Day: August 7, 2019

Gray Crypto Lines Keep Israeli Investors Trapped without Support from Banks

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The Israeli crypto investor Ron Gross happens to be one of the early users of Bitcoin (BTC)trade. Embracing Bitcoin as early as 2011, Gross has amassed a fortune for himself from the overwhelming rise of Bitcoin over the years. Like every law-abiding citizen, he reports his income and pays his tax accordingly. That was until late 2017 when banks got scared of the increasing illicit activities emanating from the crypto sphere. To protect themselves, Israeli banks withdrew into their shells, freezing some investors’ accounts and closing down others. Gross explained…

Standard Chartered Makes Letter of Credit Transaction Using Blockchain

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London-based bank and financial services firm Standard Chartered has completed its first cross-border blockchain letter of credit transaction in the oil industry with Thai state-owned oil giant PTT Group. On-chain letter of credit Standard Chartered announced that it has successfully executed a pilot letter of credit (LC) transaction for PTT Group, PTT International Trading Pte Ltd and IRPC Public Company Limited over the Voltron blockchain platform in a press release published on its website on Aug. 7. Per the release, oil companies are often reliant on letters of credit as…

Keep 1-5% Portfolio in Bitcoin, Pompliano Tells Investors

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Investors are irresponsible if their portfolios have no exposure to bitcoin, according to Anthony Pompliano of Morgan Creek Digital Assets. The co-founder & partner said in his latest “Off the Chain” podcast that it makes sense for fund managers and investors to keep 1 to 5 percent of their capital in bitcoin. He explained that the cryptocurrency is presenting itself as the perfect global hedge in times of economic uncertainties. That should prompt investors to take notice as their investments in the mainstream markets threatens to shrink any further. “We…

Coinbase ‘Incompetent,’ But No Fraud in Bitcoin Cash Launch

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A San Francisco judge cleared Coinbase of fraud, but slammed the exchange for its ‘incompetent’ handling of the BCH launch. Source: Shutterstock The Northern District Court of California has slammed Coinbase’s ‘incompetence’ over its controversial Bitcoin Cash launch in 2017. The court denied a renewed motion by the company to force arbitration against plaintiff Jeffrey Berk, but dismissed allegations of fraud against Coinbase. “Moreover, while the factual allegations paint a compelling picture of an incompetent launch by Coinbase, the complaint does not outline a coherent account of fraud by Coinbase,…

Amazon Wants to Build a Blockchain for Ads, New Job Listing Shows

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Amazon is looking to hire a software development engineer to develop an advertisement blockchain. Amazon works on an advertising blockchain Amazon posted a job offer on LinkedIn for a software development engineer for its Colorado team, who is supposed to work on an advertisement blockchain. The online retail behemoth aims to grow its advertisement business by leveraging its online retail data, industry-leading cloud services, and a fast-moving startup culture. The post declares: “Our new team in Boulder, CO is looking for a Sr Software Engineer to work within our Advertising…

South Korea to Bring Crypto Exchanges Under Direct Regulation

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The Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission has revealed plans to bring cryptocurrency exchanges under its direct regulation. On August 7, Business Korea reported on the FIU’s decision to shift away from its current practice of regulating crypto exchanges indirectly by providing administrative guidance to domestic banks. A shift away from indirect regulation In order to bring crypto exchanges into the country’s regulatory system, an FIU official revealed on Aug. 6 that the South Korean government will introduce a crypto exchange licensing system, as recommended by…

Analyst: Walmart’s Cryptocurrency May Create Less Political Friction than Facebook Libra

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Cowen Inc., an American multinational independent investment bank and financial services firm, has recently asserted that the retail giant Walmart’s efforts to find a way of launching and utilizing its own digital coin may generate less political friction compared to Facebook’s Libra. Cowen added that Walmart’s cryptocurrency might attract individuals who do not wish to conduct business with conventional banks. Facebook Inc’s Libra has already been suffering various political obstacles in the U.S. Several members of Congress including Congresswoman Maxine Waters (D-CA), the Chairwoman of the House Financial Services Committee,…

Industry Insider Believes Bitcoin is a Speculators Haven

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Marcus Swanepoel, CEO of Luno, believes that contrary to the prevailing view that Bitcoin is a safe haven asset, it is actually just a speculative asset that offers irrational returns as well risk. Luna is a cryptocurrency exchange in the United Kingdom that raised funding from the likes of Naspers and Digital Currency Group, as reported by Reuters, August 6, 2019. The Debate Drags On Correlation between Bitcoin and stocks has been negligible historically, making a compelling case for it during the portfolio construction process. Fund managers at pension funds,…

This Chart Shows You the Perfect Moment to Buy Bitcoin

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A key technical indictor acurrately predicts the best moments to accumulate bitcoin. Source: Shutterstock It’s easy to get scared away by the daily volatile movements of bitcoin. Over the weekend, bitcoin jumped 20 percent in a matter of days. Since then, BTC shed over $1,000 before recovering slightly again. It’s a volatile market. But zoom out for a moment and you’ll see the bigger picture. This chart, shared by on-chain analyst Willy Woo, pinpoints the best windows of opportunity to buy bitcoin for the long term. Using what’s called the…

ECB Says It’s Ramping Up Crypto Surveillance to Include Off-Chain Data

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The European Central Bank (ECB) says the “central banking community” will refine its monitoring of cryptocurrency transactions, both on- and off-chain. In an Aug. 7 report entitled “Understanding the crypto-asset phenomenon, its risks and measurement issues,” the ECB argues that “closing the data gaps associated with crypto-assets” continues to pose a significant challenge for regulators and financial institutions. ‘Closing data gaps’ for crypto asset monitoring The report argues that the risks and “spillover effects” of crypto assets to the “real economy,” depends on the extent that the two spheres are…