#CryptoCorner: BTC Breaks $6K - Highest Trading Price Since Nov 2018, Facebook (NASDAQ: $FB) Changes #Crypto Ad Policies, Sources Indicate Facebook Stablecoin to Launch in Q3 This Year
#CryptoCorner: BTC Breaks $6K - Highest Trading Price Since
Nov 2018, Facebook (NASDAQ: $FB) Changes #Crypto Ad Policies, Sources Indicate
Facebook Stablecoin to Launch in Q3 This Year
Point Roberts WA, Delta BC, May 9, 2019
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May 9 Crypto Corner
Stocks discussed: (NasdaqGS:FB) (NasdaqGS:PYPL)
Bitcoin (BTC) has hit another high for the year,
trading for roughly $6050 at press time, according to data from CoinMarketCap.
This is the first time Bitcoin has broken the $6K barrier since November 2018,
and comes after a slight dip in prices following news of the Binance hack,
which was discussed in yesterday’s Crypto Corner. Bitcoin’s uptick is at odds
with the rest of the crypto market, which is largely in the red today, and
consequently enjoys a 57 percent market dominance.
Yesterday, Facebook
(Nasdaq:FB) announced a change to their ad
policies for cryptocurrencies. A statement on Facebook Business reads:
Last June, we updated our advertising policies to
require prior written approval to advertise cryptocurrency products and
services on Facebook. Since then, we've listened to feedback and assessed the
policy's effectiveness. While we will still require people to apply to run ads
promoting cryptocurrency, starting today, we will narrow this policy to no
longer require pre-approval for ads related to blockchain technology, industry
news, education or events related to cryptocurrency.
Elsewhere, unnamed
sources told Bloomberg that Facebook’s stablecoin project
will be launched in Q3 of this year. The blockchain team developing it consists
of about 20 percent former PayPal (NasdaqGS:PYPL) employees, including former PayPal
president David Marcus. This may indicate that the scope of Facebook’s project
is more than just a cryptocurrency, but rather an entire payments network
similar to PayPal. As for the coin itself, the sources say it is “a type of
digital currency pegged to the U.S. dollar or a basket of currencies, making it
less prone to swings in price” and that it is being tested first in India.
Crypto exchange
Zebpay, which is headquartered in Singapore, announced via Twitter that it is now available in Australia.
The exchange had previously operated in India, but had to close down when that
country’s central bank banned banks from offering services to
cryptocurrency-related businesses. CoinDesk quotes Zebpay CEO Ajeet Khurana:
“At the beginning of 2019, Zebpay was available in 20
international markets. Today, we add Australia to our crypto-family and can
gratefully say we have a presence in over 132 international crypto-economies,
which speaks volumes to our community’s ambition. Australia is an ideal market for
Zebpay’s services with its clear stance on regulation, openness to fintech
innovation and thirst for crypto products.”
Sam
Mowers, Investorideas
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