Month: May 2019

Vinny Lingham Says Bitcoin May Blow Through $10K, Test $12K Soon

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By CCN: The bitcoin price is trading higher headed into the weekend and is currently hovering at $8,572, up 2.7%. After the recent spike beyond $9,000 and dramatic fall back to Earth, the market clearly is doing its best to go higher. Just ask Vinny Lingham, who is at the helm of blockchain-fueled ID startup Civic and a general partner at Multicoin Capital. Lingham, who has only recently turned bullish on the bitcoin price, tweeted: “This BTC action looks aggressive. Makes me think that we may blow through 10k and test…

Bahamas National Cryptocurrency Developer Says Startups Essential for Adoption

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The CEO of transactions firm NZIA Ltd, Jay Joe, says Bahamian tech startups will need to lead the development of Project Sand Dollar, according to a report by the Nassau Guardian on May 31. Project Sand Dollar is an initiative to tokenize the Central Bank of the Bahamas’ (CBOB) fiat currency as a central bank digital currency (CBDC), which is supposed to launch in the Bahamian district Exuma this year. Joe discussed how he thinks participation from local banks, small and medium-sized enterprises, and entrepreneurs in CBDC implementation will be…

Crypto Markets Show Signs of Recovery, While Oil Prices Slump

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Friday, May 31 — cryptocurrencies are on the rise again after seeing a slight correction yesterday, May 30, with EOS (EOS) being the only coin among the top-20 cryptocurrencies to register double-digit gains. Market visualization by Coin360 The leading digital currency bitcoin (BTC) is up slightly over 3% on the day, and is trading at $8,573 at press time. On its weekly chart, bitcoin saw its lowest price point at $7,924 on May 26, while its highest price point of $8,994 was on May 30. Bitcoin 7-day price chart. Source:…

G20 International Watchdog Says Regulators Need Better Crypto Risk Assessments

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G20’s international watchdog, the Switzerland-based Financial Stability Board (FSB), said in its latest report that regulators need to improve their risk assessment strategies regarding financial activity in the crypto space, according to a report by Reuters on May 31. The report noted that one potential risk assessment metric regulators could look at is banks’ and other financial entities’ degree of exposure to cryptocurrency. The report also added that the FSB does not currently believe that crypto poses “a material stability risk” to the financial sector. As per the report, existing…

Vanguard’s $1.3 Trillion Blockchain Makes Bundesbank Look Foolish

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By CCN: Vanguard, the world’s largest provider of mutual funds, is using blockchain to power their enterprise. The investing giant, which popularized mutual funds and exchange-traded funds (ETFs) for the common investor, has been using distributed ledger technology to manage $1.3 trillion worth of index funds, Forbes reports. Vanguard’s Blockchain Manages More Than $1 Trillion in Assets Since February, Vanguard has used blockchain to manage financial data for one-quarter of its assets, valued at $1.3 trillion. More than just a one-off trial, the service is operating live for millions of…

Brazil Establishes Committee for Cryptocurrency Regulation

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The President of the Chamber of Deputies of Brazil has ordered to establish a commission to consider cryptocurrency regulation in the country, Cointelegraph Brasil reported on May 31. The Chamber of Deputies of Brazil is a federal legislative body and the lower house of the National Congress of Brazil, and consists of representatives of the states elected every four years. The Chamber discusses and approves proposals for economic and social areas such as education, health, transport, and housing. On May 30, the President of the Chamber of Deputies, Deputy Rodrigo…

Most Ethereum Decentralized Apps Not Used Productively

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83% of decentralized applications (DApps) on the Ethereum network are “not in the most productive uses,” according to Ernst & Young’s (EY) head of innovation. Paul Brody, Global Innovation Leader for blockchain at Big Four audit firm EY, spoke about developments in the blockchain and digital asset industries during a Fintech Forum hosted by the United States’ Securities and Exchange Commission’s (SEC) on May 31. The event was organized by the SEC’s Strategic Hub for Innovation and Financial Technology (Finhub, which) launched in October 2018 to facilitate the commission’s engagement…

Crypto Exchange Bitfinex Temporarily Shuts Down Deposits and Withdrawals

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Cryptocurrency exchange Bitfinex has temporarily shut down its services, according to a tweet published on May 31. The tweet specifically says that the change has temporarily paused deposits and withdrawals “due to the outrage of one of [their] network providers.” “Funds are safe in cold storage. Situation should be restored ASAP (ETA 3/4h). Apologies for the inconvenience,” the company further states. Bitfinex CTO Paolo Ardoino has posted links to the exchange’s hot wallets, so as to insure the community that there are no outgoing tokens and that user funds were…

Coinbase President and COO Departs From the Company

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American major cryptocurrency exchange Coinbase’s president and chief operating officer (COO) Asiff Hirji has left the company, Bloomberg reported on May 31. A source familiar with the issue told Bloomberg that Coinbase named Emilie Choi, vice president of business, data and international, as its new COO. Prior to the appointment, Choi — who served at Yahoo Inc. and worked on the original Alibaba investment and Flickr acquisition — worked on potential partnerships and acquisitions at Coinbase. Hirji’s previous work experience is marked with over 15 organizations, including IBM Canada, venture…

Tether Stablecoin Now Available on EOS Blockchain

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Blockchain tech company Tether has announced that it is partnering with EOS parent company Block.one to release its stablecoin (USDT) on the EOS blockchain (EOSIO), according to a press release shared with Cointelegraph on May 31. According to the announcement, Tether developed the Tether EOS smart contract, which has been sent to the EOS account “tethertether” and peer-reviewed by the Canadian branch of EOS. Tether EOS is reportedly well-suited for peer-to-peer microtransactions, due to its delegated proof-of-stake design. Tether’s Chief Executive Officer, Jean-Louis van der Velde, said that expaned the…