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Ripple Leads The Green In The Crypto Market With 20% Gains

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After yesterday’s shocking cryptocurrency news that most of the coins (top 50) are in the red, today seems to be a good day for Bitcoin, Ethereum and mostly Ripple (XRP) in terms of price movement.

While Bitcoin and Ethereum are stable at $6,370 and $211 accordingly, Ripple has surged 20% over the past 24 hours, climbing to $0.32. According to analysts, this surge is mostly due to the fact that a major Saudi Arabian bank recently joined RippleNet, the blockchain network behind the cryptocurrency.

However, this is not the only scenario that could have grown Ripple’s price. As we reported a couple of days ago, Ripple announced that a new cryptocurrency product will go live next month but the coverage was focused on the regulatory side of the market, rather than the actual product.

The head of regulatory relations at Ripple for the Asia-Pacific and Middle East market recently stated:

“A couple of years ago the narrative was: blockchain good, crypto bad. What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction. So, I think that narrative thankfully is now changing because policymakers, regulators are seeing that there is a strong benefit that digital assets, cryptocurrencies bring in,”

Ripple’s surge in value hasn’t stopped. Aside from ETH, it is one of the few assets that have experienced extremely intensified movements on the downside in the past few months, performing poorly against Bitcoin and the US dollar.

 

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Altcoin News

Altcoins Suffer And Remain Sideways, Bitcoin Goes Higher

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The new crypto market wrap on our altcoin news site shows that the altcoins are now struggling and are apparently getting eaten while Bitcoin is making new leaps forward to the $9,300 level, with 151% in yearly gains up to date. As altcoins suffer, Bitcoin breaks out again with one hour spikes, with the previous one sending it to an intraday high of $9,350. The backup which started the day made the crypto markets vulnerable. As BTC hovers around its highest price for over a year, there is a huge wall of resistance just above this level, so further consolidation is definitely likely for the coming days. The fact that altcoins suffer now is best illustrated by a number of them featured in our latest cryptocurrency news. Ethereum (ETH), for example, has not even gained off Bitcoin's 2% pump. The cryptocurrency still remains stagnant below $270 and there are further losses to its price. Despite the support at $260 which is holding, there is very little momentum for the biggest altcoin this week. Right now, the outlook of the crypto market shows that the top ten has done very little over the past 24 hours with most of the coins moving less than 1% in either direction. The biggest movement, as many best cryptocurrency news sites noted, was the one from Stellar which dropped another 2% and is still weak. While altcoins suffer, BNB is also down by a similar amount of 2%. During the Asian trading today, little is going on. Monero is the only altcoin which is gaining as it makes a 3% surge to the top $100. The losing 3% are Cosmos and NEO, while Tezos is dropping out of the top twenty and is dumping another 4% on the day. The only altcoin which is gaining while altcoins suffer is MaidSafeCoin. With a 13% surge, the relatively new and popular altcoin is gaining due to the anti Facebook rhetoric. https://twitter.com/maidsafe/status/1141332767998906368 As the coming altcoin news show, Egretia is the second best altcoin on the day, grabbing 8% while Insight Chain dropped 12%. Ardor is also falling hard with a 7% loss on the day. The total crypto market capitalization has increased by $2 billion or so today, which is pretty much all Bitcoin as the dominant cryptocurrency drives the markets to $288 billion. Its dominance right now is over 57% while altcoins suffer and remain asleep.
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Altcoin News

Libra Testnet Peeks At The Crypto Future That Facebook Is Building

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Facebook has recently announced its blockchain/altcoin project named Libra, going viral on many best cryptocurrency news sites for launching a complete blockchain with new programming language in a matter of months. The official document, the Libra testnet, details all of the documentation that is released with the project, giving a lot of insight into its philosophy and design of the new blockchain. Named Libra and not "GlobalCoin" as previously dubbed, Facebook is navigating towards a bright cryptocurrency future. The chain sports a new programming language (just like Ethereum did in the altcoin news before) - called Move. With this, Facebook says that it aims to create a "safe" place for people to develop with digital assets. In the cryptocurrency terms, that is called the Libra testnet. Nonetheless, Facebook is one of the more developer-friendly blockchain projects that you will see - with a vast documentation including gems such as the following:
“Libra is built on a secure, scalable, and reliable blockchain. It is backed by a reserve of assets designed to give it intrinsic value and is governed by the independent Libra Association tasked with evolving the ecosystem.”
With this, developers will be able to write programs in the Move language which can run on the Libra blockchain. As the Libra testnet also notes, anything that you can imagine would be possible - from opening a savings account to opening a merchant account to maybe even some kind of lottery system, the latest cryptocurrency news show. It is evident that Facebook plans to build an economy outside of the regular government view - and a digital currency which could open many doors around the world. From another perspective, it is definitely not absurd for governments to consider the Libra testnet and accept the coin for certain services. As the Libra whitepaper shows:
“For too many, parts of the financial system look like telecommunication networks pre-internet. Twenty years ago, the average price to send a text message in Europe was 16 cents per message.3 Now everyone with a smartphone can communicate across the world for free with a basic data plan. Back then, telecommunications prices were high but uniform; whereas today, access to financial services is limited or restricted for those who need it most — those impacted by cost, reliability, and the ability to seamlessly send money.”
The big question that everyone has is the following... Are we on the verge of a new era of peer-to-peer commerce?
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Altcoin News

US Banking Committee Senate Sets Hearing For Facebook’s Crypto Project

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The US Banking Committee Senate has officially set a hearing in which it will hear testimony on the mega popular Facebook Libra cryptocurrency project which is everywhere in the coming altcoin news. Set for July 16, the hearing will address many questions in regards to the new cryptocurrency. As the economic news site MarketWatch reported on June 19, the social media giant released the white paper for its Libra token yesterday. This stablecoin will operate on a native eponymous blockchain and will apparently be backed by a basket of reserve assets that are “designed to give it intrinsic value” and mitigate some volatility fluctuations. Following the official release of the project, he US banking committee and regulators from it expressed their concern about the project's possible effects towards financial stability. For example, Rep. Maxine Waters, who is a chairwoman of the United States House of Representatives' Financial Services Committee, demanded that Facebook should halt the project's development during this in-depth regulatory investigation.
“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”
On July 16, the US Banking Committee will hold a hearing titled "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations." Jerome Powell, who is the head of the US Federal Reserve, was featured on many best cryptocurrency news sites for his recent announcement in which he said:
“[Facebook] has made quite broad rounds around the world with regulators, supervisors and lots of people to discuss their plans and that certainly includes us.”
As government officials in other countries noted, there is a lot of doubts and concerns about the new Facebook project. One of them was the French Minister of Economy and Finance Bruno Le MAire, who noted that the government intends to "ask for guarantees" from Facebook in regards to its Libra cryptocurrency project. Earlier today, other altcoin news spread showing that the Chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, said that the country won't legalize the use of Facebook's Libra cryptocurrency.
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Australian Bank Fears Facebook’s Libra, Seeing It As ‘A Threat’

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One of the largest banks in Australia is apparently sweating over Facebook's upcoming altcoin and cryptocurrency release which got an official name - the Libra project. The Australian Bank named National Australia Bank (or NAB) which is a member of the 'big four' banks in the country, has been in constant fear due to a potential collapse of the banking system. It seems like many other banks are sharing the same feelings, as the latest cryptocurrency news show. They are now shaking at the sight of the Facebook Libra coin. While some are excited about the cryptocurrency and the opportunities that it will bring, others are apparently concerned because of the potential efficacy of the cross-border payments done at the tap of a single button. https://twitter.com/b_fung/status/1141096663760723968 As reported in the Sydney Morning Herald, the Australian Bank NAB has made comments regarding the Facebook Libra launch in which they state:
“They’re not the first company to launch a crypto payment solution, but they do have immense reach obviously through their Facebook platform. With a billion plus users on its platform, it is clearly a threat.”
Right now, Facebook's intentions are clear from the fact that it has not included a single bank in the Libra Association. The inclusion of different payment processors and other tech upstarts - including crypto exchanges - clearly indicates that the company is looking to bypass the banking network in an attempt to knock down the barriers and get direct with the consumers. Many best cryptocurrency news sites have reported on this Facebook coin. They said that it will be very beneficial for users who wouldn't need a bank account to fund their Uber ride, as they can simply use Libra to do the same thing using a simple payment processor (such as Visa or PayU). Just like that, payments will be made easier and more accessible to users. This is exactly the reason why the Australian bank NAB is fearing the project. Since Facebook Libra is on track to replace Bitcoin as the global banking industry's current biggest threat, the reach is massive. According to reports by Statista, Facebook had nearly 2.38 billion users at the end of the first quarter of 2019. Libra is covered in many altcoin news sections as the hottest upcoming cryptocurrency that is about to launch.
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