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Inside Bitcoin

Inside Bitcoin (Jul 19th, 2019)

Market Watch: Market prices are up and down over a 24-hour period. Bitcoin is the only top five currency to remain in the green following a decline over the past week.

  • Bitcoin: $10,409 (⬆️ 1.36%) // $185.5 billion market cap.
  • Ethereum: $219 (⬇️ 1.04%) // $23.4 billion market cap.
  • XRP: $0.316 (⬇️ 1.14%) // $13.5 billion market cap.
  • Litecoin: $97 (⬇️ 0.06%) // $6.1 billion market cap.
  • Top 100 Winner: WAX: $0.062 (⬆️ 36.87%) // $58 million market cap.
  • Top 100 Loser: Metaverse ETP: $1.28 (⬇️ 11.17%) // $91 million market cap.

Prices are as of 11:50 am EDT.

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1. Facebook appears to be backtracking on its original plans for Libra as it revises its vision following concern from policymakers. With the original idea, regulatory compliance would have been down to exchanges, wallets, and other services of the Libra ecosystem. However, following several days of hearings where concerns about the proposed new coin were voiced, David Marcus, head of Facebook's new Calibra payments division, has outlined a new plan for it. One of which is the fact that its Libra Association will take significant responsibility in ensuring compliance for laws such as money laundering and terrorist financing. Earlier this week, Marcus said in a written testimony that it won't offer Libra until it had addressed regulatory concerns. –ARS TECHNICA

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2. U.S. Representative Patrick McHenry has said "there's no capacity to kill Bitcoin." Speaking on CNBC's "Squawk Box," McHenry stated that even China with its firewall and "extreme intervention" couldn't kill the cryptocurrency. However, he added that those which mimic Bitcoin or aren't decentralized can be shut down. His comments come at a time when Facebook has been undergoing extensive congressional talks following concerns about its proposed Libra coin and regulation. –CNBC

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3. Follow Friday: Taylor Monahan

This week in the crypto space we're focusing on developer Taylor Monahan.

She is the founder and CEO of MyCrypto, an open-source interface for the blockchain that eases the process of sending, receiving, and processing cryptocurrency. Before that she founder MyEtherWallet (MEW), an open-source interface enabling users to interact with the Ethereum blockchain. She left her position in 2017 to focus on MyCrypto.

With just under 20,000 followers on Twitter, she regularly tweets on issues such as Facebook's Libra. She also hosts regular Ask Me Anything (AMA) Q&As where she focuses on topics including Ethereum wallet interfaces, what's holding crypto back from mass adoption, the long-term vision of MyCrypto, onboarding challenges, and issues the blockchain space still faces.

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4. Fundstrat co-founder Tom Lee has indicated that he fears increased media coverage of Bitcoin could push U.S. President Donald Trump to take action against it. Taking to Twitter, the analyst stated that the price of the cryptocurrency will remain "choppy" until Washington and the media focus their attention elsewhere. For this to happen, he stated that the industry needs Brexit, the China trade war, or Euro banks back in the headlines. –TWITTER

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5. A 31-year-old Israeli has been charged with stealing more than $1.7 million in crypto. Eliyahu Gigi, from Tel Avi, is reported to have taken the assets from several foreign nationals, including Belgiums, Dutch, and Germans. Setting up scam websites he stole Bitcoin, Ethereum, and Dash through the use of malware. –GLOBES

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6. The U.S. Commodity Futures Trading Commission (CFTC) is reportedly investigating crypto exchange BitMEX. According to those familiar with the matter, the regulator wants to determine if it permitted Americans to trade on the platform. As it's not registered with the CFTC, if found to have done so it would have broken the rules. However, Arthur Hayes, CEO of the platform, said in a January interview that while it removed those who ignored barring rules, it was possible for customers to hide their locations through virtual private networks (VPNs). –BLOOMBERG

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7. The controversial photo-editing FaceApp is back and this time it's showing the future of what Ethereum 2.0 will look like. Check out this tweet from crypto and blockchain enthusiast Justin Wu, which shows an image of an older Vitalik Buterin, co-founder of Ethereum, with the caption "Ethereum 2.0 finally ships." –TWITTER

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8. The Japanese government is considering a SWIFT alternative (which manages worldwide fiat transactions) for cryptocurrency trading aimed at preventing money laundering. A person familiar with the situation said the system could be made available in a few years. It would also be shareable with other countries with the government intending to seek their cooperation in the matter. –REUTERS

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9. Crypto exchange Coinbase has stopped its Coinbase Bundle crypto investment offering nearly a year after it was launched. Announced last September, the platform simply noted in its updated FAQs "purchases have deprecated." As a result, all assets purchased in the bundle have been redistributed back to individual asset wallets. –COINTELEGRAPH

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10. Apple co-founder Steve Wozniak has launched a company that will focus on the blockchain and the use of efficient energy. Based in Malta, EFFORCE will use the technology to improve how people use energy as well as helping them to lower their energy consumption without changing their existing habits. –MALTA INDEPENDENT

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This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

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