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Facebook Hunts E-Commerce, Payment Partners for Crypto Push: Report

Facebook Hunts E-Commerce, Payment Partners for Crypto Push: Report

Facebook Hunts E-Commerce, Payment Partners for Crypto Push: ReportFacebook is looking to lasso major payment companies and online merchants for its crypto venture. It’s also looking to reward users with crypto. | Source: Photo by Alain JOCARD / AFP)By CCN: The crypto community hasn’t scared Mark Zuckerberg away from his cryptocurrency ambitions, at least not yet. New details have emerged in a Wall Street Journal report indicating that Mark Zuckerberg’s company is actively looking to ink deals to back its cryptocurrency payments ecosystem. Facebook is reportedly in discussions with “dozens of financial firms and online merchants” to support the unveiling of its blockchain-based payments network. Facebook is looking to lasso $1 billion for its new cryptocurrency and has been in talks with some major players.Facebook Building Cryptocurrency-Based Payments System https://t.co/xGDlyhDHnZ— Barry Silbert (@barrysilbert) May 3, 2019Project LibraWe already knew that Facebook was courting venture capitalists, thanks to Nathaniel Popper of The New York Times. Now the Journal is showing more of Facebook’s hand, saying the crypto initiative has been codenamed “Project Libra.” They also say discussions have been expanded to include leaders in the payments space including Visa and Mastercard in addition to First Data, all of which could potentially emerge as backers to project.In addition, Facebook is in talks with e-commerce companies, which sheds some more light on how the company plans to use its new cryptocurrency. Facebook’s motivation for approaching online merchants is two-pronged – to invest in the crypto payment platform and join the network as a partner. This suggests that Facebook’s cryptocurrency wouldn’t be limited to only the company’s apps such as Whatsapp. Instead, these e-commerce partners would support Facebook’s stable cryptocurrency for payments, giving users the ability to transact between apps, which would be revolutionary for a mainstream platform. Facebook could motivate merchants by waiving transaction fees for crypto-fueled purchases.Facebook boasts more than 1 billion users, and getting crypto into their hands could open the floodgates to cryptocurrency adoption, even though it’s Facebook. By way of comparison, the cryptocurrency ecosystem is currently comprised of 100 million users, as per Blockchain Capital. Social media platforms have the potential to change the “millions” to “billions” for crypto.| Source: The Wall Street JournalFacebook is looking to incentivize users of its cryptocurrency. For instance, they would reward users with fractions of the crypto – kind of like a Satoshi – for viewing ads and engaging with content. Sounds a lot like what Brave is doing with Basic Attention Token.Facebook and PrivacyFacebook’s privacy scandals are no secret, and that’s the elephant in the room for the crypto community. Mark Zuckerberg has yet to regain the trust of his users, let alone crypto land. He proved recently that he’s still out of touch with his users. Zuckerberg made a privacy-related joke at Facebook’s recent developer conference. Yet he’s got ambitious plans for the payments platform as he seeks to compete with the likes of Amazon. About The AuthorGerelyn TerzoGerelyn is a fintech and cryptocurrency journalist who started her career writing about traditional finance/Wall Street. She has been reporting on financial services for the past 15-plus years. In full disclosure, she holds bitcoin (BTC).
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$25,000 Bitcoin Price Next for Perma-Bull Lee after Ringing Crypto Winter Dead

$25,000 Bitcoin Price Next for Perma-Bull Lee after Ringing Crypto Winter Dead

By CCN: Fundstrat CEO Tom Lee says the ‘crypto winter’ is finally over, offering 13 solid reasons to back up his claim. According to the bitcoin perma-bull, there’s nothing but blue sky between here and his $25,000 price prediction.If he’s right, then bitcoin has bottomed for this cycle and we have now entered a bull market. Lee’s 13 signs touched on everything from technical analysis, Wall Street involvement, bitcoin metrics, and generally positive sentiment.After a disturbing pullback to ~$6,200, #Bitcoin back >$8,000 further cementing positive trend intact.As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over……confirmed pic.twitter.com/M8ni4g2YvX— Thomas Lee (@fundstrat) May 19, 2019Bitcoin’s “disturbing pullback” to $6,200 just a blipLee said that bitcoin’s recent flash crash to $6,200, which was triggered by a huge sell order on Bitstamp, was a blip. And the subsequent rebound to $8,000 strengthened the case that bulls were back in control of the market.Tom Lee believes bitcoin has bottomed at $3,200 and begun the road to recovery. Source: CoinMarketCapAs Lee points out in his 13 reasons, negative news stories no longer seem to dent the market. Citing recent events that ought to have shaken the markets, he said:“Stable market reaction to controversy around Bitfinex/Tether and NY Attorney General’s court order alleging undisclosed transfer from Tether’s reserves to Bitfinex in order to cover up mishandled funds.”Lee: Consensus 2019 confirms the end of crypto winterLee said the final proof of bitcoin’s rebound lies with the Consensus conference. The event, run by Coindesk, is often cited as a catalyst for price action, known as the “Consensus Pump.”The bitcoin price rallied to a ten-month high of $8,000 as the conference kicked off. It was the catalyst Lee needed to confirm that crypto winter is finally over.Bitcoin transactions surge and accumulation beginsAmong the other reasons for Lee’s conclusion is the volume of bitcoin transactions. He wrote that on January 23rd:“On-chain transactions per day turn positive YoY, the first time since January 2018 (consistently).”#bitcoin transactions reaching ath’s again🚀 pic.twitter.com/YMfQIQir1C— Sakura ¥ (@carryyen) March 28, 2019He also pointed to volume on over the counter (OTC) markets, hinting that brokers were reporting 60 – 70 percent increase in new client activity. At the same time, wealthy investors were accumulating bitcoin, not just on OTC markets, but in Grayscale’s flagship Bitcoin Investment Trust.It’s in the charts…Additionally, Lee points to a slew of technical analysis that confirms bitcoin’s upward trends. The most significant of which is the so-called “golden cross” when bitcoin’s 50-day moving average crossed the 200-day moving average. It historically indicates a bull market, not just in crypto, but in financial markets generally.Ladies & Gents… The Golden Cross!Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈This is yet another sign that we’re back in a🐂market. 🚀🌛 pic.twitter.com/VK1PSsOYIB— Mati Greenspan (@MatiGreenspan) April 23, 2019Lee also cites his own firm’s Bitcoin Misery Index which ticked back up to 2017 levels.Bitcoin price to soar to $25,000?With crypto winter finally over, Lee may double down on his $25,000 bitcoin price prediction. The perma-bull originally predicted that bitcoin would hit the milestone by the end of 2018. Even when it failed to materialize, he remained optimistic, saying $25,000 is a fair price for bitcoin.“Strangely, I just think that’s a good, fair value for bitcoin, but the timing of that’s going to be difficult. Bitcoin has had 70 percent pullbacks four times already in its 10-year history, and it has recovered to new all-time highs every time. So to me, it’s resilient.”At what price will see FOMO from those who gloated about 90% crash in $BTC?Military term, SWAG (scientific wild-assed guess).My SWAG is $10,000 is price that causes FOMO from those who saw #bitcoin as dead forever. POLL: At what price do we see FOMO?— Thomas Lee (@fundstrat) May 12, 2019For now, the psychological barrier remains at $10,000. According to a Twitter poll conducted by Lee, his followers believe this is the price at which new investors will FOMO into cryptocurrencies. 
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JPMorgan Tries Fear-Mongering in Attempt to Sabotage Bitcoin Price Rally

JPMorgan Tries Fear-Mongering in Attempt to Sabotage Bitcoin Price Rally

JPMorgan Tries Fear-Mongering in Attempt to Sabotage Rowdy Bitcoin Price RallyJPMorgan strategists are warning investors that bitcoin, in its current value, is overpriced. | Source: ShutterstockBy CCN: JPMorgan doesn’t love bitcoin. The bank – the United States’ biggest financial institution by assets – has been historically pessimistic about the flagship cryptocurrency, so just when bitcoin prices started going through the roof, it decided to crash the party with a dire warning.#Bitcoin prices diverge from intrinsic value, carrying echoes of late 2017, JPM says. pic.twitter.com/DImDoSMv8L— Holger Zschaepitz (@Schuldensuehner) May 17, 2019JPMorgan makes yet another effort to sabotage bitcoinThe crypto winter gave JPMorgan’s bitcoin bears reason to cheer earlier this year. The Wall Street firm’s analysts were bandying about a $1,260 bitcoin price target in January, warning HOLDers that they should prepare for more pain in case the crypto winter continued.Bitcoin’s impressive price rally has made those analysts eat their words as the digital currency is now trading over $7,900. But JPMorgan says that the current bitcoin price is reminiscent of 2017’s boom-bust pattern when the cryptocurrency’s market price had surged ahead of its intrinsic value and then crashed spectacularly.JPMorgan strategists wrote in a note (via Bloomberg):Over the past few days, the actual price has moved sharply over marginal cost. The divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.The note tells us that JPMorgan is trying to rain in on bitcoin’s parade, giving bears fodder by telling them that bitcoin’s current price doesn’t reflect its true value. But there’s a flaw in the JPMorgan has arrived at the “intrinsic value” of bitcoin.Don’t get carried away by JPMorgan’s fearmongeringJPMorgan has arrived at bitcoin’s intrinsic value by treating the digital currency as a commodity. The Wall Street firm estimated the cost of “producing” a bitcoin using variables such as electricity expenses, hardware efficiency, and electricity expense.But it seems like JPMorgan forgot that the current bitcoin price rally has a lot more legs than the last one, and it doesn’t make sense to value it based on the cost of mining. That’s because bitcoin is proving to be a solid alternative investment at a time when the stock market is in turmoil, thanks to the US-China trade war.In a period where: —political tensions escalate between US and China, —global equity markets fall sharply—VIX largest spike in many months—global yield curves flatten/invert#bitcoin has RISEN and >$6,000Crypto showing its value as an uncorrelated asset.— Thomas Lee (@fundstrat) May 9, 2019As it turns out, the Chinese are dumping their currency in favor of bitcoin to escape the yuan’s painful decline.Meanwhile, institutional investors are piling into bitcoin as the digital asset is believed to be better than gold as a safe-haven investment. Asset management firm Morgan Creek Digital’s CEO, Mark Yusko, estimates that the price of bitcoin could reach as high as $500,000 if the cryptocurrency is valued like gold:So if we get the amount of value in total Bitcoin market value or network value equal to gold, that’d be about $7.4 trillion divided by 21 million coins, although there aren’t really 21 million left, and you get around $400,000 a coin, maybe $500,000 a coin. Now, when does that happen? It’s probably over a decade or maybe even more.A survey carried out by Fidelity Digital Assets has found out that almost half of the institutional investors that it had surveyed see a place for digital assets like bitcoin in their portfolios.We asked: what do institutions really think about #digitalassets? https://t.co/3Lq5h5ITbT— Fidelity Digital Assets (@DigitalAssets) May 2, 2019So, JPMorgan’s claim that the price will crash just because it is trading above the intrinsic value, which has been arrived at by calculating mining costs, is nothing but a farce.It’s ‘Worth Nothing’: Jamie Dimon Takes Another Shot at Bitcoin https://t.co/junawpXqNa— CCN.com (@CCNMarkets) September 22, 2017But bitcoin has proved that it has value because of its real-world use cases. So don’t be surprised to see JPMorgan’s famed analysts eating their words once again when the price shoots higher.Click here for a real-time bitcoin price rally. About The AuthorHarsh ChauhanHarsh Singh Chauhan has a wealth of experience evaluating publicly-traded companies across several verticals, including technology, oil and gas, retail, and consumer goods. He is a syndicated author whose articles have been published on reputed online platforms across the U.S., Europe, and India since 2011.This article was edited by Samburaj Das.
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