Crypto Markets Turn Red Once Again, Bitcoin Price Hovers Under $8K

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Cryptocurrency markets are turning red once again, with Bitcoin trading below $8,000 and suffering from more downward selling pressure.

Friday, Oct. 18 — Bitcoin (BTC) is suffering from further downward selling pressure and continues to trade below the $8,000 price mark.

Cryptocurrency market daily overview. Source: Coin360

Cryptocurrency market daily overview. Source: Coin360

Bitcoin traded below the $8,000 price mark for most of the day. The world’s largest cryptocurrency traded at an intraday high of around $8,135, with a sudden dip toward $7,900, before settling down at its current trading price of $7,952. BTC shows a subtle loss of around 1.6% in the past 24 hours.

Bitcoin seven-day price chart. Source: Coin360

Bitcoin seven-day price chart. Source: Coin360

Cointelegraph contributor Rakesh Upadhyay said that any new asset class has to go through a difficult phase of adoption and that this will coincide with phases of utter disappointment in between, but in the long run, he said, a good innovation will find its due place.

Ether (ETH), meanwhile, is currently sitting at $173.43 per coin. The number one altcoin saw a small dip in sync with BTC and is showing a loss of 1.95% at press time. Upadhyay said Ether is likely to drop to the critical support zone of $161.056 to $151.829.

Ether seven-day price chart. Source: Coin360

Ether seven-day price chart. Source: Coin360

XRP failed to grind its way up to the $0.30 price point after yesterday’s 5% jump on the day. The third-largest coin by market capitalization is currently trading at $0.294 per coin, down 1.93% at press time.

XRP seven-day price chart. Source: Coin360

XRP seven-day price chart. Source: Coin360

Top-20 altcoins turn red

Most of the top-20 coins are showing red candlesticks. Monero (XMR) and Chainlink (LINK) are showing losses of 2.24% and 3.26%, respectively, while Bitcoin SV (BSV) takes the title of best performer in the top 20 with gains of 1.3% on the day. The worst performer among the top-20 is Cosmos (ATOM), down 4.69% in the last 24 hours.

The overall cryptocurrency market cap decreased from $220.3 billion to $216.9 billion, with Bitcoin making up 66.1% of the total.

Keep track of top crypto markets in real time here

Original source: https://cointelegraph.com/news/crypto-markets-turn-red-once-again-bitcoin-price-hovers-under-8k

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G7 Task Force Releases Full Report on Impact of Global Stablecoins

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A G7 task force believes that stablecoins could present a significant risk to the global financial stability, but also present an opportunity to update payment systems.

A G7 task force reports that stablecoins, such as Facebook’s Libra, present significant risk to the global financial system but also have potential in the field of payments.

Doubling down on regulations

On Oct. 18, in a report requested by the G7 Finance Ministers and central bank Governors, the relevant task force confirmed that the group of the seven wealthiest nations would not allow any global stablecoin to launch without adequately addressing the related challenges and risks. Cointelegraph reported on an unpublished draft of the same report on Oct. 14. The full report reads:

“No global stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks outlined above are adequately addressed, through appropriate designs and by adhering to regulation that is clear and proportional.”

The task force found that thus far, the first wave of cryptocurrencies has failed to provide a reliable and attractive means of payment or store of value. Stablecoins, on the other hand, are more readily usable as a means of payment and store of value and could potentially develop global payment systems that are faster, cheaper and more inclusive than present systems.

The report then points to the potential challenges and risks that come with stablecoins for public policy, oversight and regulation, legal certainty, anti-money laundering and countering the financing of terrorism compliance and tax compliance, amongst others. 

Once stablecoins are launched globally, the report reads, they could potentially threaten the global financial stability and monetary system.

Elsewhere in the G7

The new report echoes much of what the Financial Action Task Force (FATF) — itself a G7 initiative — has pushed for this past summer with its updated anti-money laundering requirements.

Nonetheless, the FATF has shown a readiness to approve certain new payment systems entailing cryptocurrencies, including one project from the Japanese government.

Original source: https://cointelegraph.com/news/g7-task-force-releases-full-report-on-impact-of-global-stablecoins

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