Swiss Copyright Law: Downloading Stays Legal, No Site Blocking

Sitting in the heart of Europe geographically but outside the European Union politically, Switzerland is largely free to make its own legislation. On the copyright front, this has brought the country out of line with standards by its neighbors, something that has drawn criticism from entertainment industry companies, particularly those in the United States. […]
Source: bitcoinwarrior
Swiss Copyright Law: Downloading Stays Legal, No Site Blocking

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Binance Adds 3 Privacy Coins to Its Lending Program

Binance is all set to launch its fifth phase of lending products on 20th September 2019 at 6:00 AM (UTC), where 14-day fixed-term lending products will be made available. The exchange has included privacy coins Monero(XMR), ZCash(ZEC) and Dash to list of its lending products. The service is available to users on a first-come-first-serve basis. […]
Source: bitcoinwarrior
Binance Adds 3 Privacy Coins to Its Lending Program

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BitMEX vs Binance – Hayes and Zhao Locked in a Twitter War Over Claims of Innovation

Earlier today, Binance CEO, Changpeng Zhao, also known as CZ, announced on Twitter that someone had tried to attack the Binance futures platform. CZ declared the attempt unsuccessful because Binance futures’ liquidation was tied to index price and not futures price. He also claimed that tying liquidation to index price and not futures price was Binance’s […]
Source: bitcoinwarrior
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Bitcoin Price to Surge After Crossing $10,700: Analyst

bitcoin price ready to breakout

Bitcoin price inched lower on Tuesday as investors waited for the outcome of the Federal Reserve’s two-day meeting on monetary policy.


The benchmark cryptocurrency slipped by $44.70, or 0.44 percent, to $10,217.84 as of 13:09 UTC. The downside price occurred on the sidelines of better-performing alternative cryptocurrencies. While the second-most valuable blockchain Ethereum climbed 2.18 percent against bitcoin, XRP became the second-largest gainer against the king cryptocurrency after rising 5.97 percent. Other altcoins, including Bitcoin Cash, Litecoin, and EOS, also registered impressive gains.

bitcoin, bitcoin price

Bitcoin slips as altcoins surge higher this Tuesday | Image credits: TradingView.com

There is a notion that bitcoin didn’t live up to its “safe-haven asset” status in the face of an adversary. Recent drone attacks on two Saudi Arabia’s crude oil production facilities ended up messing an already worsening global economic outlook. The US’ S&P 500, China’s CSI, and Europe’s Stoxx 600 each dwindled as investors digested the long-term prospects of the Saudi attack. Analysts believe the incident would halt the global oil supply for months, the effect of which will start reflecting on the health of the international markets. 

“While the ultimate impact will depend on a combination of the extent of damage, the US and Saudi response, and whether further attacks occur, the current production decline will exacerbate the tightening in the oil market that was already underway and could a more lasting geopolitical risk premium to prices,” Greg Sharenow, a portfolio manager at Pimco, told FT.

Almost all the haven assets responded positively to the Saudi attacks. Gold and Treasuries rose as investors looked at them as hedging assets. Unfortunately, bitcoin didn’t live up to the expectations.

The Fed Meeting

All eyes are now on the Federal Reserve meeting that commences today. Markets expect the US central bank to cut interest rate by a 25 basis-point, as the Fed chair Jerome Powell continues to face political pressure from President Donald Trump. Powell’s office will update its dot plot, a visual representation of the direction of the interest rates, while the chairman himself will address the attendees tomorrow with a final decision.

Changes to the dot plot could see influence from the ongoing US-China trade war and Saudi attacks. It would also consider Bank of America Merrill Lynch’s September fund manager poll that found that 38 percent of investors expect a recession over the next 12 months.

Bitcoin Bulls At It

Speculators in the cryptocurrency market see rate cuts as bullish for bitcoin. Coupled with the launch of Bakkt’s most-awaited physically-settled bitcoin futures, traders predict at least a $10,700 bitcoin by the end of this week. But to this date, Bitcoin has least reacted to any of such updates, as visible in the cryptocurrency’s dismissive performance after the European Central Bank (ECB) announced fresh rate cuts and quantitative easing rounds last week.

Dan Tapeiro, the founder of New York-based DTAP Capital, meanwhile brings in a technical perspective. The analyst on Monday said bitcoin could accelerate higher if it manages to “strongly close over $10,700.” The level roughly matches shoulders with a descending trendline.

He, meanwhile, added:

“Everyone “knows” that fact already. In traditional markets, when everyone knows the fact it is considered “priced in.” In Bitcoin, you never know what’s priced in. But it doesn’t matter because Bitcoin doesn’t care about your opinion.”

To sum up, bitcoin can go up, but it can go down also.

Do you think Fed rate cuts will push bitcoin price past $10,700 this week? Let us know in the comments below.


Images via Bitcoinist Image Library, BTC/USD charts by TradingView, Twitter: @thehill, @DTAPCAP

The post Bitcoin Price to Surge After Crossing $10,700: Analyst appeared first on Bitcoinist.com.


Source: bitcoinist
Bitcoin Price to Surge After Crossing ,700: Analyst

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CFTC Taps Coinbase Lawyer to Head Division Overseeing Bitcoin Futures

New CFTC Chairman Heath Tarbert has named Coinbase general counsel Dorothy DeWitt as the agency’s new director of market oversight.
Source: coindesk
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Editorial: Crypto Adoption No More a Dream, Latest Survey shows Rising Crypto Adoption Among Millennials

Recent research by UK based- Law firm, Michelmores reveals that 20% of millennials surveyed have invested in cryptocurrency.  Millennials Are All for Crypto, Number of Crypto Millionaires Is Rising The survey was done with 500 affluents Millennials possessing investable assets  £25,000 or more. Per the survey, while traditional forms of investments are popular, cryptocurrencies are […]
Source: bitcoinwarrior
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Ex-CFTC Chair ‘Crypto Dad’ Giancarlo Joins Digital Chamber Trade Group

Former CFTC chairman Christopher Giancarlo has joined the board of the Chamber of Digital Commerce.
Source: coindesk
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A new Bitcoin to cash conversion scheme gains ground in dark web

The latest Armor Black Market Report reveals that Bitcoin to cash conversion is the newest scheme gaining traction in the current dark web portals. Bitcoin’s illicit exploitation by dark web criminals comes as no surprise, and many of us have already run into those suspicious emails that lure us into the world of illegal digital […]
Source: bitcoinwarrior
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Facebook Insists Libra Poses No Threat to Central Banks

facebook libra central banks

Let’s be honest. For central banks that relish their power to unleash quantitative easing and print money at will, Facebook’s Libra is a wolf in sheep’s clothing.


Facebook Does Not Threaten Central Banks

Libra does not threaten central banks’ control over currency creation. That was the narrative from Facebook during the meeting between the Libra Association and regulators in Switzerland yesterday. However, most regulators and central banks around the world beg to differ.

The push-back has been nothing less than intense since Facebook unveiled its plans to launch Libra back in June. 

France wants to block Facebook’s Libra completely. Germany recently confirmed its plans to create a state-backed digital currency running on the Bundes-chain. And China is considering its own equivalent national (not a) cryptocurrency.

But could Zuck’s buck replace sovereign currencies like the Euro and threaten central banks’ to create money at will?

Maybe. 

The debate rages on. But Facebook insists that Libra is not going to create value and replace sovereign currencies. It is simply designed to be a better payment network.

Facebook’s Libra Is Backed by Fiat Currencies

In a series of further tweets during the meeting, the lead executive on the Libra project David Marcus reminded regulators that Libra is to be backed by a basket of fiat currencies. 

This, he argues, means that for Libra to exist, there “must be the equivalent value in its reserve.” He went on to say:

As such there’s no new money creation, which will strictly remain the province of sovereign nations.

Regulators Agree to Disagree

One big argument from regulators around the world is that Libra will be used for illicit deeds from financing terrorism to drug dealers.

However, the real worry is that it will strip central banks of their power and monetary policy. And, according to a post from Harvard Law School on the topic, Facebook’s Libra will do exactly that.

It will cause countries to “lose control of their monetary supply”. It will interfere with their ability to impose capital controls in the face of economic uncertainty and:

may well prove highly destabilising to the entire global financial system.

Facebook insists that this is not the case.

Lead economist on the Libra project Christian Catalini told Bloomberg that this is not built into Libra’s design. Its main purpose is to provide a better payment network and greatly reduce fees–not to replace legal tender. He said:

It’s unlikely that Libra will be used locally because the local currencies have better properties

Does Libra threaten central banks? If it does, then is it a good thing or a bad thing? Let us know in the comments!


Images via Bitcoinist Image Library

The post Facebook Insists Libra Poses No Threat to Central Banks appeared first on Bitcoinist.com.


Source: bitcoinist
Facebook Insists Libra Poses No Threat to Central Banks

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