#CryptoCorner: BTC Drops Below $10K, Libra Grilled by Senate, Germany’s Finance Minister Criticizes Libra and France to Introduce New #Crypto Regulations
#CryptoCorner: BTC Drops Below $10K, Libra Grilled by
Senate, Germany’s Finance Minister Criticizes Libra and France to Introduce New
#Crypto Regulations
Point Roberts WA, Delta BC, July 17, 2019
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July
17
Crypto Corner
Stocks
discussed: (NasdaqGS:FB)
The market is red this
morning after trading prices plummeted yesterday. Data from CoinMarketCap
indicates that Bitcoin (BTC) fell over $1000, reaching a low of
roughly $9,180, but has since bounced back to a trading price of around $9,600
at press time. This is the second time Bitcoin lost its $10,000 support level
since reaching the milestone in late June. This seemingly bearish reversal may
be connected the scrutiny and calls for regulation of Facebook’s (NasdaqGS:FB) Libra, the unveiling of which
possibly helped spur the current crypto bull market in the first place. It may
not be wholly unhealthy, however, as a tweet from economist Alex Krüger
indicates:
“Bull
market corrections are unavoidable and should be welcome. Assets that go too
far up too fast tend to crash the hardest. As everyone who speculated with the
price of bitcoin during 2017 and 2018 well knows.”
As for Libra, the
forthcoming cryptocurrency project from Facebook received a grilling as Calibra head David Marcus faced
the U.S. Senate Banking Committee yesterday in its first day of hearings. TechCrunch listed some highlights of the
hearing, which included claims by Marcus such as:
● “Yes,” Libra will comply with all U.S.
regulations and not launch until the U.S. lawmakers’ concerns have been
answered
● “You will not have to trust Facebook”
because it’s only one of 28 current and potentially 100 or more Libra Association
members and it won’t have special privileges
● It is “not the intention at all” for
Calibra to sell or directly monetize user data directly, though if it offered
additional financial services in partnership with other financial organizations
it would ask consent to use their data specifically for those purposes
● When repeatedly asked why Facebook is
pushing Libra to happen, Marcus noted that blockchain technology is inevitable
and if the U.S. doesn’t lead in building and regulating it, the tech will come
from places “out of reach of our national security apparatus,” raising the
spectre of China
Today, Libra faces a
hearing from the House Financial Services Committee.
Reuters reports that German Finance Minister
Olaf Scholz warned that Libra can’t be allowed to threaten financial stability
and consumer privacy. Scholz went on to assert that it is the sole duty of
government to create currency:
“The
issuance of a currency does not belong in the hands of a private company
because this is a core element of state sovereignty. The euro is and remains
the only legal means of payment in the euro area.”
Another report from Reuters says that France will
issue new rules governing digital currencies, which will see the approval of a
spate crypto-related companies. The new rules are set to come into effect later
this month, and will allow firms to “voluntarily abide” in exchange for
approval from French regulators.
Sam
Mowers, Investorideas
Read other editions of the Crypto Corner
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