Day: May 9, 2019

Bitcoin Should Cross $20,000 Within 18 Months

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Galaxy Digital CEO Michael Novogratz said that he expects bitcoin (BTC) to beat its all-time-high price within 18 months. Novogratz made his remarks during an interview with mainstream media CNN published on May 9. During the interview, Novogratz also said that he believes that $6,000 is probably a stall point, and the next one will be $10,000. Moreover, he expressed the belief that this time, other cryptocurrencies “aren’t going to go up nearly as quickly.” He explained: “The other coins, Ethereum being the next biggest, Ripple…they have to prove use…

BitGo Hires Wall Street High-Frequency Trader as Head of Financial Services

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Blockchain security and cryptocurrency custody firm BitGo has appointed a veteran Wall Street trader as its head of financial services, according to a press release published on May 9. The new hire, Nick Carmi, joins BitGo after a reported 25 years of experience as a financial executive. His most recent role was as Global Head of FICC Business at the high-frequency trading firm Tower Research Capital — founded by former Credit Suisse proprietary trader Mark Gorton. According to a statement from BitGo CEO Mike Belshe, the hire was spurred by…

Crypto Is the Mother and Father of All Bubbles

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Economist and notorious cryptocurrency critic Nouriel Roubini said that “cryptos is the mother and father of all bubbles” at the Salt conference in New York. CNBC reported on Roubini’s declarations on May 9. During the conference, Roubini also reportedly said that bitcoin (BTC) and other crypto assets should not be called cryptocurrencies. According to him, “cryptocurrency is totally a misnomer” since “to be a currency, you have to be a unit of account, valuable and a scalable means of payment.” Roubini also addressed bitcoin’s scalability, stating that while credit cards…

WeChat Banning Crypto Trading is Not a Bad Thing: Binance CEO

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Chinese messaging giant WeChat has banned users from conducting cryptocurrency-related activities. But that could be bullish for the industry, at least according to Changpeng “CZ” Zhao. The Binance CEO said WeChat’s decision to ax crypto-based OTC trading activities was “a classic example of short-term pain, long-term gain,” adding that censorship will eventually attract more people towards the censored. “It is inconvenient for people short term, and they take a hit,” CZ stated. “But long term, it is precisely this type of restriction of freedom that will push people to use crypto. Not…

JPMorgan Overhauls Quroum’s Privacy Architecture With Help From Microsoft

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JPMorgan Chase (JPM) — the United States’ largest bank with over $2.62 trillion in assets — has reportedly rehauled the infrastructure of its blockchain platform Quorum with the help of Microsoft. The development was reported by crypto media outlet Coindesk on May 9. As reported, Quorum is JPM’s private blockchain platform built on the Ethereum protocol. According to JPM head of Quorum and crypto-assets strategy Oli Harris, developers have been working to innovate Quorum’s privacy architecture by replacing its former Haskell-based privacy engine Constellation with the Java-based “Tessera” privacy transaction…

Direct Descendant of Italian Banking Dynasty Medici to Launch Blockchain-Friendly Bank

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A direct descendant of an Italian dynasty that ran a banking empire in the 1400s is launching a new bank focusing on “digital-centric commerce and investing,” according to a news release published on May 8. Prince Lorenzo de’ Medici, president of the eponymous Medici Bank, said he has been motivated by advancements in blockchain technology to start the new venture, which aims to “create seamless, digital customer experiences and expand financial opportunity across global markets.” He argued that little innovation has come from the banking sector ever since his family’s original institution, the Florence-based…

Why Billionaire Investor Expects Bitcoin to Struggle Despite Hitting 2019 High

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Bulls have control over the crypto wheel. In a miraculous move, Bitcoin (BTC) has surged past $6,000 after hitting $3,150 just months prior — a near-100% move in under half a year’s time. For some reason or another, however, analysts are divided about how this strong uptick will play out — in the short-term anyway. Related Reading: Binance Hack Marks 6th Largest in Crypto History, Lost Bitcoin Recouped In 47 Days Bitcoin Finally Surmounts $6,000 Just over 24 hours ago, the cryptocurrency community was shocked when news broke that Binance,…

Bitcoin’s Market Share Hits 8-Month High as Price Passes $6K

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View Bitcoin’s dominance rate has hit 8-month highs, suggesting investor confidence in the recent price rally. A test of highs above $6,500 seen in November last year now seems likely. Such a move, however, may be preceded by a pullback to the 10-day moving average at $5,633 if the immediate resistance zone of $6,055–$6,100 remains intact in the next 24 hours or so. The short-term bullish outlook would be invalidated only by a drop below the 30-day MA at $5,365. Bitcoin’s (BTC) recent rally looks sustainable, according to the charts,…

Samsung SDS Includes Blockchain Within Digital Transformation Framework

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The president and CEO of Samsung SDS — an IT and consultancy subsidiary of the South Korean tech conglomerate Samsung Group — has revealed the firm is including blockchain as one of the key technologies for its “Digital Transformation Network.” The development was revealed during president and CEO Hong Yuan Zhen’s keynote speech at Samsung’s Real 2019 event in Seoul on May 8. In a press release accompanying the event, Samsung outlined that its Digital Transformation Framework aims to leverage technological solutions in support of digital innovation for sectors such…

Bitcoin Stolen in Binance Hack Moved to Seven Addresses

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Proceedings from yesterday’s hack of cryptocurrency exchange Binance have been moved to seven addresses, crypto news outlet The Block reports on May 9. The breach resulted in about 7,074 bitcoins (BTC) — worth nearly $42.8 million at press time — being stolen from the exchange’s hot wallet. The transaction had 44 outputs, 21 of which were native Segregated Witness addresses, and those addresses received 99.97% of the funds. According to The Block, the funds from those 44 addresses have been reportedly since moved to seven addresses, six of which hold…