Day: November 23, 2019

A Few Benefits for Bitcoin Beginners to Appreciate

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If you are considering entering the crypto universe or if you’ve only recently made your first investment, you might still be exploring the benefits of bitcoin as opposed to your credit card, online bank account or digital wallet you are used to. In an abstract sense, cryptocurrencies represent financial evolution which manifests itself in unique and tangible ways compared to fiat money. Also read: Here Are Some Fun Things to Do With Bitcoin Cash Fast and Easy Payments If there’s one thing cryptocurrency deserves credit for, besides that it makes…

Crypto News From the German-Speaking World: Nov. 17-23

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The past week has seen a range of crypto- and blockchain-related developments in the German-speaking world. The German Federal Ministry of Justice and Consumer Protection is planning to sponsor a research project of the University of Marburg on legal issues surrounding blockchain technology, the Swiss online bank Swissquote began offering its customers the trading of a real estate portfolio-covering security token, and an Austrian research project provided proof of profitability for blockchain technology-based decentralized marketplaces. Below is the past week of crypto and blockchain news in review, as originally reported…

Bitcoin Price Will Rip to $50,000

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Bitcoin is now in a downtrend after Friday’s technical reversal. Analyst Peter Brandt believes that a cleansing is in order before bitcoin can start a new bull market. He says investors who refuse to be shaken out by the stomach-churning purge could reap ridiculous profits in the future. The world’s dominant cryptocurrency appears to have lost all bullish steam. The momentum that the bitcoin price generated when it printed a 2019 high of $13,880 has vanished, giving way to a rapid downturn. This week, the cryptocurrency crashed through support at…

Grayscale Puts Trust to the Test by Pursuing SEC Registration

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On Nov. 19, Grayscale Investments, a subsidiary of Digital Currency Group and the world’s largest digital asset manager, filed a voluntary registration statement on Form 10 with the United States Securities and Exchange Commission on behalf of its Grayscale Bitcoin Trust. If successful, the move would result in the trust acquiring the status of an SEC reporting company, the first cryptocurrency investment instrument to do so. The trust’s shares would therefore be registered according to the requirements of the Securities Exchange Act of 1934. Grayscale Investments expects the development to…

Philippines and BCB Blockchain to Work Together on Smart Cities

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Singapore-based blockchain firm BCB Blockchain has signed a memorandum of agreement (MoA) with a branch of the Philippines’ Department of Science and Technology (DOST) to support the development of local smart cities. Per a Nov. 23 press release, BCB Blockchain contributed $300,000 to support incubators and startup accelerators in the Philippines by signing an MoA with the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD). Building smart cities and applications The joint initiative intends to facilitate the development of local startups focused on the creation of…

Oman Sees First Trade Finance Transaction on Blockchain

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Oman Oil and Orpic Group and HSBC Bank Oman SAOG have conducted the first trade finance transaction on the blockchain in the country using R3’s Corda platform. As news publication the Oman Observer reported on Nov. 23, Oman Oil and Orpic Group — one of the largest oil and gas businesses in Oman — and HSBC Bank executed the country’s first blockchain-based trade finance transaction: a sale of polypropylene to Abu Dhabi National Carpet Factory. The transaction was carried out using R3’s Corda, an open-source blockchain platform. Fully digitized letter of…

Office of Chinese Crypto Exchange BISS Closed, Staff Members Arrested

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Chinese authorities shut down local cryptocurrency exchange BISS and arrested 10 people suspected of being involved in its operations. Local media Sohu reported on the actions undertaken by Chinese authorities on Nov. 22. However, the date at which the event itself took place is unclear. The same day, founding partner of blockchain-based investment company Primitive Ventures Dovey Wan said on Twitter that the local cryptocurrency community had known of the development for two weeks. However, the news was published much later. She also claimed that the Beijing-based exchange in question…

OKEx Secures Support From Four New Partners for Its Utility Token OKB

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Malta-based cryptocurrency exchange OKEx has secured support from four new partners, including hardware crypto wallet Ledger, for its utility token OKB. OKEx announced the news in a press release shared with Cointelegraph on Nov. 22, detailing that it had partnered with Ledger, Vietnam-based over-the-counter exchange Aliniex, fiat-to-crypto exchange Bvnex, and virtual blockchain-powered retailer Cryptomall. Bringing crypto trades into the mainstream The collaboration is aimed at moving the OKB ecosystem into the mainstream, as well as making it more comprehensive for its global user base. The company specified in the release,…

US Congress Wrestles With Financial Technologies and Data Privacy

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On Nov. 21, the United States Congressional Task Force on Financial Technologies held a hearing on the role of big data in financial services.  The last major legislation focused on the subject was the Gramm-Leach-Bliley Act of 1999, which formalized a financial service firm’s obligations to clients — specifically, how they share client information. Given the field’s expansion over the past 20 years, the Fintech Task Force’s posture on Thursday was that of an early exploration of options and opportunities for new and major legislation.  The current conundrum Obviously, the…

Bakkt’s Bitcoin Futures Shatters Records Amid Spot Market Turmoil

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Bakkt’s bitcoin core (BTC) futures product saw another all-time high as the spot market price of BTC plummeted under $7,000 on Friday morning, Nov. 22. Bakkt saw 2,728 contracts traded ($20 million) and $1.75 million in open interest outpacing the record of 1,179 contracts on Oct. 25. Also Read: Market Update: Cryptos Shed Billions in Rapid Sell-Off After BTC Spot Market Prices Shed Billions, Bakkt’s BTC Futures Volumes Reach Another All-Time High Ever since Bakkt’s physically-settled bitcoin futures contracts launched on Sept. 22, 2019, the product has been slowly gathering…