2 minutes reading time (360 words)

Daily Dose: Libra In The Spotlight

Screen-Shot-2019-10-23-at-5.04.12-PM
Bitcoin closed red at $8,000 yesterday. Now it's back below again as of this time. The current range in the daily chart seems to hold well. Intraday price action in the 4H chart; price is back below the 50 MA and looks like an MA crossover is imminent. Now it's just a matter of time before either of the bulls or bears take control of the majority and dictate direction. Support remains around $7,700+, while resistance is around $8,700+ in the daily chart.

Global market cap is $217B, while BTC's market cap is at $144B.

* Mark Zuckerberg, CEO of Facebook released his written testimony a day ahead of his scheduled appearance before the House of Representatives Financial Services Committee. Among the issues pointed out in the testimony are:

1) Current financial system is stagnant and failing.
2) No digital financial architecture to support innovation we need.

On the other hand, Zuckerberg added that Libra has no intention of competing with sovereign currencies or with monetary policy and the Libra Association is willing to work with the Federal Reserve and other central banks responsible for monetary policy. According to Zuckerberg, Libra can bring financial services to the world's 1.7 billion unbanked and cautioned that if Libra isn't allowed to launch, China's new central-bank will; as China is moving quickly to launch similar ideas in the coming months.

Zuckerberg also stated that "Facebook will not be part of launching the Libra payments system anywhere in the world until US regulators approve."

* A draft bill has been introduced in the U.S. Congress seeking to regulate and classify stablecoins as securities. under the Securities Act of 1933. Should the bill be passed into law, the rule would give the US Securities and Exchange Commission (SEC) jurisdictional authority over all stablecoins and their issuers. The bill states that "The market value of such digital asset is determined, in whole or in significant part, directly or indirectly, by reference to the value of a pool or basket of assets, including digital assets, held, designated, or managed by one or more persons." 

​Today's daily dose is once again brought to you by our partner SCI News Channel.

Related Posts

 

Comments (1)

Rated 3 out of 5 based on 1 voters
This comment was minimized by the moderator on the site

Oh Mark!!!!

Big H.
  1. 3 / 5
There are no comments posted here yet

Leave your comments

  1. Posting comment as a guest. Sign up or login to your account.
Rate this post:
Attachments (0 / 3)
Share Your Location