New Files Connect Cardano Goals to LIBRA Meme Coin Figures BeInCrypto
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Ethereum is quietly setting up for a potentially decisive move as the Libra formation remains active on the weekly chart. While confirmation is still pending, the structure has not been invalidated, keeping the upside scenario firmly on the table. With key resistance levels overhead and momentum beginning to stabilize, ETH may be entering a critical phase where the next major directional move starts to take shape.
Weekly Libra Formation Keeps The Bullish Case Alive
On the X platform, Kamile Uray highlighted that Ethereum is currently forming a Libra pattern on the weekly chart. With the weekly candle yet to close and no invalidation so far, the bullish formation remains active and continues to be a valid scenario.
According to the update, confirmation of a reversal would open the door for a move toward the $4,956 high, but the price may face notable resistance along the way, particularly around the $3,445 level. Kamile Uray noted that a daily close above $2,475 would serve as the first technical signal that upside momentum is strengthening and that the recovery could continue. Failure to sustain movement above this area could delay further progress and keep the price vulnerable to pullbacks.
Since the Libra formation is developing on the weekly timeframe, the pattern would only be considered invalid if Ethereum breaks below the $1,388 low, underscoring the broader, long-term nature of the setup.
Ethereum Stretches Higher At $2,086 After A Sharp 22% Run
According to Can Özsüer, Ethereum is currently trading around $2,086, marking a strong rally from the $1,730 area. From that level to the current price, ETH has surged roughly 22% without a meaningful correction, which increases the likelihood of short-term profit-taking. After such a sharp move, light selling pressure typically emerges as the market cools off.
Can Özsüer notes that any selling from this region is expected to remain controlled rather than aggressive. The ideal pullback zone lies between $1,950 and $2,000, where the price could reset without damaging the broader bullish structure. A dip into this range would be considered healthy and could set the stage for the next leg higher.
Once that corrective move plays out, the next upside objective comes in around the $2,200 level. However, if price pushes straight toward the target without offering a pullback, the strategy would need adjustment. In that scenario, chasing a long position becomes less attractive, as a stronger selling wave could follow once the target is reached. If a correction does materialize, Can Özsüer suggests that a long position on the pullback would be the preferred approach.
]]>According to a trend of tweets made by CnLedger on Wednesday morning, former People’s Bank of China‘s governor, Xiaochuan Zhou has made a comment about the highly controversial Facebook’s proposed cryptocurrency, Libra. According to Zhou through CnLedger’s Wednesday tweet,
Facebook’s Libra may pose difficulties on global monetary policies and disrupt the existing financial system.
Cryptocurrency Regulation In China
China has taken it as a point of duty recently to moderate the use of cryptocurrencies in the country and has taken drastic measures in an attempt to put these new class, yet, highly volatile category of assets under strict financial policies and governmental control. Although recently, as more controversies revolve around cryptocurrencies, particularly, Bitcoin, which is experiencing a current bullish trend and the newly proposed Libra developed by Facebook to achieve a global cross-border payment, China has also made a show of wanting to readopt the use of cryptocurrencies again, as against their present ban on these class of assets.
ICO Ban Of 2013
Within a period of 5 years(2013-2018) under the leadership of Xiaochuan Zhou as the governor of the People’s Bank of China (PBoC), a famous Chinese bitcoin exchange crackdown and ICO ban were conducted in China. With Zhou at the head of this revolutionary policies, ICOs and more generally, the use of cryptocurrencies were banned in China and this has remained valid till date.
The Invention Of Libra
Social media giant, Facebook also started thinking along the lines of creating a cryptocurrency lately in a vision to provide financial services to the billions of “unbanked” persons around the world. This revealed arrangement would enable global Facebook and WhatsApp users to send and receive money through these respective platforms. Although Libra, as the project is now widely recognized, was planned to launch in 2020, it fell short of regulatory clearance and has been stopped until further notice.
Merits And Demerits Of Libra
Zhou, according to CnLedger acknowledged that Libra exhibits characteristic of price stability as against typical cryptocurrencies and would help to reduce the problems of cross-border payments in developing countries. However, Libra’s Anti-Money Laundering (AML) and fund custody issues are also points of disadvantage.
China’s Way Forward
In this dilemma of a situation, China’s concerns about Libra is quite clear and straightforward; Though Libra faces regulatory attacks, its chances of survival(in its original design) is next to nothing. And if not Libra, there would always be something else of similar design. If eventually such thing as Libra comes to play, it would be supported by people who are integrated with the global dollarization trend. In this wise, it is only reasonable for China to take precautions, undergoing quality policy research before nurturing the common touch.
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Ethereum Cofounder, Mihai Alisie has expressed his concerns about the idea of Facebook Libra project’s possibility of disrupting the blockchain’s privacy.
Alisei maintained that the blockchain technology was supposed to render a decentralized trustless peer-to-peer system of exchange between users which enables privacy of gains. According to Alisei,
Regulated blockchain projects like Libra would subject blockchain users under the watch and scrutiny of financial regulators. This would totally erode the privacy expected of the blockchain.
Facebook Libra caused quite a stir since its official announcement. Facebook and it’s Libra team came under several attacks and oppositions which served as a major resistance to the project’s development. Earlier this month, Maxine Waters and other top members of the House Financial Service Committee asked Facebook to halt the development of Libra until the further regulatory investigation was concluded.
Based on these circumstances, Facebook’s Boss; Mark Zuckerberg and his Libra team would attend a Senate hearing next week. The head of Facebook’s Libra project, David Marcus, promised to answer all legislators’ “important questions”.
Although Libra fell on rocky waters in some countries like India, Iran, and China, it has also become immensely popular among crypto enthusiasts who believe widely in the project.
The more Libra’s popularity grows, the more likely it becomes of it to be heavily regulated, thereby subjecting its blockchain privacy to the set of regulations under which the present financial system and banking are run.
Distributed networks are simply decentralized and exists over a P2P design. Corporate control goes against the ethos of distributed networks. There is no much decentralization, privacy, and anonymity. Libra would achieve a hybrid- something partially decentralized which would retain some of the qualities of the present banking system or financial service agencies.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Today’s Libra Senate hearing actually began on a bullish note for bitcoin. According to congressman Patrick McHenry,
“The world that Satoshi Nakamoto…envisioned, and others are building, is an unstoppable force. We should not attempt to deter this innovation,
and governments cannot stop this innovation, and those that have tried already failed.”
The second day of Facebook Libra’s Senate hearing was more focused on the distinction between Libra and a typical cryptocurrency and unlike yesterday, a few congresspersons actually made mention of bitcoin.
As expected, the testimony of Libra’s CEO, David Marcus was particularly made cumbersome with the technical questions and issues raised by the Senators. Although not much was said about the issue, few lawmakers expressed issues from yesterday’s hearing on the accounts of Facebook’s data leakage propensity and privacy policies.
Is Libra A Cryptocurrency?
David Marcus constantly water after each difficult question put to him. With few congresspersons coming to show-off their understanding of a typical cryptocurrency and how Libra’s anatomy goes in a slightly different design, Congressman Gonzalez was the first to raise the question. According to Gonzalez, the whole idea behind Libra is great but the idea of central governance makes it different from a typical cryptocurrency. That only begged the question
“Is Libra Decentralized or governed…”
In response to the dilemma, David Marcus swang into action to make it clear that while Libra was meant to be on a permissionless network, there would indeed be some form of centralization due to the presence of a fiat currency reserve for every unit of Libra formed. According to Marcus, this was to ensure that Libra keeps principles to regulations.
Further, when congressman Gonzalez asked about information between Facebook and Libra, David maintained that no financial data of Libra customers would be shared, not even with Facebook.
As the hearing progressed, congressman Hollingsworth decided to spend some 5 minutes in pressing the issue that Mr. Gonzalez earlier addressed. This time, however, Mr. Hollingsworth maintained that Libra, with evident reasons, wasn’t built on a permissionless network. Also, asking how Libra is different from crypto like bitcoin.
David used two approaches to explain this: first, that Libra was a stablecoin backed by the U.S. Dollar and secondly, has a blockchain designed for speed and scale.
Trust Issues
Not long after David had to deal with issues of distinguishing between Libra and a typical cryptocurrency, then came a question about whether Libra can be trusted. This time, lawmakers maintained that while Libra was recognized as a subsidiary to Facebook, it was most likely it would share data with Facebook.
Responding to this curiosities, David Marcus assured the Congress that no such thing as data sharing would ever occur between the subsidiary and its parent company, Facebook. Giving reasons why Libra should be trusted, David maintained that they wanted the Calibra association to be successful and are committed to fulfilling every promise made to that respect.
Calibra Depends On Middlemen, It’s Unlike Crypto
Recognizing the impact that bitcoin has made in its decade long existence, congressman Emma, expressed the fears and worries shown by the public as a matter of just how much data Facebook already possess of them. According to Rep. Emma, people are already wary of trusting Facebook with their money.
At the same time, Rep. Emma pointed out to the fact that crypto is originally built for a peer-to-peer model of money transaction which does not necessarily involve any middlemen. However, with bitcoin’s categories of investors which happen to be tech giants heavy on data, Libra does not have many attributes of a cryptocurrency as instead of operating without middlemen, Libra indeed depends on them.
The Currency Supremacy Struggle
In one of the most important aspects of today’s Libra hearing, congressman Green asked a very cogent question. According to him,
“You know there’s a competition for currency supremacy… The dollar is our currency with which we influence the world’s economy…impact. How would Libra impact the dollar?Do we give up our supremacy in exchange for a cryptocurrency?
David Marcus simply answered ” No” and further explained that Libra was not in a currency competition with the U.S. Dollar or any other currencies.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The Japanese minister of Finance, Taro Aso appealed to other G-7 finance ministers to take necessary assessments of Facebook’s cryptocurrency project, Libra.
Looking Beyond Existing Regulations
He urged them suggesting that Finance ministries of these regions access the project beyond existing financial regulations for any potential challenges that present regulations might overlook.
According to Aso,
“Applying existing regulations alone may not be enough. A comprehensive examination is needed to see if Libra poses new challenges that existing rules do not take into account,”
Libra Had A Rough Entry
Lines are not falling in pleasant places for Facebook’s Libra since it came to the ears of the mainstream media. On Tuesday, the social media giant attended a Senate hearing session in a bid to subject the cryptocurrency project to regulatory measures.
Libra failed to prove its use cases to the U.S. Congress and was completely ruled out as a typical cryptocurrency, with few congresspersons even insinuating that Libra’s idea was a replica set to deter the original bitcoin innovation.
Libra To Answer To Everyone!
As many financial agencies around the world and legislative bodies demanded Libra’s attention to regulatory practices, many have come to believe that Facebook’s cryptocurrency project, Libra would make a big threat to large banks and other financial institutions.
When Libra made a show of disrupting the present financial systems and policies, Banks and governments saw reasons to stop Facebook from laughing Libra to its 2.6 billion users globally by subjecting its launching and operations to countries regulations that favor its coexistence with existing financial systems and their players.
According to a senior Japanese finance ministry official,
“Most G-7 members saw Libra as posing a serious problem from the perspective of consumer data protection and the impact on monetary policy, ”
Libra, What Exactly Is It?
Recently, it became more glaring that Facebook’s kind of cryptocurrency was not a totally decentralized version. Transactions would be confirmed and monitored by a group of partners and substantial user data would be given out to the Libra association. In view of this, governments believe that such operations deserve the watchful eyes of regulations and government policies.
This made it particularly difficult for Facebook to proceed with Libra plans regardless of regulatory scrutiny. After Libra failing before the U.S. Congress, the next G-7 scrutiny will definitely present more difficulties to Libra’s developments.
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– TIMESTAMPS –
0:00 Intro
2:18 Diem History
5:40 Diem in 2020
9:26 What is Diem?
13:48 Diem Blockchain
17:14 Diem ‘Cryptocurrency’ Analysis
20:22 Diem Bullish For Chainlink!?
21:42 Final Thoughts
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Useful Links
► Diem Whitepaper: https://www.diem.com/en-us/white-paper/
► Diem Association Members: https://www.diem.com/en-us/association/#association_executive_team
► Diem Blockchain Explorer: https://indiem.info/
► Developer Documentation: https://developers.diem.com/docs/welcome-to-diem/
► Diem Github: https://github.com/diem/diem
► GreenSockMonkey ChainLink – Diem Connection Twitter Thread: https://twitter.com/greensockmonkey/status/1138434925072400385
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Diem History
The Diem project has its origins in Facebook’s blockchain initiative, which was launched in 2017 when the crypto markets were heating up. At the time, the sole member of Facebook’s blockchain initiative was 24-year-old statistician Morgan Beller who is a Forbes 30 under 30 and a Cornell Graduate
It is believed that Morgan is ultimately the one who pushed Facebook to dabble in crypto technologies. Morgan Beller, David Marcus, and former Instagram and Twitter heavyweight Kevin Weil are jointly considered to be the founders of Libra, which formally released its whitepaper on June 18th, 2019
Diem in 2020
In April this year Libra made amendments to its whitepaper in an attempt to appease regulators. Four key elements of the project were changed.First, the Libra blockchain will host more assets than just its own native Libra stablecoin token. It will also have stablecoins for almost every major fiat currency in the world
Second, Libra will go above and beyond to ensure that every entity using their payments network must provide detailed KYC documentation, and will be a requirement to create a Libra wallet. Third, Libra is abandoning its goal of eventually turning the entire payments network into a decentralized autonomous organization within 5 years of launch
The final change made by Libra in April is how the currency reserves for the Libra coin and its various stablecoins. Instead of a strict 1-1 ratio for every stablecoin issued, reserve assets will consist of various QUOTE ‘assets with very short-term maturity, low credit risk, and high liquidity’.
What is Diem
The technically correct term for Facebook’s Diem is the Diem Payments Network. You can think of the Diem Payments Network as being both a stablecoin provider like Circle and a banker coin blockchain like Stellar
The Diem Payments Network is managed by the Diem Association, a membership organization that owns Diem Networks, which builds the actual infrastructure for the Diem Payments Network including the actual Diem blockchain which handles all payments made on the network
Diem Blockchain
The Diem blockchain is a proof of stake blockchain that uses the Byzantine Fault Tolerant consensus mechanism. The Diem blockchain is also smart contract compatible and uses its own native smart contract language called Move.
The Diem blockchain is also designed to work with central bank digital currencies and is intended to handle over 1000 transactions per second when it launches. However, recent analysis of the Diem blockchain suggests it can handle just 6 transactions per second on average
Diem ‘Cryptocurrency’ Analysis
None of Diem’s tokens are going to make you rich because they are all stablecoins. Diem’s own multi-collaterlized stablecoin is modeled after the IMF’s Special Drawing Right or SDR, which is a reserve asset backed by 5 national currencies. Diem hopes its own stablecoin will be used to protect against price volatility and used in lieu of weak national currencies in select developing countries.
Diem Bullish For Chainlink!?
There is circumstantial evidence which suggests that Chainlink will be tapped to be the price oracle for the Diem blockchain. Chainlink has already partnered with tech giants like Google and Oracle along with just about every major player in the crypto space
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Disclaimer
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Diem #Libra #crypto #stablecoin #blockchain #facebook
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