Facebook launched the Libra whitepaper in June, making waves among authorities around the world. The idea of a cryptocurrency controlled by a company with nearly 2 billion users has raised concerns among governments in most countries.
July on the crypt – Libra market
The US Congress voiced dissatisfaction with the possibility that the Libra would become a parallel financial system without control from the central banks. David Marcus, head of the Libra project, has already participated in two hearings on the subject.
On July 30, Congress will hold another hearing to discuss the regulatory prospects for cryptocurrency in the United States. These are extremely necessary, especially as many exchange platforms have started restricting US access to trading services due to legal uncertainty.
Meanwhile, President Donald Trump and Secretary of the American Treasury have publicly criticized cryptocurrency, arguing that it facilitates illicit activities.
Evolution of the Bitcoin price
As a result, the Bitcoin price dropped from $ 13,000 at the beginning of the month to $ 10,000. However, the crypto community remains optimistic. Libra’s controversy has drawn the attention of the authorities to the need for regulation for cryptocurrency.
Exchange platforms
Another important novelty was the launch of the marginal trading option on the world’s largest crypto exchange, Binance. Binance chose a very good moment for launch. The reputation of BitMEX, the platform with the largest volume of crypto derivative, suffered a series of serious blows this month.
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Economist Nouriel Roubini, one of the most famous crypto-skeptics, has accused BitMEX of being traded against users to force the liquidation of their deposits. Subsequently, the US CFTC authority launched an investigation to verify whether the exchange offered US customer service without approval.
Overall, July on the cripto market has attracted the attention of the authorities, who finally begin to realize that it is necessary to clarify the legal status of this ecosystem.
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