Coinbase, Facebook and YouTube Star PewDiePie are Making Cryptocurrency HeadlinesScroll Down
Here are the top cryptocurrency stories of the week:
Facebook Seeks Venture Capital for Cryptocurrency Project According to reports, Facebook is turning toward venture capital companies to help them develop a digital token. While not officially confirmed by Facebook, these same reports believe that the company is seeking $1 billion. The digital token would be a stablecoin tied to a basket of fiat currencies.
Chinese Traders Paying a Premium for Bitcoin As China has officially banned cryptocurrency trading, those in the country who want to acquire Bitcoin amid its recent surge have been forced to pay a premium. To get around the ban, many have been buying stablecoins, which are still legal in the country, and then converting them into Bitcoin, which has led to the premium in price.
PewDiePie to Partner with Blockchain Video Platform Popular YouTuber PewDiePie announced that he would begin streaming on DLive starting April 14. DLive is blockchain-based video broadcasting app that provides rewards for those who create content. The news was little surprising considering PewDiePie has more than 90 million subscribers on YouTube while DLive only has 3 million monthly users on its entire platform, and it comes amid backlash the star has received for supposed ties to white supremacists.
Bitcoin Overbought According to Bloomberg Analyst Mike McGlone, who is an analyst at Bloomberg, said that Bitcoin right now is at its most overbought level since the digital currency reached record highs in December of 2017. He expects that this will likely lead to a downturn. McGlone also noted that the recent surge came from a combination of low volatility and a long-term price compression. In essence, Bitcoin's price was "released from the cage."
Coinbase Offers Debit Card for Customers in the United Kingdom U.S.-based cryptocurrency exchange Coinbase announced that it would be offering its U.K. customers a Visa debit card linked to their Coinbase accounts. This essentially lets them convert cryptocurrency into fiat currency at the time they purchase something with the card. The card will also be available as a mobile app.