Cryptocurrency News Today – Headlines for November 6

  • Centralized assets such as DCEP and Libra are affecting the digital currency space
  • DCEP and Libra Could Bring about Efficiency and Transparency in the Marketplace

Cryptocurrency News Today – The fight and pursuit of decentralized money is still on. China is continually making progress in its adoption and use of blockchain technology as well as creating its own digital currency. On the other side, Facebook is also on the verge of launching its crypto project, Libra, but is halted by regulators in the US.

Recently, Charles Hayter – the CEO and Co-Founder of CryptoCompare – addressed the Chinese DCEP and the digital currency project of Facebook – social media giant. Hayter said:

It is the potential impact of these top international players on Bitcoin (BTC) and other digital currencies that most concerns the digital currency community – specifically, whether these moves from central banks and Facebook will help or hinder institutional influx into cryptocurrency.”

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,108.35
-0.44%

Centralized Assets Are Affecting the Digital Currency Space

Bitcoin is a censorship-resistant and permissionless decentralized network. On the other hand, large corporations are the ones operating Libra. Nevertheless, this did not stop market critics from talking about any connection between both assets. Now that the DCEP of China is in the picture, these centralized assets affecting the digital currency space continue to be a major bone of contention.

In the post Hayter published on CityAM, he drew parallels between Libra and Bitcoin (BTC) and the Digital Currency Electronic Payment (DCEP) of China. The CEO of CryptoCompare said:

“Despite the fundamental differences between Bitcoin and centralized digital assets such as Libra or DCEP – in their governance, architecture and price volatility – there exists a strong link between the two classes of assets. On the most basic level, they share the moniker of ‘digital asset’ and are therefore inextricably linked in the minds of the public and the investors alike. Many crypto-natives believe that this connection should not be underestimated and will drive ultimately drive mass retail adoption of Bitcoin and ‘sound money’.”

DCEP and Libra Could Bring about Efficiency and Transparency in the Marketplace

The CEO also said that the CME Group saw an “open interest” on Bitcoin contracts testing an all-time high, not long after Facebook announced the Libra project in June this year. As both DCEP and Libra plan to foray into the digital currency industry, this would potentially bring about efficiency and transparency in the marketplace, Hayter acknowledged.

He admitted that speculating the next phase for BTC and other digital currencies in the emerging industry is notoriously risky. However, he said, “There may be cause for cautious optimism” about already existing digital currencies.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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