Day: May 20, 2019

SEC Still In Information-Gathering Mode Regarding Bitcoin ETF

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The United States Securities and Exchange Commission (SEC) is “still in information-gathering mode” regarding a bitcoin (BTC) exchange-traded fund (ETF), the managing director of ETF.com told CNBC on May 20. Dave Nadig, managing director of а leading authority on ETFs, delivered his comments on the issue during an interview with the ETF Edge show. Nadig said: “It is clear the SEC is still in information gathering mode. […] Technically, there are deadlines, but honestly they [SEC] can do what they want, they can kick this down the road until they…

Low Turnout Hinders MakerDAO Vote to Decrease Stablecoin Stability Fee by 2%

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The vote to decrease stability fee for MakerDAO’s Ethereum blockchain-based decentralized stablecoin Dai has failed, according to the voting results published on May 20. The vote about whether to decrease the fee by 2% to 17.5% per year started yesterday, May 19. MakerDAO is looking to change the yearly stability fee in an attempt to improve the token’s peg to the U.S. dollar after its exchange price has been hovering above $1. The stability fee is a charge levied by Maker participants when DAI is used for loans. Voters failed…

Dutch Bank ABN AMRO Launches Blockchain Inventory Tracking Platform ‘Forcefield’

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Dutch bank ABN AMRO announced that it is launching a blockchain inventory tracking platform dubbed Forcefield in a press release published on May 17. Per the announcement, the platform is an Internet of Things solution that allows the monitoring of physical trade inventories with sensors and near-field communication chips. Forcefield was developed over the past year as a stand-alone product and became an independent company following a successful proof-of-concept that was conducted with consulting firm Accenture. The bank claims that the system can lead to more secure physical handling processes…

US Tax Authority Prioritizes Issuing Guidance on Cryptocurrencies

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The United States Internal Revenue Service (IRS) has prioritized issuing tax guidance on cryptocurrencies, according to a May 16 letter. The letter from the IRS comes in response to a request from 21 representatives in Congress, including Rep. Tom Emmer, to provide clarity on reporting taxes on cryptocurrency holdings. In the letter to the tax authority, the representatives then claimed that there is still “substantial ambiguity on a number of important questions about the federal taxation” of the emerging type of asset. In the new addressed to Emmer, IRS Commissioner…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 20

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. Bitcoin rallied about 101.55% between April 2 and May 14. This sharp rally after a long bear phase surprised many, including us. Analysts at JPMorgan Chase have said that, after the rally, Bitcoin is trading above its intrinsic value. They find some similarities in…

Is Bitcoin (BTC) Overvalued? Many Analysts Say It Is

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BTC Well Above “Intrinsic Value” For some reason, this Bitcoin (BTC) rally has been met with cynical teardowns by many analysts, who state that the cryptocurrency market remains overvalued, despite the 80% drawdown and then 100% recovery off its lows. As reported by Ethereum World News previously, in a recent research note from JP Morgan, it was explained that Bitcoin is trading above its “intrinsic value”. The note (seen below) suggests that the cryptocurrency’s “intrinsic value” is the estimated cost of production per unit or mining costs. In fact, JP Morgan’s…

US SEC Postpones Verdict on VanEck ETF Application, Again

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The United States Securities and Exchange Commission (SEC) has delayed its decision on the VanEck bitcoin (BTC) exchange-traded fund (ETF) proposal, according to an official SEC filing on May 20. The SEC has added a 35 day period for gathering more information and opinions on the proposal, which was initially filed by the Chicago Board Options Exchange (CBOE) last year. In January, CBOE withdrew its request for a rule change when the U.S. government shutdown decreased the SEC’s operational abilities, then subsequently reapplied on January 31 after the government shutdown…

Austrian Fiber Producer Lenzing to Launch Blockchain-Enabled Tracking in 2020

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Major global fiber producer Lenzing will implement blockchain tech to bring more transparency to its fiber supply chain, the firm announced on May 17. Headquartered in Lenzing, Austria, the fiber manufacturer partnered with Hong Kong–based blockchain firm TextileGenesis to incorporate the technology in its fiber business TENCEL. According to the press release, Lenzing expects to launch its supply chain traceability platform in 2020, while in the near future, the company will test the technology along with all the involved chain participants. Lenzing decided to deploy distributed ledger technology (DLT) following…

This Coinbase-Backed Cryptocurrency Surged 75% in a Single Day

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By CCN: The cryptocurrency market has been awash in bearish sentiment on Monday, with Bitcoin failing to maintain the $8,000 mark and most of the other top 20 coins moving in a sideways or downward trend. Nonetheless, one lesser-known crypto token isn’t intimidated by the market gloom, and it took advantage of one concrete announcement and one wild rumor to surge more than 75% in a single day. Ethereum Scaling Project Rallies More Than 75% The Matic cryptocurrency exploded by as much as 76% on Monday. | Source: CoinMarketCap Matic…

White Hat Hackers Earn $32,000 for Finding Crypto Security Exploits in Last Two Months

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White hat hackers have earned $32,000 in bounties over the last two months by reporting security holes in crypto and blockchain projects, according to a report by Hard Fork on May 20. This lump sum of over $30,000 was distributed by 15 firms from March 28 to May 16 and documented in 30 public bug reports, per the article. The rewards for a single discovery can differ depending on how damaging the exploit is. Hardfork noted that most of the bounties awarded by blockchain-driven firm OmiseGo were around $100; EOS…