Day: October 14, 2020

Ripple CTO David Schwartz Says His Crypto Investment Is All in XRP

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According to Schwartz, project founders are not bound to have complete faith in their abilities and ideas. He indicated that by not having complete faith, they can make better decisions. Ripple chief technology officer David Schwartz through a series of tweets slammed different crypto investment ideas brought up by the crypto community on Twitter. According to Schwartz, he has in the past made irrational decisions that have essentially cost him millions of dollars. Hereby advocating for people to invest according to their best ability but understand the risk management to…

New report finds 15 major factors that cause crypto prices to rally

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EToro, the major multi-asset brokerage, released a crypto market quarterly report for Q3 2020. The report, titled “What Moves the Prices of Cryptoassets,” delves into the main factors that cause cryptocurrencies to rise in value. The 15 “significant developments” that directly affect the value of a crypto asset include mergers, funding, halving, partnerships, staking and announcements. The researchers analyzed how crypto assets perform after one hour, one day, and one week after the developments occur. How long do crypto assets rally after announcements? According to data from eToro and The…

First Mover: Privacy Is Litecoin’s Ace in the Hole as JPMorgan Touts Bitcoin

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Litecoin (LTC), a nine-year-old cryptocurrency whose price returns have chronically underperformed the bigger and better-known bitcoin in recent years, is hitching its wagon to a new star: privacy. The blockchain industry subsector of “privacy coins” – cryptocurrencies with embedded technology that shields identifying information from public view – is becoming one of this year’s hottest buys. One of the biggest privacy coins, zcash (ZEC), which offers “shielded transaction” capabilities, has nearly tripled so far in 2020, while monero (XMR), which uses a technique called “ring signatures” to obscure sender and receiver data, has doubled.  Litecoin founder Charlie…

Square buys $50m BTC. Google bets on EOS blockchain. CBDCs ramp up

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In this issue Why did Square acquire US$50 million in bitcoin? Google Cloud joins Block.one network Digital currency initiatives advance globally In China: central bank pushes 50,000 people to spend new e-RMB; Hong Kong as DCEP’s sandbox Funding spotlight: betting on cryptocurrency in India From the Editor’s Desk Dear Reader, What’s happening in this part of the world, where Forkast sits in Asia? A lot. In its latest effort to push mainstream adoption for the e-RMB, China is handing out 50,000 digital “red packets.” Why is this significant? The red…

The DOJ’s Crypto Framework Is a Warning to Exchanges

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The Department of Justice (DOJ) just fired a warning to crypto exchanges worldwide: Comply with U.S. law or face the potential wrath of the federal government. Last week, the DOJ published an 83-page cryptocurrency enforcement framework detailing its approach to the nascent space and discussing potential crimes. The document also suggested the U.S. government would enforce its laws regardless of where exchanges – referred to as virtual asset service providers, or VASPs – are based. In other words, these exchanges should comply with U.S. laws – even for their non-U.S.…

New WEF study reveals issues facing blockchain and crypto standards

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A study conducted by the World Economic Forum and Global Blockchain Business Council reveals the reasons why the blockchain industry still lacks well-defined standards on the global level. Dubbed the Global Standards Mapping Initiative, the study notes that the gaps, divergence and overlap in the standard-setting landscape of the blockchain industry are the biggest challenges the industry needs to surmount. Most organizations involved in setting standards for the industry have shown immense interest in some specific areas while completely neglecting the others. This creates an overlap in some sections of…

YFI in Deep Technical Trouble Below 12K, Analyst Warns after 65% Drop

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No traders may want to purchase Yearn Finance (YFI) after it plunges below $12,000, according to an independent analyst. The pseudonymous entity said in a tweet on Wednesday that the Yearn Finance’s native token “is dead” if it fails to hold above the said support level. In a separate tweet, he published an outlook that showed YFI attempting to stay afloat inside a price floor zone (as shown in the chart below). Yearn Finance is attempting to rebound from the blued range. Source: YFIUSD on TradingView.com Yearn Finance is attempting…

Blockchain firm Monerium thinks Europe ‘already has’ a digital euro

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Consensys-backed e-money issuer Monerium thinks the route to a digital euro is simpler than the European Central Bank suggests. The fintech, which focuses on bridging fiat money with blockchains by issuing programmable digital cash, published a response to the ECB’s recent public consultation on the digital euro on Oct. 13. In summer 2019, Monerium had become the first company worldwide to receive a license from Icelandic regulators as part of a new European regulatory framework for e-money services across the European Economic Area. It provided fiat payment services using the…

Billion-Dollar Asset Manager Stone Ridge Reveals $115M Bitcoin Allocation

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Stone Ridge’s recent announcement is a work in progress that started in 2017 when it came up with New York Digital Investment Group (NYDIG), its first independent subsidiary. As a surprise to many in the cryptocurrency space, Stone Ridge Asset Management has become the latest firm to reveal huge Bitcoin investments. The firm announced that it has been able to accumulate BTC worth $115 million. On October 13th, Forbes confirmed this news about Asset Management’s purchase of these coins but didn’t disclose when the deployment of the funds took place.…