European Central Bank (ECB) stated earlier today that crypto is not considered as a risk to the financial stability in the Eurozone. However, the ECB recommends that regulation should create a uniform approach for all crypto-assets and this is what we are reading in our altcoin news today.
The ECB even founded an advisory committee named the Crypto-Assets Task Force (ICA-TF) in order to explore the ramifications of the cryptocurrencies in the European Union and the European economy. According to the report from May this year, ‘’Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures’’ found some interesting details.
The Task Force found that the current market size, the cryptocurrencies are not a threat to the economy of the continent or the Euro area monetary stability:
“Crypto-assets do not fulfil the functions of money and, at the current stage, neither do they entail a tangible impact on the real economy nor have significant implications for monetary policy.”
In their findings, it says that it would be much more different if the crypto market was larger. The Task Force also noted in the report that the European Central Bank is advising the regulators across Europe to prepare when the crypto markets get bigger. Also, the report finds that the ‘’very low number of merchants that allow the purchase of goods and services with bitcoins indicates no influence of the most prominent crypto-asset on price-setting’’ and notes that the influence of digital assets and cryptocurrencies could grow.
According to the latest cryptocurrency news, the reports highlight that the potential for cryptocurrencies to become disruptive for the EU economy could be possible if their use becomes more widespread:
“… important that the ECB continue to monitor the crypto-assets phenomenon, raise awareness and develop preparedness for any adverse scenarios, in cooperation with other relevant authorities.”
The Task Force proposes that the lack of a regulatory approach to cryptocurrencies has to be urgently addressed. The European Central Bank has been dismissive of cryptocurrencies previously when president Mario Draghi declared:
“Bitcoins or anything like that are not really currencies, they are assets. A euro is a euro – today, tomorrow, in a month, it’s always a euro. And the ECB is behind the euro. Who is behind the cryptocurrencies? So they are very, very risky assets, the value of which oscillates – as you’ve seen – wildly.”
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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Bitcoin Just Surpassed 1 Million Daily Active Addresses
"When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23. Yesterday 1 BTC was $8,230 and the median tx fee was $1.33."Even though the DAA does not man much in practice, the fact that Bitcoin just surpassed 1 million daily active addresses is an important metric on many altcoin news sites - mostly because it shows actual and unique transfers which are separate from the direct ones to and from bigger exchanges. The fact that there are more than million unique addresses transacting on the blockchain is good for Bitcoin. https://twitter.com/kerooke/status/1139919876838047744 In order to put this number in perspective, however, we can link to Uber and its estimated 14 million rides per day or estimated 798,877 iPhones a day which Apple sold in 2017. While these are comparisons like Apples to oranges, it is definitely interesting to note that Bitcoin is doing the transaction volume of some of the biggest brands in the world. The news that Bitcoin just surpassed an interesting milestone are re-shared on many best cryptocurrency news sites. Curiously, shortly after reaching this milestone, Bitcoin's price started rising going from $8,450 to a $9,300 high. At press time, the Bitcoin price seems to have corrected and is trading a little over $9,100. One of the factors behind the flagship cryptocurrency and its price rise could be Facebook's foray in the crypto space. Still, Bitcoin just surpassed 1 million daily active users and there could be a real possibility that BTC is heading for the $10,000 mark by June 21 because of it. Right now, there are no coming altcoin news or altcoins showing a similar level - or active addresses which surpassed one million. The Bitcoin traders should be proud of that - and proud of a retracement for the Bitcoin blockchain which has not been since two years ago - in November 2017.
Bitcoin Above $9.3k: BTC Price Records A 13-Month High
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