Day: December 26, 2018

Crypto VC Says Bitmain Layoffs ‘Extremely Bearish’ for Bitcoin Cash

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Ongoing layoffs at cryptocurrency mega-firm Bitmain could start a fresh wave of selling in Bitcoin Cash and Litecoin markets, according to prominent crypto investor Kyle Samani. The cryptocurrency-focused venture capitalist said in a tweet that the Bitcoin mining giant is — if rumors are true — running out of money to continue its operations across mining and blockchain development. The financial scarcity has led the Chinese firm to downsize its workforce, reportedly by 50 percent or more. And to further meet its ends, Samani said Bitmain would likely dump its…

Crypto VC Says Bitmain Layoffs ‘Extremely Bearish’ for Bitcoin Cash

boss

Ongoing layoffs at cryptocurrency mega-firm Bitmain could start a fresh wave of selling in Bitcoin Cash and Litecoin markets, according to prominent crypto investor Kyle Samani. The cryptocurrency-focused venture capitalist said in a tweet that the Bitcoin mining giant is — if rumors are true — running out of money to continue its operations across mining and blockchain development. The financial scarcity has led the Chinese firm to downsize its workforce, reportedly by 50 percent or more. And to further meet its ends, Samani said Bitmain would likely dump its…

India may introduce strict crypto rules instead of a complete ban

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The Indian cryptocurrency space has been in a limbo since the country’s central bank directed financial institutions to cut ties with crypto-affiliated companies. But this may change with the Indian financial and legal authorities providing strict crypto rules around digital currencies. A senior official who attended meetings held by the 2nd interdisciplinary committee said that the committee has already held two meetings and: “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on. We will have…

New Indian Governmental Committee Favors Legalizing Cryptocurrencies, Media Reports

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A governmental committee in India has reportedly suggested that cryptocurrencies be legalized in the country, English-language local media TheNewIndianExpress (TNIE) reported on Dec. 26. According to the article, an unnamed senior official who reportedly attended the panel’s meetings on cryptocurrencies stated: “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.” Previous Indian government panel meetings had reportedly suggested a complete ban on cryptocurrencies in the country earlier in December, stating that “any kind of dealing in such currencies…

Markets Remain Checkered After Christmas With Red and Green Across the Board

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Friday, Dec. 26 — crypto markets are tentatively recovering after hefty losses hit all major cryptocurrencies yesterday on Christmas Day. All of the top 10 coins by market cap are seeing mild losses or gains of within a three percent range both red and green, as data from Coin360 shows. Market visualization by Coin360 Bitcoin (BTC) has seen negligible price change over the 24 hours before press time, and is currently trading around $3,804. After a steep price dip yesterday, the coin is stemming further losses and is holding at…

Bitcoin’s Price Will Go Below $3,000, Anthony Pompliano Tells Mainstream Media

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Bitcoin (BTC) still has “lower to go” despite its bull run to above $4,000 last week, Morgan Creek Digital Assets founder Anthony Pompliano told CNBC on Dec. 26. Speaking in an interview, Pompliano, who is also a frequent markets commentator on social media, became the latest figure to claim Bitcoin markets will only bottom out when the price drifts below $,3000. “Short term, I actually think we have lower to go,” he told the network. In November, Pompliano had predicted a plunge to $3,000 for BTC/USD, which subsequently occurred earlier…

Bitmain Firing 80% Workforce is Bad for Bitcoin Cash and Litecoin

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According to several reports, crypto mining giant Bitmain is running out of funds. And it could be bad for Bitcoin Cash and Litecoin. $315.5 million worth of Crypto-Assets Kyle Samani, the co-founder of Multicoin Capital, a crypto fund, warned in a Tweet that Bitmain would liquidate its crypto-assets to accumulate fiat-funds for its business operations. The prominent analyst cited recent media reports that have accused the Beijing company of laying off half of its staff. Among the fired – as reported – is a team that was working on the…

UK banks are afraid of disruption from fintech startups

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According to a new banking report that was published recently, banks in the United Kingdom are worried of disruption from fintech startups. The MoneyLive banking report was compiled by LIVE and surveyed 600 top financial institutions in the country. Many see the startups as a significant threat to their business models. The report sought to find out how traditional financial institutions view the growing presence of services that are provided by fintech startups in relation to their existing customer base and future business prospects. Customer experience and service quality are…

2019 Will See Entry of More Institutional Players in Crypto, Says Asia Fintech PwC Leader

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Henri Arslanian, the Asia fintech and crypto leader of PricewaterhouseCoopers (PwC) Hong Kong, has predicted that many institutional players will enter the crypto industry in 2019. Arslanian made this claim during an interview with Bloomberg published on Dec. 24. When asked about his outlook on crypto for the next year, Arslanian said that he thinks “there’s a lot of exciting things that the crypto ecosystem is looking forward to in 2019.” Arslain explained that he expects the next year to be different from 2018 because of the increasing regulatory clarity.…

Japanese Giant Mizuho Financial Group to Introduce Digital Currency for Cashless Payments

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Japan’s Mizuho Financial Group plans to introduce a digital currency to be used for remittances and payments in March, English-language Asian media Nikkei reports Dec. 26. According to the article, the fees that the retail shops will be required to pay for accepting the currency will be significantly lower than the fees charged for credit card usage. The transfer of funds back and forth between the digital wallet and the bank account will be reportedly free, as will be sending funds to other users. Furthermore, according to Nikkei, the bank…