#CryptoCorner: BTC Breaks $6K - Highest Trading Price Since Nov 2018, Facebook (NASDAQ: FB) Changes Crypto Ad Policies, Sources Indicate Facebook Stablecoin to Launch in Q3 This Year
Point Roberts, WA and Delta, BC - May 9, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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#CryptoCorner: #BTC Breaks $6K - Highest Trading Price Since Nov 2018, Facebook Changes Crypto Ad Policies, Sources Indicate Facebook Stablecoin to Launch in Q3 This Year
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Stocks discussed: (NasdaqGS:FB) (NasdaqGS:PYPL)
Bitcoin (BTC) has hit another high for the year, trading for roughly $6050 at press time, according to data from CoinMarketCap. This is the first time Bitcoin has broken the $6K barrier since November 2018, and comes after a slight dip in prices following news of the Binance hack, which was discussed in yesterday's Crypto Corner. Bitcoin's uptick is at odds with the rest of the crypto market, which is largely in the red today, and consequently enjoys a 57 percent market dominance.
Last June, we updated our advertising policies to require prior written approval to advertise cryptocurrency products and services on Facebook. Since then, we've listened to feedback and assessed the policy's effectiveness. While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.
Elsewhere, unnamed sources told Bloomberg that Facebook's stablecoin project will be launched in Q3 of this year. The blockchain team developing it consists of about 20 percent former PayPal (NasdaqGS:PYPL) employees, including former PayPal president David Marcus. This may indicate that the scope of Facebook's project is more than just a cryptocurrency, but rather an entire payments network similar to PayPal. As for the coin itself, the sources say it is "a type of digital currency pegged to the U.S. dollar or a basket of currencies, making it less prone to swings in price" and that it is being tested first in India.
Crypto exchange Zebpay, which is headquartered in Singapore, announced via Twitter that it is now available in Australia. The exchange had previously operated in India, but had to close down when that country's central bank banned banks from offering services to cryptocurrency-related businesses. CoinDesk quotes Zebpay CEO Ajeet Khurana:
"At the beginning of 2019, Zebpay was available in 20 international markets. Today, we add Australia to our crypto-family and can gratefully say we have a presence in over 132 international crypto-economies, which speaks volumes to our community's ambition. Australia is an ideal market for Zebpay's services with its clear stance on regulation, openness to fintech innovation and thirst for crypto products."
Sam Mowers, Investorideas
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