n The G7 has released a report claiming that global stablecoins could pose a threat to global financial stability.n
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American Banking Giants Sound Off Against Libra as Monetary Threat
Execs from some of the biggest U.S. banks reportedly told the Federal Reserve that Facebooks Libra would pose a threat to monetary policies.
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Calibra CEO Argues that Libra Poses No Threat to Nations’ Monetary Sovereignty
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Jamie Dimon Says Libra Does Not Pose a Threat in Short Term
n Jamie Dimon says that he would not spend too much time on Libra as the coin does not pose a threat in the foreseeable futuren
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German Central Bank Cryptos Are Not a Threat to Financial Stability
n Cryptocurrencies do not pose a threat to financial stability, according to representative for Germanys central bank, Burkhard Balzn
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US Govt Sees Libra as a Bigger Threat than Bitcoin: Messari CEO
Facebook is on the wrong end of a political cycle which could weaken the standing of its cryptocurrency project Libra, believes Ryan Selkis of Messari.
The CEO said Libra is a “bonafide threat” to the US dollar because Facebook wonders about structuring the greenback with a basket of international currencies. The move, to the US government, is an effort to decouple a sovereign fiat currency from the influence of its central bank.
2/ Second clip @twobitidiot: Trump was hawkish in the past about inflation, looking at the bitcoin price seems as though he was right! Fed chairman Powell had it right that bitcoin isn't a mainstream currency, but it is competing as gold 2.0. Govt sees Libra as a bigger threat. pic.twitter.com/na2nUHOZaJ
— Pierre Rochard (@pierre_rochard) July 14, 2019
“It seems Libra should continue to draw most of the attention in ire,” Selkis told Bloomberg, adding that Facebook has just reached a billion settlement with the Federal Trade Commission over privacy violations which makes the US government more doubtful about the firm’s foray into the financial world.
Bitcoin Lesser a Threat
The comments came a day after the US President Donald Trump criticized both Facebook Libra and Bitcoin in the same breath. The world’s most powerful politician tweeted on Thursday that he is not a big fan of either of the cryptocurrencies and that they should not expect special treatment from the US government when it comes to regulations and policymaking.
“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International,” he said.
Trump held back from saying the same about bitcoin, which remains more a protocol than a brick-and-mortar company with an address in the US. His criticism of the cryptocurrency repeated what the bitcoin skeptics have been saying for years: it’s volatile and does not have an intrinsic value. The comments further failed to cause any trouble in the bitcoin market, as the cryptocurrency kept maintaining its grip on the prevailing bullish bias.
“With bitcoin, there is no CEO, there is no headquarters. You cant send a letter and call someone for a hearing,” said Anthony Pompliano, founder & partner with Morgan Creek Digital. “So I think the complete decentralized nature of the asset is what makes it compelling.”
"With Bitcoin, there is no CEO. You can't send a letter or send somebody in for a hearing," @APompliano explained Trump's aversion to crypto. https://t.co/SMf8yFHHGY pic.twitter.com/MzVq0FCoTk
— CNBC (@CNBC) July 12, 2019
That is the same Selkis attempted to explain, hinting that the US government’s hitlist included companies they actually hurt or submit into complying, such as Facebook. He said:
“Libra is a stable store of value that could truly be an alternative to the mass market overnight.”
Schiff: Fed will Come after Bitcoin
Gold bull Peter Schiff believes that Federal legislative bodies would eventually launch a crackdown against bitcoin. He said on Thursday:
“I wonder if Trump’s tweet about his not being a Bitcoin fan, and his specific reference to unlawful behavior, drug trade, and other illegal activity, is a precursor to a Federal legislative crackdown on Bitcoin and other cryptocurrencies? Ignore this risk at your peril!”
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JPMorgan Chase CEO Crypto Projects Pose No Threat to Banking System
n Jamie Dimon does not think that crypto poses an existential threat to JPMorgan’s core businessn
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Researchers Uncover Threat of Unusual Virtual Machine Crypto Mining
n Cybersecurity firm ESET has detected what it describes as an unusual and persistent cryocurrency miner distributed for macOS and Windows since August 2018n
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Is Bitcoin’s Increasing Anonymity a Threat to Privacy Coins
n Is bitcoins improving privacy an existential threat to anonymous cryptocurrenciesn
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Facebook’s Global Coin Is A Threat to Bitcoin Cash, BCH Down 3.7%
- BCH down 3.7 percent
- Facebook’s Global coin will disrupt public chains like Bitcoin cash
Because of Facebook’s broad base and active users exceeding 2 billion, the Global coin is an existential threat to Bitcoin Cash. Currently, BCH is consolidating against the USD, down 3.7 percent.
Bitcoin Cash Price Analysis
Fundamentals
Perhaps, for the neutral, Bitcoin Cash is indeed what Bitcoin failed to be. That is Cash. According to Bitcoin’s whitepaper, the peer-to-peer cash system was, first of all, supposed to be a medium of exchange.
However, grappled with scalability concerns forcing transaction fees to spike, Roger Ver and a team formed a splinter coin. Calling it Bitcoin Cash, it is clear that the objective was to ride on the Bitcoin brand, from there market their platform and eventually replace Bitcoin.
Well, the idea was initially successful as BCH rocketed, but soon, despite the advantages, little to no use left the network exposed triggering a price meltdown. Bitcoin Cash is far from what it represents, and with low media transaction value, recent concerns of an intentional deep chain re-org, it is hard to convince spectators that the network is dominant.
That’s in spite of what Roger Ver and team insistence. Although they are actively building, the eventual rollout of Facebook’s Global Coin could deal a final blow to Bitcoin Cash. It may be too early to, but time will tell.
Candlestick Arrangement
At the time of writing, Bitcoin Cash (BCH) is stagnating, down 3.7 percent in the last week. Although there are flickers of resistance, buyers have the upper hand. At least that is what we can glean from candlestick arrangement as well as the outstanding trend.
All the same, it will be ideal if there is a sharp break and close above 0 or May high. Such a move will be a pass for traders aiming for 0, satisfactorily reversing losses of Q4 2018. Note that bears are pressing lower.
The longer prices consolidate, the more sellers have a chance to push lower thanks to the bear reversal pattern after May 30th. Therefore, while aggressive traders can buy the dips as long as prices are above 0, conservative traders can wait for a surge above 0 before initiating longs.
Technical Indicator
In light of the above, May 30th candlestick leads this trade plan. It is wide-ranging with high trading volumes of 122k. Any surge or meltdown above or below 0 or 0 must be with high participation exceeding 122k. That will either confirm or nullify this trade plan.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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