#CryptoCorner: BTC Recovers $10K Support before Weekend, China Recognizes #Bitcoin as ‘Virtual Property’, Bundesbank President Praises Libra and Binance Jersey Lists GBP-Backed Stablecoin
Point Roberts, WA, Delta BC July 19, 2019 - Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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July 19 Crypto Corner
Stocks discussed: (NasdaqGS:FB)
As we head into another weekend the crypto market appears to be experiencing a mild recovery, with Bitcoin (BTC) and most of the top 100 listed altcoins in the green today, according to data from CoinMarketCap. Bitcoin itself is posting growth of about 6 percent in the last 24 hours, bringing the current trading price to $10,370 – once again back over the $10,000 support level, after dipping below it earlier this week. Bitcoin is still enjoying considerable market dominance, accounting for 65.8 percent of the entire crypto market with a market cap of $185 billion. Ether (ETH) remains the top altcoin, but after only posting a 24-hour growth of 1.35 percent, it only boasts a market cap of $23 billion. The crypto market’s total market cap is currently $280 billion.
According to a tweet by Dovey Wan, a founding partner of crypto asset fund Primitive, China now legally regards Bitcoin as property. The tweet cited an article from a local media outlet, which indicated that the Hangzhou Internet Court classified Bitcoin as “virtual property”. This was corroborated by a report from Global Times, which quotes an unnamed official of the People's Bank of China (PBC):
"Indeed, Bitcoin is virtual property, but it's not fiat money.”
Cao Yin, an expert in the blockchain sector, told the Global Times:
"This is a clear signal that the financial authorities are starting to loosen control over digital currency and virtual currency."
Cao went on to comment on the significance in understanding cryptocurrencies like Bitcoin in order to contend with Facebook’s (NasdaqGS:FB) Libra.
"Libra is a financial asset based on multiple financial products and is also partly based on the value chain of Bitcoin. Careful study of Bitcoin is necessary for the PBC to face changes in the financial market caused by Libra."
On the subject of Libra, the forthcoming crypto project has seen the emergence of an unexpected defender. Mati Greenspan, a senior analyst for eToro, revealed via Twitter that the president of Germany’s central bank has come out in favour of Libra. The Bundesbank President Jens Weidmann “warned against inadvertently suppressing innovative concepts before all details have been clarified”.
“If they deliver what they promise, they can be attractive to consumers. Who wants to source must swim against the current.”
According to Cointelegraph, fiat-crypto exchange Binance Jersey has listed a proprietary British pound-backed stablecoin. Binance Chief Financial Officer Wei Zhou told the publication that:
“There has been an overwhelming demand in the market and Binance community for more stablecoin diversification, including a GBP-pegged stablecoin.”
Sam Mowers, Investorideas
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