3 altcoins that stood strong during yesterday’s 10 percent bitcoin crash, emerged into our altcoin news today including LEO, Chainlink, and BNB.
The 3 altcoins are holding much better than other altcoins when the price of the number one cryptocurrency crashes. As analysts say, you learn much more when the market goes down than when it’s up. During yesterday’s bitcoin crash, we can learn which altcoins are staying in strong in a crypto selloff. A very small group of altcoins managed to outperform bitcoin during yesterday’s selloff. BNB, LEO and Chainlink were the ones that did it. This is the first sign that some of the altcoins are decoupling from Bitcoin in a market where everything is massively correlated.
When Bitcoin goes down, the most important thing is to watch where the traders look to put their money. Usually they look into assets that performed strongly relative to bitcoin. As analyst Rager explained:
“Altcoins that perform well during turbulent market days, when most other coins are red, are coins that I look at potentially investing.”
In a usual stock portfolio, users hedge their risks by diversifying into multiple assets. Tech stocks move into oil stocks for example. However, this does not happen in cryptocurrency. The market is correlated so even when Ethereum is serving a totally different purpose to Bitcoin, the two coins move in the same way. The crypto market is not as the traditional investments where you could diversify in order to decrease the risks and increase your portfolio chances of getting good returns. Diversifying a portfolio regarding crypto does not reduce the risks.
The one thing that BNB, LINK, and LEO have in common is the strong utility and application. BNB and LEO are native exchange tokens which means that they are highly likely to maintain demand when the traders are selling. Link made some great partnerships including the one with Google and Oracle. The performance of the asset is no longer reliant on the crypto ecosystem. As noted in the latest cryptocurrency news, there won’t be a similar season as the one in 2017. Instead, we could expect to see a selected group of high-quality altcoins that will rise up exponentially. We could also expect to see some of the altcoins decouple from Bitcoin and become great on their own.
Facebook’s Head Of Blockchain Expects Libra To Be Governed By Swiss Law
“Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association.”Marcus also explained that the association wants to register with the U.S. Treasury Department’s Financial Crimes Enforcement Network but it is still unclear why does Libra want to settle in Switzerland and not in the United States. The Laws in both countries have similarities. They both allow digital currencies and exchanges, they try to protect the citizens from extortion, money laundering or any kind of illicit activity, they both use their financial legislature to cover the digital currencies and are still trying to determine what exactly is the best regulation for this sector. One of the main differences between the countries is the attitude they have towards crypto. The United States is always looking at crypto with caution while Switzerland has always been welcoming and open. The Federal Assembly which is the legislative branch of the Swiss government voted in favor of the motion to be guided on the application of current laws towards crypto. Also, the country decided to regulate digital currencies within the framework of their existing laws so they do not have special laws for crypto and ICOs. They chose to be flexible and to govern the different types of currencies depending on each case. On the contrary, in the United States, the small business owners, corporations and legislators have been calling for clarity on crypto regulation for many years. In the meantime, President Donald Trump has shared his opinion that he does not find bitcoin as an asset that you should invest in. the US Treasury Secretary Steven Mnuchin spoke at the press conference which we reported about in the latest cryptocurrency news saying:
“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking … This is indeed a national security issue. I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”
27 Libra Partners Pressured To Dump Facebook’s Crypto By Activists
- Open Markets Institute, a think tank that opposes corporate monopolies
- Public Citizen, a left-wing consumer-rights organization
- Demand Progress Education Fund, an internet activist group
- Revolving Door Project, an anti-Trump Democratic consortium
“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”In reality, Open Markets, Public Citizen, Demand Progress Education Fund and the Revolving Door Project say that Facebook merely wants to promote its own market dominance.“Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear," the letter featured on many best cryptocurrency news sites reads. The quartet urged all 27 Libra partners to withdraw from the project before they become accomplices in what they describe a "sinister scheme led by Zuckerberg."
“We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful,” the letter concludes.
Bank Of Thailand Is Open To Discussions With Libra
“All kinds of new digital money have been emerging, therefore the Bank of Thailand monitors all and don't give favoritism to any particular financial service. Security in financial services is the bank's top priority. It will take time.”The Bank of Thailand governor also said that Libra cannot simply replace the Thai baht, concluding that “Libra cannot just step in and replace all currencies and digital money.” As we reported in our latest cryptocurrency news not a long ago, Libra will likely run up against difficulties entering Thailand mainly because of the local financial legislation which currently exists - and how Libra is seen through that perspective. Aside from the Bank of Thailand, a lot of institutions are ready for Facebook's stablecoin Libra and are apparently accepting it well. The same goes with countries and people - all of which are eager for the release of the Libra stablecoin. For now, the Bank of Thailand governor is not the only one who speaks with concerns over Libra. Facebook's cryptocurrency was also a major topic in the US Senate and our coming altcoin news for its regulation, potential threat to the dollar and the economy in general. In other news, the cryptocurrency market seems to have stabilized and gained a couple of billions. The total valuation now is $291 billion and the 24 hour trading volume is at $62 billion.
Activist Groups Are Urging 27 Libra Partners To Ditch The Project
“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”The anti-Facebook activist groups suggest that the CEO of Facebook is lying when he says that he only wants to launch Libra to help the 1.7 billion people without access to traditional banking services. The groups say that the social media giant only wants to promote its dominance:
“Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear. We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful.”The libra project, as noted in the latest cryptocurrency news, is constantly under attack mainly because people believe it could be used to facilitate money laundering and drug trafficking.
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