Day: September 19, 2018

German Finance Minister Doubts Crypto Can Currently Replace Traditional Currencies

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Germany’s Finance Minister Olaf Scholz doubts that cryptocurrencies can currently replace traditional fiat currencies, Cointelegraph auf Deutsch reports today, September, 18. “I would doubt today, whether it has a perspective as a currency model, ” said Scholz at a “citizens dialogue” at the German-Dutch Army Corps in Münster. Scholz compared cryptocurrencies to the tulip fever bubble in the Netherlands in the 17th century saying, “and the danger is great that there will be such a tulip inflation.” Scholz said that the necessary computer processes for the mass implementation of cryptocurrencies…

Bitcoin (BTC) Price Watch: New Bullish Channel Forming

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Bitcoin Price Key Highlights Bitcoin price is forming higher highs and higher lows inside an ascending trend channel on the 1-hour chart. Price just bounced off the channel bottom and may be due for a test of the resistance at $6,600. There are nearby inflection points at the mid-channel area of interest as technical indicators reflect a rally slowdown. Bitcoin price is slowly trending higher in a short-term ascending channel, possibly setting its sights on the very top. Technical Indicators Signals The 100 SMA is above the longer-term 200 SMA…

Brazil’s Antitrust Agency Launches Probe Into Major Banks Regarding Crypto Trade

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Brazil’s antitrust regulator is reportedly inspecting six major national banks for alleged monopolistic practices in the crypto space, Reuters reports September 18. Brazil’s antitrust regulator, the Administrative Council for Economic Defense (CADE), which operates under the Ministry of Justice (MJ), has purportedly launched a probe on Tuesday to find out whether the country’s largest banks closed the accounts of brokerages trading in Bitcoin. According to Reuters, the investigation by the CADE was initiated on the request of the Brazilian Blockchain and Cryptocurrency Association (ABCB) following several complaints. One alleged that…

New York University to allow students major in cryptocurrencies

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There’s been a major boom in the number of colleges across the country letting students study cryptocurrencies, like Bitcoin, and the technology that makes them possible. CBS2’s Clark Fouraker checked out New York University, the first university in the nation to let students major in the new financial tech. Inside the Stern School of Business, the Bitcoin wave has taken hold. Professors had to move their class about cryptocurrencies and the blockchain technology they’re developed with to a bigger room. “We hope to establish a groundwork so that the students can understand what’s really happening under the hood, so that they…

Nasdaq To Acuire Startup Cinnober, Board Makes Recommendation

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Major Wall Street mainstay Nasdaq is reportedly following the lead of its peers in seeking ways to slowly enter the cryptocurrency space, and has made an offer to acquire a crypto-friendly fintech startup based in Stockholm, Sweden. Nasdaq Moves to Acquire Cinnober in $190 Million Deal One of the world’s largest stock exchanges, Nasdaq, has announced that its made a public offer to Swedish fintech solutions firm Cinnober. Cinnober is a “leading provider” of exchange and real-time clearing technology, and their services include a “high performance trading and post-trade solution” for…

UK Treasury Committee Calls for End to ‘Wild West Situation’ in Crypto Market

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The U.K. Treasury Committee is calling for cryptocurrency regulations in order to protect investors, the BBC reported September 18. The committee of Members of Parliament (MPs) in the House of Commons has reportedly called for a resolution to certain issues surrounding digital currency such as listing price volatility, poor consumer protection, the risk of hacker attacks, and money laundering. As the BBC reports, the Committee also urged the Financial Conduct Authority (FCA) to supervise cryptocurrencies, though presently the FCA is not legally enabled to regulate either issuers of digital assets,…

XRP Adds 20 Percent without CoinBase, SEC Support

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The last week has been an eventful for XRP and Ripple the company. Straight from releasing an upgrade of their Ledger to Sargar hinting of xRapid launch in the next month or so, XRP bulls are on overdrive and up a massive 20 percent in the last day. Needless to say, it appears as if XRP prices are bottoming up thanks to yesterday’s high volume rejection of 25 cents. If it stays as it is, then we might see gains above 40 cents confirming last week’s XRP price analysis. XRP…

Former Linkedin Data Executive Joins Coinbase as VP of Data

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Former LinkedIn executive Michael Li has recently joined major U.S. crypto exchange and wallet provider Coinbase as the VP of data, TechCrunch reports September 18. Li started his career at LinkedIn as Director of Business Analytics back in 2011. The expert has been growing his professional experience at the the business and employment-oriented company, working on business analytics and data science. In his LinkedIn post, Li noted that centralized data organization is a “strategic way to get the most value out of data for the company,” claiming that it is…

Majority of Circulating Bitcoins Stored in Investment Wallets

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A majority of circulating Bitcoins (BTC) are stored in investment wallets, according to a new report by cryptocurrency industry and analysis newsletter Diar. The analysis shows that 55 percent of bitcoins are currently kept in wallets that are valued over $1.3 million,  constituting balances of more than 200 BTC. One third of BTC in those wallets have reportedly never been used in outgoing transactions since the Bitcoin price peak in December 2017, due to “either lost private keys, lowering real supply, or a very strong resolve by cryptocurrency believers.” Per…

Bitcoin Drop Beneficial in Building Market Foundation

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According to Erik Voorhees, the CEO of popular cryptocurrency trading platform ShapeShift, the bear market of Bitcoin is crucial for building market foundation and infrastructure. He explained: “Bear markets are for builders. The calm, the quiet, the disillusionment. While the fickle and fair-weather peer around with nervous insecurity, the builders become the market’s foundation, preparing the mortar and stone of tomorrow’s towers.” Why Corrections Were Historically Important For Crypto Over the past eight years, in 2010, 2012, 2014, 2016, and 2018, Bitcoin recorded five major corrections, with the latest 67…