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Bitcoin price LIVE: BTC hits $7500 but is it still the ‘future of money’ for G20 nations?

Bitcoin price LIVE: BTC hits $7500 but is it still the ‘future of money’ for G20 nations?
18 Jul
12:31

Bitcoin price LIVE: BTC, ETH and XRP are upGETTY

Bitcoin price LIVE: BTC, ETH and XRP are up

8.00am MORNING HEADLINES

Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.

Bitcoin is priced at $7,460 this morning with ethereum climbing to $504 and ripple up at $0.51.

Prices are up today after the FSB has sent the crypto community a welcome boost by delivering a framework for the world’s leading G20 countries to “monitor the financial stability implications of crypto-assets markets.”

Pouring cold water on the idea of crypto sparking the next global financial meltdown the FSB said that cryptocurrencies like bitcoin “do not pose a material risk to global financial stability” but they fully support their “vigilant monitoring.”

CEO of deVere Group, Nigel Green, celebrates the news after BTC climbed the 50-day moving average (MA) on Monday for the first time in nearly two months, hiking its price above $7,500.

Cryptocurrencies are the future of money and they are already undeniably part of mainstream finance.

Nigel Green, CEO of deVere Group

Mr Green says that the latest report can be seen as further recommendation of cryptocurrencies from the influential FSB — which has members from all the G20 major economies.

He sad: “The survey’s findings demonstrate that high net worth individuals are increasingly unable to ignore the huge potential of cryptocurrencies.”

“The world of money has fundamentally changed – and despite what some crypto cynics want, it can’t and will not go backwards. Therefore, the FSB’s proactive and positive work in this sector must be championed.

“The FSB’s conclusion follows more and more global financial institutions, major corporations and household name investors now working with cryptocurrencies and blockchain, the technology that underpins them, and as international regulation is developed further.

“Cryptocurrencies are the future of money and they are already undeniably part of mainstream finance.”

Got something to add? Send your reaction / thoughts / analysis / price predictions over to @DavidGDawkins

Updates below throughout the day….

Bitcoin price LIVE: Dr DoomGETTY

Bitcoin price LIVE: DR Doom

8.22am – Dr Doom not convinced

Academic Nouriel Roubini, who predicted the 2008 Financial Crisis, known as Dr Doom to his friends says that BTC’s price rise is questionable.

He tweeted: “Bitcoin literally spiking up by almost 10% in about 30 minutes today based on no news.

“So only explanation: price manipulation. Since Tether recently printed another $200 million of fake money & since research proves Tether used to manipulate BTC, manipulation is at work again.”

Dr Doom is not impressedGETTY

Dr Doom is not impressed

9.16am – Richard Thaler says

Nobel Prize-winning economist Richard Thaler has added to the chorus of cynicism on all things crypto.

In a new episode of the famed Freakonomics Radio podcast, Mr Thaler told host Stephen Dubner Thaler that he’s from the Warren Buffett school of thought on crypto.

He said: “Warren Buffett says a lot of smart things, and one of the things he says is, don’t make investments in things you don’t understand.”

“And I have no clue when it comes to bitcoin.”

The “father of behavioral economics,” says he doesn’t think “that the intrinsic value of bitcoin is worth thousands of dollars.”

Adding, “‘Stay away’ is the best advice.

“I don’t know why anyone engaged in strictly legal activities would want to use a currency that is so volatile.”

Black rock and bitcoinGETTY

Blackrock is looking to board the bitcoin bus

10.15am – Blackrock reaction

Following news on Monday that Blackrock (the world’s largest asset manager) has set up a working group on cryptocurrencies, Romal Almazo, Cryptocurrency Lead, Capco told Express.co.uk that there is now no doubt Blackrock is looking at the options when it comes to cryptos.

He said: “This is logical given that many in the City, including asset managers, are already exploring ways to enter the market. If you believe that Fiat currency will eventually merge with cryptocurrencies as many do, then it’s only a matter of time before this trickle becomes a flood.

“However, there are a number of critical issues holding back institutions at the moment. The market is still very much unregulated, including how crypto exchanges deal with customers.

“Crypto Taxonomy is yet to be universally agreed by regulators and digital custody, settlement and storage still carry way too many risks for institutions to get involved.

The expert warns that for institutions like Blackrock to start investing, an FCA regulated trading platform will need to be approved, along with tighter controls and solutions around the handling and storing of digital assets.

He said: “We know that the FCA is still 2-3 years away from regulating crypto exchanges with the same rigour as say, the FX market. They simply have too much on their plate right now.

“Also, no crypto exchange is yet providing Tier 1 bank level KYC processes, despite claims to the contrary.”

“We need to remember that cryptos and blockchain are a 10 to 20 year project and this will all take time. This is all part of a natural evolutionary process which has been repeated many times in history – when it comes to technology.”

10.31am – Gains narrow

The gains on the day so far a beginning to narrow.

BTC has fallen from the high point of $7,523 down to $7,368.

10.44am – Good week for crypto

Matthew Newton, market analyst, eToro, says that the headlines have been positive, and the price has followed.

He said: “We’ve seen a flurry of positive announcements this week, including a nod from the FSB and a big-pocket investor like BlackRock. After a few weeks in the doldrums, news like this goes a long way in lending legitimacy to crypto as an asset class, which is powerful over the long-term.

“However, good news is not as influential as bad in a bear market. The market was quietening down over the last week, which is typical around market bottoms when investors lose interest and focus on other things. A great technical setup yesterday may also have helped spur prices forward.

“Investors would be wise to remain cautious, as we saw a similar situation in April where some big short positions were squeezed causing the price to surge. That said, if bitcoin pushes past $8k, it’ll indicate that the bull is back and prices could continue to climb further.”

12.16pm – Cryptomining replaces ransomware as most popular cybercrime malware

Ron Davidson, Skybox CTO and vice president of R&D said: “In the last few years, ransomware reigned supreme as the shortcut money-maker for cybercriminals.

“It doesn’t require data exfiltration, just encryption to hold the data hostage and a ransom note of how the victim can pay up. With cryptominers, the criminals can go straight to the source and mine cryptocurrency themselves. There’s no question of if they’ll be paid or not.”

Source: https://www.express.co.uk/finance/city/990499/Bitcoin-price-ripple-cryptocurrency-ethereum-BTC-to-USD-XRP-news-G20-FSB

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