Another Week in Crypto: What’s Cookin’?
Welcome back, crypto enthusiasts! Buckle up as we dive into this week’s top headlines. Spoiler alert: PayPal is playing hard to get, Bitcoin stumbles like a toddler learning to walk, and some folks are trading coins for potassium-rich fruit.
PayPal Says Bye to Libra – Are Others Next?
In a shocking twist, PayPal has officially exited the Libra Association, raising eyebrows faster than a crypto chart on a bull run. The payment giant says it supports Libra’s vision but was a no-show at a crucial meeting with 28 backers. Speculation is rife that they’re not the only ones feeling skittish — Mastercard and Visa might be eyeing the exit too! According to some insiders, these big players believe Facebook might have overhyped the regulatory comfort level.
“It’s not you, it’s Libra!”
This week, leaked audio snippets revealed that Zuckerberg aimed for a consultative approach to launch. Meanwhile, regulators are sounding alarms about the possible emergence of shadow banking thanks to Libra. Who knew Facebook could create a monetary ghost?
Bitcoin’s Roller Coaster Ride: Who Brought the Popcorn?
For anyone holding their breath for a Bitcoin resurgence, you might want to exhale. As of late, Bitcoin seems to be embracing its inner drama queen, oscillating around $8,000. After a brief uptick to $8,480, it came crashing down faster than your hopes for a stable crypto market. Experts suggest that Bitcoin needs a solid push upwards for altcoins to join the party.
Crypto Ratings Council: Who’s Got Securities?
In a joint effort resembling a group project gone right, U.S. exchanges like Coinbase and Kraken are spearheading the Crypto Ratings Council to clarify which cryptos are securities. They’ve come up with a nifty 1 to 5 scoring system where higher scores may indicate a security that requires regulatory approval. While they hope the SEC will throw confetti at this initiative, critics are raising eyebrows about possible conflicts of interest.
Apples to Apples: Tim Cook Talks Digital Currency
Tim Cook, Apple’s big cheese, recently poured cold water on the idea of Apple diving into the digital currency arena. He firmly stated, “I’m not comfortable with the idea that a private entity can create a modern currency,” taking a jab at Facebook’s intentions. Talk about #awkward family dinner conversations!
However, in contrast to Cook’s firm stance, Apple’s VP of Apple Pay had previously expressed enthusiasm for crypto developments. It’s almost as if they’re playing a game of ‘hot potato.’ Who knew digital currencies could spark such mixed signals?
Winners, Losers, and Of Course, Quotes
By week’s end, Bitcoin floated around $8,005.60 and Ether drifted at $173.77, while XRP lingered at $0.25. The overall market cap is an eye-watering $214,891,569,511. As for altcoins, it’s a tale of two markets:
- Top Gainers: Humanscape, Bitcoin X, Bitcoin God
- Top Losers: Tellurion, Jesus Coin, BigUp
Mark Cuban Would Rather Go Bananas!
This week, billionaire Mark Cuban sparked discussions by claiming he’d prefer to own bananas over Bitcoin, stating, “Bitcoin has no intrinsic value.” Wow! Here’s a guy who knows how to make an exit. Cuban compared Bitcoin to more tangible items like gold, quipping that it’s just as likely to be stolen. Forget bananas — how do we invest in fruit?
FUD of the Week: Coinexchange.io Bows Out
For the FUD enthusiasts, altcoin exchange Coinexchange.io is throwing in the towel, citing financial troubles. They say it’s not about security breaches, but just good ol’ business woes. Time to pack up and crypto goodbye!
Predictions and Looking Ahead
On the horizon, German bank BayernLB predicts Bitcoin could soar to $90,000 in 2020, citing the upcoming halving event. However, gold enthusiasts aren’t holding their breaths, as skeptics like Peter Schiff are quick to remind us of the potential for market dips. Here’s to riding the crypto rollercoaster!
