CBX Weekly Newsletter // 26 June 2019
- Bitcoin over 165% in Q2 2019
- Facebook’s Libra is bad for Privacy and Competition
- JPMorgan starts trials of ‘JPM Coin’
Bitcoin over 165% in Q2 2019
Bitcoin (BTC) appears to be having to the best second quarter price gain on record and the best quarterly performance overall since late 2017. At the time of writing, the biggest cryptocurrency by market capitalization has increased more than 165% since the first day of April.
The price has reached to over $13,000 on most exchanges including CBX.
Although the long term outlook is Bullish, RSI indicators are indicating that BTC is overbought on the weekly and daily timeframes. We also can see a resistance level at around $11,500 which is the 0.5 Fib level taking the all-time high and the latest low.
So it’s expected that the price can consolidate in the next few days once we determine the highs and lows of this latest move.
If Bulls manage to push the price higher than $11,500 we might see the price retesting psychological handles like $12K or $13K. However, another level to keep in mind is the 0.618 Fib level which is at $13,500.
A close below $9,000 will favor the bears which have been the recent low of this trend.
The current Market Capitalization of all cryptocurrencies is at $336 Billion.
BTC Dominance keeps increasing, is now close to 60%
Facebook’s Libra is bad for Privacy and Competition
Facebook’s Libra project hasn’t been released yet, but we can’t stop talking about it!
Facebook wants to increase its monopolistic power with Libra, by having access to unparalleled information about the user’s purchasing habits.
Facebook will, of course, speak cautiously about privacy controls and its concern for the user, yet it will still figure out a way to sell the data or others who buy the data will figure it out for them, as their main business model revolves around data.
Consumers can have the benefit of a digital payment mechanism without allowing Facebook to gain more power. However, by having billions of active users they can nudge them to use their digital currency.
Banks and financial institutions are limited in their access to, and transmission of, information, and for good reason. If Facebook, on the other hand, establishes Libra, no other competitor will have equal access to its data, and therefore, a chance at the consumer payment market.
JPMorgan starts trials of ‘JPM Coin’
JPMorgan Chase is set to start trials of its “JPM Coin” cryptocurrency in conjunction with corporate institutions.
According to a report from Bloomberg Japan, the investment bank’s head of digital treasury services and blockchain said that users of the bank would trial the technology with the ultimate aim of speeding up transactions, such as payments between firms and bond settlements.
First revealed in February 2019, JPM Coin will run on top of Quorum, which is a sort of private version of ethereum developed by the bank.
JPM Coin will work as a stablecoin, which is a token backed by physical assets, in this case, the US Dollar with fiat cash being deposited at the bank in exchange for the token, which can then be transferred via a permissioned distributed ledger. The recipient can later redeem the token for cash from JPMorgan or send it to another user.
JPMorgan believes that cryptocurrencies could be used to settle bonds and commodities transactions. Clients around the world have already expressed interest in this model because it will take minutes rather than days to settle transactions.
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