A fresh yearly high was formed at $5,465 before bitcoin corrected lower against the US Dollar.The price started a downside correction and traded below the $5,200 support level.There was a break below a major bullish trend line with support at $5,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair tested the $4,950 support area and it seems like there are many supports on the downside.Bitcoin remains in a strong uptrend despite the recent correction below $5,200 against the US Dollar. BTC is likely to find buyers near soon and it could bounce back above $5,150.Bitcoin Price Weekly Analysis (BTC)There was a steady rise in bitcoin above the $5,350 level this past week against the US Dollar. The BTC/USD pair even broke the $5,450 level and traded to a new yearly high at $5,465. Later, there was a downside correction and the price broke the $5,400 and $5,350 support levels. Sellers gained pace once the price broke the key $5,200 support area. There was even a break below the 50% Fib retracement level of the last wave from the $4,702 low to $5,465 high.Moreover, there was a break below a major bullish trend line with support at $5,200 on the 4-hours chart of the BTC/USD pair. Sellers pushed the price below the $5,000 level and the price tested the $4,950 support area. Besides, there was a test of the 76.4% Fib retracement level of the last wave from the $4,702 low to $5,465 high. Recently, the price recovered above the $5,050 level, but it faced a strong resistance near the $5,130 level. The stated $5,130 level was a support earlier and now it is acting as a hurdle for buyers.It seems like there might be another downside push towards the $4,950 or $4,900 support levels before the price starts a fresh increase. The $4,800 level is also a strong support since it is a pivot area and coincides with the 100 simple moving average (4-hours). Therefore, if there are more downsides, the price is likely to remain supported near $4,900 or $4,800.Looking at the chart, bitcoin is clearly trading in an uptrend as long as it is above $4,800 and the 100 simple moving average (4-hours). If there is a close below the 100 SMA, the price could decline towards the $4,500 level. Conversely, the price is likely to bounce back above $5,150 and $5,200 in the near term.Technical indicators4 hours MACD – The MACD for BTC/USD is about to move into the bullish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is placed just below the 50 level.Major Support Level – $4,900Major Resistance Level – $5,150
Archives for April 13, 2019
ETH price started a downside correction after testing the $188 level against the US Dollar.The price declined below the $174 and $165 support levels to move into a short term bearish zone.There is a crucial bullish trend line forming with support at $155 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair could decline further towards the $155 support before it could bounce back.Ethereum price started a major downside correction versus the US Dollar and bitcoin. ETH is currently under pressure and it seems like the price could test the $155 support before higher.Ethereum Price Weekly AnalysisThis past week, Ethereum price traded towards the $185 and $188 resistance levels against the US Dollar. The ETH/USD pair faced a strong selling interest near the $185 resistance zone, resulting in a bearish reaction. The price started a downside correction and broke the key $174 support area. There was a break below the $170 level and the 50% Fib retracement level of the last wave from the $154 swing low to $188 swing high.It opened the doors for more losses and the price declined below the $165 support. It tested the $162 support area and the 100 simple moving average (4-hours). Besides, the 76.4% Fib retracement level of the last wave from the $154 swing low to $188 swing high. On the downside, there is a crucial bullish trend line formed with support at $155 on the 4-hours chart of ETH/USD. The pair is likely to find a strong buying interest near the $155 and $156 support levels. It seems like there could be a final downside push towards the $155 level before the price could bounce back sharply.On the upside, an initial resistance is near the $166 level, above which the price may revisit the $170 level. However, the main resistance is at $175, above which the price is likely to resume its upward move above $180 in the coming days. On the other hand, if the price fails to hold the $155 support area, there could be more losses in the near term.The above chart indicates that Ethereum is approaching a few important supports levels near the $155 and $156 levels. As long as the price is trading above the $155 support, there are chances of a fresh increase above the $170 level. Below $155, the next immediate support is at $152, below which the price may test $144.Technical Indicators4 hours MACD – The MACD for ETH/USD is about to move back in the bullish zone.4 hours RSI – The RSI for ETH/USD is currently positioned well below the 45 level.Major Support Level – $155Major Resistance Level – $170
Since 2018’s bear market came to life, investors have tried to determine what will revive Bitcoin (BTC) once again. According to industry researcher boutique Delphi Digital, the strength (or lack thereof) of the macroeconomy could be a boon for the cryptocurrency market moving forward, in spite of the fact that many pundits see digital assets as independent of traditional systems.Bitcoin Could Catch Investors Looking For “Significant Price Appreciation” Per an excerpt from the New York-based group’s most recent report, a potential rise in growth investing strategies (throwing money at firms with strong growth upside to maximize capital gains) could aid Bitcoin in the coming months and years. Delphi’s analysts explain that growth-centric investors’ most popular choices include the stocks that consist of FAANG along with other hot Silicon Valley firms.3/ Given the outlook of slower economic growth and subdued earnings forecasts, the backdrop appears favorable for growth to outperform. If so, #bitcoin may be poised to catch a bid as investors reach for riskier assets with significant price appreciation potential. $BTC pic.twitter.com/6MvZauouty— Delphi Digital (@Delphi_Digital) April 12, 2019The reason why this is significant is that in periods of slow economic growth and subdued earnings, which economists are calling for, growth stocks, meaning Bitcoin in turn (correlation), often outperform their peers. Thus, Delphi concluded:“Given the outlook of slower economic growth and subdued earnings forecasts, the backdrop appears favorable for growth to outperform. If so, bitcoin may be poised to catch a bid as investors reach for riskier assets with significant price appreciation potential.”Perfect Storm For Bitcoin Is ApproachingDelphi’s talented researchers aren’t the first to have claimed that factors in the macroeconomy could boost Bitcoin over the coming months. As reported by NewsBTC previously, Brendan Bernstein, the founding partner of Tetras Capital, an industry investment firm whose partners seem skeptical of Ethereum, recently laid out why he believes BTC’s long-term prospects are healthy.He remarked that the U.S. Federal Reserve’s decision over the past decade to enlist quantitative easing (QE) strategies could aid BTC. Here’s why.While QE, which is a fiscal policy that sees central banks purchase assets to boost the economy, has arguably been a positive catalyst for cryptocurrencies for the better part of a decade, some fear that the economy might get dicey (asset inflation, fiscal instability, etc.). Anti-establishment figures, presumably like Bernstein and Ikigai’s Travis Kling, are wary that with the overutilization of QE, the economy could be put in a bad place, potentially giving BTC a chance to rally as a non-correlated store of value.Bernstein continued on the theme that macroeconomic and political factors may give a decentralized, digital currency a chance to outperform by drawing attention to democratic socialism, modern monetary theory, a growing retired yet financially stunted population, and the rapidly swelling amount of U.S. sovereign debt. He claimed that all this, coupled with QE, is why there is a “perfect storm for BTC right now.”Featured Image from Shutterstock
At I write this, one dollar is worth .89 Euros, 110.8 Japanese Yen, and .77 British Pounds, but the exchange rates are likely to be different tomorrow, or even in the next five minutes. Such is the uncertainty we must accept when it comes to the value of fiat currencies.
The only means available to us for measuring the value of money is by comparison to other currencies, hence why the value of the Euro, Japanese Yen, and British Pound are compared to the US dollar as opposed to a Somali Shilling (at the time of this writing worth $.0017).
The bigger question is, why are we stuck in this comparison game and do not have a standardized monetary measurement unit when we have standardized units of measure for distance, volume, and temperature?
What is a Universal Financial Standard and Why Do We Need One?
A global financial standard would be something akin to meters, liters, or celsius—a trusted and standardized unit of account that can be applied to value.
The closest thing we have to a financial standard is the Special Drawing Right (SDR), which was created by the International Monetary Fund (IMF) in 1969 and is based on a basket of five of the world’s most stable currencies: U.S. Dollar, Euro, Japanese Yen, British Pound, and the Chinese Renminbi.
However, you don’t see Bloomberg comparing the Jordanian Dinar or Paraguayan Guarani to the SDR. This is because the SDR is exclusive to the IMF and its nation members, as opposed to universal, and, therefore, cannot be used as a currency by individuals or businesses.
Instead, the SDR comprises an asset that can be leveraged at the discretion of the IMF to supplement member countries’ official reserves in order to boost liquidity or help a country out of an economic crisis.
Neither Fiat nor Crypto Markets Have Developed a Real Solution… Yet
Given no universal financial standard currently exists, the global economy has relied heavily on USD, deemed to be one of the most stable global currencies, to fill this role. There are a number of issues with this approach. All fiat currencies depreciate in value over time due to inflation, so they cannot ever be truly stable. Like all national currencies, USD is vulnerable to the decisions made by the government that backs it.
For example, President Trump’s trade policies are estimated to have cost the US economy $7.8 billion. Most concerning is the accumulation of national debt, which currently exceeds $22 trillion. Many economists worry that as the national debt mounts, international trust in the government’s ability to repay their loans will dwindle.
A loss of trust in the US government could trigger a plunge in the dollar’s value, which could cause the entire global economy to go into a tailspin given the pervasive reliance on USD. Ray Dalio, a billionaire investor and hedge fund manager, chillingly warned that the next financial crisis could be worse than the last, resulting in the fall of the dollar and the rise of others to take its place.
The original idea for cryptocurrency was based in the hope that peer-to-peer payments would replace fiat as the dominant means of exchange and store of value. Satoshi Nakomoto’s Bitcoin white paper introduced the concepts of borderlessness and independence from government influence that hundreds of cryptocurrencies now embody. Though these are steps in the right direction, cryptocurrencies continue to exhibit extraordinary volatility, and, therefore, are not the safest bet for holding value.
Stablecoins attempt to resolve the issue of crypto market volatility through backing to fiat currencies or other assets, such as gold or real estate. Tether is currently the most popular cryptocurrency stablecoin, trading at a volume on average of $9.4 billion per day. Supposedly backed by USD 1:1, Tether, fell short on its promise at one point dipping as low as $.80. The recent fluctuations in Tether’s value can be attributed to circulating doubts as to whether Tether is legitimately 100% backed by USD (in full disclosure, my company Anchor, is launching a stable alternative to Tether).
As experts such as Ray Dalio have expressed, until we have a real solution to the need for a universal financial standard and stable store of value, the answer is to diversify investments. What is clear is that we cannot count on fiat currencies to retain their value. A true crypto-based stablecoin solution may just be the answer to ensuring when markets dip or crash, life savings will be protected.
About the Author: Daniel Popa, Founder and CEO of crypto startup Anchor, is a serial telecommunications entrepreneur with over 20 years of experience successfully launching numerous telecommunications and software companies, including NECC Telecom, Pulse Telecom, ECS Soft, CCI, TimeWalk, and others. Companies founded by Daniel have generated over $1 billion in revenue over the past 20 years and currently operate in 5 different countries, including the USA, Canada, Australia, Romania, and Ukraine. NECC Telecom employs more than 600 people and several thousand contractors around the world and earns revenues in excess of $54 million annually. Daniel and his team of PhD-level academics have been developing the algorithm behind the MMU since 2017.
There has long been a belief amongst cryptocurrency investors that the entrance of institutional capital into the nascent crypto markets would be the event that triggers the next bull market, as institutions have access to investment capital that far exceeds that of a cumulative group of individual investors.A recent report from Binance Research – the market analysis arm of the world’s most popular cryptocurrency exchange, Binance – explained that an estimated 7% of all cryptocurrencies are already owned by institutional investors, signaling that the crypto markets have a long way to go before they are flush with institutional capital.Crypto Markets Still Dominated by Retail InvestorsOne important piece of information found within the comprehensive report is regarding just how involved institutional investors already are in the crypto markets.The report explains that the large amount of retail investors currently dominating the markets may be one factor that is leading to high levels of correlation between various digital assets, as institutions may account for as little as 7% of the entire markets when taking into account both Bitcoin and various altcoins.“From data collected by cryptofundresearch.com, around 700 crypto funds operate…today, representing a total of just under $10 billion in assets… With a conservative assumption that they all hold solely Bitcoin, this would account for an upper bound of only 14% of the total market value of Bitcoin; If Altcoins are included in the assumption of their holdings… the ‘institutional proportion’ overall could be less than 7% for the cryptoasset market,” the report notes.Comparing this involvement to that of the traditional equities market, Binance Research elucidates that the institutional participation rate “represents only one-thirteenth of that for the U.S. stock market.”When considering the fact that institutions currently account for a minute portion of the overall markets, it is clear that there is still a significant amount of capital sitting on the sidelines just waiting to be invested.Cryptocurrency Markets May Have Already Found a BottomAside from a plethora of data regarding the massive potential the crypto markets still have to garner greater institutional investment rates, the Binance Research report also demonstrates that there is a strong likelihood that the cryptocurrency markets have already established a long-term bottom.The report notes that the most recent period of high correlation between Bitcoin and the aggregated altcoin markets lasted 90 days until March 14th, marking the longest period of “peak correlation” in crypto-history.As for what this means for the markets, Binance Research states that market sentiment likely found a local maximum during this period, which means that a “trend reversal may…ensue.”“Having emerged from a period of the highest internal correlations in crypto history, the data may support the notion that the cryptomarket has already bottomed out,” they explained.The recent statistics and data shared by Binance Research ought to be overwhelmingly positive for embattled crypto investors, as it demonstrates that the markets are still in the early stages of wide-spread adoption, and that they have already established a bottom that will ultimately lead to a trend reversal.Featured image from Shutterstock.
Private blockchains seem to be all the rage as of late. Mere weeks ago, JP Morgan Chase launched a private version of crypto network Ethereum, Quorum, to support the fittingly-titled “JPM Coin.” And over the past year or longer, technology heavyweight IBM has built an array of ‘decentralized’ ledgers for corporations with Stellar’s technology.The International Monetary Fund (IMF) and the World Bank are purportedly joining the bandwagon with a newfangled venture. The funny thing is, though, the IMF’s chairwoman, Christine Lagarde, bashed traditional digital assets, primarily Bitcoin, just the other day.Meet “Learning Coin”The project is called Learning Coin, yeah you read that right. According to a recent report from the Financial Times, the aforementioned two economic powerhouses have launched a “quasi-cryptocurrency” to garner more knowledge of blockchain technologies and their real-world applications.Related Reading: HTC’s Blockchain Lead: Bitcoin is to Facebook Coin, JPM Coin as The Internet is to IntranetsFor now (and likely, hopefully, for the rest of all eternity), Learning Coin will only be available within the walls of the IMF and the World Bank. In a statement, the IMF explained that this crypto asset, if you can even call it that, will give its staff a better understanding of the goods, smart contracts and transparency, and bads, such as money laundering, of this technology.The two Washington, D.C.-based entities look to accomplish this by creating “use-cases” for Learning Coin. Ideas proposed include giving their staff a reward in the ‘cryptocurrency’, which could be redeemed for “some kind of rewards” at a later date, for surmounting certain educational milestones.Lagarde: Bitcoin, (Actual) Cryptocurrencies Are Shaking The SystemAs aforementioned, this odd foray of sorts comes just after Lagarde expressed her distaste towards true, decentralized cryptocurrencies in a recent segment with CNBC. As reported by NewsBTC previously, the IMF General Manager told the business news outlet that “anything that is using distributed ledger technology,” primarily crypto assets and their derivatives, are “clearly shaking the system.”Lagarde continued that while she welcomes innovation, especially due to the transparency, cost-saving, and efficiency upside that this advancement presents, Bitcoin and its peers could “shake the system so much that we could lose stability.”Thus, it could be postulated that the IMF’s Learning Coin is a way in which the entity can look into how to restrict distributed digital assets and centralize blockchain, rather than giving consumers freedom through Bitcoin. As Lagarde said in regards to fintech companies: “they will have to be held accountable so that they can be fully trusted.”Featured Image from Shutterstock
The first quarter has come and gone, and there’s still no Bakkt. Nonetheless, the regulated exchange for bitcoin futures contracts, whose backers include NYSE-owned Intercontinental Exchange (ICE) and Microsoft, is boldly building out its team. Most recently, they’ve added PayPal and Google alum Mike Blandina as the chief product officer to round out the C-suite. Problem is, there’s no bitcoin futures product to speak of.
Nonetheless, it’s another sign of legacy tech talent leaping into the emerging crypto space. In this case, Blandina is also making a leap of faith considering that the bitcoin futures exchange has yet to physically deliver its first contract.
Mark Yusko: Bitcoin Is ‘From the Fringe’
Blandina is a payments veteran. He boasts experience at leading plays including Google Wallet, where he was engineering director of payments, and as PayPal‘s vice president of engineering. He joins a growing executive team at the bitcoin futures exchange that extends to former Worldpay exec Balaji Devarasetty. Bakkt recently poached former Coinbase executive Adam White as its chief operating officer.
Clearly, Blandina brings a lot to the table. But make no mistake — legacy tech needs crypto and the blockchain, not the other way around. The influx of tech talent into the crypto and blockchain space is a testament to the disruption that has taken place. A theme Morgan Creek Capital Management CEO Mark Yusko spotlighted bears repeating:
“Bitcoin didn’t come from JPMorgan or PayPal. It is from the fringe.”
Hate to quote myself, but I like line I wrote in 2014 in first paragraph to clients on #Bitcoin
“One thing history has shown is that truly disruptive technologies always come from the “fringe”. Bitcoin didn’t come from JP Morgan or PayPal. It is from the fringe.”
Fringe = #Edge
— Mark W. Yusko (@MarkYusko) April 11, 2019
Bakkt: Still No Launch Date in Sight
Something noticeably absent from Bakkt’s hiring announcement was any mention of a launch date for the regulated bitcoin futures exchange. Instead, Bakkt appears to be mired in “regulatory approvals” that are taking far longer than anyone could have predicted. So much for Bakkt’s year-end 2018 launch. Meanwhile, Fidelity Digital Assets is up and running and has drowned Bakkt out as the catalyst for institutional adoption of bitcoin, at least in the short-term.
According to Bakkt CEO Kelly Loeffler, they’re working closely with the Commodity Futures Trading Commission (CFTC).
“While we’re not yet able to provide a launch date, we’re making solid progress in bringing the first physical delivery price discovery contracts for bitcoin to the U.S., where price formation will occur in federally regulated, transparent markets.”
Loeffler used to run marathons, and she likens the launch of the “first physical delivery price discovery contracts for bitcoin to the U.S.” to training, saying that “race day is approaching.”
The irony of hiring a chief product officer when Bakkt has yet to launch its physically deliverable bitcoin futures contracts was not lost on Twitter, with one follower saying:
“But there is no product, lmao.”
Another good one was,
The latter comment was in reference to Starbucks, which is one of Bakkt’s high-profile backers. Incidentally, Starbucks isn’t interested in adding bitcoin as a payment method but will instead help customers convert crypto to USD. It’s a step.
Bakkt must have confidence in the regulatory green light because they’re hiring.
We’re hiring: https://t.co/CZ86BflOe4
— Bakkt (@Bakkt) January 22, 2019
- Director of blockchain engineering
- Blockchain developer
- Director of security engineering
- Senior full-stack engineer
- Mobile developer
- Software development engineer in test
- Director of finance
- Institutional sales
- Senior Java engineer
When Bakkt does eventually launch, the pain of the waiting game will likely be forgotten.
The crypto markets have been able to halt their downwards descent, finding relatively strong levels of support slightly below their current price levels. Bitcoin (BTC) – which recently dropped into the $4,900 region after quickly advancing to $5,400 – has established its recent lows as a region of support and has since been able to tepidly advance higher.Despite this recent drop, Bitcoin is still on track to form the coveted golden cross technical formation, which has preceded massive bull runs in years past, including that seen following the 2015 bear market.Bitcoin (BTC) Tepidly Moves to $5,100At the time of writing, Bitcoin is trading up nominally at its current price of $5,100, up slightly from its daily lows of $5,050.Over the past several weeks, Bitcoin incurred a massive amount of buying pressure that sent it skyrocketing from one-month lows of under $4,000 to highs of $5,400. Despite the upwards momentum faltering out earlier this week, BTC’s ability to hold steadily above $4,900 is a bullish sign.CryptoHornHairs, a popular cryptocurrency analyst on Twitter, told his followers in a recent tweet that the $4,900 level is a critical region of support according to a Wyckoff analysis.“Bitcoin – Wyckoff study – Close below $4.9k on the daily and the ICE shatters,” he said, explaining that a drop below $4,900 will open the gates for significantly further losses.#Bitcoin – Wyckoff studyClose below $4.9k on the daily and the ICE shatters ❄️❄️❄️ $BTC pic.twitter.com/7Fjg7NLEvd— HornHairs 🌊 (@CryptoHornHairs) April 12, 2019BTC Still Close to Forming Golden Cross Pattern The golden cross pattern is a highly bullish technical formation that occurs when an asset’s 50-day moving average (MA) and 200-day MA cross one another, which has previously preceded large bull movements, including the meteoric price climb that BTC incurred following the end of the 2015 bear market.Moon Overlord, a popular cryptocurrency analyst on Twitter, spoke about the possibility that BTC is currently forming this revered pattern in a recent tweet, noting that the cryptocurrency may still be close to forming this pattern despite the recent price drop that halted Bitcoin’s upwards momentum.“Golden cross on #bitcoin forming? It would be the first since October 2015 when $BTC was around $200,” he explained in a recent tweet.Golden cross on #bitcoin forming?It would be the first since October 2015 when $BTC was around $200. pic.twitter.com/V5qU7kg0Yj— The Crypto Moon Overlord (@MoonOverlord) April 13, 2019Assuming that Bitcoin’s bulls are able to hold the cryptocurrency’s price above $4,900 in the near-term, a golden cross pattern may soon form – which could confirm the start of a fresh and lasting bull trend.Featured image from Shutterstock.
Bitcoin prices trading above $5,000 as bulls reject lower lowsA Bitcoin holder projects BTC to hit $98 million in 20 yearsAlthough prices are down, sliding from $5,500 after peaking mid this week, candlesticks, as well as fundamental factors, favor Bitcoin (BTC) bulls. One Twitter user projects BTC to hit $98 million in two decades.Bitcoin Price AnalysisFundamentalsFor speculators, everything is about price. Pricing dominate and with fluctuating crypto assets, traders have a home in crypto. Analysts have on numerous occasions aired their two cents. Most are optimistic that Bitcoin as a problem-solving network whose native coin is shaping the financial landscape is here to stay. As a result, they interpret value and a possible undervaluation. Their ballpark estimation of what BTC would be in say five or ten years is around the $50k mark. However, there is a new breed of believers who after their analysis think that Bitcoin—and in that case liquid asset—are grossly undervalued.One of them going by the Twitter handle, Moon_Rekt project Bitcoin to surge to $98 million in a record-breaking 20 years. Affirming his projections are a combination of several factors including the role of hodlers, the increasing scarcity of the world’s most valuable asset and then next years’ halving that will see miner rewards drop by 50 percents.1/ This thread will explain why Bitcoin will become the first world currency worth ≈ $98 Million USD per Bitcoin (in today’s dollars).Timeline: 1-2 Decades— Moon Capital [🔑⚡️] (@Moon__Rekt) April 12, 2019Adding that are the advantages of Bitcoin and all other blockchain networks. Some of them include the security, fungibility of prices not content of block and then divisibility of an asset which places it above Gold, whose market cap is around $7.7 trillion. Once high net-worth players begin shifting from Gold as a store of value to Bitcoin taking advantage of what the network has to offer, the optimistic holder expects BTC to soar.Candlestick ArrangementsAfter two weeks of above-average gains, Bitcoin (BTC) is slowing down, up 0.6 percent in the last day. However, what is encouraging is the reaction from $5,000 and rejection of lower lows. From the charts, it is clear that our previous BTC/USD trade plan is valid.As a result, every low is technically another buying opportunity. In that case, both sets of traders should take advantage of positive sentiment and favorable candlestick alignment to load up with aggressive participants taking at spot rates with stops at Apr-11 lows at $4,900—data streams from BitFinex.Technical IndicatorsIn line with current developments and risk of lower lows, Apr-12 bear bar anchors our analysis. With light volumes—19k against 21k average, Bitcoin (BTC) bulls will be back in contention as risk-averse traders flow in once prices rally past $5,500 with volumes exceeding 19k.Chart courtesy of Trading View.
Another week, another round of Crypto Tidbits. While the Bitcoin price actually stagnated over the past week, falling from $5,450 to $5,000, the underlying industry was as active as ever. Over the past seven days, Harvard formally invested in a crypto asset (not just an industry project), Bakkt moved closer to launch with a key hire, and more news was released regarding Facebook’s blockchain division.Related Reading: Crypto Tidbits: Bitcoin Passes $5,000, SEC Doubles-Down On Crypto, Binance DEX NearsCrypto TidbitsTim Draper Looks To Invest In Facebook’s Crypto Amid Search For $1 Billion: Over recent months, Facebook has been quietly bolstering its efforts in the cryptocurrency space. And the social media giant is purportedly looking to continue their foray. Per Nathaniel Popper, the New York Times’ resident Bitcoin and crypto reporter, Facebook’s primarily Palo Alto-based blockchain arm is looking for venture capital partners to contribute $1 billion+. Tim Draper, a Bitcoin-friendly Silicon Valley investor, seemingly confirmed these rumors, telling Bloomberg that he intends to see if Facebook’s venture is “a good fit” for his portfolio. This comes ahead of the company’s purported intent to launch a stablecoin-esque digital asset centered around WhatsApp in the coming three to four months.China Looks To ‘Ban’ Bitcoin Mining: Early last week, a governmental committee in China, the National Development and Reform Commission (NDRC), released an updated list of activities it is looking to restrict. Interestingly, out of the 450-odd articles, Bitcoin and cryptocurrency mining was mentioned. The NDRC hinted that it sees this industry as potentially illegal, unsafe, or a detriment to China’s environment and energy grid (which is weird considering that underutilized hydropower is Chinese miners’ go-to medium to power their Bitcoin ASICs). While some claimed that this would kill Bitcoin, as China is a hub for mining and ASIC creation, many pundits aren’t so worried. Some cryptocurrency enthusiasts claimed that either the restrictions would fail or that the ‘ban’ may take years, if not decades to come into full effect. So don’t worry too much.Harvard’s $39 Billion Endowment Dives Into Crypto With Blockstack ICO: Harvard University, one of the world’s most well-regarded educational institutions, has finally purchased its first crypto assets directly. According to Bloomberg, which cited a recent filing to the U.S. Securities and Exchange Commission (SEC), the university’s endowment and two other investors purchased 95.8 million Blockstack Tokens, valued at $11.5 million. Blockstack is expected to be the first industry firm to have a token sale approved by the SEC’s “regulation A+ framework.” This news follows rumors that the school’s $39 billion endowment siphoned money into blockchain project funds, not Bitcoin or other digital assets themselves.IMF’s Lagarde Warns Crippling Potential Of Bitcoin And Other Cryptocurrencies: At a recent event, Christine Lagarde, the chairwoman of the International Monetary Fund (IMF) told CNBC that she is worried about the threat that Bitcoin and other cryptocurrencies pose to traditional banking.
- Bakkt Snags a PayPal, Google Staffer As New Exec: Bakkt, the cryptocurrency initiative spawned by NYSE owner Intercontinental Exchange, recently picked up another technology expert in its ongoing hiring spree. The Atlanta-based platform picked up Mike Blandia, a former employee and engineer at both Google and PayPal, as its new Chief Product Officer. Just recently, Bakkt also signed former executives and employees of Youtube, CBOE, and Barclays.
- Binance May Delist Bitcoin SV: Over the past week, the debate around Australian coder Craig Wright rapidly heated up. It got to a point where Wright and Co. looked into serving the creator of the Lightning Network initiative with a lawsuit, sparking a widespread backlash. Binance chief executive Changpeng Zhao jumped in on the action recently, taking to Twitter to claim that if this “s*it” continues, he would consider delisting Bitcoin SV (BSV), which is Wright’s favorite iteration of the Bitcoin protocol. It isn’t clear if Zhao intends to follow through, but his impassioned tweet on the subject matter has garnered over 12,000 likes as of press time.
Some personal news https://t.co/QROpTd7CFC
— Dan Romero (@dwr) April 12, 2019
- Coinbase Loses Key Executive Amid Crypto Winter: It seems Crypto Winter has hit Coinbase a bit hard. In a recent Medium blog post, Dan Romero, a long-standing vice-president at the $8 billion American startup, revealed that he would be leaving Coinbase after a five-year tenure. An explicit reason was not divulged, but Romero did mention that he still believes in Bitcoin, crypto, and most importantly, Coinbase. The industry entrepreneur added that he will be taking a hiatus, as he considers his next steps. This comes just weeks after Coinbase lost Christine Sandler and Adam White, who migrated to Fidelity Investments’ Bitcoin division and Bakkt respectively.
Featured Image from Shutterstock