weekend in WallStreet

3 years ago Managers from Facebook laughed when I told them they would launch a digital currency “

• Facebook’s announcement of the Libra project is of great interest in the crypto market, although not everyone agrees with it. • Yoni Assia, CEO of eToro and one of the oldest players in the market, believes that “in the long run, Facebook’s currency will greatly strengthen Bitcoin” Three years ago, I intervened with three Facebook executives to launch a digital currency, and then they laughed at it … Facebook is going to turn the crypto into a mass market, “Twitter CEO Yoni Assia said this week. Last Tuesday, when the social media giant, headed by Mark Zuckerberg, announced its digital currency project, Libra, Which we reported extensively this week in “Globes”.

Asia, one of the veteran activists in the Israeli Crypto community, founded Itoro together with his brother Ronen Assia in 2006. Today, the company operates a social network for financial investments in 140 countries, with 10 million registered users. In October, as published by “Globes”, Itoro launched eToroX, an international exchange of cryptographic currencies, which enables, among other things, “stable” digital currencies, (Stablecoins) linked to government currencies (Fiat currencies).

In a conversation with “Globes” this week, Assia spoke about the potential he sees in Facebook’s entry into the crypto market. “Facebook has the ability, as soon as you want, to create a Libra account for 2 billion people – in fact, no financial company in the world has 2 billion customers,” Assia says. “Facebook can become the largest financial body in the world in 3-4 years.”

The Bitcoin is climbing over $ 9,200, and Facebook will launch its own currency.
Market reports that Facebook has signed agreements with MasterCard, Visa, PayPal and Ober, and plans to launch its own digital currency, send Bitcoin to the ups
The Bitcoin is now climbing above $ 9,200 as reports that Facebook is expected to unveil its own digital currency this week, adding to optimism about the wider adoption of digital currencies worldwide.
Last week, details were published that Facebook will launch a digital currency program on June 18, when the company reportedly signed agreements with a number of large companies – including Visa, MasterCard, PayPal and Auber – which are supposed to back up the project. Separately, the Facebook spokeswoman confirmed reports that Ed Bowels, a representative of the banks in England, joins the company, but declined to elaborate.
“The digital currency program may be one of the most important initiatives in the company’s history to open up new involvement and revenue streams,” said RBC analyst Mark Mahany. The analyst, who ranks Facebook in “over-yield”, did not appreciate the potential of the move.
Back to Bitcoin, the digital currency posted an increase of more than 130% in 2019, and the Bloomberg Crypto Galaxy Index almost doubled in the background to a long list of reports of companies looking to deepen their involvement in the field. Some investors said that recent reports that Facebook plans to launch a digital currency in the next few days are pushing people toward Bitcoin.

In anticipation of the opening of trading on Wall Street, here is what awaits us this week
The tensions between the US and China and the global macro data pointing to an economic slowdown will continue to be the focus, as are the questions about a possible reduction in interest rates.
The trading week on Wall Street will open today against the background of the slight declines on the last trading day, while the focus will continue to be the tensions between the US and China and the global macro data that continue to indicate a sweeping economic slowdown.

This week the following data will be published:
Monday, 20:00 The President of the European Central Bank, Mario Draghi, will deliver the opening remarks at the ECB forum in Portugal. Draghi will also speak on Tuesday at 11:00 and Wednesday at 5:00 PM (closing speech).
Wednesday – In the US, the Fed’s interest rate decision will be announced at 21:00.
Friday – European Purchasing Managers’ Indices (10:15) and Germany (10:30)
“There is no expectation of a change in the interest rate, but it is not clear how the Fed’s interest rate forecast will change in terms of growth, inflation and interest rates.” In the previous forecast in March, the Fed spoke of no change in the interest rate This year and one interest rate hike in 2020. It is important to see how many of the Fed’s 17 members expect a rate cut this year, with six out of 17 expecting to expect a cut in interest rates this year, while the long-term interest rate is expected to fall to 2.5 percent from the previous forecast of 2.75 percent “In recent years, the Fed has gradually lowered its long-term interest rate.”
“The capital markets always like drama, and when a narrative takes shape, the capital market usually adopts it to the end in a way that usually leads to an out-shot in both directions.” The dominant narrative over the last few weeks has become the economic slowdown in the US Serious, the trade war intensifies and the risks of recession grow. The solution – the Fed’s interest rate cut that has also recently been traded – FED INSURANCE RATE CUT. In other words, the Fed will act to cut interest rates soon as an insurance act to ensure continued economic expansion.

Scroll Up