Bitcoin continues to rise
On Monday, Bitcoin continued to grow against the US Dollar, rising above $11,800 following a wider risk appetite among crypto traders, although without a precise driving force for its upward move. Bitcoin cost rocketed by 4.2% to $11,900 on Monday afternoon and is currently trading just below this level.
Recently, a volatile period has begun for Bitcoin, reaching a high of $13,929.8 in mid-June, compared to $7,888, as the Fed’s signal of a possible new cycle of interest rate cuts undermined the attractiveness of interest-rate fiat currencies.
The mood for cryptocurrency was positive due to Deutsche Bank’s announcement saying that it would reduce its work force and balance by more than 20% in order to increase profitability.
Other cryptos also showed some gains: Ethereum rose by 4.5% to $307.07, Ripple – by 1.1% to $0.40154, while Litecoin rose by 1% to $119.87.
India has joined the Libra pushback
Meanwhile, India has become the last country to criticize the Facebook stablecoin project Libra.
The country has already restricted virtual currencies, banning banks from working with them, and the government is developing a law that will impose fines for using cryptocurrencies. India Economy Minister Subhash Garg claims that Facebook’s currency functionality does not have a full explanation. The government of India believes that this is a private cryptocurrency, unsuitable for interstate payments.
Libra is a stablecoin, a digital currency pegged to a basket of state-supported currencies. Regulators and analysts argue that it will require much tighter regulation than Facebook, which social networks are used to.
In other Asian countries, the attitude towards digital currencies is much better. Singapore has developed a plan to exempt the cryptocurrency tax on goods and services if they function as a means of exchange. This news will remove barriers to using Bitcoin in one of the world’s leading financial centers.