Day: July 8, 2019

Bitcoin Rallies 10%, Ethereum (ETH) Price Now Eyes $325

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ETH price is slowly moving higher and it recently broke the $310 resistance against the US Dollar. There are many supports on the downside near the $310 and $305 levels. There is a rising channel forming with support near $308 on the hourly chart of ETH/USD (data feed via Kraken). On the upside, the price could soon revisit the $325 resistance level or even $330. Ethereum price is moving higher with a positive angle versus the US Dollar, whereas bitcoin jumped 10%. ETH price is likely to continue higher and…

Parabolic Bitcoin Headed for $30,000, Predicts Morgan Creek CEO

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The bitcoin price is once again trading above the $12,000 level, and the current market cycle could take the price to a new all-time high. Morgan Creek Capital Management CEO Mark Yusko was featured on CNBC, where he emphasized that bitcoin is the best-performing asset since October 2018 by a long shot. “I think we’re in the next parabolic move. That will take us probably into the $30,000 level before we get another little correction.” He points out that the bitcoin price has soared 70 percent since October 2018, while…

Fortress Offers to Buy Mt. Gox Bitcoin Claims at $900 a Piece

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Fortress Investment Group is buying bitcoin (BTC) claims from Mt. Gox creditors, according to a report by CoinDesk on July 8. The Japan-based cryptocurrency exchange Mt. Gox filed for bankruptcy in 2014 after losing $473 million worth of bitcoin at the time due to an apparent hack. Bitcoin reportedly experienced a subsequent decline in value, dropping by 36% over the month when this took place. As per the report, Fortress executive Michael Hourigan has sent out a letter to creditors detailing the buyback offer. According an apparent copy of such…

Grayscale Investments Resumes Private Placement of Bitcoin Trust Shares

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Grayscale Investments has resumed private placement of Grayscale Bitcoin Trust (GBTC) shares, according to a press release on July 8. According to the announcement, the private placement of GBTC shares is offered periodically to accredited investors — as defined in Rule 501(a) of Regulation D under the Securities Act — for daily subscription.  As per the report, the GBTC shares are designed to let investors put money into bitcoin (BTC) via a traditional investment structure. The shares are intended to correlate closely in value to BTC, but they are shares…

Blockchain Supply Chain Market to Reach Over $9B by 2025

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The global blockchain supply chain market is expected to reach over $9 billion by 2025, according to a study published by market research and consulting firm Allied Market Research (AMR) on July 8. AMR estimates that the global blockchain supply chain market will amount to $9.85 billion by 2025, showing an 80.2% surge of the compound annual growth rate (CAGR) from 2018 to 2025. Among the key driving factors, AMR named the sector’s demand for transparency, and improved security of supply chain transactions blockchain could purportedly ensure. By industry vertical,…

US SEC and FINRA Issue Statement on Crypto Custody Issues

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The United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) outlined regulatory compliance issues for cryptocurrency custodians in an announcement on July 8. According to the joint statement, the organizations have yet to discover a set of circumstances in which a crypto custodian could comply with the SEC’s Customer Protection Rule, which is described as follows: “Put simply, the Customer Protection Rule requires broker-dealers to safeguard customer assets and to keep customer assets separate from the firm’s assets, thus increasing the likelihood that customers’ securities…

Bitfinex to Use 27% of Tokinex Revenue to Burn LEO Tokens

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Bitfinex cryptocurrency exchange announced that it will spend 27% of past and future Tokinex revenue on burning LEO tokens, according to an official blog post on July 8. Bitfinex unveiled LEO in May as the native utility token for its initial exchange offering (IEO) platform Tokinex. Parent company iFinex committed to burning LEO tokens, until commercial circulation runs dry, in the LEO token whitepaper: “On a monthly basis, iFinex and its affiliates will buy back LEO from the market equal to a minimum of 27% of the consolidated gross revenues…

Brazil Requires New Diplomats to Know About Blockchain and Crypto

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The Brazilian diplomatic academy, the Rio Branco Institute, will now require that candidates have knowledge of cryptocurrencies and blockchain, Cointelegraph Brazil reported on July 8. The Rio Branco Institute — established in 1945 and offering two advancement courses for diplomats — has published the 2019 edict for the selection of new diplomats in Brazil where it included the requirement that candidates know about blockchain and digital currencies. As the publication highlights, the subject is mandatory for the test that is initially delivered in two phases, wherein knowledge about blockchain and…

Indian Authorities Express Concerns Over Facebook’s Libra

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India’s authorities have expressed concern over Facebook’s forthcoming stablecoin Libra, Bloomberg reported on July 8. Subhash Garg, Economic Affairs Secretary at India’s Ministry of Finance, told Bloomberg that the “design of the Facebook currency has not been fully explained. But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.” Facebook’s Libra is set to be a stablecoin pegged to a reserve of assets which would purportedly preclude the coin from volatility. In late June, Dovey Wan of Primitive Ventures argued that…