July Cryptocurrency News 2019

As shown in the snapshot of the market cap below, over the past months, the cryptocurrency market has experienced its second major price surge since 2017. You can also see in the bottom of the graph that the global Bitcoin 24hr trading volume has more than doubled since the last crypto mooning.

It’s unsure whether we are in price correction mode at the moment, but what is sure is that high profile individuals, governments, mega-corporations are starting to take cryptocurrency very, very seriously.

Cryptocurrency News July 2019

On the 12th, Trump tweeted out his disapproval of Bitcoin, slamming it as an instrument for illegal activity. Although there are bad actors in every emerging industry, the untraceable banknote still stands as the most popular instrument for illegal activity in the world.

On the other side of the world on the 18th, a Chinese court officially declared Bitcoin a “legally protected asset” in a landmark case in Beijing.

The topic of the case dates back to 2013, when someone purchased 2.6 Bitcoin from a company that eventually went out of business without delivering the Bitcoin to the buyer.

This is a big deal for the crypto-unfriendly nation, but this announcement still dwarfs the other historic events that have happened in the world of Facebook’s digital currency, Libra.

Since last months reveal of Facebook’s upcoming Libra currency and wallet, there have been several colossal movements on the government side of things that should be known to all.

On the 2nd, the United States House Committee on Financial Services sent Facebook a letter requesting that they immediately halt all further development on the currency, which you can see here.

What would follow on the 13th was a draft bill proposed by several US Congresspeople called the ‘Keep Big Tech out of Finance Act’. After that, the US Treasury secretary held a briefing on cryptocurrency regulation, Bitcoin and Libra.

To close this month’s regulatory action, the CEO of the Calibra Foundation, David Marcus, testified in congress over the regulatory, legal and inevitable impacts on the financial system that Libra may cause.

With the Libra Foundation and Facebook now at the spearhead of the cryptocurrency regulatory task force, we could easily call Libra a cryptocurrency trojan horse – or the ultimate crypto gateway coin for mainstream adoption of decentralised cryptocurrencies like Bitcoin.