#CryptoCorner: BTC Nears $10K, G7 Task Force to Ensure Regulation for Libra, Russia to Ban Libra? and Bitmain to Pursue U.S. IPO

#CryptoCorner: BTC Nears $10K, G7 Task Force to Ensure Regulation for Libra, Russia to Ban Libra? and Bitmain to Pursue U.S. IPO

Point Roberts WA, Delta BC,  June 21, 2019 -  Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s  (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and  the Genesis Exchange and Wallet  App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .

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Stocks discussed: (NasdaqGS:FB)

As we head into another weekend the crypto market is looking very green, reaching heights that exceed anything seen in more than a year. At press time, the total market cap is sitting at just under $302 billion USD, according to data from CoinMarketCap. Bitcoin (BTC) is currently trading for about $9,850 with a market cap of $175 billion. Ether (ETH) and XRP trail with market caps of $30 billion and $18 billion, respectively.

An article on CCN by writer Yashu Gola cites geopolitical uncertainty and a Federal Reserve rate cut that is weakening the US Dollar as contributing to the bull trend that is also being seen in the price of gold. An excerpt reads:

Rising political tensions between the US and the Middle East, lower bond yields, and a weaker US dollar are proving to be bullish for gold. It would be safe to assume that the same factors would also make 2019 an exciting year for bitcoin, a decentralized asset which has already delivered more than 160 percent returns on a year-to-date basis.

Reuters reports that France’s central bank has instigated a G7 crypto task force with the purpose of “ensure cryptocurrencies like Facebook’s (NasdaqGS:FB) Libra are governed by regulations ranging from money-laundering laws to consumer-protection rules”. France’s central bank Governor Francois Villeroy de Galhau said:

“We want to combine being open to innovation with firmness on regulation. This is in everyone’s interest.”

Russia will not legalize Facebook’s Libra, according to a report from the country’s state news agency TASS. In an interview with Kommersant FM radio station on Tuesday, the chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, said:

"With regard to the use of Facebook cryptocurrency as a payment instrument in Russia at this stage - my opinion is that in our country it will be banned.”

Aksakov went on to explain that the use of Libra would pose a threat to the country’s financial system.

Bloomberg reports that the world’s largest bitcoin mining chip producer Bitmain may pursue an initial public offering in the U.S. as early as the second half this year. Citing anonymous sources familiar with the matter, Bitmain may set a fundraising target of between $300 million and $500 million. The company’s previous target while pursuing a Hong Kong Stock Exchange IPO was $3 billion, back when it was valued at $15 billion. Sources informed Bloomberg that the company had reduced its fundraising target due to the increased volatility in cryptocurrency prices.

Sam Mowers, Investorideas

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