Fed Chair Speaks of BTC and Gold While Binance Launches Margin Trading

Key highlights

• Fed Chair compares BTC & Gold
• SEC Approves First Two RegA+ Tokens
• Miami Dolphins accepts LTC
• Chinese Police Seize 4,000 Cryptocurrency Miners
• Binance launches margin trading

Fed Chair compares BTC & Gold

In an interesting turn of events this week, Federal Reserve Chairman Jerome Powell said that he can foresee a return to an era where multiple currencies are in use in the United States. During Powell’s testimony before the Senate Banking Committee on Facebook’s planned Libra cryptocurrency, he said “Almost no one uses bitcoin for payments, they use it more as an alternative to gold,” he said Thursday afternoon. “It’s a speculative store of value.

SEC Approves First Two RegA+ Tokens

Slowly but steadily, this week, SEC should sign of moving positively towards cryptos. This week, SEC approved First Two RegA+ Tokens, Blockstack, and Props. This green light from the regulator meant the companies could now raise funds through token sales. Props, a spin-off of influencer live-streaming app YouNow, already raised $21 million in a pre-sale with the likes of Union Square Ventures, Comcast, Venrock, and Casey Neistat and will not be raising any money with the RegA+. Blockstack, on the other hand, is seeking to issue a limited amount of “stacks,” which will allow users to purchase domain names, personal identities, and network traffic on the Blockstack network.

Miami Dolphins accepts LTC

This week, another sports team associated itself with cryptos. And its NFL’s Miami Dolphins. Announced by the Litecoin Foundation this week, the partnership between the NFL team and Litecoin will kick off on Sept. 5 – the start of the 2019 NFL season where the Dolphins will accept Litecoin as their “official cryptocurrency.” With this partnership in place, Dolphins fans, at home games at the Hard Rock Stadium, will be able to pay with Litecoin and bitcoin when buying tickets for the Dolphin’s 50/50 raffle, which gives half of the proceeds to the Miami Dolphins Foundation and its charitable causes.

Chinese Police Seize 4,000 Cryptocurrency Miners

Moving across the Eastern countries, this week saw some bad news coming from China. Police in Jiangsu, an eastern-central coastal province in China, seized 4,000 miners that were being used to illegally mine cryptocurrency at nine different factories. The police launched an investigation after a local power firm reported an abnormal electricity consumption spike that led to an energy loss of about $3 million.

Binance launches margin trading

Another service addition but Binance to enhance its offerings and its margin trading. In a company announcement, Binance CEO Changpeng “CZ” Zhao said that the new platform will serve to amplify “trading results of successful trades.” Using the new Margin Trading platform, users can leverage their digital assets in order to borrow funds from Binance. They can then trade the borrowed money — a practice that comes with high risk but also allows for amplified profit potential.

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