Even so, buyers are in charge with prices soaring 70 percent after breaching ,500 resistance, now support.
Bitcoin Price Analysis
Fundamentals
Over and above Satoshi’s objective of creating a global payment platform, Bitcoin is disruptive. The technology underpinning its success is likely to cause a paradigm shift accommodating fluid projects. Thus far, there is resistance—but for good reasons.
Bitcoin and all blockchain applications are global and mostly unregulated. That is why there is reluctance from institutional grade investors to sink funds into a sphere where asset price manipulation is so rampant that Jay Clayton of the SEC said the agency wouldn’t approve any crypto derivatives until there is proper monitoring in place.
As agencies and start-ups, lay down rails in compliance, Bitcoin benefits are seeping through barriers. While all eyes are on the SEC and whether they will give the green lights, other jurisdictions are reaping benefits from correctly classifying and assuring investors through capital tax gains. Malta is the lead, and Japan is setting the foundation while there are rumors that Russia is amassing Bitcoin and Gold as a cushion in case there is another sanction.
Meanwhile, Bakkt, Fidelity and traditional brokers are offering avenues for investment, meaning the future is all but bright for early entrants.
Candlestick Arrangement
Price wise and Bitcoin (BTC) buyers are slowing down. After six weeks of stellar performance that saw BTC prices soar 70 percent—or more once bulls tore ,500, the foundation is firm. Presently, BTC prices are under sell pressure. With yesterday’s long upper wick hinting of liquidation in lower time frames, today’s trade range is inside May-14 highs despite a near perpendicular expansion.
All the same, there is a high likelihood that buyers will forge forward. However, if there is a retracement from spot levels in a correction of May-14 over-valuation—a whole bull bar is above the upper BB, then prices would likely slide to ,500 in a retest phase.
Nonetheless, from candlestick arrangement, buyers are firm and risk off traders should ramp up on dips, albeit with stops at around ,600.
Technical Indicator
In light of this slow down and expectation of a retracement, our anchor bar is May-11’s. The candlestick is wide-ranging and with above average volumes—47k. For trend continuation, any breach of ,500 or drop below ,500 must be with high participation. These volumes must exceed averages of 24k and 47k confirming or nullifying our trade position.
Chart courtesy of Trading View
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Protocol Labs and Ethereum Foundation Team Up to Research Verifiable Delay Functions
n Filecoin owner Protocol Labs is collaborating with the Ethereum Foundation to develop a Verifiable Delay Functionn
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Bakkt Delay Due to CFTC Concerns Over Its Planned Custody of Clients Bitcoin WSJ
n WSJ Bakkts plans to store clients Bitcoin from physically-settled Bitcoin futures ran aground in Februaryn
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