It was quite an exciting week last week for crypto enthusiasts. Bitcoin has been steadily growing and finally surpassed $10000 for the first time since March 2018. Bitcoin is currently trading at $11365. The overall crypto market capitalization reached over $300 billion. If Bitcoin manages to stay above $10000 long enough there is no resistance and it could easily climb up to $12000 or even $15000. Congratulations to everyone for surviving the long bear market throughout the 2018.
According to CoinMetrics.io Bitcoin has passed another interesting milestone. There are now over a million daily active Bitcoin addresses for the first time since November, 2017. However this doesn’t mean there are one million active Bitcoin users. The addresses define the number of unique “from” or “to” addresses being used in a single day.
Last week Facebook’s Libra coin has been in the center of attention immediately after its announcement on the 18th of June. According to crypto community Libra is not a cryptocurrency, instead it is digital currency aiming to solve the problem of the 1.7 billion unbanked people in developing countries. Since Libra will be centralized it is required by law to censor transactions. Therefore Libra is competing with central banks and retail banks. Lawmakers have already expressed their concerns about Libra and want Facebook to halt developments of Libra until regulators examine the issues and take action. Many have also been questioning Libra that whether it is a humanitarian project to bank the unbanked or is it just a fight for survival as Facebook usage starts to drop. Whichever it is once Libra launches it will reach 2.4 billion users of Facebook, Instagram and WhatsApp exposing many people to digital currencies for the first time which according to many industry experts will eventually expand the real cryptocurrency users.