CBX Weekly Newsletter // 12 June 2019
- Litecoin Reaches Highest Price in Over a Year
- Facebook’s Global Coin is Coming
- Employees can now get paid in Crypto
Litecoin Reaches Highest Price in Over a Year
Last Monday, Litecoin (LTC) hit its highest price level in over a year.
The 4th largest Cryptocurrency as per market capitalization reached a high of $129 on most crypto exchanges including CBX.one.
Meanwhile, Bitcoin (BTC) the largest cryptocurrency on the market has also increased in price these last few days, however, the market hasn’t recovered to the highs of May at around $9K.
So for now, the price is still consolidating with clear highs and lows to watch out for. We have a Bullish scenario if the Bulls manage to break above $8K with decent volume, we can retest the levels of the past month. On the other hand, if the price falls below $7.2K there are higher chances of the Bears retesting the $6Ks levels.
BTC Dominance: 55.6%
Bitcoin Market Cap: $138B
Crypto Market Cap: $249B
Facebook’s Global Coin is Coming
According to TechCrunch, Facebook will be announcing its cryptocurrency later this month and releasing its whitepaper on June 18th, 2019.
Facebook’s coin will most likely be a stablecoin pegged to the US Dollar that will be used to transact in the company’s ecosystem of services such as Facebook Messenger, Whatsapp, and Instagram.
With JP Morgan and Facebook taking these steps to provide an alternative solution to fiat money, we can definitely see a Tokenized economy being closer to be mainstream. This will most likely affect the price of Bitcoin (BTC) pushing it higher and Ripple (XRP) might be losing their uniqueness if companies start pursuing their own Blockchain solutions rather than relying on a third party cryptocurrency.
Facebook’s user base of around 2.3 Billion people will make cryptocurrency adoption faster and also give businesses that use Facebook and Instagram a global form of payment, not to mention that taking these steps Facebook is slowly but steadily becoming a digital globalized bank.
What are your thoughts? Will Facebook’s Coin push the price of cryptocurrencies like Bitcoin higher, or with this technology make other cryptos useless?
Employees can now get paid in Crypto
Bitwage, a company that facilitates the use of cryptocurrencies for companies to pay their employees has added Ether (ETH) as a payroll option.
The company has been providing payrolls in bitcoin since 2014 and serves over 30,000 employees and freelancers globally.
Bitwage was founded five years ago when CEO Johnathan Chester realized that merchants were already accepting bitcoin, but there was no way for workers to receive Bitcoin as part of their payroll.
“Our goal was to close the financial loop,” Chester said in a statement. The company currently processes $2.5 million in monthly volume for contractors and full-time employees.
The company has received around $1 million in total funding from such investors as Draper Associates, Candela Reach Capital, and BPI France.
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