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September 21, 2019
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Crypto Markets Trapped in a Narrow Wedge as Facebook Libra Launches Bounty Program

The cryptocurrency market fluctuated between small gains and losses on Wednesday, as a lack of trading catalysts kept traders on the sidelines. Although some believe that Facebook’s Libra cryptocurrency project may never see the light of day, the social media giant has apparently launched a bounty program that pays researchers for uncovering bugs on the blockchain.

Market Update

The top coins traded mixed on Wednesday, with bitcoin continuing to hover just north of $10,100 in love-volume activity. Altcoins behaved in similar fashion, with Ethereum, XRP and bitcoin cash trading around half a percent from break-even.

At the time of writing, Ethereum was valued at $187.02, XRP at $0.2674 and bitcoin cash at $308.34.

Bitcoin SV, Stellar XLM and Monero – ranked nine through 11 by market cap – each rose at least 1.2%.

The total value of all cryptocurrencies is $263.8 billion, according to CoinMarketCap. In the last 24 hours, the market has fluctuated within $3 billion.

Cryptocurrency markets trade in a narrow range on Wednesday. | Source: CoinMarketCap.

Facebook Libra Launches Bug Bounty Program

As crypto lobbyists try to convince lawmakers that efforts to block Facebook Libra shouldn’t apply to bitcoin and other cryptocurrencies, the social media giant is proceeding as planned with its new blockchain project.

On Tuesday, the Libra Association launched its bug bounty program giving security researchers around the world the opportunity to earn money for external contributions. The Association said it launched its beta bug bounty program shortly after Libra was introduced back in June. At the time, it invited 50 security researchers from the blockchain space to conduct “deep scrutiny of the platform.”

Michael Engle of the Libra Association said:

“Our rewards program is designed to encourage members of the security community to dig deep, helping us find even the most subtle bugs. We want to help our researchers uncover issues while the Libra Blockchain is still in testnet and no real money is in circulation.”

The maximum reward that participants can receive for discovering critical issues is $10,000.

Earlier this week, Hacked reported that two members of the Libra Association are considering backing out of the project over regulatory scrutiny. When Libra was introduced, the project had 28 backers that included Visa, Mastercard, Uber and Spotify.

Facebook is moving ahead with Libra, but has acknowledged that the project may never fully launch. In its latest quarterly filing with the U.S. Securities and Exchange Commission (SEC), Facebook said, “Libra has drawn scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue.” In light of those challenges, there’s a real risk that the project could be put on hold indefinitely.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. Chart via CoinMarketCap.

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