Monthly Archives: May 2018

Bloomberg: Crypto Not Really Comparable To Traditional Asset Classes, Future Uncertain

Cryptocurrencies don’t correspond to the traditional assets classes says Bloomberg, making their future hard to predict. Bloomberg has detailed the course of cryptocurrency’s volatility, trading activity, and correlation with other assets over a period of 16 months. In an article published Wednesday, May 2, they conclude that crypto’s past performances are no guarantee of future ones. Bloomberg begins by noting that Bitcoin (BTC) – and cryptocurrencies in general – have such an extreme volatility that they are not currently useful for payment in stores or salaries. The […]

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Goldman Sachs Launching Bitcoin Trading Operation Within Weeks

Goldman Sachs is reportedly launching a bitcoin trading operation where it will trade bitcoin futures contracts on behalf of clients using its own money, starting as early as the next few weeks. The Wall Street investment firm will also offer its own bitcoin futures product to clients. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Goldman Gets into Bitcoin According to the New York Times, Goldman Sachs is gearing up to launch a trading operation to buy and sell bitcoin futures for institutional clients. Reporter Nathaniel […]

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Payments Company Square Unveils Low Returns From Bitcoin Business Last Quarter

In its first-quarter earnings report Square revealed that Bitcoin-related business returned only a 0.6 percent profit. US payments processing company Square recently reported low profits from Bitcoin (BTC) trading in its Cash App last quarter, according to an article by Fortune Wednesday, May 2. According to Square’s earnings report, Bitcoin-related business generated about 5 percent of overall revenue, amounting to $34.1 mln. However, the amount of profit from Bitcoin barely covered the funds spent to acquire it in the first place. Profits totaled around $200,000 or about […]

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Goldman Sachs Says Bitcoin ‘Is Not A Fraud’, Plans Trading

Goldman Sachs has revealed it wants to offer Bitcoin trading tools to clients after being “inundated” with requests. Goldman Sachs has said Bitcoin “is not a fraud” as it unveiled plans to buy and sell cryptocurrency, the New York Times reported May 2. In a move which sets the investment banking giant apart from its Wall Street competitors, Goldman will initially offer various contracts with Bitcoin exposure before rumoredly entering the trading arena. Commenting on the decision, Rana Yared, an executive involved in creating the offerings, said […]

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Taking the New On-Chain BCH-Powered Social App Blockpress for a Test Flight

On May 2, a new on-chain social media platform for the Bitcoin Cash network was announced called ‘Blockpress.’ According to the Blockpress development team the platform has been under construction for months, and they are pleased to finally release the initial version to the public. Also read: Markets Update: Trading Action Heats Up During the First Week of May Another On-Chain Social Media Platform Called Blockpress Launches on the Bitcoin Cash Blockchain After the past few weeks with everyone talking about the on-chain social media application Memo, another […]

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Crypto Exchange Bitgrail Opens For Three Hours Before Legally Forced Shutdown

Previously hacked crypto exchange Bitgrail opened yesterday, only to be closed by a court in Florence after three hours. Recently hacked Italian crypto exchange Bitgrail tweeted Wednesday, May 2, that they reopened their exchange, only to report its temporary closure three hours later. We have temporarily disabled the BitGrail exchange pending further notice. — BitGrail Exchange (@BitGrail) May 2, 2018 Bitgrail posted a statement on its website later that day in order to explain the reason for the abrupt shutdown, which they “don’t agree with”: ‘This morning, […]

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Telegram Rakes in Over $1.5 Billion, Ditches ICO for an Open Network & Token

The Wall Street Journal reported Telegram has raised $1.7 billion in anticipation of an initial coin offering (ICO). However, the company has instead decided to scrap its much publicized ICO in favor of beefing up its popular messaging service and expanding into tokenization. Also read: Microsociety Fort Galt in Chile Uses Bitcoin to Build Anew Telegram Scraps ICO Paul Vigna details how Telegram has “brought in so much money from a small group of private investors that it is calling off a planned sale of cryptocurrency to […]

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Australia Cracks Down on Misleading and Deceptive Initial Coin Offerings

Australia’s financial regulator is cracking down on deceptive and misleading initial coin offerings (ICOs), citing “a serious breach of the Australian law.” As a result of the regulator’s inquiries, some issuers have halted their token sales or are modifying their structures. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space ASIC Takes Action Against ICOs The Australian Securities and Investments Commission (ASIC) announced on Tuesday that it is taking action “on misleading or deceptive conduct in the marketing and selling of digital or virtual tokens via initial […]

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Berkeley City Council Moves Ahead With Pilot Program For Issuing City Bonds On Blockchain

The Berkeley city council has approved a plan that would sell municipal micro-bonds on a blockchain, the plan will now be considered by the city manager. The city of Berkeley, California has moved forward with an initiative to apply blockchain technology to public financing to raise funds for community projects, Bloomberg reports May 2. Last night the Berkeley city council unanimously voted to ask the city manager to consider a pilot program that proposes selling municipal bonds using blockchain technology. The project, initiated by Vice Mayor Ben […]

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The Most Controversial Bitcoin Forks Yet Are Coming

Bitcoin forks are invariably contentious, but the latest batch could be the most controversial yet. Bitcoin Prime and Anonymous Bitcoin have been labeled as shameless cash grabs that are little more than pump and dumps orchestrated by opportunistic developers. The projects’ architects of these schemes, naturally, have hit back. Also read: Forget Emojis – Bitcoin Sentiment is Expressed Through Sticker Sets in Chats New Forks Fuel a Furore Rhett Creighton has always been a polarizing figure, but his latest stunt has united a swathe of the cryptocurrency community […]

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