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Facebook Crypto Project Gets Backed With $10M (Each) From Big Names

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Facebook Crypto

The Facebook crypto project is again in the altcoin news. This time, we are seeing an allegedly sealed backing from over a dozen of big players in the industry and firms which include Visa, Mastercard, PayPal and Uber for its soon to be released cryptocurrency project.

First unveiled by the Wall Street Journal (WSJ) on June 13, the news show sources familiar with the matter telling the financial news site that the firms have each invested $10 million in a consortium. Active in the finance, eCommerce, venture capital and telecoms industries, the firms have joined a consortium that will govern the Facebook crypto project which is rumored to be a digital token, dubbed Libra.

The best cryptocurrency news sites have also reported details that previously surfaced – and are linked to the highly secretive Facebook crypto project. They argued that the social media giant’s crypto will be a fiat-pegged stablecoin which will be pegged to a basket of national fiat currencies all in order to avoid price volatility.

The talks with some of the big investment partners to Facebook are ongoing, the sources claim. However, the eventual list of consortium members could always change. As the report shared on WSJ and in the latest cryptocurrency news notes, the consortium itself is allegedly known as the Libra Association.

In the report, we can also see that several members have expressed concerns that Facebook’s new token could be exploited for money laundering or terror financing purposes. WSJ has reported that neither Facebook nor the individual consortium members, will control this cryptocurrency. However, some members could operate nodes on the network underlying the crypto payment network – which is still without a proof.

In addition to all of this, the Facebook crypto project has gotten a consortium with big names but also companies like the fintech firm Stripe, travel reservations site Booking.com and e-Commerce site MercadoLibre, all of which are signing on to the project as the coming altcoin news show.

All of the consortium members have been asked to co-sign the Facebook crypto project and coin’s white paper which is allegedly set to be published on June 18 this year.

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Altcoin News

XRP Experiences A Sharp Price Decrease Of More Than 10%

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XRP experiences a sharp decline of about 10 percent in the past 24 hours and got down below the strong support level of $0.30 to $0.2598 and this could have something to do with Bitcoin’s plunge today as well as we noted in the altcoin news today. XRP remains the third-largest cryptocurrency by market value with a total market cap of $11.27 billion. However, it seems like the things could get worse before they get better since XRP will have to make some serious gains against the number one cryptocurrency to get back to the $0.30 support level. Just from looking at the 1-hour charts for XRP we can see that the altcoin decreased below the $0.30 level and continued to go under until it reached the support of around $0.2584. Later, the altcoin dropped below $0.24 but managed to rebound only slightly. The nearest resistance levels are now located at $0.2687 and above this, the resistance levels could reach up to $0.28. If the bulls manage to push XRP/USD higher, the further resistance is found at $0.2890 before the market is free to make another attempt to reach the $0.30. If the price breaks below the current support of $0.2584 we could expect to see some levels of support to be located at $0.2518 and beneath this price support level, the further support lies at about $0.2459. The trading volume also saw a sudden surge during the selloff and the RSI even plummeted into a massive oversold condition. The RSI will not stay here for long which is why analysts are expecting a rebound sometime soon. On the XRP/BTC charts, we can see that XRP experiences some slight rebounding at the 2,455 satoshi level. The altcoin’s price managed to remain above it and is now at 2.600 sat. The nearest level of resistance is staying at 2,710 and above this, the resistance lies at about 3,000. If the bulls manage to move the market above 3,000 sat, the higher resistance will lie at about 3,200 and 3,666 sat. As per the latest cryptocurrency news, the nearest level of support for XRP lies at 2,600 so if the price goes beneath it, the further support is located at 2,455, 2,200 and 2,000. The trading volume also increased dramatically over the past few days.
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Binance Removes US Resident Ban: Launching In “A Month Or Two”

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The Binance CEO is all over the latest cryptocurrency news recently for cofirming that the American branch of the exchange will open within "a month or two." Now that Binance removes US resident ban, they are ready to announce new big things on the platform. In an interview with the outlet Cheddar on Thursday, the CEO of Binance Changpeng Zhao spoke about the planned US regulated exchange and noted that “there are a lot of things in flux, but I would say [we'll launch] in a month or two.” However, as many best cryptocurrency news sites reported in June, Binance has already communicated to their customers that US residents will be prohibited from using the platform starting September 12. This announcement sparked a lot of concerns as it would leave US traders unable to use the services by Binance. Now, however, Binance removes US resident ban and the Terms of Use (which were last revised on August 15) suggested that the exchange has softened its stance on the issue - all while removing any mention of prohibition of use for US residents. The document reads:
3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”
When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
Meanwhile, today's Bitcoin and altcoin news show that the situation on the market is the same as yesterday with only minor gains recored by Bitcoin. The altcoins have posted gains of 1% to 6%, accordingly, dropping the Bitcoin dominance to 68.7%.
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China’s Digital Fiat Currency Is Not A Real Cryptocurrency

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As the latest cryptocurrency news this month hinted, China may be about to launch a fiat digital currency with which the country will probably compete with Bitcoin. However, the expert analysts found that China's digital fiat is not actually a real cryptocurrency and will only resemble one on the surface. Aside from this, the coin won't use a blockchain, too. Even though it is inspired to some degree by Bitcoin and the like, the effort will be explicitly framed as a strategy in order to beat them back. The altcoin news show that China's digital fiat currency came with a project that was thrust into the spotlight last weekend, when a senior official from the People's Bank of China (PBoC) said at a closed-door conference that the country and its central bank digital currency (CBDC) is ready to launch.
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.
The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”
However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
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Market With Mixed Signals As Ether And Bitcoin Record Minor Gains

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At press time, we can see that Bitcoin is trading at $10,430 which represents an increase of more than 4% on the day. The altcoin news, on the other hand, show that the price of Ether (ETH) has also recovered and is staying away from the red zone. This marks a market with mixed signals as both Bitcoin and altcoins are struggling to gain solid momentum. In fact, BTC needs to climb by about 15% in order to retake the $12,000 barrier which was surpassed by it multiple times earlier this month. The latest cryptocurrency news show that anticipated BTC futures platform Bakkt announced that it has been approved for launch - namely by the Commodity Futures Trading Commission (CFTC) and New York State Department of Financial Services (NYSE) - and it will apparently roll out on September 23. In a market with mixed signals like the one we are seeing, the number two cryptocurrency which is Ether (ETH) has turned around to trade slightly in the green today. As we can see in the coming altcoin news, ETH is trading over $185 and showing a minor increase on the day. The decline for Ethereum has still been shocking as the cryptocurrency slid down from $218 to $185 and fell by approximately 15% to hit the current price. Ripple's XRP token is also in the market with mixed signals. It is trading at $0.262 and trending down by more than 0.24% on the day. Just like the rest of the coins, XRP has been slumping over the course of the past week. Unlike BTC and ETH, XRP has not managed to get back into the green as of press time. Alongside BTC and ETH, there are other top 20 cryptos in the green today which include the names of EOS, Tether (USDT), Bitcoin SV (BSV), Binance Coin (BNB), Monero (XMR), Dash (DASH), Tezos (XTZ) and Stellar (XLM). The total market capitalization right now is over $270 billion in a market with mixed signals. Bitcoin's uplift could sustain, analysts say. But in a volatile position like this, a bearish trend is also apparent - which could be beneficial for altcoins, especially when it comes to lowering Bitcoin's dominance which is now at 69.2%.
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