Key Comments From Libra Hearing at US House of Representatives

The United States House of Representatives Financial Services Committee heard testimony from from Facebook’s David Marcus, today July 17. Marcus, the CEO of the Calibra wallet service for the social media giant’s forthcoming Libra stablecoin, attempted to assuage regulators’ concerns regarding the project and educate lawmakers on its purpose and potential. Cointelegraph has compiled some key quotes from the hearing, which you can view here. [2:50] Rep. Maxine Waters, chair of the Financial Services Committee: “Demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax……

Ocasio-Cortez Criticizes Corporate-Controlled Money in House’s Libra Hearing

New York Congresswoman Alexandria Ocasio-Cortez addressed the control of Facebook’s Libra cryptocurrency in today’s United States House Committee on Financial Services hearing. As per a recording of the event, provided by C-Span on July 17, Ocasio-Cortez addressed Calibra wallet CEO David Marcus, asking, “Facebook wants to establish a currency and act through its wallet as — at minimum — a payment processor. Why should these activities be consolidated under one corporation?” Regarding the membership of the Libra Association, Ocasio-Cortez asked, “Were they democratically elected?” After Marcus answered that it was not, but…

China Leads the World in Google Searches for Facebook’s Libra

China is the global leader when it comes to searching for “Facebook Libra” on Google one month after the release of Libra’s white paper. China keeping a close eye on Facebook’s Libra As of July 18, China is the first in the list of countries googling of Facebook’s new cryptocurrency project, according to data from Google Trends. Based on the data, China has the highest proportion of search queries for Libra, with a maximum value of the query popularity of 100. The top five countries include St. Helena, ranked second…

Bitcoin’s ‘Bubble’ Cycle More Bullish Than Amazon’s Dot-Com Era Days

Bitcoin (BTC) recovered more swiftly from its bear cycles than Amazon did during the boom and bust of the dot com era, data from crypto analytics firm Messari reveals. Bitcoin’s 2019 breakout ‘extremely bullish’ by comparison Fellow industry analytics firm Ceteris Paribus shared Messari’s findings in a tweet on July 17: “The latest $BTC cycle mirrors $AMZN during the dot-com bubble, but the recovery has been much more swift. Even with the recent sell off, bitcoin is 54% down from its high, vs. the 85% Amazon was trading at over a similar…

Bitcoin Miners Will ‘Defend’ Price Above $6,500 Ahead of Halving: Analyst

Bitcoin (BTC) miners want to coordinate the market in order to maximize revenue as the 2020 block reward halving nears. Are miner’s controlling the market? That was the conclusion of a new Bitcoin price analysis by popular trader Filb Filb as BTC/USD neared $9,000 on July 17.  The largest cryptocurrency saw considerable downward pressure this week following a volatile period, while analysts remain at odds as to which factors are driving the market. Filb Filb, however, does not imagine Bitcoin will see new lows this year, as miners wish to…

Bitcoin Price Bounces Back Near $10K But Analysts Aren’t Convinced

Bitcoin (BTC) was challenging the $10,000 barrier again on July 18 after a modest uptick broke up several days of losses.  Market visualization. Source: Coin360 A sea of green for Bitcoin and altcoins Data from Coin360 showed BTC/USD hovering just below the significant marker Thursday, circling $9,900 on the back of 2.9% gains over the past 24 hours.  The pair had encountered difficulties over the week, declining from near $11,000 to hit local lows close to $9,000.  Bitcoin 7-day price chart. Courtesy of Coin360 Analysts immediately sounded the alarm about…

Grin Cryptocurrency Executes First Hard Fork

Privacy-oriented cryptocurrency Grin has just executed its first backward-incompatible upgrade, also called a hard fork. Today’s planned upgrade introduces key changes to the nearly $60-million network that will optimize for maximum miner decentralization and usability. Grin launched in January 2019. “It was planned since way before Grin launched,” Grin developer John Tromp told CoinDesk. “We would do four hard forks in the first two years, at regular six-month intervals, to introduce new features.” Tromp said that today’s upgrade did not result in a network split. Rather, the old Grin network simply…

Swiss Crypto Broker Bitcoin Suisse Applies for Banking and Securities Licenses

Bitcoin Suisse, a crypto-broker and pioneer of Switzerland’s “Crypto Valley,” has taken anticipatory steps to comply with a “maturing” regulatory environment. The firm announced on Tuesday that it has applied for a banking license with Swiss Financial Markets Supervision Authority (FINMA), as well as a security dealer’s license, mandated by the Stock Exchange and Securities Trading Act (SESTA). In the past, financial authorities at the Swiss Federal Council said blockchain and distributed ledger technology will be governed by existing regulatory schemes. However, a Suisse company representative said: “We believe that in…

Sexual Misconduct Allegations Emerge Against Bitcoin Coder Peter Todd

The Takeaway: Former Bitcoin Core developer Peter Todd filed a defamation suit in April demanding the deletion of a tweet that accused him of sexual misconduct. In response, three people submitted statements to the court this week accusing Todd of such misconduct. One alleged victim, “Jane Doe,” stated she stopped contributing to bitcoin projects in order to avoid Todd. The incident is shaping up to be a first-of-its-kind in the bitcoin community, a public incident that could force conference providers and projects to be more active in responding to allegations…

Coinbase Releases New Data Tools for ‘First-Time’ Crypto Investors

Coinbase is rolling out new tools to help entry-level crypto users understand what seasoned traders are up to. The exchange announced Wednesday the availability of a new suite of signaling tools. One such tool broadcasts the activity of Coinbase’s top traders. “The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours,” an official Coinbase blog post explained. “This is updated approximately…