Day: November 29, 2018

BCH/USD Bulls Aim at $300, BCH SV to Follow Suit

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Latest Bitcoin Cash News The war is over and we all know Bitcoin Cash lost. After 14 days of hard knocks, Bitcoin Cash ABC—the main version proposed by Bitcoincash.org, is now half of what it was. While the capitulation drove it to new lows, Craig Steven Wright—whom many accuse of being a professional conman and a faketoshi mostly because he can’t code, won. His new coin—BCH SV— which he claims will be used by one billion people in the coming years as the network is business ready is now worth…

Galaxy Digital Lost $136 Million in the First Three Quarters of 2018

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Mike Novogratz‘s crypto investment bank Galaxy Digital has lost $136 million in the first three quarters of 2018, Bloomberg reports Nov. 28. According to Bloomberg, Galaxy Digital’s realized and unrealized losses in Q3 amounted to $41 million, which when combined with the results of previous quarters, amounts to the firm being out $136 million so far this year. The firm’s share price also dropped to a record low after tumbling 55 percent this month. Founded earlier this year, the company explained that the losses were mainly due to tumbling prices…

Zug Court Shuts Down Swiss Off-Grid Mining Firm Envion AG

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The cantonal court of Zug, Switzerland has shut down cryptocurrency mining firm Envion AG for an alleged unauthorized Initial Coin Offering (ICO), German news outlet Handelsblatt Global reported Nov. 28. Envion was established in Switzerland by Michael Luckow and Matthias Woestmann as an off-grid mining company that claims to use decentralized, clean energy like hydroelectric and solar to power its mobile mining units. Envion reportedly raised around $100 million through an ICO conducted in mid-January of this year. However, the project eventually turned into a fight between the two partners…

Novogratz’s Galaxy Digital Loses Millions After Bitcoin, Ether, XRP Bets

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Bitcoin, Ether, XRP Bets Gone Wrong While Mike Novogratz, is unarguably one of this industry’s foremost players, not even he, a former institutional banker turned Bitcoin diehard, has been safe in 2018’s bearish crypto market. Since crypto-centric merchant bank Galaxy Digital, Novogratz’s brainchild, was listed on Toronto, Canada’s stock exchange (TSX) as GLXY, the startup has been mandated by law to divulge its financial statements. And while regulations regarding public disclosures were made goodwill, such laws have hurt Galaxy Digital over its relatively short history on public markets. Per Bloomberg…

Decentralized Social Media Platform Steemit Lays Off 70% of Staff Following Market Crash

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Social networking platform Steemit is laying off more than 70 percent of its staff due to the cryptocurrency market crash, and is beginning a structural reorganization, according to a Nov. 28 video post by Steemit CEO Ned Scott. Steemit runs a decentralized application on the Steem blockchain, while its system is built around community-driven posting, evaluation, and administering of content. Steemit rewards participants and content in the so-called “attention economy” with the native token STEEM. Per the announcement, the recent drop in cryptocurrency markets has resulted in a decrease in…

Bitcoin Price Could Bottom as Early as December or as Late as February

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Twitter Facebook LinkedIn CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here. According to David Puell, a Bitcoin and market analyst, the dominant cryptocurrency could either reach its bottom by the end of December or within the first quarter of 2019. The $4,300 region, which Bitcoin entered after enduring a 35 percent correction from around $6,600, has been established as a comfortable region for the asset. With resistances stacked up above the $4,300 mark, the analyst explained that…