Wednesday, July 17, 2019

Bitcoin drops below $10,000 / House Minority Leader "likes Bitcoin" / Tim Draper calls out India

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Market Watch: It's not a good day for Bitcoin as the number one cryptocurrency fell below $10,000, dropping around 13% in a 24-hour period. It has since climbed back up to the $9,400 market. Across the board assets are in a sea of red.

  • Bitcoin: $9,460 (⬇️ 10.36%) // $168.6 billion market cap.
  • Ethereum: $201 (⬇️ 8.67%) // $21.5 billion market cap.
  • XRP: $0.301 (⬇️ 2.88%) // $12.8 billion market cap.
  • Litecoin: $83 (⬇️ 5.24%) // $5.2 billion market cap.
  • Top 100 Winner: Japan Content Token: $0.208 (⬆️ 14.56%) // $61 million market cap.
  • Top 100 Loser: Egretia: $0.055 (⬇️ 28.80%) // $234 million market cap.

Prices are as of 09:45 am EDT.

     

1. Bitcoin has seen its value drop below $10,000 to a low of around $9,300 in the early hours of today; however, for one trader, the decline in price could amount to an 80 percent correction in total crypto market price gains. That's according to Peter Brandt who took to Twitter to voice his opinion. He did add, though, that most of the damage would occur with altcoins. The drop in Bitcoin's price follows on from criticism of the asset by President Donald Trump and the continued hearing of Facebook's Libra, which is being closely watched. –COINTELEGRAPH

Bitcoin drops below $10,000 to a low of $9,300 following Libra hearing
     

2. Kevin McCarthy, House Minority Leader of the Republican Party, has said that he "likes Bitcoin" and the technology behind it, but he's less than favorable toward Facebook's proposed Libra. One of the things that he's concerned about is the fact that it won't be decentralized and could potentially control the market. While he did concede that Bitcoin wasn't where it needs to be just yet regarding its use among criminals, he likes its decentralized nature and the security it offers. –CNBC

     
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3. Bitcoin advocate and venture capital investor Tim Draper has spoken out on Twitter and called India's proposed crypto ban "pathetic and corrupt." He went on to say that the digital currency was "providing great hope for prosperity" in a country that needed it, but that the Indian government was "behaving badly." His comments received mix reactions, with one arguing that he was ignorant of India's economy. Earlier this week, it was reported that India was considering a blanket ban on cryptocurrencies in a leaked draft bill. –FX STREET

     

4. Crypto critic Nouriel Roubini and the CEO of peer-to-peer crypto exchange BitMEX have been butting heads, with Roubini suggesting that the platform may be involved in "systematic illegality." In a post, he argues that Arthur Hayes' exchange "skirts" anti-money laundering (AML) and know-your-customer (KYC) regulations designed to prevent money laundering. Roubini has called for all similar operators to be investigated before millions of retail customers get scammed into "financial ruin." Also this week, BitMEX released the full version of a debate between Roubini and Hayes from the Asia Blockchain Summit earlier this month, with Hayes saying on Twitter that Roubini had "nailed his part by melting down" over the past week. –BLOOMBERG

Nouriel Roubini suggests BitMEX may be involved in "systemic illegality"
     
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5. JPMorgan Chase CEO Jamie Dimon has said that he won't be spending too much time thinking about Facebook's Libra, arguing that he doesn't see it as a near-term threat. In his opinion, discussions around the blockchain have been ongoing for seven years, yet not much has happened. He adds that people will be talking about Libra three years from now. –CNBC

     

6. Securities and Exchange Commissioner (SEC) Hester Peirce, also known as "crypto mom," has said that the U.S. risks falling behind other nations in its ability to provide a financial regulatory framework for the crypto industry. In order for American to avoid "forfeiting innovation," Peirce wants to address fraud in the market so that capital can flow to the projects that need it. –FORTUNE

     

7. A review of 33 projects from the past four years has found that the blockchain has yet to deliver on initial promises. Around 12 of those have yet to make it beyond the testing stage, whereas those that had have yet to see significant usage. Nasdaq and Citigroup, which announced a new blockchain system two years ago, have not gone forward with it, with one person familiar with the project claiming that the blockchain "is a shiny mirage," with wide-scale adoption still expected to "take a while." –REUTERS

     

8. Hedge funds and asset managers are turning to algorithms on social media to help determine what triggers the price movement of digital currencies. However, while the use of algorithms is increasing on social media there are risks and challenges to them such as cost and the complexity involved. If, however, they can be successfully implemented it could impact the market significantly where there are limited resources of authoritative data. –REUTERS

     

9. IBM has seen its number of blockchain patents increase 300 percent in one year, with more than 100 active patent families. In data compiled by Yuval Halevi, co-founder of crypto and blockchain PR company GuerillaBuzz, IBM is ahead of Bank of America with 52, Mastercard's 43, and Intel with 35. Bottom of the list are Dell Technologies and Microsoft, which currently both have 16 blockchain patents. –BE IN CRYPTO

     

10. A survey has found that nearly 70 percent of companies in Asia-Pacific nations haven't adopted the blockchain due to a lack of understanding and education around it. The survey, by consultancy Ernst and Young, covered 576 people, with 66 percent indicating that they first needed to know the risks and benefits of adopting the technology. –ASIA ONE

     

This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside), David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology), and Bobby Cherry (senior editor at Inside, who's always on social media).

     
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