#CryptoCorner: Market Green Again, Facebook’s (NasdaqGS:FB) Crypto Whitepaper to Drop on June 18, Australian Taxation Office Cracking Down on Crypto and Football Club SL Benfica Allowing Crypto Transactions
Point Roberts, WA and Delta, BC - June 7, 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: Market Green Again, Facebook's (NasdaqGS: $FB) Crypto Whitepaper to Drop on June 18, Australian Taxation Office Cracking Down on Crypto and Football Club SL Benfica Allowing Crypto Transactions
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Stocks discussed: (NasdaqGS:FB)
The market is looking a bit greener heading into the weekend with total market capitalization clocking in at around $255 billion USD at press time, according to data from CoinMarketCap. Bitcoin (BTC) is trading for just below $8000 after reclaiming the support level a few times in the last several hours. With a market cap of $142 billion, Bitcoin dominates the crypto market with a share of 55.5 percent. Trailing, as usual, are Ether (ETH) and XRP, with market caps of $26 billion and $17 billion, respectively. Notably, Litecoin (LTC) has grown an impressive 12.3 percent in the last 24 hours, making it the third biggest altcoin at press time.
TechCrunch reports that Facebook's (NasdaqGS:FB) planned cryptocurrency, which is variously referred to by the codenames Libra and GlobalCoin, will see a whitepaper launch on June 18. The TechCrunch article further describes the token:
"The cryptocurrency will be a stablecoin - a token designed to have a stable price to prevent discrepancies and complications due to price fluctuations during a payment or negotiation process. Facebook has spoken with financial institutions regarding contributing capital to form a $1 billion basket of multiple international fiat currencies and low-risk securities that will serve as collateral to stabilize the price of the coin, The Information reports. Facebook is working with various countries to pre-approve the rollout of the stablecoin."
The Sydney Morning Herald reports that the Australian Taxation Office (ATO) is cracking down on cryptocurrency-related tax avoidance schemes. This is part of a greater effort involving tax authorities from Australia, the United States, Britain, the Netherlands and Canada - called the J5 - to combat tax avoidance, cybercrime and cryptocurrency abuse. ATO deputy commissioner Will Day said:
"We're seeing the use of cryptocurrencies in ways that we haven't seen before. At the Australian level, there is definitely legitimate use for investment in cryptocurrencies, but we're also seeing the use of them to facilitate tax crimes."
Portuguese football (soccer) team S.L. Benfica has partnered with crypto payments company Utrust to allow purchases in Bitcoin or Ethereum on the team's online store, according to a report from Verdict. SL Benfica CEO Domingos Soares de Oliveira, commented:
"This is an exciting day in the history of S.L. Benfica as we announce our decision to accept cryptocurrency payments. We recognise that many of our supporters are now digital users first, so we want to be ahead of the curve when it comes to adopting novel technologies and giving our supporters the best online experience."
Sam Mowers, Investorideas
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