Libra Gets First Major Political Backer in US Congress

Libra, the underfire planned cryptocurrency led by Facebook (NASDAQ:FB), has been dominating headlines in the world of crypto for all the wrong reasons. Regulators on both sides of the Atlantic have been staunchly opposed to the development of the coin, labeling it a threat to the economic and monetary sovereignty of nations. However, in a rare show of political support for Libra, Republican Senator for South Dakota Mike Rounds has written to Anchorage to endorse the project. Anchorage, a South Dakota-based trust fund, is one of the 21 founding chartered…

Circle to Spin Out Poloniex Less Than 2 Years After $400 Million Takeover

Crypto exchange Poloniex is spinning out from its parent firm Circle, the companies announced Friday. According to a pair of blog posts, Poloniex will now become Polo Digital Assets, Ltd., an “independent international company” backed by an unnamed Asian investment firm. The trading platform will not serve U.S. customers after this year. U.S. residents have until Dec. 15, 2019 to withdraw their assets, with all trades being suspended on Nov. 1, 2019, the blog post said. Poloniex said the company has “a multiyear plan to spend more than $100 [million]…

Bitcoin, Gold Dives in Tandem as China Posts Poor Economic Data

Perceived safe-haven assets Bitcoin and Gold were trending downwards on Friday as investors processed the emotional aftermath of China’s weak economic data. Bitcoin extends bearish bias after breaking crucial support of $8,000 | Image credits: TradingView.com The BTC/USD instrument slipped by 1.96 percent, or $158.23, on San Francisco-based Coinbase exchange to trade at $7,917.97. The downside pressure mounted shortly after the Shanghai market open, leading to a circa $308 drop right ahead of the close. The move downhill reflected a similar price action in China’s CSI 300 of Shanghai- and…

Binance Hikes Leverage to 125x for Launch of Bitcoin-Tether Futures

Binance’s futures exchange is raising leverage to 125x with the launch of bitcoin (BTC)/tether (USDT) contracts today. The cryptocurrency exchange first announced its futures platform in early July, at the time hinting it would allow 20x leverage. Now, futures traders can now choose leveraged positions between 1x and 125x, it said Friday. “We have seen an increase in institutional participation in trading … And they are flocking to Binance Futures,” said Binance CEO Changpeng “CZ” Zhao in a statement. “The market has been demanding a product with superior stability and performance; now…

Ethereum (ETH) Rebound Faces Major Hurdle Near $180

Ethereum price is currently correcting higher, but it is facing a strong resistance near $180 against the US Dollar. Bitcoin price is up more than 1.5%, but it is also facing resistance $8,120 and $8,200. This week’s followed major bearish trend line was breached with resistance near $174 on the hourly chart of ETH/USD (data feed via Kraken). The pair is clearly facing a strong resistance near the $180 level and the 100 hourly SMA. Ethereum price is currently recovering higher versus the US Dollar, similar to bitcoin. However, ETH…

Bank of Canada Exploring Possibility of Launching a Digital Currency

Bank of Canada, the Canadian central bank, is exploring the possibility of launching a digital currency that would replace cash and track how people spend their money. The aim of the proposed currency would be to mitigate the “direct threat” posed by cryptocurrencies to the economic sovereignty of governments and central banks, an issue that has featured prominently in the headlines recently amidst intense regulatory pushback on Facebook’s proposed coin, Libra. The proposal was pitched to Stephen Poloz, Governor of the Bank of Canada, and its board of directors in…

Telegram to Delay the Launch of TON Due to SEC Meeting

Over the past few years, Telegram has become an important part of the crypto ecosystem due to its use as a communication platform for traders as well as market enthusiasts. Hence, it did not come as a complete surprise when the encrypted messaging service platform announced the launch of its own blockchain, the Telegram Open Network (TON). Major Details However, it seems to have run into issues with the all-powerful Securities and Exchange Commission. In a new development, the company told its investors that the date of the launch is…

Bitcoin Corrects Above $8K against Weak US Data, Brexit Deal

Bitcoin was attempting to hold $8,000 as support on Thursday after it slipped briefly below the said level yesterday. The benchmark cryptocurrency surged by 0.83 percent, or $66.14, to trade at $8,059.68. The move uphill came after a depressive price action on Wednesday that took the bitcoin price below the $8,000 support level. At its intraday lowest, the cryptocurrency was trading at $7,908.86. Bitcoin attempts a weak pullback after dropping below $8,000 on Wednesday | Image credits: TradingView.com Weak US Economic Data The bitcoin’s loss and subsequent mild recovery came…

Fed Governor Brainard Identifies Libra Threat, Says Regulatory Hurdles Abound

Federal Reserve governor Lael Brainard delivered a sharp critique of Libra on Wednesday, stating the Facebook-led project would need to resolve a number of regulatory hurdles before going live. In a transcript of speech delivered on Wednesday at The Future of Money in the Digital Age forum in Washington, D.C., Brainard outlined how global stablecoin projects raised complex regulatory issues that at best could delay Libra’s anticipated 2020 launch, and, if left unresolved, place consumers and the international banking order at heightened risk. The problem? Stablecoins could be too successful –…

Bitcoin (BTC) Price Bearish Breakdown Looks Real, $7,500 Next?

Bitcoin price is back in a downtrend with a close below the $8,000 support against the US Dollar. The price is trading below the $8,000 support and remains at a risk of more losses below $7,800. Yesterday’s highlighted major declining channel was breached with support near $8,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could correct in the short term, but the $8,020 and $8,100 resistances are likely to prevent gains. Bitcoin price is declining and trading below key supports against the US…