Day: October 7, 2018

ICO’s could boost economy and create jobs says head of South Korea blockchain association

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The head of Korea’s leading blockchain association said that the government can create new jobs and boost the economy if it allows start-ups to issue ICOs (initial coin offerings) and rolls back regulations on cryptocurrencies. “The government should implement guidelines to nurture the domestic blockchain industry, which will help Korea emerge as a global industry leader,” said Chin Dae-je, the chairman of the Korean Blockchain Association, during a seminar co-hosted by the association and other blockchain supporters at the National Assembly Library in Yeouido, western Seoul, last Tuesday.  Chin, who…

Inside the Wall Street Tool that Could Ruin Bitcoin [Pt. 2]

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Note: This is part 4 in a multi-part article series exploring rehypothecation and commingling in bitcoin and other cryptocurrency markets. Part 1 and part 2 are interviews with Caitlin Long and parts 3 and 4 ask the question, “How did we get to a place that where laws look like this?” The Problem with Clearing Beyond costs to the issuers themselves, this system has resulted in a huge rise in brokerage costs with over $100 billion in post-trade servicing fees every tear. Finally, there’s the issue of ownership, something that…

Charlie Lee to Roger Ver: It’s Hypocrite to be Offended by the Term “Bcash” While Using the Term “Bitcoin Core”

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While debating with Roger Ver, the creator of Litecoin, Charlie Lee had the opportunity to touch on the “rivalry” between the Bitcoin (BTC) and Bitcoin Cash (BCH) communities. After playing several topics – such as the importance of Lightning Network – Charlie was able to confront Roger about his way of promoting the most popular altcoin among all Bitcoin forks. For Charlie, the fact that Roger renames Bitcoin as Bitcoin Core and then complains that the Bitcoin community refers to his project as Bcash is hypocritical. And so he kindly…

Bitcoin Price Close to Bottom, Will See $10,000 this Year: Analyst

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The cryptocurrency market capitalization has dropped by $575 billion since its all-time high, and the bitcoin price has dropped by two-thirds since it peaked near $20,000. But a hedge fund manager believes the trend is about to reverse. Spencer Bogart, partner at cryptocurrency and blockchain venture firm blockchain Capital, predicted a bullish retracement for bitcoin and the rest of the cryptocurrency market on CNBC’s “Fast Money.” According to him, the recent week’s development in crypto-market could be the main reason why “bitcoin is close to bottoming.” After a flood of…

Major Crypto Exchange Bitfinex Secures Services of HSBC, Can it Last?

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On Oct. 6, Larry Cermak, former editor at Diar and head analyst at The Block, reported that leading crypto exchange Bitfinex obtained a banking partner in HSBC, a $133 billion banking giant based in London. “Bitfinex is now banking with HSBC through a private account of Global Trading Solutions. Very good fit if you ask me. It’s also worth mentioning that all EUR, JPY and GBP deposits are paused but Bitfinex ‘expects the situation to normalize within a week’” Cermak said. Why is HSBC Accommodating Bitfinex? As one of the…

Blockchain Startup Enters Sponsorship Deal with British Masters

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A blockchain startup is going to be an official sponsor for a professional golf tournament in the United Kingdom. LIFElabs, a philanthropy-based crypto company, has entered into a sponsorship deal with the Sky Sports British Masters tournament, which is scheduled to begin next week. The partnership would mark LIFElabs as the first digital currency firm that backed a mainstream golf tournament alongside major corporations including Adidas, TaylorMade, and Ladbrokes. LIFElabs says that it will utilize a globally-covered platform like the British Masters to advance the use of its institutionalized LIFEtokens. The…

A surge in the ICO turnover gets regulators in Lithuania thinking

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Lithuania opened its doors to cryptocurrency and all its derivatives including initial coin offerings with no regulations in place. While taking stock of what happened in the last 18 months, the country’s regulators have noted a surge in the ICO turnover that has seen approximately 576 million U.S dollars being invested in Initial Coin Offerings. Due to these large amounts of money flowing through ICOs, all the concerned parties in the country held a meeting to find a way forward concerning ICOs and cryptocurrency at large. One strong point during…

Venezuela Mandates Passport Fees Must Be Paid in Controversial Cryptocurrency Petro

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Venezuelans can only use the state-backed cryptocurrency, the Petro, to pay for passport fees starting next week, the country’s vice president Delcy Rodriguez said in a press conference Friday, Oct. 5. Ahead of Petro’s official “launch” in November, Rodriguez confirmed that as of Monday, Oct. 8, fees for all passport applications will only be payable in Petro, and will cost an increased amount: 2 petros for a new passport and 1 petro for an extension. The average monthly minimum wage in Venezuela, Bloomberg reports, is four times less than the…

Bitcoin Price Intraday Analysis: BTC/USD Undergoes False Breakout

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Bitcoin spent its Sunday reclaiming its support near $6,500 after witnessing a false breakout action yesterday. The BTC/USD, in reality, is stable like it was the previous week. The pair kicked off today by correcting lower from the last short-term upside and false breakout range as discussed in this analysis. It eventually formed lower lows towards 6525-fiat and reversed up to 25-pips in an upside correction action. The price behavior throughout yesterday and today once again confirmed the presence of trading bots on crypto exchanges. However, BTC/USD returned to its…

Bitcoin, Altcoin Prices Shun Volatility Amid Multi-Year Trade Volume Lows

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Bitcoin (BTC) remained stable Sunday, October 7, capping a week of sideways trading as overall exchange volumes reached their lowest level for thirteen months. Market visualization by Coin360 Data from Cointelegraph’s price tracker and Coin360 show BTC/USD hardly moving compared with the same time last week, with daily and weekly movements concluding at around 0.03 percent up and 0.65 percent down respectively. At press time, Bitcoin is trading at around $6,545, slightly up on its position during the first week of September, while seeing volatility topping $1,500 in the intervening…