#CryptoCorner: BTC Breaks $13K Again, Facebook ( $FB) Has No Plans to Launch Libra in India, Binance Launches Fiat-Enabled Singapore Branch and Visa ( $V) Invests Millions in #Crypto Startup Anchorage
#CryptoCorner: BTC Breaks $13K Again, Facebook ( $FB) Has No
Plans to Launch Libra in India, Binance Launches Fiat-Enabled Singapore Branch
and Visa ( $V) Invests Millions in #Crypto Startup Anchorage
Point Roberts, WA, Delta BC July 10, 2019
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Stocks discussed: (NasdaqGS:FB) (NYSE:V)
This morning we
find most of the top 100 coins listed by market cap in the red, but Bitcoin (BTC) has defiantly
posted 24-hour growth of nearly six percent, according to data from CoinMarketCap. Consequently the
flagship cryptocurrency, which currently accounts for over 65 percent of the
total market value, is trading for about $13,100. This brings Bitcoin close to
the recent peak it reached on June 26, when it briefly traded for as high as
about $13,770. A report from CCN by crypto analyst
Joseph Young outlines the role of the increased hash rate on the BTC blockchain
as contributing to the recent gains:
Along with the consistent inflow of institutional
capital through custodian solutions, investment vehicles, and futures markets,
the hash rate of the Bitcoin blockchain network has recorded its fastest rate
of growth in history.
An increase in the hash rate of the Bitcoin blockchain
suggests growth in the amount of computing power securing the network, which
historically has indicated an overall increase in confidence from the mining
ecosystem.
Facebook (NasdaqGS:FB) has no plans to launch its Libra
cryptocurrency or Calibra digital wallet platform in India due to that
country’s government’s unfavourable stance on crypto. Facebook representative
Alexandra Voica told Indian publication the Economic
Times
via telephone:
“There are no plans to offer Calibra in India. As you
may know, there are local restrictions within India that made a launch of
Calibra not possible at this time.”
CoinDesk reports that
crypto exchange giant Binance has launched a fiat-enabled trading branch in
Singapore, following a soft launch in the country back in April. This branch,
which saw 20 percent average user growth per week since debuting in April, will
now offer trading in local currency Singapore Dollars. New deposits and
withdrawals will be implemented through the transfer system Singapore FAST
(Fast and Secure Transfers).
Fortune reports that Visa
(NYSE:V) has invested
millions of dollars in crypto startup Anchorage by co-leading the latter’s $40
million funding round. Both companies are founding members of Facebook’s Libra.
Anchorage offers “biometric-based software alongside a system of multiple
approvals and human reviews” as an alternative to the more common cold storage
solution to secure investors' cryptocurrency.
Sam
Mowers, Investorideas
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