 QUOTE OF THE DAY  |
| It is not the man who has too little, but the man who craves more, that is poor - Seneca |
It's June! We officially entered the month of June which means we are almost 42% of the way through 2018. Wow, time flies. Take a little bit of time today to reflect on what you have accomplished so far in 2018 and create a plan to continue crushing your 2018 goals.
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $7,425.48 | -1.69% |
|
| ETH | $574.641 | -0.05% |
|
| XRP | $0.613508 | -0.23% |
|
| BCH | $985.831 | -1.56% |
|
| EOS | $12.0592 | -2.25% |
|
*Information as of 9:30 AM EST
International Monetary Fund Official Advocates to Make Fiat Currency More Attractive to Fend Off Crypto
INTERNATIONAL MONETARY FUND
- The International Monetary Fund (IMF) is an organization that consists of 189 countries working to foster global monetary cooperation and secure financial stability
- In a report published May 31, Deputy Director of the Monetary and Capital Markets Department Dong He advocated for three suggestions for central banks to fend off crypto competition
HE'S THREE SUGGESTIONS
- Fiat currencies should consistently strive to be more stable units of account
- Crypto assets should be regulated to prevent any "unfair competitive advantage" that would come from cryptocurrencies receiving lighter regulation
- Focus on anti-money laundering laws, anti-terrorism funding laws, consumer protection laws, and crypto taxation would be the most effective regulations according to He
- Central banks should issue a central bank digital currency (CBDC) to "make their money more attractive for use as a settlement vehicle"
He explained what a CBDC use case might look like in the future:
"For example, they could make central bank money user-friendly in the digital world by issuing digital tokens of their own to supplement physical cash and bank reserves. Such central bank digital currency could be exchanged, peer to peer in a decentralized manner, much as crypto assets are."
TAKEAWAY
- It is clear to see that the International Monetary Fund is taking the threat of cryptocurrency adoption seriously as cryptocurrencies become more mainstream
- Though He expressed his three views to combat cryptocurrency competition, Christine Lagarde, Managing Director of the IMF, has proposed that the best way to respond to cryptocurrencies is to continue operating central banks with effective monetary policy
- Although the International Monetary Fund sees cryptocurrencies as somewhat of an opportunity, they have expressed views stating that cryptocurrencies could cause a threat to financial stability
Bittrex Opens Fiat Gateway to Crypto For Corporate Clients
BITTREX
- At the time of this writing, Bittrex ranks 18th among cryptocurrency exchanges by daily volume with almost $100 million worth of crypto traded on its exchange over the past 24 hours
- Bittrex is a US based cryptocurrency exchange headquartered in Seattle, Washington
- On its exchange, Bittrex supports the trading of more than 200 cryptocurrencies to its 3 million customers worldwide
OPEN THE FIAT FLOODGATES
- According to a Bloomberg report, Bittrex will open fiat trading for Bitcoin, Tether, and TrueUSD on Thursday
- At launch, the fiat pairings will only be available to corporate clients in Washington, California, New York and Montana because of regulatory restrictions
- However, Bittrex does plan on extending the service to the other states and retail investors eventually
Bittrex CEO Bill Shihara spoke about finally getting a bank to deal with cryptocurrency:
“It’s been a long path. It’s not just about banks being able to trust Bittrex. It’s about banks being able to trust crypto in general. And I think it’s really showing that crypto is turning the corner in terms of mainstream acceptance.”
FINALLY A WAY IN
- Rumors floating around indicate institutions have been eager to enter the cryptocurrency market, but have been waiting for a safe, secure, and regulation-abiding way to do so
- Bittrex's addition of a fiat service may just be the opportunity for some institutions to enter the space
Shihara commented on the banks caution when dealing with crypto:
“They really do look and pore through the entire business. They want to make sure that we’ve got robust AML/KYC processes, that we’ve got the right controls on our finances. They do background checks and everything. They really look at our business soup to nuts.”
Bitcoin Influence Over Altcoin Prices Will Soon Diminish, Says Ripple CEO
BTC DEPENDENCE
- Bitcoin, being the first and most dominant cryptocurrency, has had a massive influence on the price of the rest of the market
- The main reason for this being that Bitcoin is by far the most popular trading pairing for the other coins, because of its popularity and regulatory difficulty of fiat trading pairs
- Cryptocurrency investors have agonized over coins dependency on Bitcoin and have longed for decrease correlation between coins
RIPPLE'S CEO'S COMMENTS
- Ripple's CEO, Brad Garlinghouse, appeared on CNBC on Wednesday to discuss XRP and the cryptocurrency space
- Garlinghouse said how he believes people will start understanding the independent use cases of individual cryptocurrencies and the correlation between coins will start to decrease
The CEO commented about his coin's correlation with BTC:
"There's a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies. It's early, over time you'll see a more rational market and behaviors that reflect that. It's still a nascent industry, the speculation in the market dominates the trading activity. I think it's a matter of time until people better understand the different use cases."
He also spoke about his opinions about regulation:
"The SEC is getting involved as they should because there have been frauds committed. We have been an advocate of yes the government should get involved, the government should be protecting investors and companies but there's also examples of real utility."
Did Bitcoin Offerings Boost Square's Stock Price Last Year?
$8 BILLION
- Since Square rolled out the ability to purchase Bitcoin through their Cash App in November 2017, Square has gained over $8 billion in market value
- In addition to a bull market and the cryptocurrency craze, the acquisition of the website-creator platform Weebly has helped the shares gain over 25% since the announcement was made in April
- Also, the most recently reported quarter marks the 10th consecutive period that the firm outperformed analysts' sales projections
FUTURE OUTLOOK
- As Square's CEO Jack Dorsey is a bullish supporter of cryptocurrencies, it's possible the company is considering delivering cryptocurrency focused services and products
- According to RBC Capital Markets, Square's gross payment volume could reach over $409 billion or 4.1% of total U.S. payment volume in 2026 if the firm continues to grow and innovate
- Though it is unknown whether or not cryptocurrencies services will be offered on Square's native platform rather than their Cash App, it is important to note that Cash App has been on the forefront of working with regulators to bring Bitcoin to different states including New York and Wyoming
EOS (EOS)
Registered ERC-20 tokens will be freezed and converted into real EOS tokens on the EOS blockchain.
Bitcoin (BTC)
More details announced for Bitcoin Air fork from XHV.
EOS (EOS)
Binance will support EOS MainNet token swap on June 1st.
EOS (EOS)
Bitfinex will support EOS MainNet token swap on June 1st.
Today in Crypto is powered by coinmarketcal.com
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- Bitmain's New Miner is Drawing Criticism from Early Users
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