Crypto Roundup – “Only Criminals Will Use Fiat Money” & Cryptos Need Not Be Clearly Defined Under Current Regulations

  • Six coins from the top 10 coins by 24-hour volume posted negative changes, ranging from 0.90% to 2.57%
  • Billionaire Tim Draper: Only criminals will use fiat money, as cryptos will hit mainstream in next few years
  • Russian Minister: Cryptocurrencies need not be clearly defined under current regulations

MVIS CryptoCompare Top 100 IndexThe MVIS CryptoCompare Top 100 Index has raised 2.29% in the last 24 hours to 1,216.69

Six coins from the top 10 coins by 24-hour volume posted negative changes, ranging from 0.90% to 2.57%. Billionaire Tim Draper: Only criminals will use fiat money, as cryptos will hit mainstream in next few years. Russian Minister: Cryptocurrencies need not be clearly defined under current regulations.

Top 10

CryptoCompare Top 10 Coins

Six coins from the top 10 coins by 24-hour volume posted negative changes, ranging from 0.90% to 2.57%. QTUM ($2.11) showed a loss of 2.31%, followed by Ethereum CLassic ($4.58) that posted a negative change of 2.14%. Bitcoin Cash ($142.67) represented a negative change of 1.78%. ZCash ($55.15) showed a loss of 1.04%, while Binance Coiin ($11.16) and Litecoin ($48.68) revealed gains of 14.70% and 2.42% respectively.

BTC

Bitcoin BTC/USD CryptoCompare Chart

At the time of writing, the Bitcoin price is sitting at $3,943 representing a gain of 0.45% in the last 24 hours. More than 245 Mln worth of BTC were exchanged in the BTC/USD market representing a 14.10% share of the global daily volume. The BTC/USDT pair represents a 67.09% share.

ETH

Ethereum ETH/USD CryptoCompare Chart

The Ethereum price posted a negative change of 1.81% over the past 24 hours and is currently sitting at $145, with over $110 Mln worth of Ether exchanged in the past 24 hours on the ETH/USD pair, which has a 7.39% market share of the daily trading volume. The ETH/USDT pair represents a 47.61% share.

EOS

EOS EOS/USD CryptoCompare Chart

The EOS price is sitting at $3.8 representing a positive change of 4.11% in the last 24 hours. More than $35 Mln worth of EOS were exchanged in the EOS/USD market representing a 2.99% share of global daily volume. The EOS/ETH pair represents a 39.16% share.

XRP

Ripple XRP/USD CryptoCompare Chart

The XRP price has dropped 3.96% over the past 24 hours and is currently sitting at $0.32, with more than $25 Mln worth of XRP exchanged in the past 24 hours on the XRP/USD pair, which has a 5.75% market share of the global daily trading volume. The biggest XRP pair is the XRP/USDT pair, that represents a 30.32% share.

President Donald Trump, Fed Chair Jerome Powell Talk Bitcoin, Cryptocurrencies, Facebook’s Libra

The top daily news from the cryptocurrency and blockchain space:

  • U.S. President Donald Trump believes Bitcoin and other cryptocurrencies are “not money.”
  • Federal Reserve Chair Jerome Powell comments on Bitcoin as a store-of-value in testimony before U.S. Senate.
  • SEC qualifies second crypto project’s Reg A+ application in as many days.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $11,371.0 (-1.7%) and $270.1 (-1.2%), respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 4,158.4 (+0.7%).

Bitcoin Ethereum CryptoCompare

U.S. President Donald Trump: Bitcoin, Cryptocurrencies ‘Not Money’

For the first time ever, U.S. President Donald Trump tweeted about Bitcoin and cryptocurrencies, stating he was “not a fan” of them and that they are “not money.” He went on to reference price volatility of bitcoin and cryptocurrencies overall, before pointing out that unregulated cryptoassets “can facilitate unlawful behavior, including drug trade and other illegal activity.”

U.S. President Trump also criticized Facebook’s Libra cryptocurrency in a follow-up tweet, saying it “will have little standing or dependability.” He went onto tweet that, “if Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulators (sic), just like other” bank, be they U.S.-based or international.

Fed Chair Powell on Bitcoin as a Store of Value

In the second of his two consecutive days of testimony before U.S. Congress, Federal Reserve Chairman Jerome Powell told the Senate Banking Committee he can envision a return to an era wherein multiple currencies are in use within the U.S.

“Really, almost no one uses bitcoin for payment, they use it more as an alternative to gold really,” Fed Chair Powell told Congress during his testimony, “it's a store of value. It's a speculative store of value like gold."

On Wednesday, Powell cautioned regulators about Facebook’s Libra cryptocurrency, stating the development of the project cannot “go forward” without firstly addressing “serious concerns” like those related to money laundering, privacy, and customer protection.

U.S. SEC Qualifies Second Crypto Project’s Reg A+ in as Many Days

One day after the ground-breaking news that Blockstack announced the U.S. Securities and Exchange Commission had – for the first time ever – approved its Reg A+ application to use an allocation of Stacks Token (STX), influencer live-streaming app YouNow’s spin-off Props announced it too had been granted Reg A+ qualification by the financial watchdog.

Unlike Blockstack, however, Props will not be conducting a token sale. Instead, it will reward users and creators with Ethereum-based Props Tokens (PROPS) in exchange for engagement with apps like YouNow and xSplit, a video-game streaming app.

“This is a fundamental shift in the way content creation platforms partner with and more fairly reward their communities,” read a blog post by Props commemorating the SEC approval. “We are pioneering the industry’s evolution, by better aligning the interests of technologists, investors, users, and developers.”