House of Financial Services Committee Ask Facebook to Halt Libra Development & more

House of Financial Services Committee Ask Facebook to Halt Libra Development

Representatives of the House of Financial Services Committee have called on Facebook to stop the development of Libra. The politicians want to receive more time for congress and regulatory bodies to assess possible implications for the global financial system before they approve or disapprove the project. The letter mentions:

“serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.”

The representatives also address Facebook’s insufficient efforts in security regarding its users’ data.

Players In The Swiss Crypto Economy Demand Support From Mainstream Banks

The Crypto economy has been shunned by mainstream banking institutions which have been an impediment to the overall growth in the adoption of Digital Tokens. However, in Switzerland, players in the growing Cryptocurrency space are calling on banks to recognize their role in the financial systems and integrate them into the banking system. Swiss Blockchain technology stakeholders are also backing up their counterparts from the Crypto space in a move that is likely to bear positive results in the near future.

Bitcoin Reestablishes $11000 Line

Bitcoin has tested the $10,000 line yesterday. An important psychological line that needs to hold to stay bullish. However, in the past 10 hours, Bitcoin could recuperate and surged again above $11,000. The same does not account for the rest of the Top 5 in market capitlization. Ethereum and XRP  have even gone below their psychological levels, while Litecoin still performs strongly due to the upcoming halvening. Bitcoin Cash stayed above its psychological line but is otherwise unobtrusive.

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Binance Will Launch Bitcoin Futures Contracts

Changpeng Zhao, the founder and CEO of Binance, has presented today upcoming features on his crypto exchange that are yet to come. Of all the new features the biggest news is the launch of Bitcoin futures on the platform. The platform will allow then to go long and short on Bitcoin with a leverage of up to 20. At first, this will only be feasible on Bitcoin but contracts for other cryptocurrencies will likely follow.

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A Closer Look At Ripple’s Delayed Bull Run

The Cryptocurrency market is in the red after days of pumping that has taken the overall market capitalization from lows of $200 billion only a few weeks back to the current $321 billion. The slowdown is being attributed to a market-wide consolidation after BTC/USD high of $13,796.49 on Wednesday, June 26, 2019, at 22:59 UTC which has set the record as the highest BTC value in the last 52 weeks. On the other hand, Bitcoin hit a weekly low of $10,491.85 but the price is since consolidating at above $10,000 as at press time.

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