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Bitcoin's Crash Looks Spookily Familiar

Bitcoin's Crash Looks Spookily Familiar | Cryptocurrency & Blockchain Insights | Scoop.it

Bitcoin has been a plaything for risk-hungry traders and punters rather than a widely held investment or real-world currency. It's been shunned by banks and banned by governments. 


Yet it's still possible that its slide on Monday made the broader market selloff worse, as investors sold assets to compensate for crypto-losses. Marginal as this may be, and you can't be certain of correlation with something as unstable as digital currencies, it's a link that's at least worth exploring.


The past 24 hours have shown a surprising resemblance between Bitcoin's behavior and the world's more established financial markets. A chart of Bitcoin's price plotted against S&P 500 E-Mini futures shows how both moved in similar formation when the selloff reached a trough and a mini-rebound began.

Douglas G Hall's insight:

There are similarities between this week's crypto and markets routs. Good read.

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Cryptocurrency & Blockchain Insights
Covering cryptocurrency news, markets, ICOs, bitcoin, altcoins, blockchain business use cases and digital currency trends.
Curated by Douglas G Hall
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Fidelity Investments launches crypto services for institutional investors

Fidelity Investments launches crypto services for institutional investors | Cryptocurrency & Blockchain Insights | Scoop.it

Giant Fidelity Investments, which manages $7.2 trillion in client assets, is launching a new division to manage digital assets for hedge funds, family offices, trading firms, and other institutional investors.

Called Fidelity Digital Asset Services, the firm will offer security and storage services, trade execution and customer service for digital assets, the company announced Monday.

Fidelity Optimistic About Cryptocurrency

“Our goal is to make digitally native assets, such as bitcoin, more accessible to investors,” Fidelity Investments Chairman and CEO Abigail Johnson said in a news release. “We expect to continue investing and experimenting, over the long-term, with ways to make this emerging asset class easier for our clients to understand and use.”

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SEC.gov | Finhub

SEC.gov | Finhub | Cryptocurrency & Blockchain Insights | Scoop.it

Welcome to the SEC’s Strategic Hub for Innovation and Financial Technology (FinHub). As financial technologies, methods of capital formation, market structures, and investor interfaces continue to evolve, FinHub will play an important role in facilitating the SEC’s active engagement with innovators, developers, and entrepreneurs. In addition to being a resource for information about the SEC’s views and actions in the FinTech space, FinHub is also a forum for engaging with SEC staff by clicking the “ENGAGE WITH FINHUB” button below.

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Bermuda Government Approves First ICO Under New Regulatory Regime

Bermuda Government Approves First ICO Under New Regulatory Regime | Cryptocurrency & Blockchain Insights | Scoop.it

The government of Bermuda has awarded the first certification for an Initial Coin Offering (ICO) under the island nation’s new regulatory regime for crypto and blockchain business, the country’s only daily newspaper, the Royal Gazette reports Oct. 18.

According to the Royal Gazette, the Minister of National Security Wayne Gaines — whose office oversees ICT policy and innovation — announced that fintech company Uulala was awarded certification by the Bermudan government today at the Bermuda Executive Forum in Miami.

In July, the Premier and Minister of Finance of Bermuda David Burt introduced new regulations on ICOs to the lower house of the country’s Parliament, the House of Assembly. The new guidelines require ICO issuers to provide detailed information about “all persons involved with the ICO.”

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Hong Kong wrestles with cryptocurrency exchange regulations

Hong Kong wrestles with cryptocurrency exchange regulations | Cryptocurrency & Blockchain Insights | Scoop.it

Like every jurisdiction, Hong Kong regulators are trying to chart a course for the cryptocurrency industry and exchanges that encourage growth but protect investors.

In a South China Morning Post (SCMP) interview, Carlson Tong Ka-shing, the outgoing chairman of the Hong Kong’s Securities and Futures Commission (SFC) said his organization is legally bound to regulate securities and the status of cryptocurrency remains unclear.

“We do not think imposing a total ban on these platforms is necessarily the right approach, and it will not work in today’s internet world when trading can cross national boundaries,” said Tong.

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South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium

South Korea’s Largest Crypto Exchange Sold to Singapore-Based Consortium | Cryptocurrency & Blockchain Insights | Scoop.it

The largest cryptocurrency exchange in South Korea by trading volume, Bithumb, has reportedly been sold to a Singapore-based consortium for approximately 400 billion won or $354 million. Bk Global Consortium, led by plastic surgeon Kim Byung-gun, will acquire the controlling stake and become the largest shareholder of Bithumb.

Bithumb Sold
A spokesman for Bithumb confirmed Friday that the exchange “was sold for about $354 million to a consortium led by a plastic surgeon,” Reuters reported

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US Regulator Issues Cease and Desist Orders Against Three Crypto Promoters

US Regulator Issues Cease and Desist Orders Against Three Crypto Promoters | Cryptocurrency & Blockchain Insights | Scoop.it

North Dakota Securities Commissioner Karen Tyler has issued cease and desist orders against three firms for allegedly offering unregistered and fraudulent securities in the form of Initial Coin Offerings (ICOs), according to an announcement published Oct. 11.

The companies at the center of the orders are Crystal Token, Advertiza Holdings (Pty) Ltd., and Life Cross Coin a/k/a LifecrosscoinGmbH. Per the statement, Crystal Token (CYL) is an “evolutionary multi-utility” ERC-20 token, that promises earnings up to two percent per day. The token’s website allegedly contains fraudulent claims of “excessive unsubstantiated” rates of return on investment. CYL is not authorized to sell securities in North Dakota.

Advertiza Holdings offers cryptocurrency called “Tizacoin,” or “TIZA,” and claims that holders “can expect to make a profit from the appreciation of the value of TIZA tokens.” That, according to the regulator, indicates that the token’s description as a utility token is incorrect, and is instead a security.

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South Korean Financial Regulator Reaffirms Negative Stance on ICOs and Crypto

South Korean Financial Regulator Reaffirms Negative Stance on ICOs and Crypto | Cryptocurrency & Blockchain Insights | Scoop.it

The chairman of Korea’s Financial Services Commission Choi Jong-koo has reaffirmed his negative position on digital currencies and Initial Coin Offerings (ICOs), Business Korea reported Oct. 11. Choi spoke at a parliamentary audit session of the commission held at the National Assembly.

South Korea prohibited ICOs in September last year, stating that such a type of fundraising is “almost a gamble.” This August, Korean lawmakers, including participants from government ministries, returned to the cryptocurrency issue, focusing on repealing the country's ICO ban. Lawmakers agreed on the need to develop a related policy before carrying a resolution on ICO reallowance.

At the recent session, Choi reportedly said that “the government does not deny the potential of the blockchain industry," while noting that it “should not equate the cryptocurrency trading business with the blockchain industry.”

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New ICO Token Project Data Reveals $20 Billion in Funds Raised Collectively in 2017-2018

New ICO Token Project Data Reveals $20 Billion in Funds Raised Collectively in 2017-2018 | Cryptocurrency & Blockchain Insights | Scoop.it

ICOs have been pretty successful in 2018. A study, tilted Crypto Utopia, assessed the cryptocurrency industry over the past year and focused on ICO regulation.

The study indicated that ICOs raised $12 billion in 2018 thus far, and last year, they raised $7 billion. Blockchain ICO protocol EOS and Telegram, a messaging app, brought in the bulk of ICO funds in 2018, with $4.2 and $1.7 billion, respectively.

To date, there have been over 300 crypto funds launched to invest in crypto assets, and most of the funds are concentrated in a small majority of organizations. The research also indicates that ICOS are often exposed to fraud and scams, which have led to the theft of 15 percent of crypto assets by market capitalization. Further over 50 percent of ICOs failed to raise funds and have thus closed.

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Chainalysis Examines The 32 Biggest Bitcoin (BTC) Whales, Can They Tank The Crypto Market?

Chainalysis Examines The 32 Biggest Bitcoin (BTC) Whales, Can They Tank The Crypto Market? | Cryptocurrency & Blockchain Insights | Scoop.it

Chainalysis is a digital currency forensics company. The firm recently examined the thirty-two biggest Bitcoin (BTC) whales. According to the report of the firm, the thirty-two whales hold over one million Bitcoin (BTC) out of the 17 million currently in circulation.

 

The report of the firm reveals that the smallest whale holds about 12,000 BTCs worth about $75 million. The largest whale among them hold about 85,000 BTCs worth about $542 million. The firm categorized the whales into four different groups.

 

The first group is the criminal whales. This group consists of three Bitcoin wallets holding BTCs worth about $790 million. The second group is the trader whales. This group consists of nine wallets holding Bitcoins worth about $2.1 billion. The third group is the miners and early adopters.



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Juniper Research: Why bitcoin will not bounce back next year

Juniper Research: Why bitcoin will not bounce back next year | Cryptocurrency & Blockchain Insights | Scoop.it

A new study from Juniper Research is bearish on bitcoin and predicts that the value of annual Bitcoin transactions is expected to slide further in the latter half of next year.

According to the study, Bitcoin has not only fallen sharply from its December 2017 peak, but failed to recover despite the weakness of a number of leading fiat currencies, continuing uncertainty around Brexit outcomes and ongoing trade disputes between the US, China, and the EU.

The study suggests that if bitcoin can’t recover in these favorable circumstances, it is not likely to recover as these issues are resolved.

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Could blockchain be a $7 billion market soon?

Could blockchain be a $7 billion market soon? | Cryptocurrency & Blockchain Insights | Scoop.it

Could blockchain be a $7 billion business soon? Bank of America analysts think so and Amazon, Microsoft, and Oracle could be the beneficiaries.

Blockchain technology is the early stages of development and adoption, but BoA analysts believe that if 2% of servers utilize blockchain technology at $5,500 per year, that will create a $7 billion industry.

“Amazon will benefit from incremental cloud services demand from Blockchain implementation, while improved supply chain tracking should make Amazon’s retail operations more efficient,” says Bank of America research analyst Kash Rangan.

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Total of 7 Crypto Exchanges and 158 Wallets Hacked in South Korea, Police Find

Total of 7 Crypto Exchanges and 158 Wallets Hacked in South Korea, Police Find | Cryptocurrency & Blockchain Insights | Scoop.it

The South Korean National Police Agency has compiled a report of known hacking incidents that occurred in the country since 2016, according to local media.

Lawmaker Cho Won-jin.
The report entitled “Status and Measures of Hacking Damage of Virtual Currency Exchanges in the Last Three Years” was submitted to the South Korean government and unveiled by lawmaker Cho Won-jin on Wednesday. The data shows “there were seven [crypto exchange] hacking cases since 2016” and the amount “illegally withdrawn through hacking was 112 billion won [~$99 million],” Dtoday reported.

“The amount of money stolen by the hacking of cryptocurrency exchanges has been steadily increasing every year,” Boan News noted. “The amount of illegal withdrawals, which was only KRW 300 million [~$265,282] in 2016, increased to KRW 40.5 billion [~$35.8 million] in 2017, and two hacking cases occurred in 2018, amounting to KRW 71.3 billion [~$63 million] in theft.”

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U.S. Indicts Seven Russian Agents Who Used Bitcoin To Fund Illegal Covert Operations

U.S. Indicts Seven Russian Agents Who Used Bitcoin To Fund Illegal Covert Operations | Cryptocurrency & Blockchain Insights | Scoop.it

On October 3, The U.S. Department of Justice charged seven officers from Russia’s Main Intelligence Directorate (GRU) for hacking and disinformation operations, using Bitcoin and other cryptocurrencies to fund their campaign.

The indictment was filed by the grand jury at the Western District of Pennsylvania, following news that 12 Russian operatives were indicted in July for affecting the 2016 elections.

The operatives indicted in July were accused of hacking the Democratic National Committee and the Clinton presidential campaign over a 4-year span, from 2014 to May 2018, using Bitcoin and a few other cryptocurrencies to hide their financial activities.

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Slain Bitcoin Investor Was Cashing out to Buy an Apartment

Slain Bitcoin Investor Was Cashing out to Buy an Apartment | Cryptocurrency & Blockchain Insights | Scoop.it

The Norwegian cryptocurrency investor who earlier this week was brutally murdered following a cash-for-bitcoin exchange was reportedly liquidating his holdings so that he could buy his own apartment.

CCN reported yesterday that the 24-year-old investor had been stabbed to death in his apartment on Monday morning, sometime between 7:50 am and 12:10 pm, when one of his roommates returned home to discover the grisly crime scene.

Citing sources within the Oslo police department, local media outlets reported that, shortly before the murder, the victim had exchanged a large sum of bitcoin for cash, which he kept in his room in the shared apartment.

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SEC.gov | SEC Launches New Strategic Hub for Innovation and Financial Technology

SEC.gov | SEC Launches New Strategic Hub for Innovation and Financial Technology | Cryptocurrency & Blockchain Insights | Scoop.it

The U.S. Securities and Exchange Commission today announced the launch of the agency's Strategic Hub for Innovation and Financial Technology (FinHub).

The FinHub will serve as a resource for public engagement on the SEC's FinTech-related issues and initiatives, such as distributed ledger technology (including digital assets), automated investment advice, digital marketplace financing, and artificial intelligence/machine learning. The FinHub also replaces and builds on the work of several internal working groups at the SEC that have focused on similar issues. 

The FinHub will: 

- Provide a portal for industry and the public to engage directly with SEC staff on innovative ideas and technological developments; 
- Publicize information regarding the SEC's activities and initiatives involving FinTech on the FinHub page; 
- Engage with the public through publications and events, including a FinTech Forum focusing on distributed ledger technology and digital assets planned for 2019;
- Act as a platform and clearinghouse for SEC staff to acquire and disseminate information and FinTech-related knowledge within the agency; and
- Serve as a liaison to other domestic and international regulators regarding emerging technologies in financial, regulatory, and supervisory systems. 

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Bitcoin Hedge Fund and CEO Slapped With $2.5 Million Penalty for Ponzi Scheme

Bitcoin Hedge Fund and CEO Slapped With $2.5 Million Penalty for Ponzi Scheme | Cryptocurrency & Blockchain Insights | Scoop.it

A New York federal court has ordered cryptocurrency hedge fund Gelfman Blueprint, Inc. (GBI) and its CEO Nicholas Gelfman to pay over $2.5 million for operating a fraudulent Ponzi scheme, according to an official announcement published Oct. 18.

GBI is a New York-based corporation and denominated Bitcoin (BTC) hedge fund incorporated in 2014. As stated on the company’s website, by 2015 it had 85 customers and 2,367 BTC under management.

The order is the continuation of the initial anti-fraud enforcement action filed by the U.S. Commodity Futures Trading Commission (CFTC) against GBI in September 2017. The CFTC charged GBI for allegedly running a Ponzi scheme from 2014 to 2016, telling investors that it had developed a computer algorithm called “Jigsaw” which allowed for substantial returns through a commodity fund. In reality, the entire scheme was a fraud.

Per the announcement, GBI and Gelfman fraudulently solicited over $600,000 from at least 80 customers. Moreover, Gelfman set up a fake computer “hack” to conceal the scheme’s trading losses. It eventually resulted in the loss of almost all customer funds.

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Chilean Bitcoin Exchange Buda Adds Lightning Network Support

Chilean Bitcoin Exchange Buda Adds Lightning Network Support | Cryptocurrency & Blockchain Insights | Scoop.it

Blockchain unicorn Circle has made a series of strategic moves that all have one theme: to become a dominant force in the world of cryptocurrency. The startup is backed by some of the most influential companies in the sector, and the CEO believes that tokenization is truly the future.

Boston-based Circle is not interested in just one aspect of cryptocurrency. This is evident when one considers the acquisitions that the company, which recently raised $110 million at a $3 billion valuation, has recently made. The company recently acquired the cryptocurrency exchange Poloniex, which many believe is part of a long-term plan to challenge Binance as the top cryptocurrency exchange in the world.

As the stablecoin sector heated up, Circle decided to throw their hat in the ring, launching the USDC stablecoin, pegged to the U.S. dollar. The project is structured as an ERC-20 token on the ethereum blockchain and launched with 30 partners, many of whom are respected and globally-known cryptocurrency companies, such as payment processing company BitPay.dELIA cOX SUCKER

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Introducing The Liquid Network: Blockstream Is Running A Revolutionary Bitcoin Sidechain – Exchanges Want It Badly

Introducing The Liquid Network: Blockstream Is Running A Revolutionary Bitcoin Sidechain – Exchanges Want It Badly | Cryptocurrency & Blockchain Insights | Scoop.it

As reported by Ethereum World News in March, Coinbase, one of the leading startups in the cryptosphere, revealed plans to launch an index fund, which would allow institutional and accredited investors to buy all assets supported on Coinbase’s Pro platform (GDAX at the time).

Following the initial announcement, it took the San Francisco-based fintech firm the new offering. However, many believed it was worth the wait, as it was widely expected that this vehicle, which supported Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum Classic (ETC), would garner support from investors all across the globe.

However, as divulged by those familiar with the matter, Coinbase is making moves to shutter its index fund after a short three months in operation. Per an exclusive The Block report, the insiders claimed that the index offering failed to attract enough clients and monetary volume to warrant the startup to continue its support. Although some expected for this closure to occur, as the bear market catalyzed a widespread disappearance of interest and volume, at the time of the launch, Coinbase claimed that it was “seeing strong demand from institutional and high-net-worth individuals.”

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World Bank President: Distributed Ledger Technology Has ‘Huge Potential’

World Bank President: Distributed Ledger Technology Has ‘Huge Potential’ | Cryptocurrency & Blockchain Insights | Scoop.it

The president of the World Bank Group Jim Yong Kim has stated that distributed ledger technology (DLT) has “huge potential” and that the bank should keep pace with innovative technologies. Kim spoke at the International Monetary Fund (IMF) and the World Banks’ Annual Meeting in Bali, Indonesia Oct. 11.

Kim addressed the importance of fighting poverty while boosting prosperity, pointing out that “there are innovations in the technological world that can help us leapfrog generations of bad practice, generations that would take forever in terms of reducing corruption.” Kim said:

“We talked about cryptocurrencies, but we think distributed ledger has huge potential and we issued the first blockchain bond in August, where we created, allocated, transferred and managed the entire bond through blockchain technology.”

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Deloitte: 5 keys to accelerate blockchain development and adoption

Deloitte: 5 keys to accelerate blockchain development and adoption | Cryptocurrency & Blockchain Insights | Scoop.it

A new report from Deloitte identifies five key areas for blockchain to develop before it’s ready for adoption in the business mainstream.

The report, “Blockchain and the five vectors of progress,” examines ways to enhance the technological capacity of blockchain, and opportunities to expand blockchain implementation in a broader array of industries.

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Report: SEC Expands Crackdown on ICOs, Regulatory Ambiguity Remains

Report: SEC Expands Crackdown on ICOs, Regulatory Ambiguity Remains | Cryptocurrency & Blockchain Insights | Scoop.it

The US Securities and Exchange Commission (SEC) has expanded its crackdown on Initial Coin Offerings (ICOs), putting “hundreds” of projects at risk, according to a recent joint investigation by Yahoo Finance and Decrypt Media published, Oct. 10.

The authors of the report stressed that hundreds of crypto and blockchain startups that conducted token sales have eventually found that they had violated securities laws despite their endeavors to comply with regulations. In response to SEC pressure, dozens of firms have reportedly “quietly agreed” to refund investors’ money and pay fines, rather than attempt to reach a legal compliance.

According to Yahoo and Decrypt’s conversations with more than 15 industry sources, many startups that were subpoenaed by the SEC did not know how to satisfy the commission’s demands, and were unable to consult with other firms on how to handle the matter.

The sources — who are represented by employees of subpoenaed companies or their attorneys — preferred to stay anonymous due to an SEC restriction from disclosing the issue.

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SEC uses emergency order to halt Blockvest ICO scam

SEC uses emergency order to halt Blockvest ICO scam | Cryptocurrency & Blockchain Insights | Scoop.it

The US Securities and Exchange Commission (SEC) used an emergency court order to halt a planned initial coin offering (ICO) by Blockvest LLC and its founder, Reginald Buddy Ringgold, III.

The SEC said Blockvest falsely claimed it was approved by the SEC, was using the SEC seal without permission, a violation of federal law, and falsely claiming its cryptocurrency fund was “licensed and regulated.”

“We allege that this ICO is using both the SEC seal and a made-up crypto regulatory authority to trick investors into believing the ICO was approved by regulators,” said Robert A. Cohen, Chief of the SEC Enforcement Division’s Cyber Unit. “The SEC does not endorse investment products and investors should be highly skeptical of any claims suggesting otherwise.”

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Nearly $1 billion in cryptocurrency theft so far in 2018

Nearly $1 billion in cryptocurrency theft so far in 2018 | Cryptocurrency & Blockchain Insights | Scoop.it

A new report from cybersecurity firm CipherTrace says cryptocurrency thefts have reached nearly $1 billion so far in 2018.

$927 million has been stolen by the end of September 2018, the company says, an increase of 250% over the entire previous year.

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