Learning to love Libra

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October 18, 2019 BITCOIN FAILED? Bitcoin and other early cryptocurrencies have failed as an “attractive means of payment or store of value,” says a new report from the G7 and Bank of International Settlements (BIS). However, the report argues, widely adopted stablecoins such as Libra are a growing threat to monetary policy, financial stability and competition. Responding to the G7, the Libra Association said the project is “not intended to change the role and influence of central bankers,” Full story LEVERAGE HIKE: Binance’s futures exchange is raising leverage to 125x with the launch of BTC/USDT contracts today. The exchange first announced its futures platform in early July, at the time hinting it would allow 20x leverage. Now, futures traders can now choose leveraged positions between 1x and 125x, it said Friday. Some have argued that such high leverage exposes traders to too much risk. Binance said its BTC futures contract provides a built-in hedging tool to help manage that risk, as well as an “insurance fund” that “helps to limit the chances of auto-deleverage.” Full story TURKISH DELIGHT? Global crypto exchange Huobi plans to roll out a fiat gateway in Turkey that could increase access to more than 250 cryptocurrencies for local investors. The move comes as Turkey puts forward a clearer legal framework for the crypto market in a country where many people already hold cryptocurrencies, Mohit Davar, Huobi’s EMEA regional president, told CoinDesk. Full story TOR THEFTS: Hackers have been distributing a compromised version of the official Tor Browser that’s packed with malicious tools used to both spy on users and steal their bitcoin. Discovered by researchers at IT security firm ESET, the trojanized Tor targets Russian users and steals their bitcoin wallet addresses as they try to pay on dark net markets. Full story FAN FOUND: Amid a sea of scorn, one U.S. lawmaker is praising the Libra project. Senator Mike Rounds (R-S.D.) wrote a letter to Libra Association member Anchorage, a South Dakota-based trust company, endorsing the Facebook-led project. “Technologies like Libra … have the potential to help unbanked and underbanked consumers right here at home,” Rounds wrote. “It would be unfortunate to shun a new solution that could connect more of the most vulnerable Americans to our financial services system.” Full story BTC BOTTOM? Bitcoin's slow descent toward support near $7,750 continues with the daily and weekly chart indicators reporting bearish conditions. That said, the cryptocurrency may be in the final stages of the recent bearish period, according to an impending death cross of the 50- and 200-day moving averages. Historical data shows bitcoin tends to bottom out following the death cross  – a lagging indicator. Full story DON'T FEAR THE LIBRA: Citing Chinese companies like AliPay and WeChat as conduits to the global financial system, RBC Capital Markets analysts issued a report Tuesday arguing China's state-backed stablecoin may become the hegemonic cryptocurrency, reports Fortune. The analysts write, “If U.S. regulators ultimately dismiss Libra and decide not to draft regulation to encourage crypto innovation in the U.S., China’s central bank digital currency may be strategically positioned to become the de facto global digital currency in emerging economies." WHO WON #CRYPTOTWITTER   Copyright © 2019 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list