Less than a week following Libra’s tweet somehow twisting the G7s 30-pager on stable coins as a win for the Zuckbuck, Mark Zuckerberg was grilled for six hours by the House Financial Services Committee during which everything from LGBT participation, child pornography & vaccines was discussed. It was shocking to see senators discussing the potential damning impact the initiative would have on the petrodollar and by extension, the US’s capability for world domination (yes the literally said that) out in the open. Typically they mask these ulterior motives with accusations of human rights abuses and battle cries for freedom but with public enemy one in the house, ain’t nobody got time for that.
Americans have been busy playing wack-a-mole for non-federal reserve sponsored forms of the greenback (Libra, tether, Telegram), There have been several ditch-the-US moves to name a few: Poloniex (now Polo Digital Assets) is being suited by Justin Sun just days before they close shop on their stomping grounds, Binance to push the boat on fiat options with the Ruble first, Upbit severe a 2yr partnership with ties Bittrex, Bitmex among a handful of other exchanges cuts the cord for US users… All this amidst a backdrop of the House Bill being pushed to recognize all stable coins as securities (clearly a countermeasure against the Libra) wondering if the New York Department of Financial Services review of the Bitlicense is too little too late.
The Chinese have decided to take a rather different approach starting with Xi Jinping publicly endorsing and encouraging government bodies to adopt blockchain as the 5yr effort to roll out a CBDC. They’re even considering getting members of the politburo to pledge allegiance on a blockchain as anti-blockchain posts get silently deleted in the backdrop.
This triggered a 40% rally in Bitcoin briefly flirting above one-month resistance $10K and has since found support at $9000. $160mn shorts were stopped out, 60 listed companies involved in Blockchain to varying degrees went limit up (+10%) as Xi’s minions continue to spread the word and toe the line. Not to mention the extra oomph for the top-ranking coins rated by China Electronic Information Industry Development (CCID).
Will leave the twitter comments to update you on this epic drama brewing at Bitmain but one thing is clear BCH bag holders are not complaining!
Turmoil brewing in Lebanon has left the population without banking services for two weeks where bitcoin peddlers are reporting a huge uptick in demand (and premium) while Argentina continues to be a hotbed for crypto as the banks tighten the noose by limiting USD purchases to $200/month and withdrawals to $100… Cyprus repeat?
- Tether ($USDT) -0.3% OKeX to launch USDT underlying futures 14th Nov with max 125x leverage
- Dai ($DAI) -0.2% ties up with 2gether to provide DAI backed Visa cards
- Ripple ($XRP) +2.4% donates ‘millions’ to the IT-Blockchain graduate school of Korea University.
- Tron ($TRX) +5.6% to be supported by ‘Samsung blockchain Keystore’ — Samsung’s mobile wallet.
- Korea Internet & Security Agency pledges W15bn ($12.8mn) to support blockchain companies.
- China Merchant Bank invests in bitcoin wallet Bitpie
- Klaytn makes strides forging partnerships with 14+ companies recently including Binance & OKEx.
- State Street’s MD Jay Biancamano says they’re working to tokenize assets.
- Iconic Funds to debuts the world’s first Bitcoin ETNs in Germany.
- Global Container Terminals (GCT) joins Maersk &. IBMs blockchain shipping tool TradeLens