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CEO of blockchain firm R3 has ridiculed the way Facebook introduced its yet-to-be-released Libra stablecoin.

Skepticism surrounding Facebook’s forthcoming Libra stablecoin continues growing as David Rutter, the CEO of enterprise software firm R3, said that the announcement of Libra this summer was “ridiculously stupid,” Financial News reported on Nov. 18.

“Really naïve”

Rutter delivered comments during a recent company conference in London, admitting that Facebook’s plans to issue their own cryptocurrency made policy makers and financial regulators have sped up the process of examination of blockchain and cryptocurrency applications.

However, Rutter added that Facebook’s ambition to enter the financial systems world — which market participants have been working on for years — was “really naïve.” 

In Rutter’s words: “I think what they did was ridiculously stupid. The way they rolled it out… Yeah, you know it was just so… It was just so in your face. There’s a lack of understanding.” 

Rutter continued: 

“When we saw [Facebook] talking about doing a basket of currencies with weighting, in reality when we want to translate that back to real-world currencies it’s not simple.[…] It’s really naïve.”

Facebook recent achievements in payments

While global regulators continue arguing about Libra’s expediency and look to reach common ground on the issue, the Libra Association is proceeding with the development of the Libra network. The association has reportedly logged over 30 projects and 51,000 transactions on the Libra network during the past two months.

Moreover, the organization is planning to introduce a range of new features in upcoming months, such as the  launch of a new process for completing Contributor License Agreements and establishment of a Technical Steering Committee, which is set to supervise and manage the technical design and development of the Libra network on behalf of association members.

Also, Facebook announced the launch of its new fiat payment system dubbed Facebook Pay. The payment system is designed to facilitate payments across Facebook, Messenger, Instagram, and WhatsApp.

Cointelegraph By Ana Alexandre , 2019-11-22 02:47:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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