Market Update for September 20th

Friday, September 20th 2019

Recent Headlines

Facebook’s Libra Blocked in France and Germany

In a joint statement late last week, representatives from the French and German governments state that, in their opinion, Facebook has not done enough to address the many concerns surrounding cryptocurrency, including “financial security, investor protection, prevention of money laundering and terrorism financing, data protection and financial and monetary sovereignty.” Read more...

China's Central Bank is Warming Up to Digital Currencies

China's Central Bank, the People's Bank of China (PBC), is planning to introduce its own digital currency. That may come as a big surprise to some. Back in 2017, China banned Initial Coin Offerings (ICOs), and stopped direct Bitcoin-yuan trading, crushing cryptocurrency markets. Now, cryptocurrency experts see PBC’s efforts to introduce its own digital currency as a recognition of the many advantages cryptocurrencies have over traditional currencies. Read more...

New Analysis: Every Bitcoin Holder Makes a Profit After 1,335 Days

New analysis suggests Bitcoin (BTC) holders make a profit after an average of 1,335 days — or roughly three years and eight months. For comparison, to achieve a sure profit on the S&P 500, an investor would have needed to hold their position for 23 years. This analysis purely looks at the chance of profit and not the scale of that profit. When Bitcoin is on a bull run, profits dwarf those achievable on stock market indices. Read more...

Bitcoin Price Catalyst Will Be S&P 500 New All-Time High, Says Tom Lee

In an interview for CNBC’s Fast Money on Sept. 13, Tom Lee, strategist and co-founder of Fundstrat Global Advisors, countered the narrative that investors buy into Bitcoin to hedge macro risks — viewing the asset as a safe-haven asset or type of digital gold. In his analysis, over the past ten years, the three or four best performing years of the S&P 500 index have all coincided with the best years for Bitcoin. The cryptocurrency, he noted, appears to thrive when he S&P is up by more than 15%. Read more...

Ripple CEO to CNN: ‘We Are the Most Interested Party’ in XRP’s Success

Some vocal members of the XRP community have taken issue with Ripple selling large amounts of the coin over the last year, which has the effect of suppressing the price. In the first quarter of the year alone they sold $890 million worth of XRP to institutions and exchanges. In an interview with CNN, CEO Brad Garlinghouse explained "in the XRP community, Ripple is the largest owner, and we are the most interested party in the success of the XRP ecosystem." Read more...

New Bitcoin Wallet-Focused Trojan Uncovered by Security Researchers

A new Remote Access Trojan (RAT) malware that steals Bitcoin wallet data has been discovered by security researchers at Zscaler ThreatLabZ. The malware is designed to access and steal personal data stored on victims' computers and send them back to the attacker's server. Users should be cautious about downloading applications on the web and when opening e-mail attachments from unfamiliar sources. Read more...

Mastercard Partners with Blockchain Firm R3 for Payments Solution

According to a Mastercard press release published on Sept. 1, the two firms plan to pilot a new blockchain-enabled cross-border payment solution. The system will reportedly focus on connecting global faster payments infrastructures, schemes and banks. Read more...

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