Summary:
- Bitcoin keeps rising, altcoins lag behind
- IMF and The World Bank to introduce a new cryptocurrency
- Coinbase launches a Visa debit card
- Donal Trump proposes a remittance tax
Bitcoin keeps rising, altcoins lag behind
Bitcoin has stalled recently after the huge rally seen since the beginning of April. The price is consolidating after experiencing hefty gains in recent days. The ongoing pullback resembles the correction seen on February 24. Looking ahead, it is hard to predict when we may see another jump in the Bitcoin price but a relatively small correction we’ve seen so far may suggest that bulls maintain control. From a technical standpoint, the key psychological level is localised at $6000.
The outlook for Bitcoin still looks rosy. Source: xStation5.
Stellar
Stellar has followed a similar pattern like Bitcoin.. Currently, the price is hovering around the lower boundary of the upward channel. Note that higher highs and lows bode quite well for buyers.
Stellar trades in the vicinity of the lower boundary of the upward channel. Source: xStation5.
IMF and The World Bank launch new cryptocurrency
The International Monetary Fund (IMF) and the World Bank have launched a new cryptocurrency called "Learning Coin" according to Financial Times reports. The cryptocurrency will not have a monetary value, thus it is not a real cryptocurrency like Bitcoin. The purpose of creating Learning Coin is to better understand blockchain technology and how cryptocurrencies can be implemented in the real economy. In practice, employees of IMF and World Bank are to gain access to a learning platform. Then for reaching a new command they will be rewarded with Learning Coins and exchange them for some real rewards. Increased interest of use of cryptocurrencies in real life encourages policymakers to consider implementing proper regulations and this topic is to be brought up during the upcoming G20 summit in Japan next month.
Coinbase launches a Visa debit card
One of the biggest cryptocurrency exchanges, Coinbase, will launch a Visa debit card that will be connected with Coinbase accounts - a be a big step in implementing cryptocurrencies into daily life. The card will let people shop and make cash withdrawals from ATMs. The Coinbase Visa debit card will allow users to pay via cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple. Coinbase will be charging no fees for transactions in GBP, 0.3% in EUR and 3% for cross-border transactions. At first, the Coinbase card will only be available in the UK but the company plans to expand this product to other European countries.
Donal Trump proposes a remittance tax
US President Donald Trump proposed a remittance tax on money being sent outside the US by illegal immigrants. The last presidential campaign focused mainly on a battle with illegal immigrants. Nothing has changed since then and the last statement of the White House spokesman Hogan Gidley confirmed it. Gidley said that the WH is looking at remittance taxes as a way to deal with illegal immigration being a “top priority” for Trump. This could make cryptocurrencies, especially Bitcoin, a path to avoid such new tax.
