Weekly News Roundup #13
Welcome to our Snowball cryptocurrency media digest. Here we will provide you with regular updates on trending news from the blockchain and crypto space.
Rundown of what happened last week:
Facebook’s ‘GlobalCoin’ Crypto Will Be Tied to Multiple Currencies: Yet more details have emerged about Facebook’s upcoming cryptocurrency, said to be called GlobalCoin, and this time they come directly from the company. Speaking to German business magazine WirtschaftsWoche earlier this week, Laura McCracken, Facebook’s head of financial services and payment partnerships for Northern Europe, confirmed that the planned stablecoin will not be tied to any single fiat currency, but will instead be linked to a basket of currencies in order to prevent volatility. Read more.
Bitcoin Analyst Gives his Prediction for 2019: There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers. The net effect of the trade war between the US and China has led to a sudden interest in bitcoin. Read more
California CPAs Push for Crypto Accounting Clarity: The California Society of CPAs is pushing for clarity in accounting and disclosure rules regarding cryptocurrencies, citing a lack of specific guidance within U.S. GAAP, the standard accounting protocols followed in the U.S. The 54-member committee’s concern is the divergence in reporting methods utilized by companies who itemize cryptocurrencies on their financial statements and whether the varying approaches reflect the nature and risks of holding cryptos. Read more.
Litecoin Lifts Markets as $8 Billion Returns: A lot of traders expected Monday’s red start to the week to continue and accelerate losses into Tuesday. As a testament to how fickle and volatile crypto markets can be the opposite has occurred pumping $8 billion back into space. Total market cap is back above $250 billion again and green is the dominant color on the crypto charts. Read more
Think Tank Pushes for Creation of a National Cryptocurrency in Switzerland: Avenir Suisse, one of the most influential think tanks in Switzerland, released a report urging the Swiss National Bank (SNB) to start working on a national cryptocurrency. The report, called “Blockchain After the Hype,” proposes an economic model based on the blockchain. It suggests that the next step is to move forward with the creation of a “franc token” controlled by the SNB. Read more.
Tweet of the week:
This week our favorite tweet comes from Travis Kling which illustrates a new paradigm in the perception of money as we know it:
