Bitcoin’s rally triggered by investors hedging against global risk, claims CNBC Analyst – August 6

📈 30 Second Price Summary

Current Bitcoin Price$11,755

Bitcoin briefly passed the $12,000 mark but met resistance and has fallen back to where we were yesterday. Ethereum and XRP are relatively stable in US Dollar value, while Bitcoin Cash is up 1%. Binance Coin has plummeted another 3.5%, for a total drop of 14% for the last 30 days.

Top Stories for 6th August 2019 🔥

👉 Bitcoin rally triggered by investors hedging against global risk, says CNBC Analyst

CNBC Analyst Tom Lee has heralded Bitcoin as a popular hedge against global risk, as the trade war continues between the US and China.

Both Bitcoin and gold have experienced a recent surge, as the Chinese Yuan tumbled to its lowest levels in over ten years.

This new low has followed President Trump’s new tariffs on additional Chinese imports, which will come into effect next month, affecting another $300 billion of Chinese goods.

👉 Federal reserve to launch a new payment system to compete with crypto

The Federal Reserve System’s Board of Governors has asked that Federal Reserve Banks build a new payment system supporting inter-bank transactions.

The request – found in a press release today – outlines demand for settling payments in real-time, and may be a direct response to the recent rise of cryptocurrency.

The payment system, named FedNow, aims to launch in 2023 or 2024.

👉 Wrapped Bitcoin (WTBC) breaks $1M liquidity on Compound Finance

Wrapped Bitcoin (WBTC) has already reached $1M market liquidity within the Compound Finance platform – all less than four weeks after being made available to users.

WBTC is Bitcoin which is locked and tokenized for operability within the Ethereum ecosystem, making it compatible with decentralized exchanges and DeFi lending platforms.

Each WBTC is backed 1:1 with real Bitcoin, with reserves being verifiable by on-chain audits.

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