Facebook crypto chief David Marcus testified before the Senate Committee on Banking, Housing, and Urban Affairs during a hearing examining Facebook’s proposed digital currency Libra and data privacy considerations.
The Treasury Department has concerns that Libra, as well as Bitcoin, could be misused by terrorist financiers and money launders, to carry out illicit activities ranging from cybercrime to tax evasion, extortion, and ransomware.
Last week, the overall cryptocurrency market lost early $50 billion valuations with Bitcoin alone losing $25 billion and altcoins contributing the rest. On Sunday, July 14, Bitcoin price slipped below $10,000 levels but recovered back now trading at $10,320.
It seems that big companies as Facebook, Amazon and Google might be forbidden to launch their digital assets. If the Congress’s Bill pass – they could face with paying $1K penalties per day. Even though it’s not likely for bill to pass, it presents another obstacle for Facebook’s Libra.
At Binance’s 2nd anniversary’s AMA, Changpeng Zhao spoke about the extension of their 25% trading fee discount and the team’s commitment of BNB allocations to the token burn. Also, he announced testing of Binance Futures and providing Binance Visa card.
Speaking at the social media summit, US President Donald Trump takes a jibe at Bitcoin and cryptocurrencies in general. Says the US Dollar is the most superior currency and will continue to remain so.
Popular crypto bulls and co-founders of Gemini Exchange, the Winklevoss Twins, have predicted that in two years, all the FAANG companies will follow Facebook’s footsteps and launch their individual cryptocurrency ventures.
Coinbase is involved in deep talks with Aon with an aim of creating a regulated ‘captive’ insurance company to shield its clients from hackings and unexpected loss of funds.
From around 14:00 UTC on July 10, Bitcoin fell $962 from its previous price in a little over an hour, landing just above the $12,000 psychological support before another wave of sellers dragged it to a peak low of $11,445.
SEC, for the first time ever, approved a $28 million Reg A+ offering for decentralized Internet company Blockstack. The company will begin selling the SEC-approved tokens, essentially an investment vehicle for fundraising, as of today.
Binance users are now able to trade some cryptos on margin, using the exchange’s newly launched trading platform. The new service is paired with the existing cryptocurrency exchange under one platform, labeled Binance 2.0.
Federal Reserve Chairman Jerome Powell said that Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability, adding that the project “cannot go forward” until Facebook’s answers to regulators’ questions.
U.S. customs seized a ship full of cocaine owned by JPMorgan Asset Management. They declined to comment but everybody remembers how their CEO Jamie Dimon compared Bitcoin with the criminal activity.
Bitcoin price seems to be preparing for more upsides above the $13,200 level. In the short term, there could be a downside correction, but the bulls are likely to defend the $12,800 or $12,600 support area in the coming sessions.
Binance has launched a new Fiat-to-Crypto Platform in Singapore called Binance SG. The Changpeng Zhao-led firm partnered with Vertex Ventures for this and to also grow the cryptocurrency and blockchain ecosystem in Singapore.