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Steven Mnuchin, the US Treasury Secretary, keeps promising “very, very strong” enforcement of existing financial regulations against criminal uses of crypto. This also includes fighting countries like China, Russia, and Iran which use crypto to evade US sanctions. Yet he strongly believes in the blockchain. The major political opposition faced by Facebook’s cryptocurrency is likely to kill the Libra project even before it begins. Libra could be a major accelerator for crypto adoption in the world, yer it could also spur restrictive regulations on other cryptocurrencies.
Libra Push-back: Crypto Prohibition for Big Tech Companies – Bitcoin at Record Volume but Low & MoreCryptoEnsemble Crypto Reports
Facebook’s Libra project has been at the center of two Congressional hearings this week. Both political parties are determined to stop it. They see it as a major financial threat to the status quo. The House Financial Services Committee has drafted a bill that bans big tech companies from launching cryptocurrencies. The crypto prohibition on big tech would penalize violators with a fine of $1 million a day, which might even be acceptable for Facebook or other big tech companies. In the meantime, Bitcoin was already doing a technical correction of its value, but has slumped markedly during the second hearing. Volumes are at an all-time high, yet some experts predict a further reduction of value.
One topic both Democrats and Republicans agree on is the opposition to Facebook’s Libra. They have placed very heavy compliance requirements on the giant social media platform. They are so heavy, that Facebook would have to become a bank before minting its own crypto. Treasury Secretary Mnuchin announces a major breakdown on illegal uses of cryptocurrencies. Discloses major international plans to regulate crypto. Bitcoin market sentiment has shifted to “extreme fear”. Values have dropped and they appear to remain low. The second biggest crypto on the market, Ethereum, is considering a partnership with Bitcoin Cash in order to solve its scalability issues, while the release of Ethereum 2.0 shift to the second half of next year,
US Treasury Secretary Steven Mnuchin just made a surprise press conference on the subjects of Bitcoin, Libra, and cryptocurrencies in general. Mnuchin’s presser comes right after a tweet where President Donald Trump criticized both Bitcoin and Libra. Mnuchin has echoed Trump’s concerns by repeating the fact that cryptocurrencies are also used for illicit purposes like money laundering, terrorism, ransomware, and drug abuse. He made it very clear that no currency alternative to the dollar will be tolerated and that any tech company wishing to issue a cryptocurrency, like Facebook’s Libra, should follow the same rules as a bank. And he added that, from his viewpoint, Facebook is still quite far from reaching that standard. He promised aggressive and swift actions in the immediate future against illegal uses of Bitcoin and other cryptocurrencies, particularly as it relates to financing criminal activities. It is a national security issue, according to him. Mnuchin also acknowledged that Bitcoin and the other major digital assets constitute an investment vehicle for some, but hinted to the fact that he would rather see that money invested otherwise (like US corporations or real estate). Ethereum might use Bitcoin Cash’s blockchain to overcome scalability issues, waiting for Ethereum 2.0 scheduled for next year.
Donald Trump is the first US president who takes up the matter of cryptocurrencies and Bitcoin. He did it in response to a comment by Jerome Powell, Federal Reserve Chairman. Powell had just recognized in Bitcoin a store of value and a potential alternative to gold. Trump tweeted in reply by depicting crypto in a fairly negative way, denying it is any form of currency and claiming its existence facilitates unlawful activities. Yet several experts consider the presidential remark an excellent opportunity for raising the awareness of the subject. They believe it to be the perfect trigger for another bull run.
Bitcoin More Remunerative Than Oil, Stocks, Real Estate and Gold – Chainlink, Binance Coin & Litecoin Even Better & MoreCryptoEnsemble Crypto Reports
Investors that specialize in traditional assets are aware that Bitcoin has offered this year a much higher return on investment. It has done better than oil, gold, and stocks in general, despite its recent moderate downturn. The uptrend is still active, and trading volume has gone from about $4.5 billion to over $20 billion per day. Market capitalization has increased from $65 billion to over $200 billion. The percentage of gain since the beginning of the year is 206%. Oil is second with a 30% gain in 2019. The NASDAQ is third with 26% since the beginning of January. Real estate investment trusts (REIT’s) have gained 22% this year. The S&P500 gained 21%, and commodities showed an 11% increase. Gold only managed a 10% growth to this date. Few other cryptocurrencies have done pretty well: Litecoin gained over 240%, and Binance Coin increased 400%. Chainlink, the new crypto phenomenon, grew 1000%.
Bitcoin becomes even more popular with President Donald Trump criticizing it and other cryptocurrencies as not real money. The analysis shows Bitcoin is in the strongest growth market in its history. Trump also criticizes Libra stating that Facebook should acquire a bank license if they want to mint their own crypto coin. Bitcoin Cash is still at risk of more downsides.
Roller Coaster for Most Coins – Binance, LEO & Chainlink Stay Strong – Bitcoin Plummets While Fed's Powell Airs Concerns on Libra & MoreCryptoEnsemble Crypto Reports
Cooling comments by Federal Reserve Chairman Jerome Powell about Facebook’s Libra coincide with a sudden and steep drop in Bitcoin’s value. The new cryptocurrency project announced by Facebook is facing unexpected and strong resistance from the political world in Washington. There seems to be a correlation between Libra’s fate and the short term performance of Bitcoin. All Altcoins suffer except Binance Coin, Bitfinex LEO, and ChainLink. Bitcoin’s performance is anyway quite different from what happened in 2017. The market was then influenced mostly by retail adoption of cryptocurrencies. Now professional traders and institutional investors seem to dominate the scene.
Bitcoin keeps oscillating strongly between $ 11,000 and $13K plus, yet analysts believe it is primed for passing the $ 14K level. Coinbase and Ripple support financing of NEAR a company which is a developing a direct alternative to the Ethereum and Tron platforms. The Near Protocol would be faster and much easier to implement for new developers.
Experts Confirm Bitcoin as Suitable Alternative to Gold – Price Surpasses $ 13,000 Again – Altcoins Still Lagging & MoreCryptoEnsemble Crypto Reports
Bitcoin is being endorsed by a growing number of institutional investors who consider it a valuable alternative to gold. Easy to sell and divide, easy to store, BTC has been growing fairly quickly this year and the predictions of the long term are much higher than the current $ 13,000 price. It is considered a long term game, while it is also providing short term benefits. All other cryptocurrencies, generally named Altcoins, are lagging behind, although experts believe they will catch up.
Institutional Capital Is Changing the Outlook for Bitcoin and Ethereum – Chainlink & Komodo Worth Considering – Litecoin Shoots for Mass Adoption & MoreCryptoEnsemble Crypto Reports
Institutional money is giving strength to major cryptos, particularly Bitcoin (BTC) and Ethereum. Major investors are looking at derivative products and more market regulation. Chainlink and Komodo are two minor Altcoins which have performed very well and that are worth paying attention to. Litecoin is pressing for mass adoption as a way to maintain its fourth position as total market capitalization.
Bitcoin Reward Halving in 2020 Already Induces Miners to Hoard – Ethereum Now Under Attack by Binance & MoreCryptoEnsemble Crypto Reports
Bitcoin is relatively stable around the $ 11,000 value, yet it is having trouble continuing its recent parabolic growth. Yet fundamentals remain strong with a hash rate which is highest than ever and which measures the activity of miners which take care of transactions on the network. Miners have gained enough money with the value increase in the last month that they now plan to hoard any new Bitcoin produced while waiting for May 2020. By that time the mining reward awarded by the network should halve therefore making it so much less remunerative to mine and possibly inflating Bitcoin’s value. Ethereum remains the stronger Altcoin, yet it is being attacked by Binance Chain. Yet its network is allowing the creation of a new crypto-based social media in Latin America with the Taringa! Pioneros project.
Bitcoin Approaches $ 11,500 – All Time High Network Activity – Stellar Plunging – New Us Tax Rules for Crypto & MoreCryptoEnsemble Crypto Reports
Bitcoin keeps position around $ 11,500 and its network activity is at an all-time high. Yet a major investor warns that it might be on the verge of a downturn which could go as low as $ 5,000. Ether defends its position as the leader of Altcoins, while Stellar has been decreasing in value since the beginning of the year. The IRS, pushed by the US Congress, is considering a revision of its guidance on cryptocurrencies which are currently taxed as any other type of asset.
After a week of wild fluctuations and recoveries, Bitcoin slumped again on Friday as soon as the news spread about the problems Facebook’s cryptocurrency is running into. Concerned members of the House of Representatives Committee on Financial Services asked Facebook to refrain from developing Libra, that they believe could eventually lead to a monetary system capable of competing with the dollar.
Bitcoin has already recovered from the minor slump of last week and seems now poised for a new bull run. Several analysts predict it won’t go below $ 10,00 any more and it is shooting toward much higher values. Institutional investors keep buying it as well as its derivatives. Network usage is at an all-time high. Altcoins won’t benefit from this new season of growth, but many of them will actually disappear.