Month: October 2019

Genesis Capital Crypto Lending Firm Reports $870M in New Originations in Q3

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The institutional digital asset lending firm Genesis Capital released its Q3 report, which shows a growing demand for cash and stablecoin lending. On Oct. 30, Genesis Capital, a spin-off of over-the-counter cryptocurrency broker Genesis Global Trading, reported that the crypto lending firm saw a sustained growth in the lending business in the third quarter of 2019, where they added $870 million in new originations, breaking the previous record of $746 million set in Q2 2019. Cash and stablecoin loans are in demand The official report noted that at the end…

Canadian Markets Regulator Gives 3iQ Green Light to Offer Bitcoin Fund

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Canadian investment fund manager 3iQ will now be able to offer Canadian retail investors a regulated, publicly-traded Bitcoin (BTC) fund. Bitcoin fund available to retail investors by end of year In an Oct. 30 press release, 3iQ announced that it had received a favorable ruling from the Ontario Securities Commission (OSC) in regard to its closed-end Bitcoin fund, which is expected to be available on a major Canadian stock exchange by the end of the year. In February, Canada’s markets regulator ruled negatively on 3iQ’s proposal to launch its regulated…

Price Analysis 30/10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, TRX, XLM

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Many cryptocurrencies are in a pullback which may be viewed as a buying opportunity. What are the critical levels to watch out for? The sentiment in the crypto markets had turned bullish on the news that Chinese President Xi Jinping has called for businesses and government bodies to support the development and adoption of blockchain technology. However, just days after the comments, the Chinese state media warned that support for blockchain should not be interpreted as an endorsement for cryptocurrencies.  During the recent Bitcoin (BTC) rally, institutional interest picked up,…

Association of Private German Banks Argues for Digital Euro

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German banks have presented a position paper in which they make several arguments for the digital euro. On Oct. 30, in a paper released by the Association of German Banks (Bankenverband), which represents more than 200 private commercial banks and eleven member associations, banks stated that the “economy needs a programmable digital euro.” Monetary policy is the state’s responsibility, says Bankenverband The paper states that the responsibility for the monetary system lies with sovereign nation-states and that any currency provided by banks or private companies must fit into a state-determined…

Bitfinex Cries Fraud as Crypto Capital Executive Indicted by US

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Over the past week, news broke detailing that Oz Yosef, an executive of the mysterious firm Crypto Capital, has been indicted by the United States for conspiracy to commit bank fraud and conspiracy to operate an unlicensed money transfer service. The news came just days after Crypto Capital’s president, Ivan Manuel Molina Lee, was arrested by Polish authorities on suspicion of laundering roughly $350 million worth of funds from illegal proceeds and having ties to a transnational drug cartel. According to local reports, the arrested was tied to $350 million…

US Congressman to Introduce Bill Clarifying Digital Asset Issuance

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United States Representative Tom Emmer (R-MN) intends to introduce new legislation to provide regulatory certainty for cryptocurrencies. On Oct. 24, Congressman Tom Emmer, who serves as the Ranking Member of the House Financial Services Committee’s Task Force on financial technology, announced that he is introducing a new law that can provide a clear path to regulatory certainty for cryptocurrencies and other emerging technologies under securities law.  The bill would allow companies that are already compliant with securities laws, or who have already acquired a securities exemption, to distribute their assets…

Five European Union Countries Team Up to Block Libra: Report

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Five European Union member countries have reportedly teamed up to prevent the issuance of Facebook’s stablecoin Libra. Private meetings to turn EU against Libra Following a series of private meetings in October, France is reportedly leading the anti-Libra effort with Germany, Italy, Spain and the Netherlands, political news publication Politico Europe reports on Oct. 30. Citing sources familiar with the matter, Politico states that the countries’ deputy finance ministers have presented their unified position against Libra to other EU ministers at a private meeting on Oct. 28 in Brussels. According…

As Bitcoin Price Drops To $9K, Here Are the Targets Traders Are Watching

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Bitcoin price continues to fall after a massive surge late last week sent the price of the first-ever crypto asset skyrocketing, blasting through resistance and revisiting five-digit prices briefly before it began to cool off. Now, Bitcoin is flirting with a drop below $9,000, but thus far $9,000 has provided strong support. Here are the price levels crypto traders are watching in case Bitcoin falls below $9,000 or if it bounces from current prices. Bitcoin Price Finds Support at $9,000 After Rejection Above $10,000 Bitcoin price is currently trading in…

China’s Central Bank Introduces Certification System for Fintech Products

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China’s central bank, the People’s Bank of China (PBoC), will use a new system to certify 11 types of fintech hardware and software products relating to digital payments.  On Oct. 29, the PBoC alongside China’s market regulator, the State Ad­min­is­tra­tion for Mar­ket Reg­u­la­tion (SAMR), jointly released a set of documents for the new nationwide Certification of Fintech Products (CFP) system. The documents include definitions of fintech products that require certification as well as rules for its proceedings. The listed products include em­bed­ded ap­pli­ca­tion soft­ware, cloud computing platforms, user front-end software,…

Kim Dotcom Offers 10% of K.im Bitcoin Fees to Julian Assange

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Kim Dotcom has declared his support for Julian Assange by donating 10% of his new firm’s transaction fees to the latter. Entrepreneur and Bitcoin entrepreneur Kim Dotcom said his newly founded company K.im is supporting WikiLeaks founder, Julian Assange. Yesterday we reported about how K.im was created in order to merge internet with the Bitcoin so there could be a platform that allows artists, content creators and digital businesses to sell their content and digital goods without censorship, outside of monopolies and, what’s most important – without the middleman. In…