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Inside Bitcoin

Inside Bitcoin (Jul 30th, 2019)

Market Watch: Bitcoin is still below $10,000 following news that Facebook's Libra might not be made available on time, or at all; however, market prices across the board remain up over a 24-hour period.

  • Bitcoin: $9,686 (⬆️ 1.32%) // $172.8 billion market cap.
  • Ethereum: $213 (⬆️ 1.50%) // $22.8 billion market cap.
  • XRP: $0.318 (⬆️ 2.84%) // $13.6 billion market cap.
  • Litecoin: $92 (⬆️ 2.35%) // $5.7 billion market cap.
  • Top 100 Winner: Crypto.com Chain: $0.062 (⬆️ 12.78%) // $528 million market cap.
  • Top 100 Loser: Japan Content Token: $0.205 (⬇️ 15.75%) // $60 million market cap.

Prices are as of 11:40 am EDT.

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1. Facebook has said that its Libra stablecoin won't be "made available in a timely manner, or at all." In a filing to the U.S. Securities and Exchange Commission (SEC), the social media platform noted that it had "drawn significant scrutiny from governments and regulators" around the world. As a result, market acceptance of it was uncertain. Due to the team's lack of knowledge on crypto assets and the blockchain, the company has warned that this may affect its ability to develop and market its products. David Marcus, head of Facebook's new Calibra payments division, has also said that Facebook won't offer Libra until it had addressed regulatory concerns. –CNBC

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2. Steve Lee, the head of Square's crypto team, said during a Twitter ask-me-anything (AMA) session that the product Square Crypto is focusing on is Bitcoin. According to Lee, a lot still needs to be achieved before the number one crypto asset reaches mass adoption. In another tweet, he indicated that they are focused on improving the Bitcoin experience for mainstream users with the user journey continuing to play a role in the team's thinking. –COIN DESK

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3. Crypto wallet Blockchain has launched an exchange aimed at making fast trades that aids mainstream adoption. Called The Pit, Blockchain CEO Peter Smith claims that it can undertake buy or sell orders in "40 to 50 microseconds," which he adds makes it faster than the likes of Binance or Coinbase. With backing from British billionaire Richard Branson and Spotify backer Lakestar, it has already raised over $70 million from investors. It currently supports EUR, GBP, and USD via bank transfers. Crypto assets that can be bought or sold include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tether (USDT), and Paxos Standard (PAX). –TECH CRUNCH

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4. Jeremy Allaire, CEO of Circle, is to testify in front of the U.S. Congress which will be reconvening today to discuss the crypto market and potential regulations. As a representative of the Blockchain Association trade group, Allaire is expected to say that crypto assets should be considered a "new asset class." As such appropriate rules and exemptions for them should be established. It's likely, though, that new legislation will change "existing commodities, securities, and banking laws," he will add. –COIN DESK

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5. International lawyer Mehrsa Baradaran is expected to say before the U.S. Congress crypto hearing today that digital assets are not the solution for financial inclusion and equity in banking. In a prepared statement, Baradaran notes that the issues cryptocurrencies are trying to solve are problems of policy, not technology. –COINTELEGRAPH

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6. South Korean crypto exchanges Bithumb, Coinone, Korbit, and Upbit are facing tougher regulation as they attempt to renew their banking licenses. The strict stance follows after the Financial Action Task Force (FAFT) released guidelines in June on crypto asset service providers. One of which is that platforms must comply with anti-money laundering (AML) and terrorist financing laws. –THE BCHAIN

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7. Smart Valor, a Swiss-based crypto exchange, has gone live with nine crypto-fiat trading pairs. At present, Bitcoin and Ether are available in CHF, EUR, GBP, and USD. The next step for the platform is to receive the Multilateral Trading Facility license (MTF), which will allow it to list and trade any type of tokenized security. –SWISS INFO

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8. Brazilian city Fortaleza is to start accepting Bitcoin as payment for bus tickets by the end of 2019. The move is designed to help reduce operational costs in the bus ticketing system. Simply by scanning a QR code with their smartphones, bus users will be able to pay in the crypto asset. –COINTELEGRAPH

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9. The National Association of Software and Services Companies (Nasscom), India's information technology body, has said that banning crypto in the country is not the way forward. The company states that it would "handicap India" from taking part in new use cases that crypto assets and tokens can offer. –BUSINESS STANDARD

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10. Kenya's Information and Communication Technology Ministry task force has maintained that a sovereign digital currency would have a positive impact on the country's financial services. According to a report, it states that the case for a Central Bank Digital Currency (CBDC) was "strong" and that it could improve tax collection. –CITIZEN DIGITAL

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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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