What’s Happening in Crypto:
Crypto moved aggressively higher over the weekend with most outlets blaming the action on media reports around Facebook's GlobalCoin (chart). Bitcoin (BTC) and Bitcoin SV (BSV) are now the best performing in the Top 10 over the last 7-days, up +17.9% and +21% respectively.
Why Facebook Coin Matters:
The weekend media reports and speculation accelerated about Facebook's long rumored - GlobalCoin. The Coin's Libra Association began to be named ahead of the supposed whitepaper release slated for June 18. Over the weekend, the story shifted to scepticism around timing, deliverables, etc...
We'll first say that even in a best-case scenario GlobalCoin is a long way away. A whitepaper is a preliminary step to a protocol launch and often projects completely pivot from initial concepts or never build altogether. Looking exclusively at what is being reported by the media, however, GlobalCoin looks like another centralized ledger this time for a network that Facebook has built out.
If those reports are accurate, it is not surprising that incumbent crypto businesses have been reluctant to participate in something that sounds like the antithesis of the core philosophies of the space.
That said, we take any information circulating right now with a 'grain of salt' and await releases directly from Facebook and the apparent whitepaper.
Cryptocurrencies and Altcoin Prices:
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