Highlighting what went right, and what went wrong, in this week’s crypto news analysis.

All eyes were on the US Senate and House of Representatives last week as David Marcus was grilled over Facebook’s intentions for the Libra Association, the Libra coin, and the Calibra wallet. It seems no matter what Mr. Marcus says, about the technology or ambition to help the world’s unbanked, no one in government is able to move beyond Facebook’s (terrible) privacy record and recent $5bn fine.

Other news last week centred around a new venue for the Tangle in Taipei, Bitmex’s ongoing row between CEO Arthur Hayes and famed crypto pessimist (and highly regarded economist) Nouriel Roubini. Only this time the CFTC is weighing in, wanting to know whether Bitmex allowed US residents to trade on the exchange via VPNs.

There is plenty to keep an eye over the next week as more institutional offerings come online, and what will be the never-ending story of Libra continues to unfold.

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Latest Industry News

Bitmex under CFTC scrutiny

  • The Seychelles based exchange is being investigated by US regulator the Commodities and Futures Trading Commission
  • Under current US law, Americans are prohibited from trading on the platform, however it’s possible that using VPNs many have found a way around that

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European Central Bank to Libra: Wait

  • A board member of the ECB has publicly stated Facebook cannot launch Libra until regulators are satisfied that it will work from day one
  • Earlier this month he said allowing an asset with as much depth for adoption as Libra to emerge without adequate regulatory parameters would be irresponsible

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Bakkt will launch in Q3

  • According to Fundstrat’s CIO, Bakkt’s launch later this quarter stands to have a massive impact on institutional adoption of digital assets
  • There will be a test launch today, which will be closely watched by the CFTC, who say there is strong public demand for Bitcoin futures

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Latest Coin News

BTC

Copper's weekly BTC price chart for 22 July 2019

  • Price analysis: BTC has settled, but needs to move above $11k for recovery to gain traction
  • After week of congressional drama, Bitcoin is the real winner
  • Bitcoin’s 2017 bubble mirrors Amazon’s in 1997, but with a quicker recovery

ETH

Copper's weekly ETH price chart for 22 July 2019

XRP

Copper's weekly XRP price chart for 22 July 2019

  • Price analysis: A bullish trend line is forming with support at $0.3265 on the hourly chart
  • XRP records highest number of transactions in 24hr period
  • Bank of America patent application cites Ripple ledger

 

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