- Bitcoin’s dominance is up by 3.5% (59.1%), the total market cap is up by 14% ($325bn)‚ and overall volume is up by 15.3% ($70,3bn) on the previous week. Bitcoin is up by 17.5%, Ethereum by 13%, XRP is up by 7%, and EOS is up by 1.4%. The best performers among the top-30 cryptocurrencies were NEO (20.1%), Monero (17.8%) and Bitcoin (17.5%).
- Facebook Releases Libra Details
- PwC Rolls out New Auditing Tool for Cryptocurrencies
- Japan’s Largest Messaging App Lime May Launch Crypto Exchange
- MetLife Plans to Disrupt $2.7 Trillion Insurance Industry Using Ethereum Blockchain
- Bitmain Plans to Raise $300-$500 Million in US IPO
- Facebook to Issue Security Token
- EU Regulators Call for Central Bank Review of Facebook Cryptocurrency
- US Lawmakers Call for Facebook to Pause Libra Project
- FATF to Release New International Standards for Crypto Businesses
MARKET MOMENTUM
Bitcoin is continuing in its parabolic moves, adding 17.5% since last week. After two attempted breakouts, BTC has found a strong resistance around $11.2k. Although BTC spiked above the resistance yesterday, it almost immediately corrected towards $10.5k. Ethereum closed last week above $300 for the first time this year, adding more than 13%. The rest of the top-30 market is mostly following the bullish trend, NEO adding 21.4%, and XMR is up by more than 18%.
CRYPTO MARKET NEWS
Facebook Releases Libra Details
Facebook has released the official website and white paper describing
its digital currency called Libra. Libra is a stablecoin, pegged to the
U.S. dollar and other major currencies, and is expected to be integrated
as a payment tool on Facebook’s popular messaging apps WhatsApp and
Messenger, and photo-sharing app Instagram. At launch, you’ll be able to
send Libra inside of Facebook Messenger and WhatsApp, with the main
intention for it to be used as an intermediary for transferring
traditional currencies. Eventually, Facebook hopes Libra will be
accepted as a form of payment, and other financial services will be
built on top of its blockchain-based network.
Polish Bank Alior Uses Ethereum for New Document Authentication
Warsaw-based Alior announced that it is beginning to offer a feature
that will allow customers to check on the authentication and integrity
of official documents they receive using the public Ethereum blockchain
that supports Ether.
PwC Rolls out New Auditing Tool for Cryptocurrencies
“Big Four” professional consulting firm PwC has launched an updated
auditing solution for clients who hold cryptocurrencies, the firm
announced Wednesday. The auditing solution, called Halo, offers a full
breakdown of clients’ crypto treasury, tracking blockchain transactions
to provide “independent, substantive evidence [] needed to establish
ownership of cryptocurrency.” The solution currently supports Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Litecoin, Ether, ERC20 – OAX token and XRP cryptocurrencies
Japan’s Largest Messaging App Lime May Launch Crypto Exchange
Japan’s largest messaging app Line (~80 MAU) may win a license to launch a crypto exchange as early as this month.
MetLife Plans to Disrupt $2.7 Trillion Insurance Industry Using Ethereum Blockchain
MetLife is utilizing the live public Ethereum blockchain to add
transparency and efficiency to the claims process. In what is believed
to be the first pilot program in the world focused on the life insurance
industry, MetLife’s Singapore-based incubator LumenLab is collaborating
with Singapore Press Holdings (SPH) and NTUC Income on a platform of
smart contracts known as Lifechain to help its customers quickly
determine if the deceased was protected with a policy and to
automatically file a claim.
Ethereum 2.0 Phase Zero Scheduled for January 3, 2020
The first stage of the Ethereum network’s transition to Ethereum 2.0 is
expected to take place on January 3, 2020. Phase Zero is the name of the
first transition stage of the Ethereum network from a proof-of-work to a
proof-of-stake consensus algorithm, which would pass block validation
function from miners to special network validators.
Bitmain Plans to Raise $300 – $500 Million in US IPO
Cryptocurrency mining giant Bitmain Technologies is planning on
conducting an initial public offering (IPO) in the U.S. The company aims
to raise $300-$500 million from the offering, which could launch “as
soon as the second half of this year.” Bitmain is reportedly already in
discussions with advisers for the IPO and could file documents with the
U.S. Securities and Exchange Commission next month.
SECURITY TOKEN NEWS
Facebook to Issue Security Token
The tokens to be released include not only the aforementioned ‘Libra’,
but a second which will act as a security token. This will be known as
the Libra Investment Token. This token will be distributed to early
investors. Investors in the Libra Investment Token will be part of the
Libra Association Council. Each will receive equity share in the
reserve, providing them with dividends garnered from the interest
generated on the reserve, along with certain voting rights.
REGULATORY NEWS
EU Regulators Call for Central Bank Review of Facebook Cryptocurrency
Facebook Inc.’s ambitious plan to roll out its own cryptocurrency ran
into immediate political opposition in Europe, with calls for tighter
regulation of the social media giant. French Finance Minister Bruno Le
Maire said the digital currency known as Libra shouldn’t be seen as a
replacement for traditional currencies. France is creating a G7 task
force to study how central banks ensure cryptocurrencies like Facebook’s
Libra are governed by regulations ranging from money-laundering laws to
consumer-protection rules, France’s Central Bank Governor said on
Friday. Libra was also a talking point at the European Central Bank’s
annual symposium in Sintra, Portugal, where Bank of England
Governor Mark Carney referenced Libra. “Anything that works in this
world will become instantly systemic and will have to be subject to the
highest standards of regulation,” he said. Markus Ferber, a German
member of the European Parliament, said Facebook, with more than 2
billion users, could become a “shadow bank” and that regulators should
be on high alert. Switzerland’s financial regulator FINMA said on
Tuesday that it is in contact with the “initiators” of Libra, Facebook’s
planned cryptocurrency.
US Lawmakers Call for Facebook to Pause Libra Project
A leading U.S. House lawmaker on Tuesday called on Facebook Inc to halt
development on its new cryptocurrency and for company executives to
testify before Congress, adding to global concerns about what the digital currency
could mean for data privacy and security. The U.S. Senate Banking
Committee will hold a hearing on July 16 regarding Facebook’s new
cryptocurrency, Libra.
FATF to Release New International Standards for Crypto Businesses
The Financial Action Task Force (FATF) has proposed a set of new international standards for crypto businesses, which will be discussed during the upcoming V20 Summit on 21 July 2019. You can read a comprehensive analysis of FATF’s proposal here.
Read more at: https://www.fxstreet.com/cryptocurrencies/news/weekly-crypto-market-update-201906241350
