The #crypto market has continued to bleed over the last 24 hours with many coins showing further double digit losses. #BTC is down nearly 12% at just over $9500 , at the time of press.#Ethereum is approaching the $200 resistance level, after a nearly 13% drop. The over crypto market cap is getting close to the $250B resistance mark.

BTC / USD is currently on course to have its most bearish week since March 2018, down over 26% in the last week alone. #ETH is over 25% down on the week.

This recent steep drop in the #cryptomarket has been partly attributed to the #senate hearings on #Facebooks #Libra and the voicing of proposed cryptocurrency, by the social media giant and their negative views on cryptocurrencies generally.

Senator Sherrod Brown, a Democrat, told the hearing: "We'd be crazy to give them a chance to let them experiment with people's bank accounts." He thought it was "delusional" to think individuals would trust the social media company with their "hard-earned" money.

Other senators voiced their concerns . "I don't trust you guys," said Republican senator Martha McSally. "Instead of cleaning up your house you are launching into a new business model."

U.S. Treasury secretary Steven Mnuchin has also vocalised his assault on bitcoin, Facebook's planned Libra crypto project, and other cryptocurrencies, warning they pose nothing less than a "national security" risk to the country. " This is indeed a national security issue," Mnuchin told reporters at the press conference on the 16th July. 

“Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking," adding that Facebook's Libra "could be misused by money launderers and terrorist financiers."

Never one to hide his feelings on social media, President #Trump weighed in to show his distain for #cryptocurrency , on #twitter earlier this week:

This is all starting to feel like a calculated pincer attack, to lower prices ahead of incoming regulated markets, giving institutions one last chance to get their BTC for much lower prices before, what I believe will be, a meteoric rise.

Once people truly realise there are only 21 million #Bitcoins to go around (and many have been lost for ever) the price can only go one way. It will be virtually impossible for the US to ban #cryptocurrencies, as that really will be like trying to shut the door after the horse has bolted.

Institutional cryptocurrency platform Bakkt will begin testing its first product, physically-delivered bitcoin (BTC) futures on July 22, after many months of delays.

It will be interesting to see how the market reacts over the next few days and if the bleeding can be stemmed. Watch this space .....

It's a mixed bag in #crypto today as the market is up and down across the top ten coins. Market cap sitting at just under $262.5B. #Bitcoin (#BTC) is at just over $8223, after a modest 1.5% growth in the last 24 hours.

#Litecoin has been cooling off slightly over the last few days, with a further drop this time of just under 4%, to just over $129. Many feel this coin will explode over the next two weeks, as we approach the #halvening as per previous times, but time will tell.

One of the big winners in the last 24 hours has been #Chainlink up nearly 36%, after announcing a partnership Matic network.

In News today:

#Litecoin (LTC) continues its launch into the mainstream financial press with this from #Bloomberg:

From Bloomberg: Hottest Crypto Is Up 330% This Year and Its Name Isn’t Bitcoin

Bloomberg reports: This year’s top-performing cryptocurrency is up more than threefold and you’ve likely never heard of it.

Litecoin, which has gained more than 330% since the beginning of the year, is outpacing all its crypto peers, including Ether and XRP, as well as the best-known and largest token Bitcoin. It has a market cap of about $8.4 billion, making it the seventh-largest digital asset, according to data compiled by Mosaic Research Ltd.

The rally can partly be attributed to Litecoin’s upcoming halving (also known as halvening), whereby the number of coins awarded to so-called miners is slashed by 50%. The idea is that a cut in supply will not only drive up its price but will also prevent an erosion of value. Miners currently receive 25 new Litecoins per block, but following the halving -- which is expected to fall on Aug. 6 -- they will receive 12.5. Full article link via image above

From CCN: John McAfee’s New Crypto Trading Platform ‘Magic’ Goes Live

Coindesk reports: Noted cybersecurity expert and eccentric crypto fan John McAfee has just launched a cryptocurrency trading platform.

Dubbed “Magic,” the site is touted as allowing users to “trade cryptocurrencies on multiple exchanges within a single dashboard, automatically and manually.”

Notably, the exchange appears to be non-custodial, with users’ crypto holdings remaining on eight other exchange platforms. When a trade is executed, funds are transferred from those accounts to complete the transaction. To set this up, users will need to plug in APIs from their other exchanges.

Two “portals” are on offer, one for normal spot trading, the other for “shadow trading,” in which a user’s trades will be set to mimic those of pro-level traders who are “ranked by the community by their trading success,” McAfee indicated in a tweeted image. Full article link via image above

From CCN, Lamb to Slaughter? Visa Follows Zuck into Facebook’s Centralized Crypto

By CCN Markets: Facebook has managed to lure some big names to support its cryptocurrency endeavor. According to a report in the Wall Street Journal, payment giants Visa and Mastercard in addition to PayPal and Uber have all jumped onto Mark Zuckerberg’s crypto bandwagon. They are each going to pour $10 million into the project for the opportunity to be part of the governance structure of the new cryptocurrency. They even have a name and will be part of what Facebook is calling the Libra Association in a nod to the codename of crypto project.

It’s understandable why payment companies would want to cozy up to Facebook as the social media giant is set to infringe upon their turf. And it’s not shocking that they would look for a way to participate in the burgeoning crypto space. Here’s the rub. They’ve chosen to follow a tech behemoth with an enormous amount of control over user data, which is the antithesis of decentralized cryptocurrencies and the blockchain. While Facebook will reportedly separate its social media platform from Libra, since when does the world take Mark Zuckerberg’s word for something? As we’ve said before but it bears repeating –  a zebra doesn’t change its stripes. Full article link via image above

From NEWSBTC: Cardano (ADA) Leads Crypto Market With Staggering 24% Gain in 4 Days

The past 24 hours witnessed the ADA/USD instrument rising by close to 11 percent — from $0.084 to $0.093. Measure from an intraday top of $0.095, the pair surged by more than 24 percent in the last four days alone, posting daily sessions in green consecutively. In contrast, other leading cryptocurrencies such as Bitcoin and Ethereum showcased a weaker upside momentum.

Shelly, Coinbase Listing Behind Latest Moves?

The Cardano price rise follows a fresh wave of buying sentiment arising from optimistic market fundamentals. The Cardano team last month stated that it is working on Shelly, a core update which proposes to strengthen their blockchain’s prospects of decentralization. The new version reportedly employs a proof-of-stake consensus algorithm that governs individual nodes. Full article link via image above

More news tomorrow, keep your crypto sharp people its a fast moving space ;)

It's mainly green across the board today as most coins show moderate gains in the last 24 hours. The only exception in the top ten being #Litecoin (#LTC) after the weeks rally. Its is now, trading at $135.

Many expect there to be further gains ahead, as we continue to approach the halving in just over 53 days. See article below warning of a steep drop before the #halving.

In News today:

From NEWSBTC: Litecoin Price Nears 600% Returns, But Beware of the Potential 73% Pre-Halving Plummet

Throughout most of 2019, Litecoin – the cryptocurrency forked from Bitcoin’s codebase by former Google programmer Charlie Lee – has led the entire crypto space out of the depths of the longest bear market on record. Much of the bullish sentiment surrounding Litecoin price is being driven by pre-halving speculation. Profit-hungry crypto investors have been buying up Litecoin ahead of a potential price increase.

But with Litecoin’s halving less than 60 days away, and with the asset nearing 600% returns for investors who boldly took a risk and bought the bottom back in December in anticipation of the pre-halving pump, the rally may soon be running out of steam. One crypto analyst believes that Litecoin price still has room to climb, but has issued an ominous warning that a potential 73% drop could be ahead in the coming days. Full article link via image above

From Hard Fork: 9 days until the crypto industry must verify the identity of anyone sending $1,000 or more

They state: In just nine days, new rules by the Financial Action Task Force on Money Laundering (FATF) will force cryptocurrency businesses in roughly 200 countries to verify the identities of anyone sending or receiving more than $1,000 worth of digital assets, effectively nullifying their pseudonymity. Full article link via image above

Cryptopolitan also reports:

FATF is by far the biggest hurdle cryptocurrency has to overcome

They report: The regulation of decentralized currency is an essential issue that the world leaders are facing right now. Due to the lack of regulations in this crypto-market, governments are now seeking ways to bring the required regulations in this segment. Financial Action Task Force (FATF) aims to curb all the issues related to money laundering and terror financing units. Now, FATF is striving to bring some innovations on the issue of virtual assets; cryptocurrencies, stablecoin, and centralized digital currencies. FATF has 30 member countries, and the decisions taken at the top immediately effect major cryptocurrency market areas.

The countries who do not fully comply with the FATF terms and conditions can be labeled as Blacklist countries. All said and done; regulations bring various advantages but, there are also certain cons that the people have to face. Full article link via image above.

FROM CCN Jack Dorsey’s Square Crypto Is for Real, Revealing First New Hire

By CCN Markets: Square Crypto, which until now only appeared to exist on social media, is the real deal. It’s been less than a month since Square Crypto announced they were nearing their maiden hire. Now the company made a splash by announcing on Twitter they lassoed Google alum and Silicon Valley angel investor Steve Lee for that distinction. Full article link via image above.

More news tomorrow, keep your crypto sharp people its a fast moving space ;)

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