Fed announced creating a system that would allow consumers and businesses to send and receive money instantaneously allowing any U.S. bank to immediately complete debits, virtual transfers and checks.
Weaker USD may be good news for Bitcoin price which could pick up more because of the quarter-percent rate cut. The move has been seen as preventative by economists but could also be a catalyst for the next financial crisis.
Bitcoin had been in an uptrend for most of the day, and yesterday it managed to successfully pierce the $10,000 mark, which is generally considered to be a level of crucial psychological, if not technical, resistance.
The report from the United Nations Office and Chainalysis on Drugs and Crime reveals that fiat currency is utilized 800 times more to launder cash on the darknet than Bitcoin. The research forces crypto critics back to the drawing board to brainstorm on another lie.
Ron Paul, former congressman, and ex. presidential candidate called cryptocurrencies a ‘great idea’. He likes competing currencies and is a long-time proponent of winding down the Federal Reserve and radically restructuring how US dollar is issued.
JPMorgan expanded its S&P 500 prediction which now stands at 3,200 from initial 3,000. The new target exceeds that of popular stock market bull and Fundstrat co-founder Thomas Lee who initially set the 3, 125 level.
Investors hold their breath in anticipation of Congress Hearing on Facebook’s Libra set up for July 16-17. What’s in store for Bitcoin?
Just recently, during his testimony before the Senate Banking Committee, FED Chairman Jerome Powell looked into the Facebook’s Libra cryptocurrency, compared Bitcoin to Gold, saying that it’s an alternative to the asset.
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.
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.