PayPal might withdraw from Libra, not Bitcoin but Gold is drawing haven demand and Bitcoin hovers around 8,100 USD
Here is your daily overview of important, interesting and market moving crypto news.
PayPal Might Withdraw From Libra Association
The Financial Times reported that one of the founding Libra Association members PayPal is considering leaving Facebook’s crypto project due to the regulatory backlash Libra has received in recent months.
A Wall Street Journal shows that Visa and Mastercard are also considering withdrawing from the project for the same reason.
Calibra CEO David Marcus, addressed the Journal’s report on Twitter, writing that he had “no knowledge of specific organizations’ plans to not step up.”
Gold is drawing haven demand not Bitcoin
Based on a Holger Zschaepitz analysis, the probability of the U.S. economy falling into a recession next year is now greater than 40 percent.
Meanwhile, gold has risen from $1,460 to $1,500 per ounce in the last 48 hours. Bitcoin, however, has been largely trapped in a $8,200–$8,500 range since Tuesday.
The lack of demand for bitcoin as a safe haven asset contradict the argument often put forward that the cryptocurrency is digital gold.
Bitcoin hovers around 8,100 USD
After dipping to 7,700 USD at the beginning of this week, Bitcoin’s price recovered itself to 8,500 USD. Another move downwards causes Bitcoin to be traded around 8,100 USD at this moment.
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