#CryptoCorner: BTC Recovers $10K Support before Weekend, China Recognizes #Bitcoin as ‘Virtual Property’, Bundesbank President Praises Libra and Binance Jersey Lists GBP-Backed Stablecoin
#CryptoCorner:
BTC Recovers $10K Support before Weekend, China Recognizes #Bitcoin as ‘Virtual
Property’, Bundesbank President Praises Libra and Binance Jersey Lists
GBP-Backed Stablecoin
Point Roberts, WA, Delta BC July 19, 2019 -
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July
19 Crypto Corner
Stocks
discussed: (NasdaqGS:FB)
As we head into another
weekend the crypto market appears to be experiencing a mild recovery, with
Bitcoin (BTC) and most of the top 100 listed altcoins
in the green today, according to data from CoinMarketCap.
Bitcoin itself is posting growth of about 6 percent in the last 24 hours,
bringing the current trading price to $10,370 – once again back over the
$10,000 support level, after dipping below it earlier this week. Bitcoin is
still enjoying considerable market dominance, accounting for 65.8 percent of
the entire crypto market with a market cap of $185 billion. Ether (ETH) remains the top altcoin, but after only
posting a 24-hour growth of 1.35 percent, it only boasts a market cap of $23
billion. The crypto market’s total market cap is currently $280 billion.
According to a tweet by Dovey Wan, a founding partner of crypto
asset fund Primitive, China now legally regards Bitcoin as property. The tweet
cited an article from a local media outlet, which
indicated that the Hangzhou Internet Court classified Bitcoin as “virtual
property”. This was corroborated by a report from Global
Times, which quotes an unnamed official of the People's Bank
of China (PBC):
"Indeed,
Bitcoin is virtual property, but it's not fiat money.”
Cao Yin, an expert in the blockchain
sector, told the Global Times:
"This
is a clear signal that the financial authorities are starting to loosen control
over digital currency and virtual currency."
Cao went on to comment on
the significance in understanding cryptocurrencies like Bitcoin in order to
contend with Facebook’s (NasdaqGS:FB) Libra.
"Libra
is a financial asset based on multiple financial products and is also partly
based on the value chain of Bitcoin. Careful study of Bitcoin is necessary for
the PBC to face changes in the financial market caused by Libra."
On the subject of Libra,
the forthcoming crypto project has seen the emergence of an unexpected
defender. Mati Greenspan, a senior analyst for eToro, revealed via Twitter that the president of Germany’s
central bank has come out in favour of Libra. The Bundesbank President Jens
Weidmann “warned against inadvertently suppressing innovative concepts before
all details have been clarified”.
“If they deliver what they
promise, they can be attractive to consumers. Who wants to source must swim
against the current.”
According to Cointelegraph, fiat-crypto exchange
Binance Jersey has listed a proprietary British pound-backed stablecoin.
Binance Chief Financial Officer Wei Zhou told the publication that:
“There
has been an overwhelming demand in the market and Binance community for more
stablecoin diversification, including a GBP-pegged stablecoin.”
Sam
Mowers, Investorideas
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