#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
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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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