Hello, everybody! Today is June 26 and Bitcoin is breaking the records again.
At the time of writing, Bitcoin trades at $12,650, up 58% over the past month. On some exchanges, such as Binance, the price reached $13,000. Percentage of BTC dominance at 62% is a new high against the May performance.
Bitcoin’s surge above $10,000 has already impacted its popularity on Twitter. According to research company The Tie, on June 22, the number of tweets about the first cryptocurrency exceeded 50 thousand units. This is the highest result since 20 February 2018.
Analysts are optimistic
Some optimists see these events as an emerging movement towards $100,000. Thus, analyst Naeem Aslam considers the $10, 000 mark to be one of the milestones on the way to a six-digit value. If the price goes above $20,000 it is sure to grow further. In his view, the unstable global environment will become one of the key drivers of the main cryptocurrency’s growth.
Other experts are also making positive forecasts: trader Peter Brandt and Anthony Pompliano, the co-founder of Morgan Creek Digital, believe that Bitcoin will reach $100,000. We’ll now look at the news – this week it’s very positive.
Binance has started margin trading
Changpeng Zhao, the exchange’s CEO, announced the launch of Binance 2.0. After the upgrade, the exchange has introduced a margin trading option. However, not all users have so far managed to get access to it. The exchange explains the fact by overloading.
Zhao notes that the main distinctive feature of the new site is its performance: it will better cope with peak loads than the previous system.
One of the key improvements in this upgrade that not easily visible is performance. During peak times, if you experience lag or other performance issues, be sure to try out 2.0. We will soon decommission the “1.0” version due to legacy performance bottlenecks. https://t.co/Y5bTDeSfO2
— CZ Binance (@cz_binance) 26 июня 2019 г.
Facebook has announced the launch of Libra cryptocurrency
Apparently, the main news of the week was the long-awaited announcement by Facebook about the launch of the Libra cryptocurrency. According to its creators, Libra will be a legal, safe stablecoin. Some view it as Bitcoin’s killer, while others believe it as a threat to blockchain decentralisation.
The former scenario is more likely to materialise as the project’s creators intend to cover almost 2 billion users currently without stable access to financial instruments.
Facebook promises to make Libra transactions commissions-free.
The future cryptocurrency’s centralisation is the main argument voiced by Libra’s opponents. Libra will be managed by a consortium of major financial and venture capital market players. Moreover, in order to use the crypto currency, users will have to be identified by documents.
The Bank for International Settlements (BIS) views Libra as a threat to the banking sector and financial stability. The BIS believes that the cryptocurrencies of such giants as Facebook or Google can easily come to dominate the financial solutions market and replace the conventional banking systems.
JPMorgan’s corporate clients to test the bank’s stablecoin
In the buzz created by Libra, many people have nearly forgotten about another institutional stablecoin – JPM Coin. The bank’s corporate clients will soon be able to test it.
The media outlets wrote earlier that the stablecoin should increase transaction speeds of inter-company transfers as well as debt securities and commodities settlement.
According to Umar Farouk, head of this business line, clients from Europe, the United States and Japan have already shown interest in the cryptocurrency. He has also announced that after testing JPMorgan intends to get a license from the regulators.
Galaxy Digital crypto bank offers cryptocurrency options to clients
Galaxy Digital Cryptocurrency trading bank owned by billionaire Mike Novogratz reports that it has started to offer its institutional clients cryptocurrency options to hedge the risks of digital assets volatility.
The bank believes that options are the best choice to hedge risks of unexpected price movements. At the moment, such companies as Akuna Capital and Cumberland also offer options trading.