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Cryptocurrency Market Trades Sideways as Bitcoin Hovers Shy of $12,000

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Bitcoin price hovers around $12000
Market Trades Sideways as Bitcoin Hovers Shy of $12,000

Thursday, July 4— The number one cryptocurrency Bitcoin (BTC) is seeing mild gains on the day as ether (ETH) and ripple (XRP) traded sideways.

Bitcoin has had a volatile week. Bitcoin was trading at over $13,000 on June 26 and under $10,000 on July 2. Bitcoin is currently trading at just over $11,850, and some analysts think BTC could rally significantly today as it is Independence Day in the United States. Crypto analytics website SFOX reported that holidays in the midst of a bull market tend to spark FOMO, a trend apparently supported by Google Trends data:

“At times when the market is already doing well or improving, holidays have the potential to drive renewed retail interest in buying bitcoin and other cryptocurrencies. That behavior, almost by definition, is FOMO: buying into an asset because one sees it trending upward and wants to benefit from it.”

Top altcoin ETH is currently trading sideways at around $300. Major cryptocurrency exchange Binance recently announced that it was moving off the Omni standard and onto ERC-20 for its Tether (USDT) addresses. The exchange Poloniex also added support for Ethereum-based USDT, citing a cheaper and faster process for transactions and deposits.

Ripple is mostly trading sideways, with some minor losses at press time of approximately 1%. However, XRP has trended down significantly since its monthly highs on June 22 and June 26, seeing approximately a 15% correction from those peaks. XRP is trading just shy of $.40 at press time.

Ripple’s incubatory subsidiary Xpring recently announced that it has dedicated $500 million to XRP projects with since the coin’s inception. The investment group reportedly intends to bolster the infrastructure for XRP, as well as support innovative ripple projects.

As far as other top cryptocurrencies are concerned, Chainlink (LINK) is continuing to see colossal gains this week. At press time, data from Coin360 shows that LINK is up by 49% over the last 7 days.

LINK saw a 26% on-the-day gain on June 28. Coinbase Pro had announced support for the smart contract token on June 27, as well as announcing full trading support for the LINK/ETH pair on June 28.

The total market cap of the top 100 cryptocurrencies is currently $330.4 billion, according to the data provided by Coin360’s summary table.

Meanwhile in traditional markets, gold and oil are trending down slightly as the stock market sees some minor gains, according to data from MarketWatch.

JPMorgan recently announced that it plans to issue a stable coin by the end of 2019. An executive at the banking giant also said JPM thinks securities are en route to becoming digital or tokenized, over a span of five to twenty years.

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Billionaire investor Ray Dalio trashes Bitcoin as ‘too volatile,’ praises Libra

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“Cash is trash,” said billionaire investor Ray Dalio in an interview with CNBC yesterday at the annual World Economic Forum in Davos, Switzerland. But Bitcoin’s no better. 

“Cash is trash,” said billionaire investor Ray Dalio in an interview with CNBC yesterday at the annual World Economic Forum in Davos, Switzerland. But Bitcoin’s no better.

“There are two purposes of money; a medium of exchange and a store holder of wealth. And Bitcoin is not effective in either of those cases now,” he said. “It’s too volatile. Because of the volatility, you can’t go next to it,” he added.

Dalio runs Bridgewater, one of the world’s largest investment funds, with around $160 billion in assets, according to the firm’s website.

Dalio was more optimistic about Libra, the so-called stablecoin network run by the Facebook-led Libra Association. The value of its stablecoin is pegged to a basket of fiat assets, such as the pound and the dollar, with the Libra Association determining the ratio of the baskets. Dario said this could make Libra more stable than Bitcoin.

Libra’s slated to come out in the second half of this year—if it ever comes out at all, that is, since regulators have panned it and many European finance ministers have vowed to block its development. Indeed, the President of Switzerland, the country Dalio was speaking from, and the country the Libra Association is based in, has called Libra a failure.

Dalio’s gripe with cash is that banks can print as much money as they want, meaning it doesn’t have intrinsic value. “The depreciation of the exchange rate and the printing of money, I think, over the next few years, is going to be the biggest thing,” he said.

“If you get a downturn—and there’s a good probability in the next [presidential] term you’ll get a downturn—and you don’t have effective monetary policy and you have people at each other’s throats, I’m worried about that,” Dalio said.

So if not Bitcoin, Libra, or cash, then what?

“You have to have a well diversified portfolio,” he told CNBC. “You have to have a certain amount of gold in your portfolio, or something that’s hard…you have to have balance.”

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Raiz Will Soon Offer A Bitcoin Fund to Australian Retail Investors

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Raiz Will Soon Offer A Bitcoin Fund to Australian Retail Investors
Raiz Will Soon Offer A Bitcoin Fund to Australian Retail Investors

Australian micro-investment startup Raiz is set to bring Bitcoin (BTC) fund options to its users, Australian Financial Review (AFR) reports on Jan. 20. The firm cleared the last legal hurdle with the Australian Securities and Investment Commission (ASIC), the country’s financial watchdog agency. Raiz is a fin-tech startup offering micro-investment services to its 300,000 registered accounts. 

Like the United States-based Acorns and other worldwide startups, it “rounds up” the spare change from the users’ purchases to invest it in a set of investment products, generally comprising exchange-traded funds (ETFs). According to AFR sources, Raiz has been pushing to include Bitcoin in its offering and has reportedly obtained a relief from ASIC to operate the fund. 

This was seemingly the last legal hurdle, paving the way for implementation in the first half of 2020. The proposed Bitcoin retail fund is said to only allocate five percent to a direct Bitcoin exposure, with the remainder composed of ETFs. According to December figures, Raiz has 445 million Australian dollars ($305 million)  in funds under management from 211,000 paying customers.

Regulators have in the past taken a very cautious stance to cryptocurrencies. As reported in May 2019, the country’s regulators released detailed guidelines for miners, exchanges and initial coin offering projects. Specifically, it reiterated the need for cryptocurrency businesses to apply for all the relevant licenses and to adhere to its Anti-Money Laundering and Know Your Customer regulations. Other government representatives remained skeptical of decentralized currencies. 

Australia’s Central Bank published a study arguing that cryptocurrencies are unlikely to replace the Australian dollar, citing primarily usability and scalability concerns. In November, the Australian Minister of Home Affairs warned that cryptocurrencies facilitated terrorism by obfuscating their financial activities.

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Crypto Hater Peter Schiff Lost His Bitcoin

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Crypto Hater Peter Schiff Lost His Bitcoin
Crypto Hater Peter Schiff Lost His Bitcoin

On Jan. 19, famous crypto skeptic and gold bug Peter Schiff claimed on Twitter that he has lost access to his Bitcoin wallet and that his password is no longer valid. Schiff added that his BTC is now intrinsically worthless and has no market value. He also added that:

“I knew owning Bitcoin was a bad idea, I just never realized it was this bad!”

After Schiff tweeted about his loss, the crypto community was quick to jump to the rescue. For example, co-founder and partner at Morgan Creek Digital Anthony Pompliano responding by asking if he forgot his password, to which Schiff has responded that, “My wallet forgot my password.” Pompliano then asked Schiff to email him directly:

“The software just executes the commands that humans give it. It can’t ‘forget’ anything. Email me and I’ll try to help you recover the lost Bitcoin.”

However it looks like the BTC may indeed be gone for good, as Schiff responded:

“Eric Voorhees set up the wallet for me and even he thinks there is nothing I can do. But you’re welcome to try if you have any ideas.”

Schiff is known for being an outspoken critic of cryptocurrencies. Just before the New Year, he claimed that unlike every other asset class, BTC was not rising toward the end of the calendar year. In late November, Schiff claimed in a Twitter debate that the price of BTC would drop to $1,000 to “complete the pattern.”

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