TradingView Bug in the Fibonacci Tool Ignored for Years

It appears that TradingView contains a bug in the Fibonacci tool for Elliott waves users.

Nobody in cryto twitter seems to give a shit or to understand how bad the problem is with @tradingview's broken fib tool for people using Elliott waves.I don't care, i know i'm right. Here is how bad it is:https://t.co/2m0bRHENFV@tradedevils @SenseiHov @SenseiTutum
— Cryptoteddybear (@cryptoteddyb) June 13, 2019

The Elliott waves theory basically states that stock markets and aren’t all random and have distinguishable patterns. These patterns come in the form of waves, which an experienced trader can learn to detect in order to foresee the market in the near future. Nowadays, it’s a term more commonly used for the technical analysis used to predict prices in the markets.

In the YouTube video, Cryptoteddybear gives an in-depth explanation of how the tool does linear calculations when in logarithmic charts and why this is such a huge issue for Elliott wave traders.
TradingView has a weird way of fixing issues
Last week, Cryptoteddybear’s tweets were answered by TradingView and the issue is now supposedly being investigated.
It appears however, that TradingView took their sweet time to take action. There were reports about the same bug five years ago. What’s even more interesting is that back in 2017, a TradingView employee responded to yet another publication about the bug. The employee replied:
“Hi, you are right, we have a planned task to fix this. Thanks for bringing this to our attention.”
Cryptoteddybear’s recent tweets and video make it perfectly clear that the issue isn’t solved yet.

Hi there,Thanks for all your tweets We are currently investigating the issue and will get back to you ASAP
— TradingView (@tradingview) June 14, 2019

TradingView is one of the platforms which added the “CIX100” index. The CIX100 is a revolutionary AI-powered index for the top 100 cryptocurrencies and tokens.
AI-powered indexes might sound groundbreaking now, but in about 10 to 15 years, they would probably make up the vast majority of indexes out there. In the near future, trading will be done almost entirely by AIs.
Earlier this month, Coin Metrics revealed the acquisition of the asset index firm Bletchley Indexes. Coin Metrics hopes to use this acquisition to launch crypto smart beta indexes in the near future.
Know More:

CCN Shutdown and the Inevitable Surrender to Google’s Power
Optimistic Crypto Forecasts: The Next Few Years Could be Wild
Clear Message from 2018: Onwards Only the Strong Survive

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Ethereum Price Analysis: ETH/USD Price Ranges Within $258-$227 Levels, Expecting a Breakout

Coinspeaker Ethereum Price Analysis: ETH/USD Price Ranges Within $258-$227 Levels, Expecting a BreakoutKey Highlights:Consolidation is ongoing in the Ethereum market;Ethereum price may break out at $227 level;in case the Bears continue to defend $227 level, sideways movement may continue.ETH/USD Medium-term Trend: RangingSupply Zones: $227, $289, $318, $351 Demand Zones: $258, $245, $225, $191On the medium-term outlook, Ethereum is ranging. There have not been significant increases in Ethereum price for some days due to low Bulls’ momentum and the Bears’ pressure. The coin has been range-bound within the demand zone of $258 and the supply zone of $227.The sideways movement started on June 16 when the bullish momentum pushed up the coin to reach the high of $227 supply zone and the Bears opposed the increase with the formation of strong bearish candle that returned the price to the previous low of $258 level.The 21 periods EMA and 50 periods EMA remain flat within the range showing no specific direction and Ethereum price is trading on and around the two EMAs. This indicates that the sideways movement is ongoing in the Ethereum market. The Stochastic Oscillator period 14 is above 40 levels with the signal lines twisted to each other to indicate sideways movement.The bullish breakout at $227 supply zone is envisaged should the Bulls gain enough pressure and the price may rally to the previous level reached on May 30 ($289). In case the Bears continue to defend the $227 level consolidation may continue.ETH/USD Short-term Trend: RangingETH price is consolidating on the short-term outlook. The Bullish momentum was exhausted at $227 supply zone when the bullish trend was resisted and interrupted by the Bears on June 16. The momentum of the Bulls became low and the pressure of the Bears is not enough to break down the $258 price level. This scenario led to the consolidation movement on the 1-hour chart in the Ethereum market.The coin is hovering over the two EMAs and the EMAs are interlocked to each other, this confirms that consolidation is ongoing in the Ethereum market.Ethereum Price Analysis: ETH/USD Price Ranges Within $258-$227 Levels, Expecting a Breakout

Insurance Giant MetLife Set to Disrupt Life Insurance Using Ethereum Blockchain

Coinspeaker Insurance Giant MetLife Set to Disrupt Life Insurance Using Ethereum BlockchainMetLife, the world’s sixth-largest insurance company that has 90 million customers in over 60 countries and offers insurance, retirement and savings products for 140 years, has decided to use benefits provided by Ethereum’s distributed ledger technology to transform the life insurance claims process.As a rule, life insurance claims process goes along with some issues. Filing a claim can be difficult, as a family after the loss of its member may not even know that the deceased had a policy because of the private nature of life insurance. Being aware of all these issues that families face, MetLife has decided to use the live public Ethereum blockchain to make the claims process less complicated and more transparent, efficient and simple.Within the initiative, MetLife’s Singapore-based incubator LumenLab has partnered with media corporation Singapore Press Holdings (SPH) and insurance company NTUC Income (Income) to roll out Ethereum-based smart contract platform known as Lifechain. As Forbes reports, the aim of Lifechain is to transform the insurance industry as a whole, create new markets, products, and serve a wider range of customers at a lower price.How Lifechain WorksFirst, those families who use MetLife’s services will be informed of the new program and welcomed to participate.In case they agree, Lifechain will encrypt the deceased’s National Registration Identity Card (NRIC) number included in the Death Certificate that is issued by a government database. This number will be placed on the Ethereum blockchain.Then, search for a matching life insurance policy will start on NTUC Income’s databases. If the match is found, Singapore Press Holdings will inform the family members within a day, while Lifechain will send an automatic notification to Income via email to initiate the claims process.The idea seems to be pretty smart. The program will make the claims process much easier for families and demonstrate a way to efficiently use blockchain in different spheres.Zia Zaman, CIO of MetLife Asia and CEO of LumenLab, stated:“The future of distributed ledger technology in life insurance will somewhat depend on public sector involvement. Those jurisdictions and governments that are more innovative will see citizens and policyholders in their jurisdictions benefit from less friction, more fulfilled payments, and a general overall improved experience.”Moreover, the initiative will add to Ethereum’s popularity, which already boasts such companies as Microsoft, Ubisoft, JPMorgan, and IBM already exploiting its network.Insurance Giant MetLife Set to Disrupt Life Insurance Using Ethereum Blockchain

Cloudflare Introduces Ethereum Gateway to Its Distributed Web Gateway Toolset

Coinspeaker Cloudflare Introduces Ethereum Gateway to Its Distributed Web Gateway ToolsetWith the advent of cryptographic technology comes Cloudflare’s fully decentralized Ethereum-powered blueprint. This distributed web-based gateway is another tool in Cloudflare’s Distributed Web Gateway toolset. As a web hosting ecosystem, Cloudflare allows users to host contents on the InterPlanetary File System (IPFS) and access it through their own platform. In the same semblance, this emerging Ethereum Gateway would seamlessly grant Users access to the Ethereum network, which is made available from User’s custom hostname. Powered by Ethereum smart contracts Users with internet access can explore the blockchain without having to download any app whatsoever. Permitting users with low computational device power to cryptographically evaluate gigabytes of data on the fly. Cloudflare’s Head of cryptography – Nick Sullivan, verifies that this scheme would be provisioned free-of-charge, as it “leverages the existing Cloudflare network, which already provides a number of free services.”Cloudflare Distributed Web GatewayCloudflare’s Distributed Ethereum channel, in accordance with the IPFS gateway, provisions sites with engaging features taking full advantage of blockchain smart contracts. The Ethereum Virtual Machine (EVM) initiates a smart contract consensus that fraughts with additional advantages such as speed, transparency, security, and reliability. The system also incorporates a high entropy random number generating system all made possible by this fundamental decentralized framework.Since Cloudflare ecosystem is a multi-dimensional online solution that offers services ranging from web-hosting to cybersecurity as well as a random beacon generator, the company has come together to create a transparent pool of publicly valid random number engendering servers, which can aimlessly spawn 512-bit strings (about 155-digit numbers) at regular intervals.Developed as a stand-alone web dApp to ensure a platform’s uncompromised integrity, the random number beacon lottery systems, government election audits, blockchain consensus, and independent developers can embed this random number outputting software into their applications as a third party app. The League of EntropyAlthough the idea of a random number generator might seem a little off to less technologically savvy individuals. But from a developer’s point of view, access to a transparent source of randomness is crucial for the security and integrity of all apps.The newly-announced Cloudflare League of Entropy is a network of beacons that uses Cryptographically Secure PseudoRandom Number Generator. Comprising of global corporations as Cloudflare, University of Chile, École Polytechnique fédérale de Lausanne (EPFL), Kudelski Security, Researchers from Protocol Labs and EPFL, this consortium jointly provides users with a body beacon service provider.Being a five-server network League of Entropy will generate and make available secure streams of random numbers. Each of five servers will be responsible for generating their own part of a larger stream of random numbers uploading it together on a public service, open to everyone.“This global network of servers generating randomness ensures that even if a few servers are offline, the beacon continues to produce new numbers by using the remaining online servers,” Cloudflare said.Cloudflare Introduces Ethereum Gateway to Its Distributed Web Gateway Toolset

Can Facebook’s Libra Influence the Bitcoin Price?

Coinspeaker Can Facebook’s Libra Influence the Bitcoin Price?Since Facebook released its Project Libra white-paper, people familiar with the matter are speculating on whether this can affect the price of Bitcoin and cryptocurrencies in general. While many crypto experts say that Facebook’s Libra isn’t even a cryptocurrency because of the trust issues Facebook is familiar with, just as many say that this is a very good thing for crypto in general.“You have to trust Facebook that they’re going to hold onto those dollars, they’re going to keep track of the ledger, and that your token’s going to be worth something. You go out, you buy your goods and services on the Facebook platform, whoever else is using it. Maybe Uber somehow is involved. And then you’re left with the Libra tokens that are left over,” said Brian Kelly, Bitcoin expert on CNBC’s “Fast Money”.Brian explains that this is the main difference between Libra and other cryptocurrencies like Bitcoin. With Facebook users need to trust a trusted third-party, which holds user data and personal information, whereas for Bitcoin, users don’t have to trust a third-party with their money and data – they can check the ledger themselves. Bitcoin is trustless.Also, another major difference is that Libra is backed by a handful of government-issued fiat currencies. That could have a political influence on Libra in the case when Facebook’s cryptocurrency is being affected by criminal or similar kind of activity. Libra could potentially be shut down in that case.Most Likely Libra Won’t Affect the Price of BitcoinLibra potentially cannot affect the price of Bitcoin, because it most likely won’t have a direct influence on the cryptocurrency market as such. However, it can help people to learn about crypto as such.Facebook will offer a nice looking wallet app, which will be very easy to use. People will get used to that, and soon as they will realize the impact of Facebook on their data and money, they will potentially start looking for other currencies.They will see the advantage of Bitcoin and most likely, they will start looking into it more. So if we are looking at this situation from this point of view – more Bitcoin users mean more expensive Bitcoin. So, in the long run, we can see an increase in the price of Bitcoin, but directly because of the Libra ecosystem.Facebook’s Libra already is seeing massive oppression by governments around the world. French minister of Finance, Bruno Le Maire recently stated that Facebook’s cryptocurrency “must not be allowed”. Also, German members of the European Parliament and U.S. Republicans have raised awareness to pause the project in order to look into a deeper regulation.Moreover, Libra is just a typical traditional financial instrument in the monetary system we know. Bitcoin is not a competitor, it is a completely different asset with many different pros and, of course, cons. With the major announcement on Tuesday, people already know that a company as big as Facebook, sees cryptocurrencies as something valuable to the global society. This will only generate an easier mass adoption.Can Facebook’s Libra Influence the Bitcoin Price?

Bitcoin Price Could Hit $62K This October, Says Analyst

Coinspeaker Bitcoin Price Could Hit $62K This October, Says AnalystBitcoin started this week with a bang with its price crossing $9000 levels earlier on Sunday, June 16. The Bitcoin price rally restored the confidence among its investors, and more importantly, it has made the crypto heavyweights heavily bullish on its future.Since the Sunday price rally, Bitcoin is consolidating at around $9200 levels. However, popular personalities and analysts from the cryptocurrency industry are setting up new targets for the long term. With the immediate target of $10,000, co-founder of Gemini Exchange Tyler Winklevoss tweeted that it has all the possibilities to go up to $15,000.If bitcoin breaks 10k, you can bet it’s going to break 15k…👍🏻🚀— Tyler Winklevoss (@tylerwinklevoss) June 19, 2019Thomas Lee Expects FOMO To Kick-In Post $10000Thomas Lee, the founder of Fundstrat Global Advisors is extremely bullish on the upcoming price surge in Bitcoin. Lee expects that if Bitcoin crosses the crucial levels of $10000, it will shoot to the moon. According to Lee, Bitcoin can surge at least 200-400% after crossing $10,000 levels. Speaking to Chepicap at the CryptoCompare Digital Asset Summit 2019 in London, Lee said:“To be more clear, we looked at past fear of missing out (FOMO) periods; so when does bitcoin trade within three percent of its historical price levels and that was roughly $10,000 for bitcoin. And looking at the past bull cycles, once you breach that FOMO level, bitcoin typically rallies 200 to 400 percent.”After the launch of Facebook’s Libra currency, Lee believes that Bitcoin will turn more into a reserve currency in the crypto market. He confidently states that we are headed for the next bull market.#Bitcoin is blasting higher, and @fundstrat's Tom Lee tells @seemacnbc that it could hit new highs very soon $BTC pic.twitter.com/IWB2ImsJS8— CNBC Futures Now (@CNBCFuturesNow) June 18, 2019Moreover, Lee also explains why Bitcoin is a good hedge in this uncertain global economic conditions.In a period where: —political tensions escalate between US and China, —global equity markets fall sharply—VIX largest spike in many months—global yield curves flatten/invert#bitcoin has RISEN and >$6,000Crypto showing its value as an uncorrelated asset.— Thomas Lee (@fundstrat) May 9, 2019Bitcoin to Hit ATH of $62,000 This OctoberWell, but if you’re still not satiated by Lee’s predictions, some analysts are giving even a bigger target for Bitcoin. Popular crypto Twitter handle ‘Galaxy’ notes that Bitcoin can hit an all-time high of $62000 in just four months from now. Galaxy makes a historical comparison of the candle set-up during the 2017 bull run.Year 2017 had a similar weekly candle set-up as the one today, which was followed by a 570% price increase over the next 147 days.Another similar price increase puts BTC price at ≈$62K by the end of October 2019. #bitcoin $BTC pic.twitter.com/M7NkHthY2M— Galaxy (@galaxyBTC) June 17, 2019Institutional Interest On A Massive SurgeAccording to reports, there’s a massive uptick in the institutional interest for Bitcoin after the recent price rally. In its Digital Asset Investment Report, Grayscale stated that institutional investors, particularly the hedge funds, have been highly interested in investing in Bitcoins.Citing the public data from Bitcoin Investment Trust (GBTC), Grayscale notes that hedge funds invested less that $1 million in Grayscale’s crypto investment products during the Q1 od 2018. This year after Q1 2019, the investment figure has shot to $24 million.On the other hand, one of the world’s largest Bitcoin derivatives marketplace CME stated that by June 17, the number of open Bitcoin contracts has reached a record $250 million. It shows that there’s an 80% increase compared to the June 2018 figures.CME Bitcoin futures (BTC) shows growing signs of institutional interest. BTC open interest rose by a record 643 contracts in a single day, establishing a new all-time high of 5,311 contracts on June 17 (26,555 equivalent bitcoin; ~$250M notional). https://t.co/I6A3jD6Iq3 pic.twitter.com/ljz6EbvK79— CMEGroup (@CMEGroup) June 18, 2019What can be a better time in the surge for Bitcoin Futures just as ICE’s Bakkt will start testing its futures contracts next month on July 20. This is likely to drive even further institutional participation taking the BTC price to the moon.Bitcoin Price Could Hit $62K This October, Says Analyst

Algorand Blockchain Network Raises $60 Million in Token Auction

Coinspeaker Algorand Blockchain Network Raises $60 Million in Token AuctionAlgorand managed to raise over $60 million in a token sale of its native Algo token. The token sale was held on the Coinlist platform. The entire process was organized in accordance with a Dutch Auction mechanism. This mechanism provides market participants with a possibility to set a uniform price per Algo token. The value of the tokens was established at the level of $2.40.Dutch Auction ModelAs the Algorand Foundation takes fairness and transparency as the core priorities, a Dutch auction is just an appropriate model to support these values. In the framework of this model, the token price is not determined by the company itself. The factors that may influence the pricing policy are supply and demand.The participants on their own choose the price that is comfortable for them to participate in the event. What’s more, those users who have successful bids in a single auction will pay the same clearing price.All the actions that Algorand is planning to conduct are to be held on the Algorand blockchain. Such an approach guarantees 100% transparency and auditability of these procedures.As it was noted by the company’s representative, this “auction was the first implementation of its transparent, innovative economic model,” which is fully compliant with the Algorand’s goal to build a “Borderless Economy.” As Coinspeaker has already reported, to achieve this, the company is building a truly decentralized network based on PoS.The auction coincided with the official launch of Algorand’s MainNet. The platform is able to process 1,000 transactions per second with a latency of less than 5 seconds. Having such a throughput, the network is comparable with global payment networks like Visa and Mastercard.Algo TokensThe auction was the first time when Algos was brought into market circulation. The number of participants is unknown. But it is known that the tokens were sold out in less than four hours though, initially, it was planned that the auction would last for more than five hours.Algo tokens now are not available on exchanges. That’s why there is no information on market capitalization for Algorand. Nevertheless, according to some assumption, it could be around $6 billion.Silvio Micali, the founder of Algorand, noted:“Our focus in the Algorand ecosystem has been to encourage broad and inclusive participation where global users, not a centralized collection of companies, control the network.”As it was previously revealed by the Foundation, they will offer for auctions 600 million tokens per year. So, we can make a conclusion that 25 million Algos that were offered within the first auction is just a small part of the entire quantity. The company is also planning to issue 10 billion Algos within the first five years since its establishment.It’s also worth mentioning that before the auction, the company raised $66 million from venture investors.Algorand Blockchain Network Raises $60 Million in Token Auction

After CBOE Delisted BTC Futures, CME’s Bitcoin Futures Hit Rrecord

Coinspeaker After CBOE Delisted BTC Futures, CME’s Bitcoin Futures Hit RrecordSince in March the Chicago Board Options Exchange (CBOE) announced they were ending its Bitcoin futures products, the Chicago Mercantile Exchange (CME Group) has seen a huge flood of bitcoin derivatives volumes.In May, CME’s bitcoin futures surpassed 33,000 contracts ($1.3 billion notional value) in one day. Also, CME’s open interest for its bitcoin derivatives positions smashed an all-time record high of 5,190 contracts. Bare in mind that June volumes are just starting to pick up and so are contracts in July.CME Bitcoin futures (BTC) shows growing signs of institutional interest. BTC open interest rose by a record 643 contracts in a single day, establishing a new all-time high of 5,311 contracts on June 17 (26,555 equivalent bitcoin; ~$250M notional). https://t.co/I6A3jD6Iq3 pic.twitter.com/ljz6EbvK79— CMEGroup (@CMEGroup) June 18, 2019This huge rise came probably as a result of increased institutional investment coming into the market in the last quarter. The truth is there happened huge developments in the crypto space over the last few months: Bitcoin climbed to $9K, Facebook stepped into the blockchain space and Fidelity launched their crypto custodian service.Analysts find this record quite important because for many years the crypto market had been driven by retailers in an unregulated environment, which lacked the legitimacy and liquidity to tempt in bigger players from the traditional financial space. Even though the arrival of institutional investment is regarded as a huge advantage for the crypto market, it is also more than likely to cause an increase in CME gaps and forced liquidations that have an overriding effect on BTC price volatility. At the time of writing Bitcoin price was up by 1.08% to $9,255.87.In addition to the record numbers, CME Group published a new report on June 5 analyzing of the CME CF Bitcoin Reference Rate (BRR). The report explains how the BRR system works and how the bitcoin-based index avoids manipulative practices and gives an accurate representation of price.The report says:“There is liquidity in the BRR, in the 1 year to March 2019, over USD 3 billion worth of bitcoin trades were executed, over 1.8 million trades were included in the BRR based on a total of 607,000 bitcoins traded, this shows credibility in the computation of the BRR.”CBOE, on the other hand, was the very first exchange in America which had listed Bitcoin futures one year and six months ago.During its launch, CBOE Global Markets’ then-COO (Chief Operating Officer) and President Chris Concannon had stated how they thought derivatives would bring about changes in the conventional finance sector and accelerate the acceptance of digital currencies.While CME is noticing increased interest and positions, the Cboe Global Markets settled its last bitcoin futures contracts yesterday, 3 p.m. Chicago time.After CBOE Delisted BTC Futures, CME’s Bitcoin Futures Hit Rrecord

EOS Price Analysis: Bulls Protecting Key Support, More Gains Likely

EOS price tested the key $6.650 support area and recently climbed higher against the US Dollar.
The price is currently trading nicely above the $6.80, but facing hurdles near the $7.000 and $7.100 levels.
There is a major bullish trend line forming with support near $6.750 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
The pair could consolidate in the short term before the next move either above $7.100 or below $6.650.

EOS price is trading in a positive zone above $6.650 against the US Dollar, but struggling vs bitcoin. The price could gain momentum once it clears the $7.000 and $7.100 resistances.
EOS Price Analysis
In the past few sessions, there were corrective moves in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price climbed towards the $7.400 and $7.500 resistances levels. However, it failed to continue higher and corrected below the $7.000 support. The price even broke the $6.750 level, but the $6.650 level acted as a strong support.
The price is currently holding the $6.650 support area and the 55 simple moving average (4-hours). It recently corrected above the $6.900 level, and the 23.6% Fib retracement level of the downward move from the $7.285 high to $6.649 low. However, the upward move was capped by the $7.000 resistance area. Moreover, the 50% Fib retracement level of the downward move from the $7.285 high to $6.649 low seems to be acting as a resistance.
On the downside, there is a decent support forming near $6.800. There is also a major bullish trend line forming with support near $6.750 on the 4-hours chart of the EOS/USD pair. If there is a downside break, the price might retest the $6.650 support. If there are more losses, the price could extend decline towards the $6.300 level.
On the upside, the main resistances are $7.000 and $7.100. An intermediate resistance is the 61.8% Fib retracement level of the downward move from the $7.285 high to $6.649 low. If there is an upside break above the $7.100 level and a connecting bearish trend line, there could be a strong rally.

Looking at the chart, EOS price could trade in a range below the $7.000 and $7.100 levels in the short term. Once it completes a consolidation pattern, it could either rally above $7.000 and $7.100 or it might start a downside extension below $6.650.
Technical indicators
Hourly MACD – The MACD for EOS/USD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently just below the 50 level, with a minor bearish angle.
Major Support Levels – $6.750 and $6.650.
Major Resistance Levels – $7.000 and $7.100.
The post EOS Price Analysis: Bulls Protecting Key Support, More Gains Likely appeared first on Live Bitcoin News.

Senate Schedules July Crypto Hearing on Facebook’s Libra Coin

Coinspeaker Senate Schedules July Crypto Hearing on Facebook’s Libra CoinUS Senate Banking Committee announced they will be holding a hearing next month to question witnesses over Facebook’s new cryptocurrency initiative, Libra.The hearing, called “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations,” is set for July 16th, but the committee has yet to decide who exactly will be testifying.The hearing should be based on investigating the Libra project “as well as any data privacy considerations it may raise.” While no witnesses have been formally announced, a source told Reuters that Facebook’s point man on blockchain, David Marcus, can be expected to testify at the hearing. He recently said:“The network will be available globally when it’s ready, and then it’s up to individual wallets to decide whether to go global or focus on specific countries. Facebook is now in the process of obtaining the appropriate licenses … in order to operate in as many geographies as we possibly can.”Just for a reminder, Facebook is working with 27 partners on this project, all of them member of Fortune 500, and its subsidiary Calibra is set to launch a Libra wallet on Messenger, WhatsApp, and another standalone app in 2020.First country they choose to start work in will probably be countries where banking and money-transfer services often come with exorbitant fees and where Facebook serves as the primary portal to the internet for millions of people.After the news about hearing was announced, senator Elizabeth Warren tweeted:Facebook has too much power and a terrible track record when it comes to protecting our private information. We need to hold them accountable—not give them the chance to access even more user data. #BreakUpBigTech https://t.co/eQr06VMMyx— Elizabeth Warren (@ewarren) June 19, 2019Sen. Josh Hawley said that it seems like Facebook is expanding their monopoly with its new cryptocurrency project. He said:“We need to see exactly what their specific proposals are, but I’m very concerned about Facebook’s behavior on a range of fronts. I’m concerned about their size, I’m concerned about their anti-competitive conduct, I’m concerned about their rampant violations of privacy.”He added that there needs to be an antitrust investigation and that in the meantime, if it’s just a fine of a few billion dollars, that’s a speeding ticket to Facebook.Jerome Powell, chairman of the U.S. Federal Reserve, confirmed that Facebook met with the central bank in the run-up to the reveal of its Libra cryptocurrency.He was a little bit more gentle on the company saying there is a long way for potential effects on monetary policymaking to happen and “digital currencies are in their infancy.” He said:“So essentially…not too concerned about the central banks no longer being able to carry out monetary policy because of cryptocurrencies or digital currencies.”Senate Schedules July Crypto Hearing on Facebook’s Libra Coin