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CEO Of Binance Is Confident: Crypto Will ‘Absolutely’ Grow 1000x (And More)

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For all the cryptocurrency enthusiasts that are waiting for a new cryptocurrency expert analysis by our team, it’s finally time for an optimistic statement in regards to Bitcoin and every other altcoin – coming from the head of one of the largest exchanges out there.

The CEO of Binance, Changpeng Zhao (CZ), recently said that crypto still has room to grow by more than thousand times in the years to come, directly confronting the recent statement of Ethereum’s creator and co-founder, Vitalik Buterin.

According to CZ:

“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,”

While Buterin stated that the current valuation of the market is not realistic for the market to grow from $200 billion to $200 trillion, CZ argued that the market can “absolutely” grow by a thousand fold in the long-term, once major cryptocurrencies like Bitcoin and Ethereum reach mainstream adoption.

As CZ stated (when asked to comment on Buterin’s prediction):

“I still disagree with this. I will say ‘crypto will absolutely grow 1000x and more!’ Just reaching USD market cap will give it close to 1000x, (that’s just one currency with severely restricted use case), and the derivatives market is so much bigger.”

He added:

“You also can’t use traditional market size to measure potential for new technologies or industries. If you used (and people have) taxi market size to estimate Uber’s potential, you would be off by quite a bit.”

Right now, the confidence of CZ as well as other investors who are still backing cryptocurrencies is massive, which leads many investors to hold their earnings and wait for a new surge.

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Altcoin News

Facebook To Launch ‘Libra Association’ And Testnet Next Week: Report

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The social media giant Facebook is in the latest cryptocurrency news. According to a report shared by The Block on June 14, there is a possibility for Facebook to launch 'Libra Association' and its testnet on June 18. The report also shows that Facebook and dozens of its partners will unveil the Libra Association - based out of Geneva and being the entity that oversees the company's Libra cryptocurrency project. During this event, the company is also expected to launch the blockchain testnet.
"The Libra Blockchain will be open-sourced under an Apache 2.0 License as of the day of the announcement, expected to occur on Tuesday, June 18, according to the blog post by the social-media giant and as originally reported by TechCrunch," the blog post noted.
The Block also claims to have seen a non-specified blog post from Facebook appearing in the coming altcoin news. According to that post, the Libra crypto asset will be hosted on the dedicated Libra Blockchain and will be backed by the Libra Reserve. While news predict Facebook to launch the long-awaited cryptocurrency project, the Libra Reserve is seen as a store of real assets which should supposedly grant the token “stability, low inflation, global acceptance, and fungibility.” The Block also notes that the software that underlies the network will be open sourced under the Apache 2.0 license. According to the report which features Facebook to launch its new crypto project, the social media giant believes that the system will help people without access to the financial system. As many best cryptocurrency news sites noted, the company also declared that it wants to focus on regulatory compliance.
“Collaborating and innovating with the financial sector, including regulators and experts across a variety of industries, is the only way to ensure a sustainable, secure, and trusted framework underpins this new system.”
As many crypto currency news sites also reported this month, many sources were already expecting Facebook to launch its cryptocurrency on June 18 - and The Block is not the only one. Meanwhile, the other altcoin news show that Facebook has already sealed backing from big players in many industries, including the names of Visa, PayPal, Uber and MasterCard for its soon to be live cryptocurrency project. According to those reports, each firms reportedly added $10 million to the Facebook crypto project.
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Altcoin News

Crypterium Launches A Global Crypto Payments Card

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One of the hottest fintech startups from Estonia, Crypterium, is on the top spots of many best cryptocurrency news sites today for launching the Crypterium Card which is the first crypto card that will be available globally. Before this launch, cryptocurrency cards such as the Coinbase Card, were only accessible in specific countries and regions, as the company noted. Speaking of, Coinbase recently noted that it would roll out services to six additional European countries after being only available for users in the United Kingdom. With this, Crypterium believes that crypto cards are the "easiest and fastest way for holders to access their digital currencies." The startup aims to eliminate the concerns around limited availability or arbitrary - to make it a legitimate option for crypto payments globally.
“By ‘global’ we mean that no matter where people are based, they can order and receive it in only 3 business days,” said Matias Lapuschin in an email to one altcoin news site. This point is also featured on the company's website, showing that "no matter where you are based" a Crypterium Card can be shipped to your door.
The fintech startup already tested the payment services through 5,000 Estonians who pre-ordered the card and verified that it works as a payment option. Among the testers were also card developers who traveled to cryptocurrency conferences across the world using the prepaid plastic, purchasing goods and services in cryptocurrencies such as Bitcoin, Ethereum and Litecoin across continents such as Asia, America and Europe. The latest cryptocurrency news show that the interest in this Crypterium card is big, especially in regions where banking services are less developed. These regions include South America, Southeast Asia and others. The card will also be linked to the Crypterium App, which has more than 500,000 users in the United States and United Kingdom. The ones interested for a card will need to provide proof of identity (passport, national ID or driver's license) and proof of residence in the form of an utility bill, a bank or a credit card statement. The coming altcoin news also feature one benefit of the card - the one showing that there is only a 1.5% fee when adding prepaid funds and daily and monthly limits which top off at $10,000 per day and $60,000 per month.
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Altcoin News

US Residents To Lose Access To Some Altcoins: Report

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A new report is in the coming altcoin news for a shocking statement - showing that many crypto enthusiasts living in the United States will have no trading options for a lot of cryptocurrencies. As the report unveils, US residents will lose access to altcoins when the major crypto exchange Binance becomes unavailable for them in September this year. As the full report shared on CryptoPotato on June 14 shares, there is a full table on which cryptocurrencies will still be available for US residents and traders after Binance (as announced) discontinues its United States services. https://twitter.com/remigoomba/status/1139517541045481472?s=19 Many best cryptocurrency news sites have re-shared this table, with the foregoing exchanges listed on it being Coinbase, Bittrex, Poloniex, Kraken, HuobiUS and eToro. In the report, we can also see that there is also a number of tokens listed on only one exchange after Binance drops off - including the names of altcoins like ARK, BTT, IOTA, PIVX and ZIL. All of these "endangered" exchange tokens - as well as the (temporarily) extinct ones - will be unavailable to US residents and are probably going to witness a large drop in volume, the report shares. Still, the good thing is that veteran cryptocurrencies including DASH, XRP, XLM, ETC, ZRX and ZEN should survive the Binance departure with little issue - since they are listed on four or more of the aforementioned exchanges. For those of you who haven't been following the latest cryptocurrency news, Binance has recently updated its terms of use on June 14 - excluding trading on the platform in the US and therefore restricting access to US residents and traders. The CEO of Binance, Changpeng Zhao, remarked on the changes and implied that they are going to be useful in the long run.
“Some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain," Zhao said.
The news that US residents will lose access to altcoins from September may hit the market hard, as analysts believe. There could be big drops in the coming months, especially for the coins which are in the red zone and face extinction from US trading.
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Altcoin News

Bitcoin’s Worth Goes Beyond $8,500, Most Of The Altcoins See Loses

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Bitcoin’s worth reached a new high after it went over the $8,500 price range on the day by press time while other altcoins are reporting slight losses. Let’s check out the price analysis for the cryptocurrencies in our latest cryptocurrency news. Bitcoin’s worth increased by more than 2 percent on the day and is currently trading at $8,631 at press time. If you take a look at the weekly chart, the coin is up by more than 7 percent. Grayscale, the American digital asset manager claimed recently in research that Bitcoin vastly outperformed the traditional assets during the United States-China trade war. Ether (ETH) on the other hand, is holding onto its positions as the largest cryptocurrency by market cap which is currently standing at $27.3 billion. The second-largest Ripple (XRP) has a market cap of $16.7 billion at press time. The data from Coin360 shows that ETH has seen a decrease in its value by 1.2% over the last 24 hours. It is currently trading at around $256 and over the week the altcoin gained over 3.5 percent in value. Ripple’s XRP decreased by slightly over 1 percent in the past 24 hours and is now trading around $0.396. Over the week, the altcoin is down by 4.20%. Among the top 20 cryptocurrencies, one of the altcoins reporting notable losses is Binance Coin (BNB) getting down over 11%. This is a rare picture for the state of the BNB coin since in the recent months it was the one altcoin that surged when the others dropped. At press time, the total market cap of all cryptocurrencies is about $266 billion which is about 4 percent lower than the one reported a week ago. As previously reported in the coming altcoin news, the crypto exchange Giant Binance announced its new update on the terms of use which includes a restriction of services for the United States citizens and corporate traders. On the side of the traditional market, the United State stock market is seeing slight loses as well. The CBOE volatility index gained about 0.44% on the day at press time. The oil futures and indexes are seeing slight gains today by press time.
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