Day: September 4, 2019

Goldbug Trumpets Bitcoin as Your Portfolio’s Long-Term Bond Killer

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A long-term gold investor sees the precious metal and bitcoin replace bonds in portfolios. | Source: Shutterstock Dan Tepiero, the founder of DTAP Capital and co-founder of Gold Bullion International said that gold and bitcoin will replace bonds as vehicles of portfolio hedge in the long term. Following the noticeable increase in geopolitical risks caused by the trade dispute between the U.S. and China, a growing number of investors have flocked to the bond market, causing bond yield in major markets to drop sub-zero. As CCN reported Tuesday, some strategists…

15 Arrested in China for Allegedly Bribing Internet Cafe to Mine Crypto

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Chinese authorities arrested fifteen men suspected of corrupting an internet café administrator to mine cryptocurrency. Local crypto industry news outlet 8BTC reported on Sept. 3 that police in Henyang, a city in south central China’s Hunan province, arrested the man for cryptojacking. Over 9,000 computer administrators were reportedly involved in helping the unauthorized mining operation. A profitable endeavor The cryptocurrency mined by the suspects in the four months ending in July has been sold for over a hundred million yuan (about $14 million). Local police received a report suggesting that…

Bitcoin Short of Bull Target Despite Five Days of Price Gains

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View Bitcoin’s five-day winning run, the longest in a month, has neutralized the short-term bearish view. A UTC close above the lower high of $10,956 created on Aug. 20 is needed for a bullish revival. Volumes picked up on Tuesday, adding credence to Monday’s triangle breakout on the daily chart. So, a rise to $10,956 may be on the cards. The probability of a move above $10,956 would weaken if the prices drop below key the crucial support at $10,286 on the hourly chart. Acceptance below that level could yield…

BitMEX ‘Congratulates’ Binance on Plagiarizing Its Futures Platform Doc

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The team at Seychelles-registered crypto exchange BitMEX have accused fellow exchange Binance of plagiarizing BitMEX documents as part of its recent futures testnet launch. On Sept. 4, the platform published a sarcastic tweet, stating: “Congrats on the Testnet Futures launches @binance. Glad to see you enjoyed reading our documentation as much as we enjoyed writing it!” The tweet included screenshots of Binance’s overview of the Auto Deleveraging system for its new futures contracts, in which the text is virtually word-for-word identical to that of BitMEX: Screenshots of Binance’s “Overview of Auto…

Bitcoin Price Rebounds to $10,700, Ripple Transfers 500M XRP From Escrow

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While Bitcoin price makes a comeback, XRP community investors warn Ripple overselling the XRP tokens as part of the company’s investments. After last week’s poor performance, Bitcoin is back in action swinging above $10,500 levels. Bitcoin price started gaining momentum since Monday, September 2 and added $1000 over the last 24 hours. The Bitcoin price recovery has given investors a much-needed relief. Moreover, with this price rise, Bitcoin continues to extend its dominance by contributing over 70% of the overall cryptocurrency market cap. There’s no specific reason behind this Bitcoin…

VanEck and SolidX to Use U.S. SEC Exemption Rule to Offer Limited Bitcoin ETF 

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VanEck Securities and SolidX Management have come out with a plan to offer their bitcoin exchange-traded fund (ETF). According to a report by the Wall Street Journal on September 3, 2019, the companies intend to offer a limited bitcoin ETF, using the exemption rule provided by the U.S. Securities and Exchange Commission (SEC).  Limited Bitcoin ETF Investment management firm, VanEck, and fintech company, SolidX, would begin sale of their limited bitcoin trust on Thursday, September 5, 2019. Using the U.S. SEC’s Rule 144A, the firms would circumvent regulatory hurdles provided by…

Dow Futures Explode Higher as Hong Kong Bows to Protestors – CCN Markets

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In a move to appease protesters, Hong Kong is reportedly set to formally withdraw the China Extraditions Bill. Hong Kong shares spiked after the news. | Source: Photo by Lillian SUWANRUMPHA / AFP Dow Jones Industrial Average (DJIA) futures climbed 200 points higher in early trading Wednesday. Optimism returned to the market as Hong Kong leader Carrie Lam bows to protestor demands and restores some calm to Asian stock markets. Lam agreed to withdraw the controversial extradition bill that triggered mass protests across the city this summer. The withdrawal is…

Bitcoin and Ether Market Update: September 4, 2019

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The total crypto market cap added $18 billion to its value since Monday, September 2, and now stands at $268 billion. The top ten coins are mostly flat for the last 24 hours with Litecoin (LTC) and Cardano (ADA) being the best performers with 1.9 and 1.5 percent of increase respectively. At the time of writing bitcoin (BTC) is trading at $10,625 on the Bitstamp daily chart, while ether (ETH) moved up to $180 and Ripple’s XRP climbed to $0.261 BTC/USD After closing the month of August with a 4.3…

Bitcoin Price Now in ‘Early Phase’ of the Next Bull Cycle, Analysts Say

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Bitcoin (BTC) price was testing support at $10,500 on Sept. 4 after its latest move upwards began to stabilize. Market visualization. Source: Coin360 Bitcoin primed for fresh bull market Data from Coin360 showed BTC/USD coming off local highs around $10,750 to float around $10,520 on Wednesday, still up almost 10% versus the start of the week.  Markets reacted warmly to the new gains, which reversed previous bearish sentiment that a further towards $8,000 was imminent.  Bitcoin 7-day price chart. Source: Coin360 Now, in the face of continued technical strength, analysts…

Mega Investment Fund Proposes Money Market Fund with Tokens on Stellar Blockchain

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Franklin Templeton wants to have a go at using cryptocurrencies as a tool for investments in a new fund. This will mainstream cryptocurrencies in general and Stellar in particular. Is this the beginning of the big bang we have all been waiting for? While it may sound like something surreal, Franklin Templeton Investments, which is arguably one of the largest investment funds in the world, has proposed to create a money market fund with the tokens of the fund running off the Stellar blockchain. With over $700B in assets which…