Zuckerberg: Facebook Would Quit Libra if the Association Launched Prematurely

WASHINGTON – Facebook CEO Mark Zuckerberg told lawmakers that the company would pull out of the Libra Association in the event the consortium launched its proposed cryptocurrency without all needed regulatory approvals. In a hearing of the House Financial Services Committee Wednesday, Zuckerberg fielded pointed questions on a variety of controversial issues around the social network, from election meddling to housing discrimination to deepfakes. But Libra, the proposed price-stable cryptocurrency Facebook conceived and set up the association to run, was the foremost item on the agenda And many of the…

Bitcoin Volatility Hits 6.5-Month Low as Price Falls Back to $8,000

View Bitcoin has dropped by $300 in the last 24 hours. Even so, the outlook remains neutral as key Fibonacci retracement support at $7,850 is still intact. Bitcoin’s volatility gauge has dropped to the lowest level in over six months. The low volatility period will likely end with a big move on the higher side, as a repeated defense of $7,850 is indicating seller exhaustion. A UTC close above $8,820 is needed to confirm a bullish reversal. A high-volume move below $7,850 would confirm range breakdown. However, an impending death…

Bitcoin Collapses below $7,500 after Brexit Breakthrough

Bitcoin took a deep dive on Wednesday to test the levels last seen in May. The benchmark cryptocurrency plunged by up to circa $566.29, or 7.65 percent, in just two hours of trading. The move downside brought bitcoin down to a session low of $7,402.20. While the price later corrected, its upside remained capped by the support-turned-resistance level of $7,500, hinting an extended bearish action. Bitcoin dips below $7,500 in latest bearish continuation signal | Source: TradingView.com The story was the same across the other top cryptocurrencies. Ethereum, the second-largest…

Bitcoin Price Suddenly Plummets to $7,500 — A New 5-Month Low

Bitcoin (BTC) crashed $500 in minutes on Oct. 23 after a sudden jolt sent markets tumbling to fresh lows. Cryptocurrency market daily overview. Source: Coin360 Bitcoin firmly ditches $8K range Data from Coin360 captured the moment panic hit for traders on Wednesday, BTC/USD going from $7,950 to $7,450 in just five minutes. Bitcoin seven-day price chart. Source: Coin360 The reasons for the dip are yet to become clear, but the volatility upends the most recent period of flat performance for Bitcoin. The move may have been preempted. As Cointelegraph reported,…

Deutsche Boerse, Commerzbank Settle Tokenized Securities Using DLT

German securities marketplace Deutsche Boerse and Commerzbank have completed a joint pilot transaction settlement of post-trade securities using digital tokens and distributed ledger technology (DLT). Tokens generated from both commercial bank money and securities  While the transaction also involved major German asset manager MEAG, which operates under Munich Re-owned ERGO Group, one of the largest German insurance companies, Deutsche Boerse officially announced on Oct. 23. Meanwhile, the underlying technology and the legal concept were jointly developed by Deutsche Boerse and Commerzbank, the firm noted. The prototype settlement performed a delivery-versus-payment…

Default Reaction to Bitcoin, Blockchain Must Be ‘Yes’

U.S. Congressman Patrick McHenry, who represents North Carolina’s 10th District, says he wants regulators’ default reaction to crypto innovation to be “yes.”  The Congressman — who goes by the moniker of “Mr. Fintech” on Capitol Hill — made his remarks during an interview for Laura Shin’s Unchained podcast, published on Oct. 22. Reintroducing the Financial Services Innovation Act McHenry related his observations of the cryptocurrency space’s development, underscoring that the Bitcoin’s enormous value had become swiftly apparent. He soon recognized, he said, that regulators’ responses would struggle to keep pace…

Binance Joins Governance Council of Kakao’s Klaytn Blockchain

Binance has joined the governance council of Kakao’s Klaytn blockchain network as the project scrambles for partners and “use cases” and seeks to building its legitimacy. Binance, one of the largest crypto exchanges by trading volume, is the latest member of Klaytn’s 24-company board. Participants include three LG companies and three entities related to Kakao, as well as the Union Bank of the Philippines, among others. The board makes key technical and business decisions for the network and is involved in the development of applications utilizing the blockchain, according to a…

ING Bank Devises Privacy Fix for R3’s Corda Blockchain

ING, the Netherlands megabank blazing a trail with extra privacy measures for enterprise blockchains, has come up with such a solution for the Corda distributed ledger system built by R3. To be announced Wednesday at the annual developer conference CordaCon, ING has helped solve a security/privacy trade-off that currently bedevils Corda users. The bank’s blockchain team did so by applying zero-knowledge proofs (ZKPs) to the Corda notary service, the means by which the network verifies the uniqueness of transactions and prevents double-spending. Unlike most blockchains that broadcast data among all…

Gold Is the Top Safe Haven Asset, but Here’s Why Bitcoin Has Appeal

Analyst, Chris Mancini claims governments are increasingly turning to gold, and not Bitcoin, in order to hedge against economic uncertainty. Motivated by geopolitical wranglings, as well as a desire to reduce dollar reliance, the Chinese and Russian central banks are driving demand for gold. Is Bitcoin now out of the picture? Gold Trumps Bitcoin In a Kitco News interview, Analyst at Gabelli Gold Fund, Chris Mancini said that gold is the ultimate power move during times of uncertainty, and not Bitcoin, as evidenced by government actions. He said: “the Chinese…

‘Source of Truth’ — Winklevoss Says Bitcoin Is More Than Digital Gold

Cameron Winklevoss — one half of the eponymous family office Winklevoss Capital and co-founder of the Gemini crypto exchange — says Bitcoin’s (BTC) possibilities go beyond digital gold.  In a tweet posted on Oct. 23, Cameron argued that: “Because Bitcoin is open source software, its possibilities are boundless. I often talk about gold as a target market cap, but that’s really just the beginning…it’s digital gold, source of truth, etc…” A shared, single “source of truth” Cameron’s argument aims at going beyond the commonplace analogy of Bitcoin with gold, whose…