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Bitcoin

Bitcoin (BTC) Takes a Hit

The cryptocurrency space may have been having a great time this year so far as Bitcoin started on one of its strongest bull runs since 2017 and other crypto tokens gained as well. However, it needs to be kept in mind that there are a lot of things that can disrupt the crypto space and perhaps the biggest disruption was Facebook’s recent announcement that it was going to launch its own cryptocurrency. While that was a disruptive development on its own, nothing perhaps readied the crypto sphere for an attack from the United States President.

Donald Trump Criticizes Cryptocurrencies

In a series of scathing tweets, President Donald Trump criticized cryptocurrencies and Bitcoin, before going on to add that companies like Facebook should apply for banking licenses.

In the first tweet of what is known as a ‘thread’ on the social media website, Trump said, “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

>> BitTorrent Token (BTT) to Power Expedited File Sharing on TRON Network

In the second tweet, he went on to attack Facebook’s Libra and stated that the coin neither had ‘standing’ nor ‘dependability,’ and insisted that the social media company should seek a Banking Charter instead.

In this regard, it needs to be noted that this is not the first time that Facebook’s Libra has come under for attack from powerful people in the United States. Yesterday, the head of the US Federal Reserve Jerome Powell spoke about his doubts with regards to Libra and went on to state that there is going to be intense scrutiny of the token before it could be allowed to be used in any way. The statement led to a bloodbath in the crypto sphere as the prices of all major cryptos declined significantly.

At the time, Bitcoin is trading lower by 2.50% at $11,404. The most popular cryptocurrency has fallen about $2,300 from last week’s peak price of $13,764.

Featured image: DepositPhotos © actionsports

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Bitcoin

Bitcoin (BTC) Finds the Hurdle Again, Plunges 12% Quickly

Bitcoin (BTC) has been in the middle of a rollicking bull run for 2019 so far, and the virtual currency has managed to touch levels that would not have been thought possible last year. However, the announcement from Facebook about the launch of its own cryptocurrency Libra proved to be a new disruption of sorts in the cryptocurrency space.

While many thought that Libra was going to end up as the major competitor against many digital currencies currently in existence, it now seems that it could be in a bit of trouble with the relevant regulators.

Powell Raises “Serious Concerns” About Libra

In a new development, the Chairman of the Federal Reserve, Jerome Powell, has stated that he has ‘serious concerns’ about the Facebook-backed cryptocurrency and added that there should be keen scrutiny of Libra. The comments had an immediate effect on Bitcoin, and other major cryptocurrencies as all of them slumped on the back of these comments.

When the most important financial regulator in the world states that he is concerned about a particular cryptocurrency, then it is an indictment on the entire sector, and hence, it was a not a surprise that a massive selloff ensued across the crypto sphere today.

>> TRON’s CEO Debunks Association with Billion Dollar Ponzi Scheme Scam

Sell-Off Across the Board

All the major cryptocurrencies dove today as Bitcoin slumped by as much as 12.80% to hit $11,490, while Litecoin declined by 19% to hit $100.21. On the other hand, XRP and Ethereum sank by 17% and 13.70% respectively. Powell stated that Libra raises “serious concerns regarding privacy, money laundering, consumer protection, and financial stability.” Such a comment from such a powerful regulator is bound to have such a reaction, particularly at a time when most of the world’s major cryptocurrencies are looking for regulatory clarity.

As a matter of fact, Fidelity has even opened up a fund for its institutional investors by way of which they can invest in Bitcoin. However, without regulatory clarity, it could cause a bit of uncertainty.

Featured image: DepositPhotos © KostyaKlimenko

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GBTC

GBTC Makes Massive Move Thanks to Crypto Bull Market

The GBTC (Grayscale Bitcoin Trust) has made a massive move this year with a gain of 250% and outperformed all other assets classes.

Over the past few years, Bitcoin has become one of the most intriguing investment opportunities for thousands of people across the world, and it is only natural, considering the sort of highs the cryptocurrency has reached in recent years. However, as everyone knows, Bitcoin and cryptocurrencies at large can be extremely volatile in nature, which is why even interested investors sometimes stay away from it.

That being said, it is now possible for investors who want to be exposed to Bitcoin to own a stock that could benefit them anytime BTC price climbs. The stock in question is that of the Grayscale Bitcoin Trust (GBTC), which is involved in both owning and tracking Bitcoin.

Key Analysis

In this regard, it is important to note that the price of GBTC is not directly dependent upon the market rate of Bitcoin but on the outlook of investors about the cryptocurrency. As one can realize, this is a relatively easier way for investors to be exposed to the Bitcoin space–and it’s an exciting time to be getting into crypto as there has been a significantly strong BTC bull run this year. So, if anyone is willing to buy this stock, then this is perhaps the time to get their hands on the Grayscale Bitcoin Trust. In a new development, it has emerged that the company has resumed the private placement of its shares again and the update was announced by way of a press release on July 8.

>> China’s Cryptocurrency: A Response to Facebook’s Libra Coin?

The private placement is done by the company, and only accredited investors are allowed to purchase those shares. More importantly, the announcement also stated the value of each share in GBTC is worth 0.00097876 Bitcoin, and at this point in time, the total value of the assets held by the company stands at $2.66 billion. Its assets have increased significantly over the past few months. An executive stated that an investment in Bitcoin is an excellent hedge against the growing uncertainties in the global economy.

GBTC has soared all the way from $4.50 to $16 since the beginning of 2019.

Featured image: DepositPhotos © iqoncept

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Bitcoin

Bitcoin (BTC) Falls Back Again As Facebook’s Libra Faces Huge Setback

Bitcoin (BTC) has been on a tearing run for much of 2019 after making a remarkable turnaround from its low of last year. However, the past few days have not been particularly great for the cryptocurrency as the price fluctuated quite wildly at the start of the week. Although Bitcoin did recover, the price slumped on Friday yet again as Facebook’s proposed cryptocurrency has reportedly run into trouble with the House of Representatives Committee on Financial Services.

According to reports, the committee has apparently asked Facebook to refrain from developing Libra, its cryptocurrency, and once the news hit the wires, Bitcoin’s price started tumbling.

Key Concerns

The committee has raised concerns that the usage and prevalence of Libra could eventually lead to a monetary system that could end up competing with the one in the United States. Additionally, it would undermine the importance of the dollar, and that is clearly not in the best interest of the country, as most of the global trade is done in dollars. One of the reports even quoted one of the committee members and their fears about Libra. A member said, “This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.”

At the time of writing, Bitcoin is trading lower by 7% at just above $11k mark.

Blow to Crypto Markets

At a time when cryptocurrencies are looking for regulatory clarity, this has come as a heavy blow for most of those. In addition to Bitcoin, other leading cryptos experienced slumps as well. Ethereum (ETH), the cryptocurrency with the 2nd biggest market capitalization after Bitcoin, slumped by 3.8% to hit $285.94 at one point. The third biggest crypto, XRP, went down by as much as 4.4% at one point to slump to $0.383. It is quite clear that it has not been a particularly good day for cryptos, and considering the fact that Facebook has been asked to not produce its crypto, it has created a bit of panic in the crypto sphere today.

>> Litecoin (LTC) Outperforms Bitcoin Ahead of Blockchain Halving

On the regulatory front, the situation was further compounded by the Financial Conduct Authority of the United Kingdom when it said crypto derivatives like futures and options should not be made available to retail investors since they are extremely volatile. This is the sort of situation that cryptocurrencies have experienced for many years, and this is not the first time this has happened. However, the backlash against Facebook’s Libra is a new frontier.

Bitcoin is still up 265% from its last year’s low of $3,200.

Featured image: DepositPhotos © sdecoret

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Bitcoin price

Bitcoin Price Crosses the $11K Mark For the First Time Since March 2018

Since the beginning of 2019, Bitcoin price has been on the rise, gaining over 170%. On Monday, BTC price surged past the $11,000 mark, a new high since March 5, 2018. Demand for the coin has been reinvigorated by Facebook’s move to have its own digital currency.

Bitcoin Price Up 13% from Friday to Over $11,300

According to Coindesk’s Bitcoin Price Index, Bitcoin price hit an intraday high at 5.30 am HK/SIN on Monday reaching a high of $11,307.69, which was almost a 13% gain from last week Friday. This is the highest level the coin has reached in 15 months, regaining almost half of the increase that was witnessed in the 2018 bubble burst.

It seems like investors are shrugging off the memories of the burst after the 2018 bubble when the coin hit the $19,000 mark in December 2017. In the course of 2018, Bitcoin price declined until the start of this year where it recorded a record low of $3,000. However, since February, the price has been surging high with growing crypto sentiment as major firms announce cryptocurrency projects.

Since April, Bitcoin price has witnessed accelerated growth, and the surge is being associated with the anticipated Bitcoin halving in August and in 2020, and lesser concerns regarding fraud as well as a change in perception of how the coin is viewed.

>> Bitcoin Price Continues the Bull Run, Nears 5 Digit Mark

Growing Mainstream Adoption Boosting Bitcoin Price

eToro senior market analyst Matt Greenspan says that the market has greatly matured since the last time Bitcoin price crossed the $10,000 mark. He adds that the current surge is justified considering the current levels of adoption.

Currently, there is renewed mainstream adoption of cryptocurrency compared to last year, with Facebook’s Libra being one of the latest cryptocurrency projects. Facebook has partnered with Visa Inc. and Uber Technologies Inc. among other partners to build a cryptocurrency system. Equally, in March, Fidelity Investment rolled out a digital currency trade and custody execution operation.

Featured image: DepositPhotos © aa-w

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