Day: November 3, 2020

First Mover: 11 Election Talking Points on Bitcoin as TRUMP Futures Point to Loss

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Bitcoin (BTC) was lower for a third straight day around $13,500, having fallen back from a fleeting 33-month high of $14,093 over the weekend. In traditional markets, Asian and European shares rose and U.S. stock futures pointed to a higher open. The yield on 10-year U.S. Treasuries increased 0.03 percentage point to 0.88%. Gold strengthened 0.2% to $1,899 an ounce.  Market Moves The U.S. presidential election is finally here. President Donald Trump’s Republicans are as convinced that Democratic challenger Joe Biden will lead America down an irreversible path toward socialism and…

Shanghai, Hong Kong Stock Exchanges Halt Ant Group’s IPO

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[UPDATED] Ant Group’s IPO has been suspended on both the Shanghai and Hong Kong stock exchanges due to significant changes in China’s regulatory environment for fintech firms that are expected to affect the company.  The Shanghai exchange said Tuesday that the changes will create new requirements such as more financial disclosures ahead of IPOs, making it more difficult for fintech companies to list. HKEX made a similar announcement soon after. The announcements come on the heels of an interview between Jack Ma, founder of Ant Group and four major Chinese…

Opium Makes Exotic Crypto Derivatives Available to All after Raising $3.25M

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In the DeFi world, Opium is renowned for the provision of various credit default swap-like products, including those of wBTC and Aave. Crypto derivatives platform Opium has managed to raise almost $3.25 million in a new funding round. Sam Bankman-Fried’s Alameda Research, Kenetic Capital and QCP Soteria, Hashkey Group, CMS Holdings and Galaxy Digital are some of the investors involved in this new fresh cash injection. Through the funding, The Amsterdam-based startup will enable users to users with Ethereum wallets to access more exotic decentralized derivatives. During an interview with…

The Crypto Industry Did Not Engage in Election 2020

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The crypto industry appears largely uninvolved in this year’s election, beyond their normal, ongoing efforts to seek friendly regulations and laws in Washington D.C. According to Federal Election Commission (FEC) data, employees at 10 significant firms to the cryptocurrency space – including Coinbase, Ripple, Andreessen Horowitz, Uniswap, Compound, BitGo, Gemini, Chaincode Labs, Digital Currency Group and subsidiaries (disclosure: CryptoX is a DCG subsidiary) and Kraken – donated a cumulative total around $100,000.  This is not a comprehensive list of companies, in part due to lack of available data, but it…

Bitcoin Trade Setup on US Election Day; Boom or Bust Ahead?

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A modest price rebound in the Bitcoin market reversed in the hours before the New York opening bell Tuesday. The benchmark cryptocurrency was trading at $13,605 when the sell-off started. A closer look at its hourly chart hinted that the pullback was technical. Bulls attempted to close the Bitcoin price above a short-term descending trendline that holds a history of repelling upside attempts. The fractal worked, causing the cryptocurrency to flip directions. And now, when it heads into the US session, the prospects of it heading further lower is increasing.…

TWTR Stock Down 4%, Jack Dorsey to Remain Twitter CEO

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As a plan to save Twitter stock from the possible sell-off, the company reached an agreement with Elliott Management to buy back its stocks worth $2 billion.  Twitter Inc (NYSE: TWTR) stock closed Monday’s trading session 4.57% down at $39.47. However, some of yesterday’s losses had been recovered during the after-hours trading session as the social media stock was 1.11% up. The volatility in Twitter stock can be attributed to several market fundamentals that investors have been closely watching. Among them was the CEO Jack Dorsey case that has been…

Russian Alfa-Bank joins HSBC-backed blockchain trade finance network

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Alfa-Bank, one of the largest private commercial banks in Russia, has joined a blockchain trade finance network backed by HSBC. According to an official announcement on Nov. 3, Alfa-Bank is the first Russian bank to become a member of Contour — a blockchain platform connecting the world’s major financial institutions like HSBC, ING and Citi. The network allows bank customers to track the processing and modification of trade finance transactions and cut operational costs. Evgenia Fomina, head of the Alfa-Bank lending directorate, said that Contour-based pilots in the Russian market…

Hong Kong Amends Crypto Law to Regulate All Exchanges

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Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech Week on Tuesday. All cryptocurrency trading platforms operating in Hong Kong or targeting local investors will be required to apply for a license with the SFC, Radio Television Hong Kong (RTHK) reported. “Later today, the government…

Controversial Hex Airdrop Token Goes to Zero Inciting Crypto Conspiracy Allegations

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The crypto community was stunned last night to learn of a minting exploit that had collapsed the value of Axion. On November 2, 2020, during the 1:1 Axion for Hex airdrop, an attacker minted and sold 79 billion AXN tokens, crashing the price from $0.00036673 to zero as a result. Source: AXNUSD on CoinGecko.com The Axion team tweeted, “we are still here,” and working on getting operations up and running again. What’s more, the team stated that users will receive credit for losses. We’re still here. All the AXN/HEX2T people…