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Bitcoin price sees light at the end of the downward tunnel

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Bitcoin holders have a little reason to celebrate today as the number one crypto asset recovered from its recent lows to settle above the 9,800 USD price level. At the time of writing, Bitcoin’s three-day chart shows a long-term uptrend market signal, which is better known as a golden cross. At the time of writing, Bitcoin is exchanging hands at about 9,847 USD marking a 3 percent increment in the last 24-hours in the midst of growing upsurge momentum.

According to analysis, Bitcoin’s golden cross indicator has made its hallmark for the first time since February 2016. The last time the Golden Cross indicator made a crossover was in August 2016. The 2016 period was a few weeks before the massive bull run that made way to the historic 2017 trading month.

Before the Golden Cross indicator made its crossover move, Bitcoin has been on a negative trend that has seen the coin loss 33 percent of its market value.

On the 3-day chart, Bitcoin, which started as a 50-candle price average crossed over to the 200-candle average revealing an honest-to-goodness golden cross. Despite the good news, it is prudent to say that these indicators do not have accurate predictive powers as they cannot accurately guide a person on predicting the prices of a virtual asset.

Bitcoin BTC price chart CMC
Source: CoinMarketCap.com

Still, the leading virtual currency is ending the month on a negative footing following its 9.3 percent price depreciation of its July 1st opening market price of 10,758 USD.

If Bitcoin fails to pass the 10,758 USD price level today, it will mark the first monthly price depreciation since the beginning of this year.

Crypto analysts are advising seasonal traders and investors to trade cautiously as the recent crossover may be a result of Bitcoin’s December 2018 to June 2019 price rally that saw the cryptocurrency changing levels from lows of 3,122 USD to Bitcoin’s latest highs of 13,880 USD.

However, despite the cautionary advice, traders and investors can find reassurance in the fact that the previous golden cross opened the way to Bitcoin’s 2017 bull run that will forever be part of Bitcoin’s history.

Bitcoin and the entire cryptocurrency industry have a bright future, but one of the major stumbling blocks of the industry is non-believers. Metal Pay CEO, Marshal Hayner is one of such non-believers who are clamoring for more transparency in the crypto industry to create an environment of legitimacy around the virtual currency.

According to media outlets, Marshal Hayner has, on several occasions, raised questions concerning cryptos validity pondering whether Bitcoin is a medium of exchange or a commodity.

Regardless of its nature, the CEO of Metal Pay want more legislations implemented to control Bitcoin and cryptocurrency, in general, moving forward.

Hayner believes Bitcoin and blockchain technology will get a clearer definition once rules and regulations are implemented even as governments start adopting and using it more and more in their transactions. Governments are gradually adopting cryptocurrency and blockchain technology to foster transparency and efficiency in their money transfer operations.

Cryptocurrency Market Update

In its usual trend, the cryptocurrency market is following Bitcoin’s recent performance recovering from its recent lows. However, despite the positive movements, significant resistance levels remain unchanged as the number one cryptocurrency and all other altcoins continue operating within recent ranges.

At the time of writing, the top 20 virtual assets are trading in the green zone, with little known crypto, Tezo, appreciating by a mouth-watering 22 percent of its market price in the recent 24-hours. The price appreciation of the other top-20 crypto assets is less impressive to delve into this article. Their price gain ranges from 1 percent to 5 percent.

At present, the entire crypto market is valued at about 268 billion US dollars, with a total trade volume of 46 billion US dollars. Bitcoin remains the dominant crypto asset in the market as it’s market share accounts for 64.5 percent of the entire market share.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple CEO: US dollar works fine, we don’t need a new fiat currency

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Brad Garlinhouse serves as the CEO of Ripple. Ripple’s XRP is the third world’s largest cryptocurrency by market capitalization and one of the few blockchain projects with a clear use case.

Mr. Garlinghouse has been quite vocal about Facebook’s Libra project, which is supposed to be a digital currency that will allow for the exchange for a value between Facebook users. It’s a platform with more than 2 billion users, so it’s not something to be despised.

In Ripple’s CEO’s opinion that he gave to Bloomberg yesterday, it just so happens that:

“I think the U.S. dollar works pretty well. We don’t need a new fiat currency.”

He added,

“the way they turned this out, a lot of turbulence, a lot of headwinds.”

Mr. Garlinghouse had to face questioning about regulators about Facebook’s Libra happening. He knows. He’s had his fair share of problems with regulators on behalf of Ripple. He answered that regulators are concerned about Facebook’s track record when it comes to privacy and that the company has not done enough to mitigate those fears.

He explained that Ripple is the antithesis of Facebook’s Libra because it’s always been working with banks all around the world and making sure that regulations are respected.

Then, he was asked to compare Ripple with Facebook’s Libra project. He answered, explaining that Facebook is trying to solve a consumer problem while Ripple is not. Ripple is trying to connect financial institutions so that friction can be done away in international payments.

Facebook’s Libra is an assault on the system. Ripple wants to improve it using blockchain technology and cryptocurrencies.

Ripple’s CEO’s interviews are always interesting. He knows everything there is to know about the cryptosphere, cryptocurrencies, and blockchain technology. He never attacks rivals or competitors but explains what they’re going for. And this interview was typical of him.

So what should we make of this?

Well, it seems like nobody like’s Facebook’s initiative to go into blockchain technology. That’s not what Mr. Garlinghouse said (this time), but there is an alliance of institutions trying to block it at the US Congress. And Facebook’s reputation is so bad at protecting customer’s right that they might just block it.

Can Facebook beat Ripple? It all depends on the other question, will it go online? Will the US Congress allow it? If that happens, nobody can compete with Facebook’s Libra. It’s all about the user base. Two billion people for Facebook. How can you beat that? Even Bitcoin or BitTorrent would have a tough time facing that situation.

The thing is this: nobody in crypto wants Libra to go online. And no regulators want it to go online either. But Facebook remains so powerful! Remember, Barack Obama won his elections through small facebook donations.

So what will happen when it comes to Libra vs. Ripple? We don’t know. But if Facebook’s Libra goes online, even Bitcoin will have a tough time keeping up. That’s what we think.

Not only Ripple and its native token XRP, but the whole cryptocurrency market is also the way it is. It’s exciting; it’s giving us opportunities to get rich quickly. It’s also very risky and giving us the chance to lose everything in a heartbeat.

Who will know for sure? Do your research. Just make sure you don’t put into crypto the money you can’t afford to lose.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Trump DOJ Sues BTC-e exchange; brings adverse impact on Crypto in the US

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Earlier reports that got spread across media stating that Trump Department of Justice (DOJ) sues BTC-e Exchange for a $100 million civil suit. It says that they have also filed a lawsuit against its Russian national Alexander Vinnik.

Crypto Industry v/s United States

To note, the lawsuit claims that BTC-e Exchange offered various financial services to the residents of the United States without complying to country’s regulatory frameworks. Following this case and many others in a similar nature, companies are keeping their affairs away from US citizens.

Despite having high profile customers, investors, the United State isn’t entertaining businesses to offer crypto services to those living in the US. Although the country demands to have proper compliance with the regulations, the sources claim that the cost and hassle of dealing with regulators are way higher than the profits from their business.

While many believe the crypto and blockchain industry bring innovation and economic expansion, the United States is shutting the doors for this industry, leaving no room for innovation. However, talking about the similar reference, Binance CEO, CZ stated that “they prompt their service for US customers due to unclear regulations even though the country is famously known for Silicon Valley.”

Considering US’s stern action against crypto industry, many new and existing companies are mainly focusing on those countries that are encouraging crypto adoption. To name a few, Switzerland, Australia, Malta, Singapore, and other such countries are becoming the hub for companies with crypto services.

It’s worth to note that, Facebook, one of the top social media giants is heading towards Geneva, Switzerland to set up headquarter for its Libra Association and all significant aspects concerning its new digital currency, Libra.

Further, the Senate Committee of the United States itself is organizing the open session on July 31st to examine the regulatory framework for cryptocurrency and Blockchain technology. However, the result of the hearing is a matter of time, stay tuned with TronWeekly to get updates on this.

As for now, BTC-e exchange and its operator got caught on offering illicit bitcoin dealing alongside declining to avail FinCEN registration as a Money Service Business. The report further adds that BTC-e Exchange fails to serve Anti-Money Laundering (AML) procedures under the BSA (Bank Secrecy Act) and fails to report dubious activities.

Accordingly, FinCEN has penalized BTC-e exchange with $88.6 million fine and $12 million against its operator Vinnik. The complaint reads that;

“At no point in time did BTC-e have any AML policies or procedures, let alone an effective program for detecting and preventing suspicious transactions. To the contrary, BTC-e’s lax policies encouraged persons engaged in criminal activity to use its services, and BTC-e became the virtual currency exchange of choice for criminals looking to launder their illegal proceeds.”

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Huobi Thailand Receives Crypto Trading License from Thailand’s Finance Ministry

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Huobi crypto exchange has achieved a new milestone. Thailand’s Finance Ministry has granted Digital Asset Trading License to Huobi’s subsidiary, Huobi Thailand exchange which makes it the country’s 5th exchange that received approval signal from the country’s finance ministry.

Huobi Thailand Becomes Incensed Exchange

Thailand is known to have quite favorable crypto regulations in contrast to countries that put the label of ban or strict policies for the crypto industry.

According to the latest report, with this new license, Huobi Thailand can now begin local fiat trading and crypto trading services across Thailand. Following the success of becoming a licensed crypto exchange, Sakda, head of Huobi Thailand states that;

Huobi Thailand will provide Thai users with secure and reliable digital asset trading services through Huobi Cloud’s verified technical capabilities.

Sakda further ensures that they’re keen to cooperate with the govt and local enterprises to explore Huobi Thailand. So far, Thailand Ministry has approved five crypto exchange, including Bitkub Online, Satang Corporation, a Digital Asset Broker, Bitcoin Exchange, and Huobi Thailand while it denied the application of three companies.

Our mission in Thailand is to provide Thai users with secure and reliable digital asset trading services through verified technical capabilities. We look forward to working with our partners in government and local enterprises, said Sakda.

Thailand and Crypto

Just to note, Thai SEC on May 2018 stated that every company operating the business involved in the digital asset must obtain the license from authorities. Existing companies can gain approval by applying for a permit within 90 days.

Upon submission, regulators will keenly scrutinize the sound management system, the background of the board and team members and ensure if the company contains cybersecurity check and other monitoring systems to analyze conflict of interest, etc.

As far as Huobi Thailand is concerned, it is said that Huobi Global plans to launch it in Q3 2019 while serving fiat to crypto and crypto-to-crypto trading. This arm is built on Huobi Group’s new product, Huobi Cloud, a platform that offers the construction of digital asset exchanges based on Huobi’s existing platform. Besides Thailand, the report surfaced in June states that Huobi Group expects to expand trading operations to Turkey with the crypto-fiat facility.

With more constructive approaches, Thailand is becoming the best spot for the crypto industry. Very recently, governor of Thailand’s central bank revealed that country’s regulators are also looking forward to Libra as they’re already in discussion with Facebook.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Crypto scammers pretend as FCA in Emails to capture investors attention

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The latest report states that crypto scammers are misleading investors by sending emails, impersonating UK’s FCA (Financial Conduct Authority). These emails are intending to amass investor’s interest by promising “guaranteed chance to earn” on crypto-related investment.

Scammers Guaranteeing Huge Earning Using FCA’s name

As scammers are quite smarter, these impersonated emails were featuring the FCA’s branding and Prudential Regulation Authority’s logo with a subject line, entitling “Guaranteed chance to earn.”

The emails quickly want investors to believe in the brighter future of Bitcoin in terms of value and specifically mentioned the price could hit over $20k by 2020. With that, recipients were encouraged to click on a “Click here” button.

“Bitcoin is still a long way off its peak price of $20,000, which it reached in 2017, but some cryptocurrency experts believe it could hit an even higher value by 2020.”

While FCA had confirmed their specific team is scrutinizing the matter, they have advised having due diligence ahead of clicking such buttons or act upon such emails. FCA always quickly cautioned investors on such matters and this time too, it warned that;

“The correspondence is likely to be linked to organized fraud and we strongly advise you not to respond to the criminals in any way,”

Nevertheless, this caught the attention of few more users when Dominic Thomas, founder of Solomon’s Independent Financial Advisers, took to Twitter and opened up about such scam emails. He said that he received the email five times over the weekend and stated that

“Email reveals the extent of the problem with cheap and easy new media ‘advertising'”.

Following other such queries on scam email, FCA ensured that they would never contact members of the public for money or any other bank details. It further warned recipients and the general public that this might be associated with the fraud and requested not to respond to the criminals in any way. It read that;

“Look for signs that the email, letter or phone call may not be from us, such as it listing a mobile or overseas contact phone number, an email address from a Hotmail or Gmail account, or a foreign PO Box number. “Scam emails or letters often contain spelling mistakes and poor grammar.”, It continued.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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BitMEX undergoes investigation by the US Regulator CFTC, revealed Bloomberg

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According to the recent news reported on last Friday by Bloomberg’s columnist Tim Culpan, BitMEX, one of the prominent Bitcoin margin trading exchange based out of Seychelles, is undergoing investigation by the US regulator CFTC, the Commodity Futures Trading Commission. The suspicion is whether the exchange has allowed the citizens of the United States to use its platform for trade, in point of fact that it is not registered with the agency.

The US regulator, CFTC considers digital currencies like Bitcoin as merchandise and to trade with these merchandise in the country; one needs to get registered with the agency. An investigation has been commenced, which could take months-long of time to evaluate whether any rule has been broken by the exchange, said by an insider who asked his name to be kept private. It is to be noted that the investigation has not been made public yet by the regulator.

When asked for comment about the supposed investigation from the exchange’s authority, a spokeswoman of the exchange maintained that they are not obligated to speak about any unofficial investigation against them by any government agency. In her own words:

“HDR Global Trading Limited, owner of BitMEX, as a matter of company policy, does not comment on any media reports about inquiries or investigations by government agencies or regulators and we have no comment on this report.”

The CEO of BitMEX, Arthur Hayes, however, shed light on the exchange’s policy, during an interview in January, to remove any individual who contempt with the company rules barring US nationals and residents. Mr. Arthur said that,

“However, it is possible clients masked their location by using virtual private networks to assign their computer an Internet protocol address from a BitMEX permitted country, tricking filters put in place.”

On the other hand, BitMEX exchange has also ensured publicly that trading on the platform is prohibited by the U.S. citizens or the Canadian province of Quebec, via its website under its term of service.

Seeing at the above facts that the company has taken to remain transparent and following the law from all the fronts, it is uncertain whether this supposed inquiry will yield any fruits at all.

The company has also been on the receiving end of criticism in recent times by a noted economist from the New York University, Nouriel Roubini, who accused the exchange “of being involved in systematic illegality,” according to Bloomberg.

He maintained his accusation on the basis that as the firm provides cryptocurrencies’ trading with up to 100-times leverage and other services such as futures and swaps, the level of risks involving its traders to get exposed becomes high.

Whereas, Arthur Hayes, the CEO of BitMEX, rejects any allegation of such kind and ensures that the firm does not trade against their client. In his recent talk with Bloomberg, he said:

“We continue to monitor all legal and regulatory developments around the world and will comply with all applicable laws and regulations; we reject any allegations of criminality, manipulation or unfair treatment of our customers, who are at the center of everything we do.”

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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India could join China over anti-crypto policy

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Since the inception of Bitcoin in 2009 by the mysterious legend, Satoshi Nakamoto, cryptocurrency sphere has been through several roller coaster rides and still reputed as one of the most hot-topics on the internet, globally. The prospect of decentralized digital currencies has, over some time, caught massive attention from giant investors as well as enterprises.

Much like “every coin has two sides,” the sphere as a whole has been regarded with diverse opinions. Where according to many advocates of digital assets, the cryptocurrency sphere has a lot of potentials to be seen as the “future of money.”

Skeptics, on the other hand, considers it to be a “big fat Ponzi scheme.” Later ones reason their opinion with the larger issues of price volatility and that the idea of decentralization can play a significant role in illicit activities by the likes of hackers and terrorist etc.

Nonetheless, the cryptocurrency sphere, despite its risks, is being considered as one of the most exciting assets of the ongoing century. Approximately, more than 2000 cryptocurrencies have emerged on the mania until now, together-with an entire industry of wallets, exchanges, and apps.

 Cryptocurrencies and the 1st World Countries

Although the cryptocurrency and blockchain technology has a lot of promising use-cases and immense adoption in many countries, it is mostly unregulated. However, the legal status of cryptocurrencies and its related instruments differ significantly from state-to-state. The majority of countries have not made the trading of Bitcoin (or any other cryptocurrency) illegal but have contradictory regulatory implications.

Although, now and then, talks of imposing a ban on cryptocurrencies arise, still, many 1st world countries such as United States, Russia, Australia, Singapore as well as many countries inside European Union have somewhat friendlier laws concerning the cryptocurrency sphere.

China, on the other hand, is among the few first world countries which have strictly banned the cryptocurrencies’ trading inside the country.

Is India about to join China on Anti-Crypto Policy?

Although the financial institutions and regulated entities of the country have been prohibited by RBI (Reserve Bank of India) for holding, dealing, or transferring the cryptocurrencies since July 2018, however, on a legal perspective, as there is no law or legislation in the country which recognizes or monitors Bitcoin, trading or mining of Bitcoin is neither illegal nor legal in the territory.

According to the latest news, a draft of the bill has been prepared to present in the upcoming parliament session for imposing a ban on any dealings or transactions in cryptocurrencies throughout the country. Upon failing to do so, the person or business entities may face prison sentences of up to 10 years.

The draft comprising of 18 pages of the said bill was shared on Scribd by local blockchain lawyer, Varun Sethi on 15. It reads:

“No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use Cryptocurrency in the territory of India,”

It also defines the cryptocurrencies as:

“Any information or code or number or token not being part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value.”

The document also reads that the government would approve a “Digital Rupee” issued by the RBI as a legal medium of exchange. Any other currency which meets the definition of cryptocurrency mentioned above would be entirely banned.

It is worth noting that the authenticity of the draft is yet to be verified, however even if it is authenticated, the bill is not likely to be debated in the coming session of Indian parliament, says a local crypto industry’s individual.

While publishing the unauthenticated draft, Varun Sethi purports:

“The bill is yet to be drafted completely and tabled in the parliament to become an Act with or without modifications.”

Do you approve of this Bill? Tim Draper surely does not.

As soon as the news broke out on the crypto mania, Tim Draper, a billionaire investor and a renowned supporter of Bitcoin lashed out on Indian government by calling the proposed bill (unverified) “pathetic and corrupt.”

His tweeted:

His tweet, however, has experienced an immediate resilience, mainly, from Indian twitter users, arguing that he should be informed well before he acts on such kind off hearsay news.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Japan Proposes “Crypto SWIFT-Network,” Will It be a Threat to SWIFT?

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Believe it or not, regulators have been too concerned about the inclusion of cryptocurrency into the financial world. Japan is reportedly hitting a new deal by planning to develop SWIFT like network for crypto payment. 

SWIFT Network for Cryptocurrency Market

According to the report, gathered from Reuters – Japan’s Govt is heading to combat the money laundering new network similar to SWIFT. But this network will be dedicated for crypto payments, a person familiar with the plan reported on July 18, 2019.

For those who don’t know, SWIFT is the oldest network used for the cross-border payment system, primarily used by banks. Since past few years, Ripple has been emerged as a private market player and as a direct threat to SWIFT by launching its various blockchain products to help banks and financial companies with money transfer around the world. In particular, Ripple with blockchain technology reduces the cost and the transaction time, which set it as the best choice over SWIFT for many global fintech players.

However, the date of launch or other development details are still out of sight. But it is quickly remarked that Govt is aiming to have this network in place in the next few years. More on this, Country’s anti-govt Financial Action Task Force (FATF) will have a team dedicated to monitoring this, including its development. Moreover, it is also stated that Japan will incorporate with other countries for the matter for SWIFT like network for crypto payment.

The report also highlights that back in June, FATF also approved the proposed plan of Japan for establishing the new network. During the FATF meeting, this network plan was introduced by the country’s Ministry of Finance and the Financial Services Agency (FSA).

Japan and Crypto

While the United State is still scrutinizing the consequences of Libra to sovereign currency, US Dollar and other money laundering issues Libra can create, Japan is already stepping ahead with something new and innovative in the crypto world.

Japan is a country that put itself in the forefront of the trending technologies – so far, the country has taken various initiatives to tighten the crypto industry and meantime, promoting the innovation. During 2017, Japan passed a law, defining Bitcoin as a legal method of payment and recognized crypto trading platforms under AML and KYC rules.

As for now, no information on this matter is public yet, and as report states, FATF has already approved this plan, Japan may announce it anytime soon. Stay tuned with Tronweekly to get this update.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Libra v/s Ripple – XRP is the only digital asset that works with regulators

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Amidst the rising regulatory concerns over Libra coin, introduced by Facebook, the crypto community is eyeing on Ripple and its cryptocurrency XRP. The community is observing the smartest and unique way that Ripple is working with regulators and meantime offering XRP-based solutions to the payment industry.

Ripple v/s Facebook’s Libra

Ripple, the companies behind the XRP cryptocurrency, have long been offering blockchain-based payment solution services to the payment firms and banks across the world. In essence, the firm equipped its native cryptocurrency, XRP with its blockchain products such as xRapid, xCurrent, and so on which is currently used by many payments and financial entities for cross-border transfer of funds.

However, this isn’t a new system for Ripple – it has quickly gotten the attention when US Treasury Secretary Steven Mnuchin talked about Facebook’s Libra and urged that “We’ll not allow digital asset service providers to operate in the shadows.” Sec.Mnuchin remarked the national security issue that may probably occur due to Libra and demands that the crypto industry needs more regulations at the moment.

Nevertheless, back in 2018, Ripple’s Global Ops and Partnership head Emi Yoshikawa said that “Ripple works with the worldwide regulators and the world.” Speaking at the Asia Pacific Fintech Forum in Beijing, she outlined;

“Ripple works with governments and regulators around the world to help them better understand the problems we solve for customers using #blockchain. It is all about a real use case.”

Besides Emi’s statement, Ripple’s CEO Brad Garlinghouse in an interview at CNBC’s Fast Money raised the increasing approach to “cooperate with regulators.” Accordingly, he discussed that;

“It’s incredibly important that the entire industry recognizes that we have to work with the regulators, we have to work with the system.”

Brad Garlinghouse Advised Facebook

In addition to his earlier statement, Brad Garlinghouse on July 15 expressed his views on Facebook’s Libra and strongly advised to follow regulatory regime if intending to go forward. He marked his consent on the opinion of Sec. Mnuchin and President Donald Trump about cryptocurrency and states that “I agree that crypto isn’t likely to replace fiat currencies.”

For the industry to succeed, we need to work with regulators and within policies, Brad Garlinghouse tweeted.

Talking about how Ripple has moved forward with the hands of regulators and offer XRP-based solutions to various global firms, Garlinghouse explained as follows;

https://twitter.com/bgarlinghouse/status/1150849269886177281

In a nutshell, Garlinghouse quickly counseled Facebook to work with the regulators and within policies. If not; he thinks;

We risk squashing innovation here in the US and letting foreign interests take control of this new sector of our global economy.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Treasury Secretary warns the US could run out of cash, will crypto help United States?

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While US President Donald Trump was busy firing Bitcoin, Libra and other cryptocurrencies, Treasury Secretary Steven Mnuchin warned Congress that the government is running out of cash faster than it expected.

Will Crypto Becomes the Best Alternative.?

President Donald Trump’s lashing tweets against Bitcoin and cryptocurrencies were still hot when the United States’ Treasury Secretary Steven Mnuchin brought up a quick warning yesterday, on July 12, 2019. The warning that put the US into a panic mode because Mnuchin wrote the US might default on its obligations in early September if Congress doesn’t raise U.S. borrowing authority.

In a letter, Mnuchin wrote that,

“Based on updated projections, there is a scenario in which we run out of cash in early September, before Congress reconvenes,”

This took the attention of few crypto leaders such as Anthony Pompliano who quickly remarked as;

The fear of pressure is that Mnuchin doesn’t know how long the Treasury’s existing resources can last; thus, he requested Congress to increase the “debt ceiling before Congress leaves for summer recess.”

Crypto and the United States

The stance of the crypto industry in the United States is, unfortunately, hostile. Although its technology innovation is robust, the regulations around crypto are right now unclear. With the country’s weakening position in the form of Cash, the crypto community is speculating the United State to turn to the digital form of money, the Bitcoin.

Also, few other speculates that the US may print more dollars – concerning the similar point, Binance CEO CZ on July 12 hits an indirect tweet, he said;

Feel free to print as much as you need, as I am already all in crypto.

So far we have seen many countries jumping to issue their own cryptocurrencies – few such names are China, Turkey, Sweden Ukraine, Russia, Iran and so on. At the time when adversarial countries rushing to a have their very own digital currency wallet infrastructure, United State is running backward.

The revolution of the country issuing their own cryptocurrency could make them an independent nation, allowing their citizens.

However, the new report published on July 11, by the United States Foundation for Defense of Democracies (FDD) speaks about current and future risk associated with the use of cryptocurrencies by other countries to the United States.

The report entitled “Crypto Rogues – U.S. State Adversaries Seeking Blockchain Sanctions Resistance” cautioned that the countries using blockchain and the virtual currency might build significant reserves in the cryptocurrency. It reads that;

“An independent cryptocurrency such as Bitcoin [BTC] gains wide adoption in commerce and becomes more relevant to the global financial system. Then, a U.S. adversary begins to build significant reserves in the cryptocurrency. The state thus uses its holdings to gain more influence in the global financial system,”

What do you think readers.? Will the United States see crypto as an alternative solution.? Let us know in the comment section below.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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