Cryptocurrency exchange Bittrex obtained $300 million in digital asset insurance against theft or collusion for the cryptocurrency it holds in cold storage. Bittrex announced in a blog post on Jan. 29 that the exchange obtained specialty insurance for corporations by insurance firm Lloyd’s of London after working with major insurance broker and adviser Marsh. The co-leader of Marsh’s digital asset risk transfer team, Sarah Downey, said, “We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs.” This is not the first crypto deal…
Day: January 30, 2020
Former Coinbase COO Joins Figure, Creator of the Provenance Blockchain Platform
Asiff Hirji has joined Figure, a U.S. lending company utilizing blockchain to process the loans, a Jan. 30 press release revealed. Hirji will be company’s new president, having previously served as president and COO of Coinbase and other financial services companies. During Hirji’s two year tenure at Coinbase, he is credited with growing the company to over $1 billion in revenue and overseeing the expansion of its business and management team. Previously, Hirji occupied leadership roles at Andreesen Horowitz, TD Ameritrade, TPG Capital, Saxo Bank and others. At Figure, he…
Bitcoin Eyes Price Explosion as Traders Assess FOMC Policy Update
Bitcoin was catching a breath on Thursday after staying in a parabolic uptrend this week on the backs of favorable risk-off mood. The benchmark cryptocurrency stabilized near $9,300 during the Asian and European trading sessions, helped by persistent worries of the Coronavirus outbreak in China and other parts of the world. As of 11:33 UTC, bitcoin was trading at $9,305.08, down 1.26 percent from its intraday high. It was still up by 0.19 percent on an adjusted-daily timeframe. Bitcoin maintaining gains after registering a parabolic rally earlier this week |…
Andrew Yang: US Has to Fix Its ‘Hodgepodge’ Crypto Regulation
Democratic presidential hopeful Andrew Yang said the US needs a consistent legal framework for cryptocurrencies if it is to be a market leader. Speaking to Bloomberg on Thursday, Yang said the current regulatory situation was confusing and potentially harmful to individuals and businesses working in the space. “Right now we’re stuck with this hodgepodge of state-by-state treatments and it’s bad for everybody. It’s bad for innovators who want to invest in the space,” he said. “The underlying technology of cryptocurrencies is very, very high potential and we should be investing…
Andrew Yang: US Has to Fix Its ‘Hodgepodge’ Crypto Regulation
Democratic presidential hopeful Andrew Yang said the US needs a consistent legal framework for cryptocurrencies if it is to be a market leader. Speaking to Bloomberg on Thursday, Yang said the current regulatory situation was confusing and potentially harmful to individuals and businesses working in the space. “Right now we’re stuck with this hodgepodge of state-by-state treatments and it’s bad for everybody. It’s bad for innovators who want to invest in the space,” he said. “The underlying technology of cryptocurrencies is very, very high potential and we should be investing…
Bank of Japan Must Be Ready to Issue Digital Currency, Says Exec
The deputy governor of the Bank of Japan has said the institution must be ready to issue a central bank digital currency (CBDC) should public demand surge in response to technical developments. In a strong statement of a future-oriented vision for the bank, Masayoshi Amamiya told attendees at a seminar — as per a Reuters report on Jan. 30 — that: “The speed of technical innovation is very fast. Depending on how things unfold in the world of settlement systems, public demand for CBDCs could soar in Japan. We must…
Tesla Stock Outperforms Bitcoin in 2020 as $10K Bull Run Continues
Bitcoin (BTC) investors face double disappointment from Elon Musk this month as data shows Tesla is the one investment outdoing BTC in 2020. Figures from Cboe tracking $TSLA stocks against Bitcoin confirm that while BTC/USD has sealed 30% gains since Jan. 1, the former is up more, at 38%. Tesla hits all-time high Against the expectations of many, Musk’s firm has become the star of stock markets this month, defying macro pressures to reach all-time highs of $589 on Wednesday. Tesla stock versus Bitcoin, Jan. 1, 2020-present. Source: Mati Greenspan/…
Bitcoin Reinforces Latest Rally With Defense of $9,200 Price Support
Bitcoin defended key price support early on Thursday, strengthening the case for another move higher. Having faced rejection above $9,400 multiple times on Wednesday, the top cryptocurrency by market value came under pressure during the Asian trading hours today. Buyers, however, absorbed the selling pressure at $9,188, keeping the former resistance-turned-support intact. Bitcoin had reversed lower from the same $9,188 hurdle on Jan. 14, aborting the short-term bullish view. So, as the cryptocurrency bounced up strongly from $8,250 earlier this week, traders wondered whether bitcoin will again fail at $9,188…
Coinbase Launches International Cryptocurrency Custody Arm
Major United States-based cryptocurrency exchange Coinbase has established an entity in Ireland to expand its crypto custody services to European institutions. According to a Coinbase announcement published on Jan. 30, the new entity is called Coinbase Custody International and is based out of Dublin. The firm’s services will be the same as those provided by Coinbase Custody in addition to taking over all the staking activities performed by the exchange. Coinbase Custody initially began offering staking for select cryptocurrencies in March 2019, and expanded that service to international the following…
Japan Must Be Ready if Demand for Digital Yen ‘Soars’: Central Bank Official
Japan needs to keep researching a central bank digital currency, even if it won’t launch one just yet, accord to the Bank of Japan’s (BoJ) deputy governor. As per a Reuters report on Thursday, Masayoshi Amamiya said at a Tokyo seminar that if advances in payments technology arrive quickly, there may be more demand for a central bank digital currency (CBDC). As such, it’s “very important” that the bank should lay the groundwork of the technology. “The speed of technical innovation is very fast. Depending on how things unfold in…