The Commodity Futures Trading Commission (CFTC) has asked for public comment for use cases and risks of ethereum’s blockchain and ether, its cryptocurrency. “The input from this request will advance the CFTC’s mission of ensuring the integrity of the derivative markets as well as ensuring the integrity of monitoring and systemic risk by enhancing legal certainty in the markets,” the federal agency wrote in a … Continue reading CFTC Seeks Public Comment On Ether And Ethereum
South Korea-based Bithumb has overtaken Binance to become the top cryptocurrency exchange by trading volume, according to the latest exchange review by Cryptocompare – a cryptocurrency prices and data site. Bithumb has average daily trading volume of $1.24 billion while Binance has approximately half of those figures. Chinese cryptocurrency exchange ZB took the third spot with daily trading averages worth $560 million. Based on a … Continue reading South Korean Crypto Exchange Bithumb Overtakes Binance In Cryptocompare Rankings
Add Bitmain to the list of companies suffering in the crypto winter. According to a report yesterday, the mining giant will close its Israel development center this week. Twenty-three employees are affected by the layoffs. “The crypto market has undergone a shakeup in the past few months, which has forced Bitmain to examine various activities around the globe and to refocus its business in accordance … Continue reading Mining Giant Bitmain Closes Shop In Israel
Cryptoassets have lost a trillion dollars worth of market capitalization from their all-time highs earlier this year, according to Autonomous Research. “The crypto markets are not holding their value in an overall downturn, and have been fairly correlated with traditional equities as everything nosedives together,” writes Lex Sokolin, Global Director of Fintech Strategy at the firm. After mostly moving sideways in October, cryptocurrency markets crashed … Continue reading Crypto Markets Lost A Trillion Dollars In Market Cap From All Time Highs: Autonomous Research
Within the ethereum ecosystem, ConsenSys occupies a special place. It is the most well-funded and, some would say, the most well-known company in the space. Started in 2014 by Joseph Lubin, the NYC-based outfit is a “venture production studio” – a model which incorporates an array of business and funding activities within ethereum. But it may have spread itself too thin, according to a recent … Continue reading Is Ethereum Studio ConsenSys Faltering?
Decentralization may have become the guiding trope for crypto enthusiasts but Hugo Renaudin, founder of LGO Markets – a startup with a digital asset management platform, is less than impressed with the concept. “You cannot work in a fully decentralized way,” he says. As an example, he points to the settlement process for a trade. “You are trusting the market (and not the counterparty) in … Continue reading A Conversation With LGO Markets Founder Hugo Renaudin
The SEC has postponed a decision on a bitcoin ETF proposal submitted by investment firm VanEck to Feb 27 next year. VanEck and SolidX proposed a physically-backed ETF meaning that it would be settled using actual bitcoins as opposed to cash. The proposal was submitted in June 2018. Cboe followed up that application with one of its own to list and trade bitcoin ETFs and … Continue reading SEC Postpones Bitcoin ETF Decision To Feb 2019
The pain intensified for cryptocurrency traders yesterday after bitcoin lost $4.8 billion of its market capitalization with a sharp 11% decline in its price within 24 hours. The cryptocurrency began the day testing the $4,000 mark, per data from online publication Coindesk. Within seven hours, however, it had fallen to $3,316.13. That fall included a steep 8% drop in its price in 2 hours. As … Continue reading Bitcoin Price And Crypto Markets Record Double Digit Losses
The crypto winter is getting colder. Crashing valuations in cryptocurrency markets and a chill in the initial coin offerings (ICO) market have affected operations at two more ventures involved in the space. Blockchain and smart contract consulting company Consensys, which dominates ethereum research and development, has confirmed to online publication Coindesk that it is laying off 13% of its staff. Meanwhile, ETCDEV, a team involved … Continue reading After Steemit, Consensys Announces Layoffs. Are Crashing Crypto Markets To Blame?
Legendary investor Warren Buffett is famously hostile to cryptocurrencies. He has said that bitcoin is “rat poison squared” and that cryptocurrencies will come to a bad end. In an ironical twist of sorts, Morgan Creek Digital Assets, a multi-strategy investment firm, is using the Oracle of Omaha’s famous 2007 million dollar bet as inspiration to promote cryptocurrencies as assets. Back then, Buffett had wagered that … Continue reading Morgan Creek Digital Issues Buffet Style Challenge For Crypto Performance
Even as retail investors flee a crashing cryptocurrency market, institutional investors are loosening their purse strings. Last month, digital asset manager Grayscale reported record institutional capital inflows into the firm. This month, San Francisco-based asset management firm Bitwise is announcing the addition of two new index funds to service increased demand for cryptocurrencies from institutional investors. Since the start of this year, bitcoin, the world’s … Continue reading Asset Management Firm Bitwise Launches Two New Funds In Slumping Crypto Markets
The difficulty level for bitcoin’s mining algorithm, which climbed over the last year, fell by 15% yesterday, recording its second-steepest drop ever. Difficulty level refers to the difficulty of the cryptographic problems required to be solved by systems within bitcoin’s network to earn the cryptocurrency. It is adjusted every 2016 blocks or approximately after every two weeks, depending on the rate of production. The difficulty … Continue reading Bitcoin Mining Difficulty Level Records Second-Steepest Drop. Will Industry Consolidate?
The drawdown incryptocurrency markets has not affected Nasdaq’s plans to list bitcoin futureson its exchange. Joseph Christinat, vice president at Nasdaq, said his organization had put “a lot of money and energy” into the initiative. “We’re doing this no matter what,” he said, adding that the futures would be availablein the first half of next year. An earlier Bloomberg report cited anonymous sources who confirmed … Continue reading Nasdaq Confirms Plans For Bitcoin Futures In The First Half of Next Year
In November 2017,the price of bitcoin skyrocketed from $6,777.77 at the beginning of the monthto $10,219.30 by its end. The swell in bitcoin’s price helped push cryptocurrency markets to new heights. A year later, the price trajectory looked similar, except in the opposite direction. Bitcoin’s price atthe beginning of the month was $6,381.96. By the end, it had almost halved, touching a low of $3640.56 … Continue reading November 2018: Mensis Horribilis For Crypto Markets
The slump in cryptocurrency markets is catching up on startups in the space. Steemit, the first social media and blogging platform launched on blockchain, laid off 70% of its staff recently. “While we’ve been building out our team over the last six months, we’ve been relying on projections of a higher market bottom,” said Ned Scott, co-founder of Steem. “Since that’s no longer there, we’ve … Continue reading Blockchain-based Social Media Platform Steemit Lays Off 70 Percent Of Its Staff
In a preliminary ruling that may be considered as a rebuke to the SEC’s broad definition of a security, a U.S. District Court in Southern California rejected a motion by the federal agency to bar Blockvest LLC, a startup, from conducting an ICO for sale of its tokens. The federal agency had obtained an emergency court ruling in October to stop Blockvest because the startup … Continue reading California Judge Rules Against SEC In ICO Token Case
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has added two crypto addresses to the Specially Designated Nationals (SDN) list. The addresses belong to two Iranians who are accused of helping exchange bitcoin into Iranian rial on behalf of hackers conducting a ransomware scheme. The scheme conspired to take over networks of institutions, such as hospitals and universities, and demanded payment … Continue reading In a First, US Department of Treasury Adds Crypto Addresses To SDN List
Trading in cryptocurrency spot markets may have cooled off but the market for bitcoin derivatives is heating up. Investment management firm VanEck announced a partnership with Nasdaq for a “regulated crypto 2.0 futures type contract” product at the Coindesk Consensus Invest event yesterday. Singapore-based digital asset exchange Huobi today announced its foray into derivatives with the beta launch of Huobi Digital Marketplace (HBDM). Joshua Goodbody, General … Continue reading Crypto Exchange Huobi Launches Derivatives Marketplace
SEC Chairman Jay Clayton relayed a mixed message to the crypto community during a conversation with Glenn Hutchins, founder of private equity firm Silver Lake Partners at the Coindesk Consensus Invest conference yesterday. Speaking in a personal capacity, Clayton praised blockchain – bitcoin’s underlying technology – and said that the technology had “incredible promise” for infrastructure in financial markets, beyond securities. But he also expressed … Continue reading SEC Chair Clayton: Safeguards Don’t Exist in Digital Currency Markets
After crashing by more than 13% in a couple of hours last Friday, bitcoin price collapsed below the $5,000 price mark, testing the edges of a further bottom in its price. As of this writing, it is changing hands at $4,908.93, down 12% from its price 24 hours ago. The latest slide in bitcoin’s price means that it is now down by 63.4% from its … Continue reading More Turmoil For Bitcoin Price
“If you are in fintech, you need to be paying attention to this space,” says Rolf Haag, who recently joined BitPay, a bitcoin payments company, as its head of business solutions. Having previously worked at Western Union and PayPal, Haag has extensive experience in fintech and describes his new assignment as “ground zero” for cryptocurrency adoption. “I am seeing how ancient small businesses are indeed … Continue reading Education Is Number One Problem For Bitcoin: Rolf Haag From BitPay