Bitcoin (BTC) remained firm over the last week, bolstered by strength in
Litecoin (LTC). LTC benefited from its
halving in about two months.
Overall, BTC is up about 5 percent on the week, with buyers defending key top-end support around US$8,400.
Attention continues to focus on BTC’s tight range as it consolidates after the big move in March and April.
The next big catalyst may be Facebook’s crypto launch, reportedly next Tuesday, June 18. The G7’s Financial Action Task Force (FATF) is also expected to report guidelines for cryptocurrency oversight on June 21.
Market Trends This Past Week
Supported by LTC the newfound strength, BTC flexed and recovered to the plus-US$8,000 level. LTC is climbing in anticipation of its halving in August. This is when the number of tokens rewarded for mining a block gets cut in half.
The advances came as momentum in the stock market faded and the U.S. dollar fell against most other major global currencies. At the G20 meeting of finance ministers and central bankers, crypto regulations were discussed but there were no significant developments or price moves.
Facebook’s Crypto Token Could be Huge, says RBC
RBC Capital Markets thinks Facebook has a “crypto opportunity,” explaining in a memo to investors the firm’s high expectation for the tech giant’s coming cryptocurrency announcement.
“We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams,” RBC analysts Mark Mahaney and Zachary Schwartzman said in a note dated Thursday June 13, 2019.
RBC says it expects Facebook will release a white paper on June 18 to explain the company’s long-term strategy for the cryptocurrency, or “token.” The company’s crypto offering was reported earlier this month and is expected to allow Facebook employees to take their salary in the form of the new currency. RBC said it plans to give an analysis of the paper when it’s released, “to help investors analyze the underlying crypto-economics of the token.”
Coinbase Launches Cryptocurrency Debit Card in EU
Cryptocurrency exchange Coinbase has expanded its Visa debit card service to six European countries, allowing customers in the region to spend their digital assets directly on goods and services.
According to a report from CNBC on Wednesday, the ‘Coinbase Card’ is now available for users in Spain, Germany, France, Italy, the Republic of Ireland, and the Netherlands.
With the card, customers will be able to spend their crypto assets including Bitcoin, Ethereum (ETH), and Litecoin in both online and physical stores that accept Visa.
Vancouver Mayor Suggests Ban on Bitcoin ATMs
Vancouver is considering banning Bitcoin ATMs due to money laundering issues.
Mayor Kennedy Stewart has reportedly suggested a complete ban on Bitcoin ATMs in connection with the increasing number of money laundering cases. A police report claims criminals could purchase a Bitcoin ATM for their own needs for a few thousand dollars and then deposit their cash into that ATM “as many times as required” to profit from or eliminate the transaction fees.
While the city council has already regulated usage and operation of crypto ATMs, authorities reportedly expect to receive 840 reports related to digital currency in 2019 – three times the number of reported produced last year. While Vancouver and Richmond city councils have pushed for action, the province says it’s is going to hold a money laundering inquiry to investigate further.
