This Week in Cryptos: Bitcoin Breaks USD 11K While Facebook Unveils Libra


Key highlights

  • Bitcoin breaks $11k
  • Facebook announces Libra
  • Coinmine launches Bitcoin mode
  • Bitmain planning US IPO
  • Lightning Labs launch a mobile app

Bitcoin breaks $11k

In another major “FOMO Trigger” as Tom Lee calls it, Bitcoin prices leaped to USD 11000 in less than 24 hours after Bitcoin price breached $10,000. This breach was the first time since March 2018, when Bitcoin was spiraling downwards ultimately stopping near USD 3500. There is more technical than a fundamental factor that is playing out this rally and a lot technical analyst on the street feel that it’s the resistance levels of USD 11500 to 11700 are crucial. A break of these levels will prove that the coin is in the full-blown bull run and may be heading to its all-time highs. Fundamentally it looks like Libra has triggered this swing but it’s still too far fetched to link the two.

Facebook announces Libra

This week saw the event that everyone was waiting for. Facebook has finally rolled out its plan for Facebook’s own crypto platform called the Libra. Its plans to launch a cryptocurrency with hopes that it will “transform the global economy.” What was surprising to hear that the company intends to share control with a consortium of organizations, including venture capital firms, credit card companies, and other tech giants. Initially, what Facebook plans a P2P transfer mechanism, in long term Facebook hopes Libra will be accepted as a form of payment, and other financial services will be built on top of its blockchain-based network.

Coinmine launches Bitcoin mode

Coinmine, a cryptocurrency mining device aimed at the hobbyist market, has planned to give its users the option to be paid in bitcoin. The device will also be capable of mining Monero, Zcash, grin, and Ethereum at launch. The addition of bitcoin payouts will now give miners more incentive to try the $799 ($699 with a special BTC discount) product.

Bitmain planning US IPO

Rise of Bitcoin has also ignited the plans of Bitmain f going public. And this time the destination is USA. In the news that came this week. Crypto mining hardware giant Bitmain Technologies Ltd. is said to be relaunching its initial public offering (IPO) plans, but this time in the U.S. instead of Hong Kong. According to a Bloomberg report citing “people with knowledge of the matter,” Bitmain is consulting bankers and advisers over a U.S. public listing, potentially in the second half of 2019. The company is planning to lodge documents with the U.S. Securities and Exchange Commission in July.

Lightning Labs launch a mobile app

Lightning Labs, this week, has taken one step closer to bringing Lightning Network payments to mobile with the launch of the Lightning App for iOS and Android in Alpha on the Bitcoin main net. It follows the recent launch of the Lightning App on desktop, bringing the total number of operating systems supported by the program to five.

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