#CryptoCorner: BTC Breaks $9K over Green Weekend, Over 1 Million Daily Active Addresses for BTC, Russia Considering CBDC and OKCoin Partners with Simplex
#CryptoCorner: BTC Breaks $9K over Green Weekend, Over 1
Million Daily Active Addresses for BTC, Russia Considering CBDC and OKCoin
Partners with Simplex
Point Roberts WA, Delta BC, June 17, 2019
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Stocks discussed: (NasdaqGS:FB)
The crypto market
enjoyed a fairly steady incline over the weekend, beginning with a total market
cap of around $263 billion USD on Friday and rising to roughy $289 billion at
press time, according to data from CoinMarketCap. Bitcoin (BTC) has surged over
$1,000 in that same period, growing from under $8,300 on Friday to a present
trading price of over $9,300 and a market cap of $166 billion. Leading the
altcoins, as usual, are Ether (ETH) and XRP with market caps
of $29 billion and $18 billion, respectively.
A piece on CoinDesk identifies the
three major factors in this bull run as: the hype around Facebook’s (NasdaqGS:FB) launching of GlobalCoin tomorrow
(Tuesday), which has garnered considerable institutional support. A sell-off of
exchange giant Binance.com’s native currency Binance Coin (BNB) as a result of
the company’s barring of U.S. customers and Litecoin’s (LTC) impending
‘halving’, which “will cut the reward gained from mining the cryptocurrency by
half” – are both highlighted as reasons for the green market.
Accompanying this bull
run is the fact that Bitcoin once again has over one million daily active
addresses, according to data from CoinMetrics.io. Bitcoin first
reached this milestone in November 2017. Tech writer Kevin Rooke compared that
occasion with the current situation in a tweet:
When
Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352
and the median tx fee was $3.23.
Yesterday
1 BTC was $8,230 and the median tx fee was $1.33.
Russia’s central
bank is considering the launch of its own digital currency, according to
state-backed outlet TASS. Bank of Russia
head Elvira Nabiullina said:
“Indeed, the Central Bank Digital Currency cannot be
realized immediately, however many central banks, including the Russian Central
Bank, are exploring this possibility.”
She went on to
explain that trends indicate the digitalization of money and that CBDC’s enable
greater privacy:
“If we look, some countries have really become almost
non-cash, but in many countries cash is still in great demand. It’s not so much
because people want to perform some dubious operations. People often value
their privacy, anonymity.”
Cointelegraph reports that
fiat-to-crypto exchange OKCoin has formed a partnership with fintech firm
Simplex to allow USD deposits for users outside Europe, China and the U.S.
using debit and credit cards. According to the piece, “Simplex leverages AI and
proprietary detection algorithms to analyze transactions and mitigate the risks
of fraudulent card payments”.
Sam
Mowers, Investorideas
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