Adena Friedman, CEO of Nasdaq flooded the crypto news media outlets today after saying that cryptocurrencies could still potentially be a global currency and it is expected for 2019 to be a year of innovation and disruption.
She believes that the crypto space has gone through the first cycle of classic infection by saying:
“Marked by early pioneers, followed by hype, followed by proliferation of newcomers and then a dose of reality.”
It’s important to notice that more than $400 billion has been wiped out off the market cap of all cryptocurrencies and the price of Bitcoin even dropped from its all-time high to as low as $3,200. Though early investors made profits, those who joined the market later are sure feeling the worse side now.
Friedman continued to explain that there are two things that will likely happen next:
“The innovation finds practical utility followed by years of steady and sustainable commercial progress and integration into the economic fabric.”
“The invention fails to achieve broad adoption and its commercial applications as medium of exchange are limited.”
Speaking about Nasdaq, Friedman said that it is very difficult to ignore the money that come pouring in from investors to digital currencies and that this is basically an invention investment that ‘’deserves an opportunity to find a sustainable future in our economy.’’ She also said that the crypto space depends on governance and regulation clarity.
Nasdaq is all about gaining the investors’ trust in cryptocurrency by constantly improving and working on upgrading technology and integrity. For example, the Gemini exchange uses software made from Nasdaq.
Chris Burniske, a venture capitalist, also believes that cryptocurrencies are going to what is known as a normal phase of development and that crypto is still in the installation phase.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“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.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“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.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
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