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The Untold Story of How Politics Ended Facebook’s Libra Project

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David Marcus, the former leader of Facebook’s Libra cryptocurrency project, has revealed the factors behind the initiative’s downfall.

According to Marcus, political pressures and the debanking of supportive institutions were instrumental in halting the project despite its robust design and significant regulatory consultations.

How Facebook’s Libra Was ‘Politically Killed’

In a post on X (formerly Twitter) dated November 30, Marcus detailed the chain of events that led to Libra’s demise. The blockchain-based payment system, which was later rebranded as Diem, aimed to revolutionize global payments by pairing a high-performance blockchain with a stablecoin.

However, Marcus stated that its failure had little to do with legal or regulatory issues. Instead, political forces played a decisive role.

“One essential point is worth making here. There was no legal or regulatory angle left for the government or regulators to kill the project. It was 100% a political kill in — one that was executed through intimidation of captive banking institutions,” he stated.

Marcus revealed that Libra faced immediate resistance after its 2019 announcement. Although the team made adjustments to address concerns and delayed the project’s launch to 2021, political opposition remained unrelenting. He highlighted a turning point when Federal Reserve Chair Jerome Powell reportedly shifted his stance after meeting with Treasury Secretary Janet Yellen.

Marcus disclosed that Yellen called supporting Libra “political suicide,” prompting the Federal Reserve to issue warnings to banks involved with the project. During these calls, the Fed’s general counsel reportedly warned banks against advancing Libra, citing discomfort with the project.

“The Fed organized calls with all the participating banks, and the Fed’s general counsel read a prepared statement to each of them, saying: ‘We can’t stop you from moving forward and launching, but we are not comfortable with you doing so.’ And just like that, it was over,” Marcus stated.

Crypto industry figures have since supported Marcus’s account. Kathryn Haun, a former Libra board member, and Tyler Winklevoss, co-founder of Gemini, both highlighted how political motives derailed Libra.

“Gemini worked closely with David and his team at Meta to help launch Libra (fka Diem). We were on the one-yard line when Federal regulators murdered this project. It was all politics, no basis in law,” Winklevoss stated.

Reflecting on this experience, Marcus emphasized the need for decentralization in building future financial systems. He championed Bitcoin as the ideal foundation for such networks, citing its neutrality and tamper-proof design.

“If you’re trying to build an open monetary network for the world—ultimately moving trillions of dollars a day and designed to last for 100 years—you must build it on the most neutral, decentralized, and tamper-proof network and asset, which is undoubtedly Bitcoin,” he concluded.

Marcus’s revelations add to growing scrutiny over “debanking” within the cryptocurrency and tech sectors. Recent allegations of politically motivated financial restrictions have sparked further conversations about the intersection of regulation, politics, and innovation in the United States.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Swings Wildly: Can It Resume Its Rally?

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XRP price saw a couple of swing moves from the $2.85 resistance. The price is consolidating near $2.50 and might aim for more gains above the $2.65 level.

  • XRP price is struggling to gain pace for a move above the $2.80 resistance zone.
  • The price is now trading above $2.30 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $2.25 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might continue to accelerate if it clears the $2.72 resistance.

XRP Price Holds Gains Above $2.30

XRP price made another attempt to clear the $3.00 resistance. However, it failed to surpass $2.85 and corrected some gains unlike Bitcoin and like Ethereum. There was a move below the $2.65 and $2.50 levels.

A low was formed at $2.276 and the price is now correcting losses. There was a move above the $2.40 and $2.50 levels. The bulls pushed it back above the 50% Fib retracement level of the recent decline from the $2.848 swing high to the $2.276 low.

The price is now trading above $2.30 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $2.25 on the hourly chart of the XRP/USD pair.

On the upside, the price might face resistance near the $2.620 level. The first major resistance is near the $2.720 level. It is close to the 76.4% Fib retracement level of the recent decline from the $2.848 swing high to the $2.276 low.

XRP Price

The next key resistance could be $2.850. A clear move above the $2.850 resistance might send the price toward the $2.950 resistance. Any more gains might send the price toward the $3.00 resistance or even $3.150 in the near term. The next major hurdle for the bulls might be $3.20.

Are Dips Limited?

If XRP fails to clear the $2.620 resistance zone, it could start another decline. Initial support on the downside is near the $2.50 level. The next major support is near the $2.40 level.

If there is a downside break and a close below the $2.40 level, the price might continue to decline toward the $2.30 support and the trend line. The next major support sits near the $2.050 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.5000 and $2.4000.

Major Resistance Levels – $2.6200 and $2.7200.



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Will Cardano Whales Continue to Sell Ahead of Token Unlock?

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Cardano (ADA) whales, who have been instrumental in driving the cryptocurrency’s price by 270% in the last 30 days, have now sold a bunch of tokens. This sell-off comes ahead of this week’s token unlock, which market participants expect will cause volatility

As of this writing, ADA trades at $1.23. Will this sell-off draw the price down further?

Cardano Key Holders Offload Some Tokens

On Monday, December 2, Cardano’s large holders’ netflow reached 63.58 million ADA, reflecting a strong buying trend among whales. The netflow metric tracks the difference between tokens bought and sold by these key players. A rising netflow indicates accumulation, while a decline indicates selling pressure.

As of now, the netflow has plunged to 7.62 million ADA, according to IntoTheBlock, suggesting that whales offloaded 55.96 million ADA — either to take profits or rebalance their portfolios. At Cardano’s current price, this sell-off amounts to a staggering $69 million.

From BeInCrypto’s observation, the recent sell-off may be tied to the upcoming token unlock on December 6. 

Cardano whales sell-off
Cardano Large Holders Netflow. Source: IntoTheBlock

Token unlocks, which release previously restricted tokens into circulation, often drive significant price movements by altering supply and demand dynamics.

According to Tokenomist (formerly Token Unlocks), Cardano is set to release 18.53 million ADA on that date, valued at $22.79 million. This anticipated supply shock could introduce volatility, potentially hindering the altcoin’s ability to sustain an uptrend during this period.

Cardano (ADA) token unlock
Cardano Token Unlock.Source: Tokenomist

ADA Price Prediction: Overbought, Retracement Likely

On the daily chart, Cardano’s Bollinger Bands (BB) have widened, indicating heightened volatility. The BB also highlights whether an asset is overbought or oversold.

When the price touches the upper band, it signals an overbought condition, while contact with the lower band indicates oversold territory. Therefore, the image below confirms the thesis that ADA is overbought.

The Relative Strength Index (RSI), which measures momentum, also aligns with the bias. When the RSI reading is above 70.00, it is overbought. On the other hand, when the reading is below 30.00, it is oversold.

Cardano price analysis
Cardano Daily Analysis. Source: TradingView

At press time, Cardano’s RSI stands at 82.15, firmly placing ADA in overbought territory. Given this condition, a price correction to $0.92 could be next. However, if Cardano whales resume accumulation, the trend could shift, potentially pushing the price above $1.33

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Solana (SOL) Back on Track: Is The Uptrend Here to Stay?

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Solana started a fresh increase from the $215 zone. SOL price is rising and might aim for a move above the $240 and $250 resistance levels.

  • SOL price started a fresh increase after it settled above the $222 level against the US Dollar.
  • The price is now trading above $230 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could start a fresh increase if the bulls clear the $240 zone.

Solana Price Eyes Fresh Surge

Solana price formed a support base and started a fresh increase above the $220 level like Bitcoin and Ethereum. There was a decent increase above the $225 and $230 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $246 swing high to the $215 low. Besides, there was a break above a key bearish trend line with resistance at $232 on the hourly chart of the SOL/USD pair.

Solana is now trading above $235 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $240 level or the 76.4% Fib retracement level of the downward move from the $246 swing high to the $215 low.

Solana Price

The next major resistance is near the $246 level. The main resistance could be $250. A successful close above the $250 resistance level could set the pace for another steady increase. The next key resistance is $265. Any more gains might send the price toward the $280 level.

Another Decline in SOL?

If SOL fails to rise above the $240 resistance, it could start another decline. Initial support on the downside is near the $230 level or the 100-hourly simple moving average. The first major support is near the $220 level.

A break below the $220 level might send the price toward the $215 zone. If there is a close below the $215 support, the price could decline toward the $200 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $230 and $220.

Major Resistance Levels – $240 and $250.



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