This morning the USD/BTC Bitcoin pairing crashed in a significant way, showing that even the digital currency is not immune to COVID-19 panic*. COVID-19 is the official name of novel coronavirus, the disease that's spread from the Wuhan province of China across the planet over the past several weeks and months. Bitcoin crashed from around $8k to under $6k in the past 24 hours.
Facebook's plans to launch its very own cryptocurrency was met with heavy opposition last week, as CEO Mark Zuckerberg's Libra proposal to Congress was hijacked into a hearing of the company's past mishandling. To put it briefly, the social media company's involvement in the Cambridge Analytica and election controversies had broken its trust with authorities. Without a clear structure for regulation, there are concerns that Zuckerberg's new Libra project could undermine the national dollar, as well as contain loopholes for criminals to exploit.
In May of this year, IRS Commissioner Charles Rettig made a comment about releasing future guidance on the taxation of cryptocurrency in the USA. Today that guidance was revealed. This is the first guidance released by the IRS on this subject since their relatively thin set of comments on the matter all the way back in the year 2014. A lot has changed in cryptocurrency since the year 2014, including the two most major rises and falls of Bitcoin since the dawn of the blockchain.
The app Haven was launched today for Android and iOS. Haven was launched as the official mobile app for the peer-to-peer sales site OpenBazaar. OpenBazaar is an Amazon, eBay, and Alibaba alternative devoid of data collection and fees. Haven allows users to connect with OpenBazaar on Android devices, iPhone, and iPad, and it's all free. Could such an idyllic system be real? NOTE: I need to be CLEAR here - I am equal parts surprised that this system could exist AND skeptical that it's actually real. Let's investigate together!
Cryptocurrencies have always been regarded with skepticism and suspicion ever since Bitcoin started hitting mainstream news. It has gained more momentum and support around the world but, unsurprisingly, governments are more cautious about officially acknowledging the technology. The latest to join those voices is none other than US president Donald Trump who, in a series of tweets, expressed his dislike of Bitcoin and its kin and also took the opportunity to bring up Facebook's new Libra "virtual currency".
This morning, Facebook confirmed some long-running rumors by announcing that it's about to dive into the world of cryptocurrency. That cryptocurrency is called Libra, and it'll launch next year alongside a digital wallet called Calibra. Calibra will be a subsidiary of Facebook, while Libra will be governed by the Libra Association, an organization comprised of a number of different companies (including Facebook and Calibra) that's headquartered in Geneva, Switzerland.
AT&T made a surprising announcement today: its customers can now pay their bills using cryptocurrency. The option is made possible by AT&T's new BitPay support, opening the door for bill pay using Bitcoin instead of cash or credit. By adding the support, AT&T has become the first major wireless carrier in the United States to accept cryptocurrency payments.
If you take a peek at the price of Bitcoin vs USD, then look at where NVIDIA is in the NASDAQ, you might draw some conclusions. While it's not been NVIDIA GPUs, but AMD GPUs that've appeared to have been used the most for cryptocurrency mining in the recent past, their fortunes seem linked. As we re-enter a bull season in cryptocurrency in general, NVIDIA's just announced they've beat earnings expectations for this most recent quarter.
A number of major retailers, including Whole Foods and Bed Bath & Beyond, now accept Bitcoin payments made with the Flexa SPEDN app. A total of 15 retailers are accepting the cryptocurrency payment method, which also includes the Bitcoin alternatives Gemini Dollars, Bitcoin Cash, and Ethereum. Flexa's app is currently available for iPhone and will arrive on Android in the near future.
The first of the partners were tipped teaming up with the Samsung Blockchain Keystore this week just days after the big Galaxy S10 event. Details leaked in promotional images and from sources apparently speaking directly to Samsung's higher-ups in South Korea. One of the biggest of these tipped groups was the gaming-focused Enjin. Enjin Coin is a smart cryptocurrency (not unlike most cryptocurrencies) that "fuels" tokenized gaming assets.
Major US bank JPMorgan has taken the wraps off 'JPM Coin,' a blockchain-based "digital coin" that customers can receive by depositing US currency into their bank accounts. The digital currency can be redeemed at JPMorgan banks for US dollars, as well, offering those customers an alternative to existing cryptocurrencies. JPM Coin differs from bitcoin, however, in multiple important ways.
Coinme, a company that offers bitcoin ATMs, has teamed up with Coinstar to make it easier to get your hands on the digital currency. Under the new partnership, Coinstar machines will allow users to swap their cash for bitcoin, bringing the cryptocurrency to one's local grocery store or convenience shop. After inserting money into the machine, Coinstar users get a voucher for bitcoin.