EU Banks Are Racing Towards Instant Payments In Response To Facebook’s Libra: Reuters

Banks in the European Union are setting up an instant payments system that could roll out as early as 2020 in response to Facebook’s Libra announcement, according to a Reuters report. Etienne Goose, director general of the European Payments Council, pointed out to the publication that big technology firms had the advantage of being a global unit unlike the fragmented European banking industry. He was … Continue reading EU Banks Are Racing Towards Instant Payments In Response To Facebook’s Libra: Reuters

Bitcoin Price Volatility Returns, Crashes $1,900 in Less Than Three Hours

When bitcoin price cratered in 2018, analysts and commentators opined that its price swings might become a thing of the past with more money flowing into the asset class. As it turns out, they were wrong. The entry of institutional investors and technological developments, such as the Lightning Network, have not done much to dampen volatility in the asset class. Bitcoin price recorded its steepest … Continue reading Bitcoin Price Volatility Returns, Crashes $1,900 in Less Than Three Hours

Bitcoin Price Soars Past $13,000

Bitcoin price continued its rapid gains last night, gaining 14% in its price and moving past the $13k mark this morning on all exchanges and data services tracking its price. As of this writing, it is trading at $13,244.39 on Coindesk’s index, up 16.16% from its price 24 hours ago. In the last one week, bitcoin’s price has surged by more than 40% on the … Continue reading Bitcoin Price Soars Past $13,000

Bitwise and Amun AG Create ETP For Swiss Exchange

Bitwise Asset Management and Amun AG have joined hands to create a new exchange-traded product (ETP) in Switzerland. The Amun Bitwise Select 10 ETP will be listed on Switzerland’s SIX exchange. It tracks the Bitwise 10 Large Cap Crypto Index, an index designed by Bitwise Index Services LLC, the index calculation subsidiary of San Francisco-based Bitwise Asset Management. The Bitwise 10 Large Cap Crypto Index … Continue reading Bitwise and Amun AG Create ETP For Swiss Exchange

Facebook’s Partners in Libra Have Not Committed To It: NYT

Questions and controversies continue to dog Facebook’s entry into blockchain and cryptocurrencies. According to a report in the New York Times, none of the 27 partners in Libra, the company’s crypto venture, have signed binding agreements regarding their participation. Instead they have opted for nonbinding agreements that do not oblige them to promote or use Libra. An Impressive List With Membership Benefits   The list … Continue reading Facebook’s Partners in Libra Have Not Committed To It: NYT

Short Interest in Bitcoin Futures Shoots Up As CFTC Approves New Venue For Futures Trading

Short interest in Bitcoin futures has increased even as new venues for trading in them are being launched. According to a WSJ report, short bets at CME Group’s Bitcoin Futures market have jumped following a rally in the original cryptocurrency’s price. Large trading firms are leading the charge against Bitcoin. The WSJ report states that there are three times as many bearish bets as last … Continue reading Short Interest in Bitcoin Futures Shoots Up As CFTC Approves New Venue For Futures Trading

Will Libra Allow Facebook to Print Money For Its Business?

Facebook has window-dressed its Libra initiative as a noble mission to help the world’s unbanked population. But it could have a more-than-noble impact on its bottom line. While details about the project have not been released, analysts and commentators have noted that Libra gives Facebook the license to print “even more money” to boost its revenues and make the founding members of the Libra Association, … Continue reading Will Libra Allow Facebook to Print Money For Its Business?

Bitcoin Price Crosses $10,000 Mark

Is bitcoin price reverting back to its old ways? Within a span of 24 hours, the cryptocurrency breezed past the $10,000 mark on Saturday and briefly meandered beyond $11,000, before settling back into the $10,000 range. As of this writing, it was trading at $10,729.87, roughly unchanged from its price 24 hours ago. A day earlier, Bitcoin was changing hands at $9,859.61. Such schizophrenic price … Continue reading Bitcoin Price Crosses $10,000 Mark

How are Regulators Reacting to Facebook’s Libra? A Recap

Facebook’s announcement of Libra, its blockchain and cryptocurrency to bank the unbanked, has generated a storm of opinions and responses. Perhaps, the most important among those are the ones that pertain to regulation. Unlike social media and technology, the financial services industry is a heavily-regulated one with detailed rules that govern each transaction. Facebook’s expansive plans for its cryptocurrency could fall apart, if regulators do … Continue reading How are Regulators Reacting to Facebook’s Libra? A Recap

New FATF Rule Recommends Cryptocurrency Exchanges Collect Customer Information

Call it the mainstreaming of cryptocurrencies. The Financial Action Task Force (FATF), an inter-governmental body tasked with combating money laundering, has finalized a new set of recommendations that includes a requirement for cryptocurrency exchanges to gather customer information per KYC requirements and to share it with their counterparts. The news was first reported by Coindesk. Cryptocurrency exchanges will have to collect the following information: Originator’s … Continue reading New FATF Rule Recommends Cryptocurrency Exchanges Collect Customer Information

Bitmain Planning a US IPO: Bloomberg

Mining giant Bitman is reviving its plans for an IPO. A Bloomberg report quotes anonymous sources as saying that the company is consulting U.S. advisers for an IPO during the second half of this year. It plans to raise between $300 million to $500 million and could file relevant documents with the SEC as early as next month. A Change in Plans The Beijing-based company … Continue reading Bitmain Planning a US IPO: Bloomberg

How Did Libra Affect Bitcoin Price and Facebook Stock Price?

Call it the Libra effect. Bitcoin price rallied and broke past the $9,000 mark in the breathless run up to Facebook’s announcement of Libra, its cryptocurrency and blockchain, to provide banking services in emerging markets. There was an impressive 23% increase in its price within a week. (For those keeping count, the cryptocurrency is up by more than 150 percent since the beginning of this … Continue reading How Did Libra Affect Bitcoin Price and Facebook Stock Price?

Senate Banking Committee To Hold July Hearing On Facebook’s Libra

Facebook’s Libra cryptocurrency has dominated news cycles ever since it was announced. Now it has caught the attention of senators as well. The Senate Banking Committee intends to hold a public hearing about Facebook’s cryptocurrency on July 16. The hearing will be titled “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations”. No witnesses have been announced, as yet.   According to reports, members of … Continue reading Senate Banking Committee To Hold July Hearing On Facebook’s Libra

Four Problems With Facebook’s Libra Crypto

Now that the dust has settled on Facebook’s Libra announcement, it is time to take stock. The Menlo Park-based company’s move into blockchain has received an enthusiastic welcome from the crypto community. , which has lurched from one scandal to another in recent times. That is understandable. Much to the chagrin of its proponents, the crypto ecosystem and blockchain have become a subject of derision … Continue reading Four Problems With Facebook’s Libra Crypto

Enthusiasm, Snarky Criticism, Wariness: Reaction to Facebook’s Libra

This morning, Facebook released details regarding Libra – its proposed cryptocurrency. The details and Facebook’s move have predictably generated much debate and discussion. While cryptocurrency enthusiasts and investors have applauded the move, regulators have alternated between adopting a wait-and-see approach and criticism of the social media company’s move. Expectations have been sky high for Facebook’s entry into cryptocurrencies. The social media behemoth is arguably the … Continue reading Enthusiasm, Snarky Criticism, Wariness: Reaction to Facebook’s Libra

What You Should Know About Facebook’s Cryptocurrency Libra

Social media giant Facebook released details about its crypto venture this morning. The cryptocurrency, which will be available during the first half of 2020, is the first such effort by a mainstream company and is expected to lead to greater adoption and awareness about cryptocurrencies. Here is a brief FAQ on Libra: What is Libra? Libra is a global cryptocurrency that will be available for … Continue reading What You Should Know About Facebook’s Cryptocurrency Libra

Facebook Releases Libra Details

Facebook released details about its cryptocurrency this morning. The social media giant has been teasing details about the venture for the last six months, with periodic leaks in the mainstream and trade press. The move is widely anticipated to herald a reinvention of Facebook, enabling it to pursue new lines of business. Two Cryptocurrencies Facebook’s plan is to have to two cryptocurrencies. The first one … Continue reading Facebook Releases Libra Details

Decks Cleared For Facebook’s Crypto Debut Tomorrow

Facebook’s big crypto moment is tomorrow. The social media giant, which has been mired in controversy and scandal for the last couple of years, is expected to release details related to Project Libra – its cryptocurrency initiative. Reports and leaks have already generated considerable excitement within the cryptocurrency community. But the ramifications of Facebook’s foray into cryptocurrency go beyond the crypto ecosystem. They could potentially … Continue reading Decks Cleared For Facebook’s Crypto Debut Tomorrow

Binance Announces Bitcoin-pegged Token For Cross-Chain Trading On its Decentralized Exchange

Binance, arguably the world’s biggest exchange by trading volume, is launching a token pegged to Bitcoin. The aim is to make Bitcoin accessible to traders on its decentralized exchange, Binance DEX. Centralized custodians and institutions to match buyers and sellers are absent in decentralized exchanges. Instead, an algorithm directly matches buy and sell orders between traders, significantly reducing costs and time associated with trading. Within … Continue reading Binance Announces Bitcoin-pegged Token For Cross-Chain Trading On its Decentralized Exchange

Bitcoin Price Breaks Past $9,000 Mark In Anticipation of Facebook Announcement

In its attempt to regain past glory, Bitcoin price breached another major milestone and crossed the $9,000 mark over the weekend. The original cryptocurrency first struck past the mark yesterday evening. It retraced its steps for a brief period of time two hours later before striking out again past $9,000. As of this writing, Bitcoin is changing hands at $9,285.84 per Coindesk. Yesterday’s increase means … Continue reading Bitcoin Price Breaks Past $9,000 Mark In Anticipation of Facebook Announcement

Facebook To Make A Formal Announcement About Crypto Plans Next Tuesday

Online publication The Block has more details regarding Facebook’s crypto plans. A formal announcement regarding the foundation is scheduled early next week, Tuesday June 18 to be precise, in Geneva. A blogpost with details about the foundation has already been circulated to major mainstream publications under embargo. The foundation governing the cryptocurrency will be called the Libra Association. The cryptocurrency itself is called Libra and … Continue reading Facebook To Make A Formal Announcement About Crypto Plans Next Tuesday