Veröffentlicht: 27.08.2020

Changes in Libra, while Bitcoin continues to crash

Libra changes chief legal advisor

Stevan Bunnel, in turn former General Counsel at the U.S. Department of Homeland Security, replaces Robert Werner as Chief Legal Counsel at Libra. As can be seen in an article from cryptopotato.com, Bunnel is the second “Chief Legal Officer” within 3 months. After numerous audits and regulatory demands by the regulatory authorities, the crypto space has been waiting for months for new news from the Facebook currency. The new change of the Chief Legal Officer could be interpreted as uncertainty. At the same time, Bitcoin is stumbling and threatens to fall below the important USD 11000 mark. We take a look at the events in the block chain world.

Do you still remember “Libra”?

To recall the project again, let’s summarize briefly: In the almost 100-page white paper, which was signed by over 50 block chain experts, the problems of the FIAT currencies are addressed first. According to the paper, over 1.7 billion people worldwide do not have access to a bank account and international transactions are often overpriced. Furthermore, according to the whitepaper, traditional crypto currencies such as Bitcoin and Ethereum are also not effective due to scaling problems and high volatility.

Libra as solution

Libra’s goal is to solve the problems mentioned above. To this end, the country’s own currency is to be marketed as a stable coin. Stable coins are characterized by the fact that their value does not fluctuate. Thus a global world currency is created, which overrides exchange rates. The Libra Coin is to be covered 1:1 by the deposit of different currencies. As soon as the user pays the price for a Libra Coin, it is created. To store the currency, Libra is planning to create different wallets, including the “Libra Wallet”, which will also be accessible via Facebook and Whatsapp.

It has become quiet

When Facebook revealed its plans with the stable coin currency Libra, chaos reigned in the crypto space. Some saw an implementation as a direct attack on the Bitcoin and worried about decentralization, while Libra fans saw the possibility of a new world currency. They envisioned the realization of cross-border transfers in a matter of seconds. In any case, countless experts expected the Libra launch to be one of the highlights in 2020, but whether the project will even be launched as a tradable currency is questionable at present.

Bitcoin falls further

The market leader will also have to take further losses on Thursday. At the time of writing, the first mover is trading at 11283 USD, which is a daily loss of 1.81%. The hopes of bullish investors are now on the trend line at 11200 USD. Should this support be breached, there would be little to stop a dip below the 11000 level. On the upside, the next resistances are at 11400 USD and 11600 USD. Projects such as Libra and TON were seen as potential drivers for a new Altcoin Season before this year. After almost 8 months there is not the slightest trace of this. The BTC continues to dominate all Altcoins with a dominance index of 59.5%.

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