Bitcoin Legitimacy Grows as Facebook’s Coin Prepares to Launch

Jun 17 16:06 2019 Print This Article

Libra, Facebook’s attempt at joining the crypto world is raising the legitimacy of digital assets and Bitcoin and other cryptocurrencies are surging.  Facebook’s digital coin is set to launch on Tuesday morning and already has key partnerships with Visa, Mastercard, Paypal and Uber.  This will allow for in-app purchases and deliver a strong boost to mainstream commerce acceptance.

Libra, will be pegged to a basket of real currencies, hoping to limit some of the volatility we have seen in the past two years.  It will prove difficult to be a stablecoin, but anything that increases the adoption of digital assets will be welcomed by the crypto world.

Price action on the Bitcoin daily chart shows today’s rally made a 13-month high.  If bullish momentum continues, the psychological $10,000 level should provide initial resistance.  Price could potentially form a bearish butterfly pattern at the $10,146 level.  Point D is targeted with the 200.0% Fibonacci expansion level of the X to A leg and the 1.618% Fibonacci expansion of the B to C move.  If valid, we could see a bearish reversal target the $9,600 level.  If the potential bearish Butterfly pattern is invalidated, the $11,828 region would be the next major resistance level.

Read More

About Article Author

Market Pulse

Established in 2006, MarketPulse is a free news site that provides full-time coverage of the world's largest financial markets, focusing on forex, commodities, and global indices research and analysis. Armed with a global team of securities analysts and strategists, Market Pulse provides timely, accurate, and informative research on major macroeconomic trends, technical analysis, and worldwide events that impact different asset classes and investors.

Related Items

Pursuing Diversification with Cryptocurrencies

By Andrew Keenan, CAIA, CFA, CBP, Assistant Vice President – Valuation Risk and Control at Credit Suisse Overview The recent release of CAIA Association’s seminal report “The Next Decade of Alternative Investments: From Adolescence to Responsible Citizenship” underscored four key tenets for ...

F|T: The FinTech Times – Ponzi schemes and wash trading

Welcome to the FinTech Times, a weekly newsletter covering the biggest FinTech news from around the globe. If you want to read F|T before anyone else, make sure to subscribe using the form at the bottom of this page. Pascal Financial integrates with Fidelity as it launches private placement offer ...

With $5.8 million owed to creditors, TribalScale files for insolvency in bid to restructure company

Toronto-based software company TribalScale is in debt to the point of insolvency, according to public documents obtained by BetaKit. TribalScale owes more than $5.8 million to 45 creditors, according to documents filed with the Office of the Superintendent of Bankruptcy Canada in May. As part of th ...

OSC finds Quadriga CEO ran “Ponzi scheme” leading up to crypto exchange’s downfall

A new report released by the Ontario Securities Commission (OSC) has revealed that now-defunct crypto asset trading platform QuadrigaCX collapsed due to fraud committed by its co-founder and CEO, Gerald Cotten. “The bulk of the $169 million in client losses – approximately $115 million – aros ...

Meridian Capital International Fund Purchases Units of Petrotal Corp.

HONG KONG, June 19, 2020 /CNW/ – Meridian Capital International Fund (“Meridian“) announced that on June 18, 2020 it acquired 75,000,000 units of PetroTal Corp. (“PetroTal“) (TSXV: TAL) (AIM: PTAL) by way of a private placement at a price of 10p (approximately C$0.17) per unit, for total ...

Here are some tips on how to find a best portfolio pick. Some of them might surprise you

Your best portfolio pick will almost always come from a high-quality stock with a history of paying dividends Investing is relative, not absolute. It’s an art, not a science. Every stock offers a balance of risk and potential reward. Above all, you’ll want to make sure that your best portfolio ...

Delphi Energy Corp. Provides Update on Continuous Disclosure Filings

CALGARY, Alberta, June 19, 2020 (GLOBE NEWSWIRE) — As previously announced by Delphi Energy Corp. (“Delphi” or the “Company”), the Company is relying on exemptive relief granted by Canadian securities regulatory authorities that allows it to delay the filing of its interim fi ...

Enerplus Announces Cash Dividend for July 2020

CALGARY, AB, June 19, 2020 /CNW/ – Enerplus Corporation (“Enerplus”) (TSX: ERF) & (NYSE: ERF) announces that a cash dividend in the amount of CDN$0.01 per share will be payable on July 15, 2020 to all shareholders of record at the close of business on June 30, 2020. The ex-dividend date for ...

Fed Tapers Liquidity, Raising the Risk of Further Downside - David Brady (June 11, 2020)

June 11, 2020 FUNDAMENTALS The latest economic information is driven by the following: The surprising increase in non-farm payrolls, which drove stocks and bond yields higher. I believe this is at best temporary given the ongoing destruction of the mainstream economy. The euphoria that followed w ...

U.S. National Debt Blows Past $26 Trillion, Increases by $2 Trillion in Just Two Months - Nathan McDonald (June 12, 2020)

June 12, 2020 The good times must continue, the party must go on—and come hell or high water, that is exactly what governments around the world plan on making happen, no matter the long-term cost. United States Government Debt: (Chart source, Trading Economics) Chief among the abusers of ...

The Global Economic Reset—Promoting a More Inclusive Recovery

By Kristalina Georgieva  عربي, 中文, Español, Français, 日本語 The COVID-19 crisis is inflicting the most pain on those who are already most vulnerable. This calamity could lead to a significant rise in income inequality. And it could jeopardize development gains, from educational att ...

The New Normal​ - Paul Wong (June 5, 2020)​

June 5, 2020 Gold bullion1 continued to deliver strong performance and was up 14.04% YTD through May 31, 2020, and 32.54% YOY. At the same time, gold mining equities (SGDM)2 have gained 18.26% YTD, and 61.70% YOY as of May 31. This compares to -4.97% YTD and 12.84% YOY returns for the S&P 500 T ...