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Prices Tumble After Trump Tweet And FED Chairman Comments


Ethereum Stats

Ethereum Price: $222.53
Ethereum Price (BTC): 0.021912 BTC
Market Cap: $23.82B
ETH Network Dominance*: 75.68%
7 Day Candle**: $309.29 / $318.51 / $202.36 / $222.53

️ Nick’s Market Summary

Last week saw a flurry of high profile comments on cryptocurrencies and their role on the international stage. It started with the Federal Reserve Chairman Jerome Powell’s testimony on cryptocurrencies before the Senate Banking Committee, commenting that it is possible that a cryptocurrency ecosystem could replace the need for reserve currencies as we know them. He then went on to compare Bitcoin to gold; stating that while Bitcoin wasn’t used for payments, it was used as a store of value – seemingly giving it some credit as a legitimate asset class. Earlier in the testimony however, Powell highlighted a number of “serious concerns” relating to the Libra cryptocurrency which is expected to launch next year; citing money laundering and privacy issues as reasons to prevent the project from starting in its current form.

A day later – and for the first time since Bitcoin launched 10 years ago – Donald Trump took to Twitter to publicly comment on cryptocurrencies. Many expected that Trump would be favorable toward cryptocurrencies, perhaps due to their libertarian roots or free market mechanisms. However, this hope was shattered on the 12th July in a 3 part Tweet from the president slating the cryptocurrency market as a whole. Most notably he said that he was “not a fan” and that cryptocurrencies “can facilitate unlawful behavior, including drug trade and other illegal activity”. He want on to defend the US dollar (which ironically is the largest facilitator of those things) in a Tweet that criticized Facebook’s Libra cryptocurrency for having “little standing or dependability”.

The president’s comments were followed by the release of a report by the FDD (a US nonprofit research institute focusing on foreign policy and national security) which examined the threat of cryptocurrencies from nation states and the possibility that they may weaken US dollar dominance. The report, titled Crypto Rogues: U.S. State Adversaries Seeking Blockchain Sanctions Resistance, addressed the use of cryptocurrencies as a means to subvert sanctions and concluded that the US needed to take a leading role in this “evolving international crypto race”. Venezuela notoriously failed in their attempt to introduce the Ethereum petro token, but lessons learned from its failure may open the door to counties like Russia, Iran and China who are highly motivated to untether from the US.

The report focused largely on the the possibility that these countries may create their own state-issued cryptocurrency, however such a centralized system could be attacked or shut down. As many have argued on Twitter, the use of a distributed and censorship-resistant public blockchain with already established value like Ethereum would be a far more effective basis from which to build a currency. A newly created and state issued money that was backed by nothing more than government promise would not work internationally and without the use of a public ledger there is absolutely no visibility as to whether these historically subversive nations have issued their currency fairly, or that there isn’t a backdoor baked into the platform.

While the week was not damning for cryptocurrencies, it’s possible that both the President and the FED chairman’s specific targeting of Libra were the cause for a $40 billion crash in the market. Libra, which has been credited with much of the market’s gains in recent months, has the potential to introduce billions of people to Ethereum and other public blockchains when – or if – it goes live next year. The most recent crash can likely be attributed to doubt over whether Libra will ever be viable in the eyes of the United States.

– Nick, Owner

MetaMask’s Bridge to the Decentralized Web Is Coming To Mobile

Ethereum enthusiasts are celebrating the long-awaited arrival of MetaMask’s mobile browser and crypto wallet combination which is set to be released on 22 July 2019. MetaMask, an open-source project and the primary browser-gateway to the Ethereum blockchain, announced the release last Tuesday saying it would be available on both Android and iOS.

This move is key as it is believed it will bring a whole new audience of cryptocurrency users to blockchain-based applications by bringing its bridge to the decentralized web to mobile.

Dan Finlay, lead developer at Metamask says, “The keys are the heart of the security, but also of all the power in any cryptographic protocol, and so I believe the wallet that defines the space will be the one that most accurately models the ideal of the user’s will.”

MetaMask, the most used Ethereum wallet and web browser with more than 1.3 million users, is joined by other big names such as Coinbase and Binance, who are also developing their own browser wallets. The Opera browser launched its crypto-ready mobile browser earlier this year and Samsung announced last week that it will be releasing its blockchain software development kit (SDK) later this year with its own Ethereum browser.

Ethereum Based Solve.Care Partners with Uber Health to Revolutionize the Health Industry

Well documented surveys and research has revealed how blockchain can assist in making the healthcare industry more streamlined and efficient.  It has also shown that most healthcare companies and practitioners are unaware of the benefits of blockchain for the medical field.

Solve.Care is set to change this. Built on the Ethereum network Solve.Care allows not only for physicians to change the way they deliver and manage patient care, but by integrating Uber Health transportation services, patients can now manage their healthcare needs by being able to schedule doctor’s visits and book rides to healthcare care appointments. They will also be able to pay for the services using either of the 2 tokens introduced by Solve.Care. This is the first time that any Uber subsidiary has been open to accepting cryptocurrency.

Head of Uber Health Dan Trigub said in a press statement that an estimated 3.6 million Americans alone miss their appointments due to lack of reliable transport equating to an estimated $150 billion annually.

This Ethereum smart contract-based project could pave the way for other healthcare companies to move forward using blockchain to improve the industry.

* calculated as: (ETH Market Cap / Ethereum Network Market Cap)
** open / high / low / close

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Nick Founder