Cryptocurrency Influence in Monetary Policy and Financial Stability

By Steven Anderson July 10, 2019 Off
Financial Exposure

The commonly expressed fear about Facebook is that it might manipulate Finance as it did to data. Zuckerberg’s scheme concerning financial dominance is not considered to be a real threat to the concept of Bitcoin.

Wang Xin stated, “If [Libra] is widely used for payments, cross-border payments, in particular, would it be able to function as money and accordingly have a large influence on monetary policy, financial stability, and the international monetary system?”  He further expressed, “There would be in essence one boss that is the US dollar and the United States. If so, it would bring a series of economic, financial, and even international political consequence.”

As the Bitcoin was gaining momentum during early Asian Trading hours yesterday, Josh Rager analyst stated, “Fool me once, shame on you… Fool me twice, shame on me. No way was I shorting Bitcoin after a close under the resistance again. Not much stopping this train, just minor daily & weekly resistance left until new yearly highs.”

Ethereum takes about 15 seconds to mine a block.  When compared to its competitors, Ethereum’s smart contract has been trending downwards.   The overall numbers of transactions seen by Ethereum’s apps during the second financial quarter were at $6.04 million.

The ETH/USD bulls are targeting $330.  The price is now pushed beyond the critical resistance.  If the price crosses $330, it will signal that the correction is over.

Binance is slowly trying to dominate the ETH.  For several months, ETH has been sustaining attacks from other blockchain platforms.  The King of Apps has not been moved by the ambitious attempts of several other crypto projects that have tried to beat down ETH; however, Binance is doing is different now.

Binance has recently gone to the extent of refusing to entertain ETH trading for newly listed coins.  In some cases, it has gone to the extent of removing it as an option.  “Additionally, Binance will open trading for PHB/BNB, PHB/BTC, PHB/USDC, PHB/TUSD, and PHB/PAX trading pairs at 2019/05/24 04:00 (UTC). Once trading opens, the previous PHX/BNB, PHX/BTC, and PHX/ETH trading pairs will be removed and delisted.”

Thus, Binance is seen giving ETH the cold shoulder.  While it appears that ETH is being strangled with bringing down the access to ETH trading pairs, the CEO denies any ill will in this regard, and he previously stated publicly that he would like to see Binance and Ethereum “grow together.”

This indicates that Binance is probably the Ethereum killer.