Market Update for September 6th

Friday, September 6th 2019

Recent Headlines

Bitcoin Dominance Hits 70% as Keiser Warns Altcoins ‘Not Coming Back’

Bitcoin's market cap is currently 256 billion CAD, which is 70% of the entire value in the cryptocurrency industry. At a distant second place, Ethereum's market cap is 24 billion CAD. This is a reversal of sorts. With the rise of alternative coins in 2017, Bitcoin's dominance fell to just 35% of the industry by January 2018, but now Bitcoin is firmly back in the primary spot. Read more...

Facebook Libra is Seeking Compliance, but May Not Launch by 2020

Last week Facebook hired Washington-based lobbying group FS Vector to help it deal with the regulatory pushback it has received to its propsed digital currency. There are multiple problems that Libra will have to overcome: With Facebook as its steward, can Libra properly maintain the privacy of its users? Does it have means to prevent criminals from anonymously using it? Will it destabilize the existing sovereign currencies of the developing countries it wishes to be accepted in? Read more...

Here’s Why the Official Launch of Bitcoin Futures by Bakkt Could Take Bitcoin’s Price to the Moon

The development of the Bakkt exchange has been closely watched by the crypto-community. The exchange, which is a subsidiary of Intercontinential Exchange (ICE), has announced that the trading of BTC physically-delivered futures will commence on September 23rd. Although Bitcoin futures contracts have been offered before by Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (Cboe), Bakkt's contracts will be the first that will be paid out in Bitcoin rather than a cash equivalent. This could encourage the use and holding of bitcoin, and the thinking goes that because Bakkt will keep a reserve of bitcoin in its warehouse, less Bitcoin will be active in the market which could bolster its price. Read more...

Jack Dorsey: Mass Crypto Adoption Will Transform Square’s Business

In an interview with The Australian Financial Review, CEO and founder of Twitter and Square Inc., Jack Dorsey, spoke about his view that Bitcoin has a "high probability" of becoming the Internet's native currency. Because of this he believes that in the long-term, his companies will be able to more seamlessly provide internet services to the world, instead of having to go from market to market, or "regulatory body to regulatory body". He added, possibly as a jab at Facebook's Libra project, “I think open Internet standards serve every person better than ones controlled or started by companies." Read more...

Apple Exec Sees ‘Long-term Potential’ for Cryptocurrency

In a discussion with Christine Romans of CNN Business, Jennifer Bailey, vice president of Apple Pay, has said that the company is "watching" the cryptocurrency space and that the technology "has interesting long-term potential." Read more...

Burger King Starts Accepting Bitcoin for Online Orders in Germany

Burger King in Germany now accepts Bitcoin payments on its delivery website and mobile application. This seems to be limited to Germany at this point. Read more...

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