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Bitcoin Price Consolidates Back Over $12000, Markets Bullish

The long-awaited Bitcoin price correction has failed to materialize yet again as the king of crypto has held on to gains over the weekend. Consolidation around $12000 appears to be forming and the uptrend is still clearly very strong.


Bitcoin Price Back Above $12000

Over the past 24 hours BTC has been slowly grinding higher adding almost 5% on the day. From around $11,500 yesterday Bitcoin price has ticked up over the $12000 barrier to settle at around 00 during the Sunday morning Asian trading session. Daily volume is back down to ~$28 billion and the next high will be critical in determining the next direction for BTC.

bitcoin

BTC price on hour candles – Tradingview.com

Bitcoin price is still down 12% from its peak last week but the big thirty percent correction has been nowhere in sight. Many are now wondering if that was it and a 25% flash crash was all that markets could muster. If this was the case, then the digital asset is still extremely bullish and the next leg up could take it to new highs.

Looking at the weekly chart there is very little resistance from its recent high of $13,800 all the way up to $17000. Even mainstream media has turned bullish on Bitcoin with both Bloomberg and Forbes publishing pro-crypto articles recently. The latter claimed that Bitcoin has been designed for systemic stability, not price stability.

“Bitcoin, by contrast, is a system that prioritizes security over price stability. Bitcoin’s systemic stability stems from the security of its network. This week, as bitcoin’s price volatility was capturing headlines, I was watching core bitcoiners get excited about something else entirely—the network’s hash power hit an all-time high, and its “difficulty” also adjusted to an all-time high.”

Altcoins Remain Lethargic

Very few altcoins can match the performance of Bitcoin price at the moment. BTC market dominance is still at an 18-month high of over 62% even after a 12 percent slide.

Only one altcoin is making any momentum this Sunday and that is Litecoin which has surged almost 14% on the day to reach $132 again. Naturally, LTC was always going to bounce back first since it is now only 36 days to the block halving event. The move has enabled Litecoin to flip BCH again and retake fourth place as market cap tops $8 billion.

The rest of the major altcoins are slow to recover with XRP, BCH, EOS, BNB, BSV, and ADA only managing a couple of percent back from their double-digit dumps over the past few days. Altseason is still eluding crypto traders.

Has Bitcoin price corrected and recovered or will it drop further? Add your thoughts below.


Images courtesy of Tradingview, Shutterstock

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Čvn 29

Grayscale Bitcoin Trust Surges 300%, Eclipses Oil & Tech ETFs

While Bitcoin price itself has begun the inevitable correction, dropping almost 17% since its recent high, investment funds for the asset are still hot potatoes. Grayscale Bitcoin Trust (GBTC) is a prime example as institutional interest has surged more than the asset itself.


Despite Bitcoin Price Correction, GBTC Investors “Hungry”

Bitcoin appears to be still in correction mode. It did climb back up to reach $12,400 for a few hours yesterday but has since dropped back to support at around $11,500. The lowest point in the recent pullback was $10,300, a drop of 25% from its $13,800 high. Many are expecting a 30% plus decline which would send BTC back into the mid $9,000s or lower.

Regardless of what the crypto asset itself does, institutional investors are hungry for more. Grayscale’s Bitcoin Trust (GBTC) has been performing exceptionally well since February and has surged over 300% according to Forbes.

The report added that the over the counter bitcoin backed security is trading at around $14 per share, up from $3.84 five months ago. In the same period bitcoin itself has gained over 220%. The discrepancy can be attributed to the increased premiums that institutional investors are charged as they are prevented from directly holding the asset.

GBTC Has “Destroyed” Gold, Oil & Tech ETFs

According to the editor of Forbes Dividend Investor newsletter, John Dobosz, the GBTC has destroyed other investments such as gold, oil, the S&P 500 and various tech ETFs.

“The total gain since that time for the GBTC, which tracks bitcoin pretty accurately, is up 341%. What comes in second best? You would have been okay with oil, even though oil has eaten dust and other particles in the last few weeks. Oil is up 12.8%.”

He added that the S&P 500 is up 8.5%, gold is up 7.7%, the iShares MSCI Emerging Markets ETF is up 1.4%, the Invesco QQQ for tech companies is up a lowly 1.7%, and the US dollar is up just 1%.

The report continued to state that the reason for this monumental performance could be the fund is the only publicly quoted US-based bitcoin investment product, which holds more than 1.2% of the total supply of BTC.

Grayscale Has $2.7 Billion of “Crypto” AUM

Grayscale has invested in other crypto assets including Ethereum, Bitcoin Cash, Litecoin, Stellar, Ethereum Classic, XRP and Zcash with total assets under management of $2.7 billion.

The fund is currently at an all-time high which is likely to continue when bitcoin resumes its bullish momentum. At the time of writing, BTC was trading at 00 and heading lower as the weekend begins. Further accumulation is likely to occur if BTC drops below five figures and this will drive the next wave of the uptrend.

Will institutional investment boost Bitcoin price even further? Add your thoughts below. 


Images by Shutterstock, Grayscale Investments

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Čvn 27

Bitmex Sees $500 Million Bitcoin Short Liquidation in 24hrs

Bitcoin trading activity is breaking all-time records in terms of volume and open interest in Bitcoin futures. The latest trading activity has caused Bitcoin’s value to reach an 18-month high, forcing a huge amount of Bitmex short-sellers to abruptly liquidate their positions.


Bitcoin Futures Hits Record Highs 4 Days Running

CME saw a record volume of USD 1.6 billion and record open interest for Bitcoin contracts of USD 373 million, on June 26, 2019.

The value of BTC rose to almost USD 14,000, causing short traders to liquidate over half a billion dollars in a single day.

At the Chicago Mercantile Exchange (CME) Bitcoin futures trading activity has been growing spectacularly in recent months, with institutional traders showing increasing interest. On June 20, 2019, CME reported,

CME Bitcoin futures open interest reaches a record for a fourth consecutive day, with 5,827 contracts traded on June 20 (29,135 equivalent bitcoin; ~$280M notional) and a 25% increase from last Friday.

Cryptocurrency optimists take long positions, while traders who are bearish take short positions. According to Commodity Futures Trading Commission (CFTC) data, big money traders, such as hedge fund managers, have been taking bearish positions. The Wall Street Journal reports,

Hedge funds and other money managers held about 14% more bearish ‘short’ positions in CME bitcoin futures last week than they did bullish ‘long’ positions, according to a recent Commodity Futures Trading Commission report.

So, when on June 26, 2019, the cryptocurrency neared the USD 14,000 mark, traders who had taken short positions were forced to execute massive liquidations.

Small Investors Remain Bullish

Hedge managers and other large traders have been bearish on BTC since February 2019. However, a bearish position taken by a hedge fund manager does not necessarily mean a bet against the cryptocurrency, as The Wall Street Journal explains,

Such data don’t necessarily mean hedge funds are placing outright bets that bitcoin will drop. The short bets could also be part of hedging strategies: for instance, a fund with a portfolio of bitcoins might go short at CME as insurance against the value of bitcoin dropping.

Moreover, positive signals about BTC continue to abound. For example, small investors remain bullish. According to The Wall Street Journal report, traders with fewer than 25 BTC contracts hold long positions outnumbering short bets by four to one.

What do you think about the latest Bitmex liquidation figures? Let us know in the comment section below!


Images via  Twitter/@skew_markets, Bitcoincharts.com, 

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Čvn 27

Bitcoin Price Shrugs Off Flash Crash in Return to $13,000

Following its epic pump yesterday, Bitcoin price hit a wall and dumped almost $2,000 in an hour. Many are pointing the finger at exchanges but the bottom line is that BTC has already started to recover and is heading back towards $13,000 again.


Bitcoin Price Closed On $14000 Before Flash Crash

Another new 2019 high was hit a few hours ago when BTC touched $13,860 according to Tradingview.com. The move meant that Bitcoin price had made almost 50% in seven days, epic by anyone’s standards.

What followed was a sharp pullback as a big red candle dumped around $2,000 in just an hour. Bitcoin price hit the 50-hour moving average and instantly headed north again. In industry terms, this is known as a ‘flash crash’, where one massive trigger can induce the dump. It is not a natural element of the market cycle since recoveries are usually instantaneous.

bitcoin

BTC price 1-hour candles – Tradingview.com

Crypto trader Josh Rager has called it a pullback, however, albeit a minor one in comparison to previous thirty percent plus dumps.

“18% pullback on the $BTC day chart. If Bitcoin price pulls down to the mid $10ks… (20+%) I’d consider this a big pullback prior to continuation. At this point in time, I consider Bitcoin extremely bullish. 18% pullback might be the new 30% pullback we’re expecting.”

Since the incident, Bitcoin price returned to $13,330 before settling at the $12,750 level where it appears to be holding, down 8% from yesterday’s high.

Considering the speed of this recovery, it would not be pertinent to call this a correction as they usually last a bit longer than just a couple of hours. What happens next could be crucial though, if BTC powers back over $13000 then the flash crash was exactly that. If the candles begin to break down however and Bitcoin price falls back below $12000 in the next few hours, we could be experiencing a wider scale correction.

30% Pullback Imminent?

A drop of 30% or more from recent highs would send Bitcoin price back to the mid $9,000s where strong support lies. Fellow trader ‘SalsaTekila’ also commented on the pullback and is poised to buy the dip as many others will be.

“I hope to be wrong about a $BTC pullback towards 8400$ area but am hedged and prepared to #BTFD if it happens.”

Travis Kling, chief investment officer at Ikigai Asset Management, is also eyeing a larger pullback. Earlier, just before the flash crash, he tweeted

“Given this price action, now is a good time for a reminder:
BTC is going to pull back. It often does so in savage fashion. There have been 12 pullbacks of >30%. 6 of those have been >70%. Another pullback will undoubtedly occur. Could happen tomorrow. Keep your wits about you.”

Following such an epic surge Bitcoin price could well be gearing up for a dip so be ready when it does.

Will a Bitcoin price pullback occur this week? Add your thoughts below.


Images courtesy of Shutterstock, Tradingview, Josh Rager, SalsaTekila (JUL)

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Čvn 26

Little Resistance Above as Bitcoin Heads to $13,000

Another day, another new 2019 high for Bitcoin. The daddy of digital assets swept through resistance yet again, a few hours ago to power up towards its next major milestone, $13,000.


No Derailing The Bitcoin Train

It has been another fruitful morning for Bitcoin markets in Asia. BTC spent the best part of the past 24 hours trading at around $11,300 but lifted off again a few hours ago to hit $12,380 according to Tradingview.com. On some exchanges, it may have even surpassed $13k.

bitcoin

BTC price 1 hour candles – Tradingview.com

Daily volume has surged again to $28 billion and BTC market capitalization has added $20 billion overnight to reach $220 billion. This is more than the entire crypto market cap less than two months ago. Bitcoin market dominance is now well above 60 percent, its highest level since the last big bull run in December 2017.

Analysts and traders have been keeping an eye on the charts for next possible levels of resistance. The previous, which has now turned support, is at $11,500. There has been no pullback whatsoever and there is very little technically stopping Bitcoin surging another thousand dollars up to $13k.

Trader Josh Rager has noted that the last stand for BTC could be $14.2k, and after that, there are clear skies to new all-time highs.

“$BTC: Weekly chart looks so good. People can talk pullback all they want, but not much is stopping Bitcoin from ripping up to $13k+. After price passes $14,200 there isn’t a lot standing in the way to new all-time highs. I’m not going to try to stand in front of a moving train.”

A thirty percent correction from this new high would take Bitcoin back down to the low $8,000s. At the moment that does not look like happening as those green candles just keep stacking up.

Total Market Cap At 12-Month High

Bitcoin’s unrelenting momentum has lifted total market capitalization to its highest level since early June last year. Altcoins, however, are still getting smashed as only $150 billion of that can be attributed to them.

The usual rants about a Bitcoin bubble have started appearing from the usual suspects but all they need to do is look at history to see that this is a market cycle, not a bubble. BTC is commanding the scene at the moment and the big institutional players have yet to even make an entry. Hold on to your seats as we could be in for a wild ride.

How high will Bitcoin go? Add your thoughts below. 


Images courtesy of Shutterstock, Tradingview, Josh Rager

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Čvn 25

Bitcoin Price Surge Dampens Altcoin Rally Hopes

There has been no Monday correction for Bitcoin this week as the top cryptocurrency has held on to its weekend gains. With market dominance, a touch under 60% many traders and crypto aficionados are beginning to wonder if the altcoins will ever recover.


Bitcoin Price Holding Steady Above $11000

Bitcoin is back at its 2019 high of just over $11,200 at the moment. It has spent most of the past day consolidating around $10,800 but started heading north again during the morning’s Asian trading session. Since the same time, last week BTC has made a solid 20% and has shown no signs of slowing down.

crypto

Bitcoin price 1 hour candles – Tradingview.com

There is a lot of resistance in the $11,700 region but that has not thwarted Bitcoin previously. A correction right now would be healthy though as parabolic charts are not. That thirty percent plus chart move that many have speculated about would drop BTC from its current high back to around $7,800. At this level or lower, there is likely to be a lot more accumulation before the next leg up.

Remember 2017? When Altseason?

Many traders on Crypto Twitter are starting to express concern about the performance, or lack of, for most of the altcoins. While some such as Litecoin have done extremely well the majority still appear to be frozen over from crypto winter. An earlier tweet by blockchain entrepreneur ‘The Crypto King’ served as a reminder from 2017.

“All the focus is on BTC… did everyone forget 2017?
BTC pumps. BTC Stagnates.
Alts go absolutely bananas.
Altseason 2.0 Tik Tok.”

This sentiment has been echoed by crypto trader ‘Moon Overlord’ who has also looked back at patterns in late 2017 when altseason took off.

“The altcoin sentiment feels eerily similar to mid to late 2017. Bitcoin just went up and up and $ALTS got smoked. Then all of the sudden WHAM, a few alts lead the way and they started going 50, 100X out of nowhere. I suspect this time will be no different, you won’t get a warning,”

It is true that many of the top performing altcoins from 2017 have done very little in 2019. Big pump coins such as Cardano and Stellar have now been dumped out of the top ten and are still down from ATH by 91% and 85% respectively. Other previously high performing altcoins such as IOTA, NEO, OmiseGO, ICON, Qtum, Lisk, VeChain and 0x are still battered and bruised showing very little sign of recovery.

Many have speculated that a lot of 2017’s tokens will fade away and be usurped by new offerings this year but at the moment Bitcoin is still dominating markets and an altcoin season has yet to begin.

Will Bitcoin give altcoins a chance to move higher? Let us know what you think in the comments below. 


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Čvn 23

CZ on India Bitcoin Ban: The more it’s banned, the more people want it

With bitcoin currently trading at a $500 premium in India, Binance CEO, Changpeng Zhao (CZ), argues that the nation’s decision to outlaw cryptocurrencies is only driving more people towards decentralized assets.


Binance Contests India Bitcoin Ban

Binance CEO, CZ, posted a tweet this week commenting on India’s latest anti-bitcoin bill, which seeks to dish out jail sentences to anybody caught holding cryptocurrencies.

The head of the world’s largest centralised crypto exchange argued that the newly proposed changes to ban cryptocurrencies will only serve to make “more people want it”.

This has become increasingly evident over the last couple of days, as Bitcoin’s spot price on Bitbns platform – one of the few remaining bitcoin exchanges in India – has been reportedly trading at around $11,120 . This price is more than $500 higher than the average BTC price in other markets across the world, and is currently $450 higher than Binance’s BTC spot price.

This substantial premium compared to the rest of the market highlights the overwhelming demand for BTC in the country.

Bitcoin Premiums On the Rise

Premiums aren’t a strange occurrence for cryptocurrencies in general, and only last week a $160 Bitcoin premium was identified on a Hong Kong exchange, Tidebit, as reported by Bitcoinist.  But the situation in India is particularly peculiar, given the government’s increasing anti-crypto stance. With fewer avenues to purchase bitcoin, the increasing scarcity and rising demand appear to be rocketing up prices.

$500 Bitcoin Premium India

Bitcoin continues to be the poster child for a real life manifestation of the Streisand effect – where the more people that try to suppress it, the greater it grows. Despite numerous efforts from Indian lawmakers to restrict cryptocurrency adoption in the country, it appears the appeal of the top-ranked cryptocurrency hasn’t stopped growing.

This broadening appeal has even moved beyond retail speculation into mainstream institutional adoption.

What’s Causing the Indian BTC Premium?

But why would there be an increase in demand for BTC in India? Well, the country’s government has stepped up its capital control policies in a bid to protect the Indian Rupee (INR). However, with the country’s rising debt profile and growing inflation, the exact opposite of the desired outcome in terms of INR stability seems to be the case.

Bitcoin, therefore, constitutes a haven currency for Indians to store wealth in case the INR loses value significantly.

Indians do not have easy access to cryptocurrencies in general. The country’s central bank banned commercial banks from facilitating transactions for exchanges back in 2018 so platforms have no access to fiat.

Despite a vigorous challenge instituted against the policy, the Supreme Court has yet to reach any verdict. Banks have even gone further to close down the accounts of customers engaged in cryptocurrency trading.

The emerging digital crackdown even goes beyond bitcoin with reports of platforms like Telegram and Reddit being blocked in the country. Some banks have even reportedly ceased offering support for PayPal payments.

Cease Crypto Trading or go to Jail

India is even preparing to pass a law that completely bans all forms of cryptocurrency activity in the country. This new law will reportedly prohibit the trading, holding, and mining of cryptocurrency.

Anyone caught in contravention of the law would face a 10-year prison sentence without the possibility of parole. Such a move would even place India above China in terms of anti-crypto regulations.

Projects like Facebook’s Libra might not be allowed to operate in India given the country’s banking laws which prohibit banking networks from facilitating cryptocurrency transactions. Crypto stakeholders in India say the government’s stance will only drive the industry underground.

Will Modi’s government be able to ban bitcoin completely in India? Let us know in the comments below.


Images via Bitbns.com. Twitter @cz_Binance, Shutterstock

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The Federal Reserve Could Be Helping Bitcoin to $100K

Many factors are contributing to Bitcoin’s renewed trajectory towards its USD 100,000 target. One of them is increasingly gaining prominence: The U.S. Federal Reserve.

Fed Interest Rate Cuts to Weaken Dollar and to Strengthen Bitcoin

The U.S. Federal Reserve’s latest moves might be unintentionally propelling Bitcoin to new 2019 highs with renewed impetus. On Jun 19, 2019, Jerome Powell, the chairman of the Fed announced the decision to maintain the benchmark for the federal funds interest rate within the target range of 2.25% to 2.5%.

Bitcoin federal reserve

However, upon review of the statement, financial experts noticed that The Federal Open Market Committee (FOMC) made several changes to its policy statement. Most relevant, the term “patient” was replaced by a policy language promising to “closely monitor the implications of incoming information for the economic outlook.”

For many, this is a hint that inflation and geopolitical risks are putting pressure on Federal Reserve officials to advance the case for an interest rate cut.

As a result, investors on the trading floors are already betting that the Fed will lower the rates as soon as July, putting the dollar under pressure.

In contrast, investors believe that a Fed rate cut would propel Bitcoin and gold to higher values. For example, according to CNN digital correspondent Paul La Monica,

That has been viewed as a positive for bitcoin as well as gold, which are looked at as alternative currencies that should rally when central banks take actions that reduce the value of government-backed currencies.

Moreover, Central Bankers perspective about Bitcoin might be shifting from a negative to a more positive outlook.

Last week, both Fed Chairman Jerome Powell and his counterpart Bank of England Governor, Mark Carney, reportedly advised that central banks “should look at bitcoin and other cryptocurrencies with an open mind,” writes La Monica.

Moreover, Carney has made it clear that he favors imposing strict controls. At a conference organized by the European Central Bank in Portugal, referring to cryptocurrencies, Carney pointed out, “Anything that works in this world, will become instantly systemic and will have to be subject to the highest standards of regulations,”

More regulations, according to La Monica, would bring benefits to the crypto markets, by smoothing Bitcoin’s volatility and helping to further validate Bitcoin’s legitimacy in global financial markets.

Gold And Bitcoin Solidify Their Safe-Haven Status

In addition to a Fed rate cut in July and a weak dollar, another key factor affecting the financial markets and Bitcoin, in particular, is, as the Fed statement put it, “uncertainty.”

Given the ongoing Brexit upheaval, China/U.S. trade war, Hong Kong demonstrations, and the Middle East rising tensions, gold and Bitcoin are moving to the foreground as safe-haven assets.

Thus, as of this writing, gold reaches a five year high, hovering on the USD 1,400 per pound. And Bitcoin just smashed through the USD 11,000 mark, within 24 hours of having surpassed the USD 10,000 price barrier.

What are your thoughts on the possible Fed rate cuts and recent Bitcoin’s price surge? Let us know in the comment section below!

_______________________________________________________________

Images via Twitter/@PeterLBrandt, Reddit

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Čvn 22

Bitcoin Smashes $10,000; Eyes Next Target of $11,700

Only yesterday Bitcoin bulls were triumphant that the king of crypto had broken resistance and was heading for five figures again. A few hours ago BTC made it to $10k but it didn’t just stop and hold there. A surge of over 10% took Bitcoin to over $10,900 during the Asian trading session this morning.


As reported by Bitcoinist yesterday, the likelihood of BTC reaching $10k within the next 24 hours was strong. A few hours ago Bitcoin lifted off from around $9,900 to surge 10%, or a thousand dollars, in just a couple of hours. According to Tradingview.com it topped out at $10,900, its highest price since March 2018. At the time of writing the hourly candle had yet to close and BTC was trading at 00.

bitcoin

BTC price, hourly – Tradingview.com

Daily volume has cranked up to $23 billion as Bitcoin market cap approached $200 billion. The epic move has reduced the gap to all-time high to 45.5%. Additionally BTC dominance is now over 59% as the altcoins get eaten alive.

PSYCHOLOGICAL AND TECHNICAL RESISTANCE OBLITERATED

Now that both psychological and technical resistance at $10k has been smashed, traders and analysts are scouring the charts for the next resting point for BTC. This appears to be around $11,700 and there is not much but thin air from there all the way up to $16k.

Josh Rager, who noted yesterday that there may be a fair bit of profit taking once BTC hit $10k, has changed his tune a little today adding:

“If you like $BTC at $10k than you’re really going to love when BTC closes above $11,700… And resumes running through every resistance in its path to new all-time highs. Nothing sensational about this just look at the chart. Little will stand in the way besides profit taking,”

BITCOIN FOMO HAS KICKED IN

Major mainstream media is going to be all over $10k Bitcoin which is likely to induce a wave of fomo similar to that seen in 2017. Fundstrat’s Tom Lee was right when he predicted this yesterday, as it has just played out on the charts over the past couple of hours.

The big move this Saturday morning has lifted total crypto market capitalization over $320 billion. Ethereum is getting a lift on the tails of its big brother, breaking $300 for the first time in ten months. The rest of the altcoins are getting slowly dragged up but Bitcoin is the only one in the top fifty making double digits today, and it does not look like slowing down.

Will Bitcoin price reach $11,700 this weekend? Add your thoughts below.


Images courtesy of Shutterstock, @fundstrat, tradingview.com

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Čvn 21

Facebook Filched My Logo For Calibra Crypto Project: Fintech CEO

The founder of an online bank has accused social media giant Facebook of stealing his company’s logo for their new crypto project Calibra. This is the latest eyebrow that has been raised since Zuckerberg and co decided to take on the world’s banks with their latest offering.


According to a report by CNBC, Wall Street trader turned start-up CEO, Stuart Sopp said he sought the help of a San Francisco based design firm called Character to create the logo for his company in 2016. Apparently the same firm also worked on Facebook’s secretive crypto project which was unveiled earlier this week.

SAME SAME BUT DIFFERENT?

There is no doubt that the two logos are uncannily similar and Sopp was not amused telling the news outlet;

“This is a funny way to try and create trust in a new global financial system – by ripping off another fintech firm. Facebook has all the money and resources in the world. If they truly wanted to make banking more inclusive and fair, they should’ve come up with their own ideas and branding, like we have.”

The report added that neither Facebook nor Character responded when contacted for comments. It isn’t the first time the web monopoly has made a questionable move. Funny that last year Facebook bans all crypto advertising and then coincidentally launches its own crypto coin the following year.

The fintech startup Current is a minnow compared to Facebook; it has just 45 employees and 350,000 accounts. Sopp has a similar vision in that the current banking system is bloated, expensive and impersonal. His firm started offering products to teens and has expanded to zero fee accounts for gig economy workers.

He added that they spent months working on the concept for the logo which represents a wave symbolizing the movement of both money and people.

“We put six months of hard work into this with that design firm, which they basically reused for Facebook without changing much. Facebook is a big company that should have done their due diligence on this.”

QUESTIONS RAISED

The big question raised over the Libra crypto project is one of trust, and this latest incident proves it even further. Facebook can barely be trusted with personal data, and recent scandals such as Cambridge Analytica serve as testament. What billionaire Zuckerberg and his consortium of tech giants will do with a currency that a potential 2 billion people may be using is the stuff of nightmares. As Bloomberg aptly put it last month “more than 2 billion users spending one currency, controlled by one billionaire. What’s to worry about?”

Should Facebook be trusted with crypto? Add your thoughts below. 

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