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…

Bitcoin (BTC) Price Accelerating Losses Below $8K, $7.5K Very Likely

Bitcoin price corrected higher, but it faced hurdles near $8,120 and $8,140 against the US Dollar. The price is declining again and it could gain momentum below the $8,000 support. There is a major bearish trend line forming with resistance near $8,240 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is likely to remain in a bearish zone unless the bulls push it above $8,120 and $8,240. Bitcoin price is struggling to rebound above $8,100 against the US Dollar. Therefore, BTC is likely to…

Bitcoin And Crypto Market Cap Facing Hurdles: BCH, Litecoin, TRX, XLM Analysis

The total crypto market cap corrected a few points, but it faced a strong resistance near $215.0B. Bitcoin price is also correcting higher, but it is likely to struggle to clear the $8,200 resistance. Litecoin (LTC) price is now facing resistance near the $55.50 and $56.50 levels. BCH price is holding the main $215 support area and it is currently rebounding. Tron (TRX) price is climbing higher and it is now placed nicely above the $0.0150 level. Stellar (XLM) price is up more than 2% and it is moving towards…