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Crypto News – 11 June

Telegram TON tokens to be made available

Telegram, the messaging giant, will work with cryptocurrency platform Liquid for the public sale of Telegram Open Network [TON]

Read more at https://bit.ly/2ZgtHjl

Women engagement in BTC community hits all-time high

According to an image shared by Jameson Lopp, the participation of women in the cryptospace is at an all-time-high, constituting nearly 10% of Bitcoin’s community

Read more at https://bit.ly/2I6U1Xm

BTC’s support, resistance play flip-flop

The June 10 price upswing could be summarized as a flip-flop, with the support and resistance shifting places as Bitcoin is now on the verge of breaking $8,000 for the second time in under a month.

Read more at https://bit.ly/2F2Vlsu

#DropGold campaign or ‘Bitcoin cartel’?

In a recent Twitter thread, the battle between Gold and BTC continued, with a prominent gold and forex analyst claiming that the precious metal and its value were not dying, but rather was on an uptrend

Read more at https://bit.ly/2ZjdkCy

Bitcoin surges after CNBC’s stock-comparison jibe

CNBC took a shot at crypto by charting Bitcoin’s price change and that of the $24 trillion stock market index and the S&P 500

Read more at https://bit.ly/2XF6abt

BTC: Whales stalling coin’s move to $9000?

STIPS|Oculus platform identified 38 questionable transactions that are valued at over 50,000 BTC in 2019 alone, transactions that have had a significant effect on the coin’s price

Read more at https://bit.ly/2R8LQN9

Tron’s block height breaches 10 million mark

The latest news from the Tron roster was wildly celebrated by the TRX community after it was revealed that Tron’s block height had crossed the 10 million threshold.

Read more at https://bit.ly/2WwVfiO





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Facebook’s Libra is a double edged-sword, but will benefit Bitcoin, says Caitlin Long

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Facebook's cryptocurrency Libra is a double edged-sword, but will benefit Bitcoin [BTC], says Caitlin Long
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On 18 June, the world’s biggest social media platform, Facebook, introduced its new cryptocurrency, Libra, set to launch in the first half of 2020. The coin that would have its own blockchain will be backed by several sovereign currencies, and these reserves would be managed by the Libra Association. The association will also be engaged in several other key activities, which would focus solely on the development of the Libra ecosystem.

Notably, the coin has brought together major players in both the financial and technology industry including, MasterCard, Paypal, and Coinbase. Despite such strong backing however, the concept of the coin was soon shot down by several influencers and government authorities.

The French Minister of Finance and Economy, Bruno Le Maire, released a statement asserting that Facebook’s digital currency becoming a sovereign currency was “out of question,” adding that “it can’t and must not happen.” Along with this statement, the Finance Minister also raised concerns about money laundering and terrorism funding and urged G-7 countries Central Bank Governors to draft a report on the new “global currency” for their meeting in July.

Further, Facebook’s cryptocurrency is also facing hurdles in its native country. Maxine Waters, Chair of the House Financial Services, has requested the social media giant to hit the pause button on the development of Libra, until Congress and regulatory authorities hold a discussion on the digital currency. This request was put forth mainly because of the firm’s “troubled past.”

In an interview with WhatBitcoinDid, Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, stated that Libra had its pros and cons, adding that it was a “double-edged sword.” However, the blockchain evangelist continued to assert that this was going to benefit Bitcoin, stating that the social networking platform was “making cryptocurrency a mainstream word.” She added that Facebook would introduce the concept of digitally scarce money to people and that these people would look for the best cryptos that would retain the most value over time. That crypto was going to be Bitcoin, she said.

Long stated,

“This is a detour kind of like Andreas analogy, it’s the intranet before internet. We’ve even seen it in this industry, it’s blockchain not Bitcoin but people are coming full circle back around to Bitcoin. These are detours that are ultimately helpful to gaining adoption and wider support, but they’re not where we end up and I think we will end up in Bitcoin.”

Further, Long was asked whether Libra was going to be its own currency, considering it will not be pegged to a specific currency, but several fiat currencies. To this, she stated that Libra was indeed going to be a currency of its own, similar to Bitcoin. She stated that it was going to function like a “central bank,” remarking that it would be a “private version of a central bank.” Long went on to add,

“They’re going to be managing reserves against the liability. For them it will be the people who own the coins and they will be managing the reserves against that […] they are going to be marketing this in the developing world, this is going to be a developing world concept probably more than a developed world concepts […] so my guess is this is mostly an emerging market phenomenon secondarily a European phenomenon and lastly a U.S. phenomenon.”





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