Crypto News of the Day (27.2.) | Cryptomarkets continues to bleed • Virgin Galactic: Everyone should have at least 1% of BTC assets • and more

Here you can find an overview of the most important events that took place during the last day in the cryptoworld.

Markets

According to Skew, about $ 190 million in bitcoin (BTC) totaling around $ 196 million was liquidated yesterday (BitMex only). Cryptomarkets has lost an incredible $ 50 billion since the beginning of the week. In the last 24 hours alone, total market capitalization has fallen by a further 7.5% to $ 240 billion. Bitcoin has failed several key levels of support. Another strong support is now at $ 8,300.

 

You can monitor the current cryptocurrency prices – here.

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Cryptocurrency

• Virgin Galactic: Everyone should have at least 1% of the assets in the BTC
• Tagomi joins Libra, the planned stablecoin from Facebook
• Azimo will use Ripple for instant money transfers
• Ripple lost the first court case in which he sought dismissal

 

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Regulations

• Hong Kong is considering tightening cryptoregulation according to the FATF model
• The National Bank of Japan wants to better understand digital currencies

 

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Virgin Galactic: Everyone should have at least 1% of the assets in the BTC

 

Chamath Palihapitiya, chairman of space company Virgin Galactic and founder of Social Capital, said that everyone should have 1% of their assets in Bitcoins. The investor (with billions of assets) added that Bitcoin is “completely unrelated to the world and how the world now works”. Palihapitiya, who is also a former executive manager of Facebook, has long supported Bitcoins. He thinks Bitcoin is a kind of security that can protect property in times of crisis.

 

Tagomi joins Libra, the planned stablecoin from Facebook

 

Tagomi, a New York-based cryptostartup, joins Libra, the Facebook stablecoin governing body. Tagomi was founded in 2018 by Jennifer Campbell, a former associate of Union Square Ventures. Tagomi will become the 22nd member of the Libra Association. Association members are expected to contribute at least $ 10 million to Pound.

 

Tagomi has so far posted a profit of $ 28 million, which means that a $ 10 million commitment for this startup is a huge amount. Nevertheless, the company’s website lists some of the largest names in the cryptoworld as clients, including Galaxy Digital, Pantera and Electric Capital.

 

Azimo will use Ripple for instant money transfers

 

Azimo will use XRP’s Ripple On-Demand Liquidity (ODL) solution to settle cross-border payments to the Philippines. ODL is part of RippleNet. Ripple ODL helps to settle two currencies “in seconds” and has the potential to reduce liquidity costs by up to 60% compared to traditional banking solutions.

 

Ripple lost the first court case in which he sought dismissal

 

Ripple has been fighting this law suit for a long time. At the end of last year these fintech company filed a petition to dismiss the action. However, the judge of the US District Court in Northern California dismissed the petition. This means that the lawsuit will continue and the XRP cryptocurrency is still at risk of being classified as a security.

 

Hong Kong is considering tightening cryptoregulation according to the FATF model

 

Hong Kong may soon strengthen the supervision of the cryptocurrency sector so that regulations better comply with international anti-money laundering standards. The new regulations could target providers of virtual asset services, or ‘VASPs’, a term used by the Financial Action Task Force (FATF) in its latest guideline.

 

New rules could increase pressure on cryptocurrencies, OTC sales and brokers in Hong Kong, a global cryptocenter. These entities are already monitored by the Hong Kong Monetary Authority (HKMA).

 

The National Bank of Japan wants to better understand digital currencies

 

National Bank of Japan’s Deputy Governor Masayoshi Amamiya explained that the Central Bank’s digital currencies (CBDCs) could streamline settlement and facilitate private money flows, but also curb private financial innovation and banks: “When countries are considering issuing a digital central bank currency, they must conduct a comprehensive study of how this will affect their settlement and financial systems.”

 

Amamiya noted that – unlike emerging economies – Japan could not and cannot immediately issue its CBDC. He explained that the current belief is that advanced economies should focus on combating money laundering through regulation and supervision rather than on the issue of digital currencies.

 

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