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The Commissioner of the Federal Trade Commission (FTC) Rohit Chopra believes the FedNow payment system could be the answer to the Facebook Libra crypto project. The specialist announced this in an open letter to representatives of the American Federal Reserve.

The vague and scant details on the tech platform’s proposed shadow global central bank have sounded international alarm bells, particularly in light of Facebook’s ongoing scandals and reputation for abuse. The laundry list of risks raised by the Libra project will take time to unpack and address. I share the serious concerns raised by Chairman Jerome Powell13 and Governor Lael Brainard, Rohit Chopra outlined his vision of the stablecoin social network.

At the same time, the specialist believes that at the moment, “when it comes to payment systems, the United States is significantly behind.” FedNow, in his opinion, can correct the situation by becoming a response to the threat posed by Libra.

Recall, Jerome Powell believes that Facebook can use its audience to spread cryptocurrency. The specialist expressed concerns about the possibility of the asset reaching a fast pace of popularization.
Lael Brainard, in turn, sees in Libra a threat to the fiat. The specialist also joined the colleague’s concerns regarding the possibility of the asset’s rapid distribution through the audience of the social network.

Note, against the background of another portion of criticism of the Facebook crypto project, the founder of MGT Capital Investments and US presidential candidate John McAfee also expressed their negative opinion about Libra. The specialist, after reading the white paper of the stablecoin social network, called the asset “garbage.”

The situation is aggravated by the fact that Libra, in the opinion of a number of participants in the crypto community, may become an American response to the launch of the cryptocurrency of China. In particular, Facebook CEO Mark Zuckerberg warned the US regulator that if China was the first to release its digital yuan, it would get an audience of 1.7 billion users.

Rohit Chopra noted that regardless of the future fate of Libra, the Federal Reserve should pay attention to the need of people to make payments in real time. Recall, for this purpose, the FedNow project is being developed.

There is currently no information on how the new service will be presented to users. It is known that work on FedNow will continue until 2024. It is noteworthy that earlier lawmakers proposed using the capabilities of blockchain technologies for the service. In particular, the Federal Reserve was asked to consider the option of issuing a digital US dollar.


admin , 2019-11-08 10:28:02 ,

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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.

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

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