Cryptocurrency is back in the news
On Wednesday April 15, the Malta Independent carried a detailed report on the Press Conference given by Parliamentary Secretary Silvio Schembri, who holds the Portfolio for Financial Services. During the Press Conference, Schembri presented the new bill for setting up an 'authority' to regulate companies offering services in cryptocurrency and blockchain. The title of The Malta Independent spoke volumes. The bill is being introduced to 'appease the banks' concern regarding blockchain and cryptocurrencies'. At least, the Parliamentary Secretary was honest. The bill is being proposed and will pass in the primary interest of banks.
Clearly, Government is feeling the need that for companies to operate in this sector, in Malta, they must first be registered with the new 'authority'. It is also hoping to thus attract foreign companies to start operating from here. It will be up to the 'authority' to grant the necessary permits allowing the companies to operate from Malta.
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On Wednesday April 15, the Malta Independent carried a detailed report on the Press Conference given by Parliamentary Secretary Silvio Schembri, who holds the Portfolio for Financial Services. During the Press Conference, Schembri presented the new bill for setting up an 'authority' to regulate companies offering services in cryptocurrency and blockchain. The title of The Malta Independent spoke volumes. The bill is being introduced to 'appease the banks' concern regarding blockchain and cryptocurrencies'. At least, the Parliamentary Secretary was honest. The bill is being proposed and will pass in the primary interest of banks.
Clearly, Government is feeling the need that for companies to operate in this sector, in Malta, they must first be registered with the new 'authority'. It is also hoping to thus attract foreign companies to start operating from here. It will be up to the 'authority' to grant the necessary permits allowing the companies to operate from Malta.
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Bitcoin could make a run at $15,000, says one analyst
Digital currencies begin Monday relatively unchanged as investors eye important levels ahead for the No. 1 digital currency.
After rising by as much as $3,000 in April, bitcoin BTCUSD, -0.16% is looking to push higher through psychological and technical resistance levels, which if breached, could result in a sharp move higher, according to one analyst.
“From a technical standpoint, there is some resistance that will put the asset bitcoin to the test,” wrote Naeem Aslam, chief market analyst at Think Markets U.K. “But a move above $10K could be very explosive and that would open the floor towards the $15K mark.”
A single bitcoin last changed hands at $9,271.10, down 0.2%, since Sunday’s levels at 5 p.m. Eastern Time on the Kraken exchange.
Digital currencies begin Monday relatively unchanged as investors eye important levels ahead for the No. 1 digital currency.
After rising by as much as $3,000 in April, bitcoin BTCUSD, -0.16% is looking to push higher through psychological and technical resistance levels, which if breached, could result in a sharp move higher, according to one analyst.
“From a technical standpoint, there is some resistance that will put the asset bitcoin to the test,” wrote Naeem Aslam, chief market analyst at Think Markets U.K. “But a move above $10K could be very explosive and that would open the floor towards the $15K mark.”
A single bitcoin last changed hands at $9,271.10, down 0.2%, since Sunday’s levels at 5 p.m. Eastern Time on the Kraken exchange.
TRON (TRX) Trading Heats Up, $0.10 Soon?
TRON (TRX) regained its appeal, at least as a speculative asset. TRX continued to appreciate while other tokens corrected, adding another 11% overnight to reach $0.09, with 10 cents possible. The weekly gain is already above 73%, and the gradual climb in prices saw TRX prices triple, starting last month at $0.03.
The short-term hype around TRON came from a mention on CNBC fast money, due to its robust performance in April.
The TRON project is in the final stretch to moving to its own blockchain and graduating from Ethereum. This could boost prices in the coming weeks, as the crypto ecosystem prepares to secure the migration. The TRON project will rely on exchanges, thus seeing an inflow of TRX to Binance and other markets, in order to claim the balance of new tokens.
TRON (TRX) regained its appeal, at least as a speculative asset. TRX continued to appreciate while other tokens corrected, adding another 11% overnight to reach $0.09, with 10 cents possible. The weekly gain is already above 73%, and the gradual climb in prices saw TRX prices triple, starting last month at $0.03.
The short-term hype around TRON came from a mention on CNBC fast money, due to its robust performance in April.
The TRON project is in the final stretch to moving to its own blockchain and graduating from Ethereum. This could boost prices in the coming weeks, as the crypto ecosystem prepares to secure the migration. The TRON project will rely on exchanges, thus seeing an inflow of TRX to Binance and other markets, in order to claim the balance of new tokens.
Why April 2018 Was A Great Month For Crypto
T.S. Eliot might have been right about April being the cruelest month but it was a great one for cryptocurrency markets.
At the start of April 2018, the overall market capitalization for cryptocurrencies was hovering at $263 billion and there were ominous rumblings that bitcoin, the original coin that accounts for the largest chunk of trading volume in cryptocurrency markets, was nearing a bottom. The drawdown in prices was a contagion that spread from bitcoin to other cryptos. Ether crashed below $400 to hit its lowest price since November and Ripple, the third most valuable cryptocurrency, also flirted with historical declines. Tax-related selloffs by traders contributed to the pressure.
T.S. Eliot might have been right about April being the cruelest month but it was a great one for cryptocurrency markets.
At the start of April 2018, the overall market capitalization for cryptocurrencies was hovering at $263 billion and there were ominous rumblings that bitcoin, the original coin that accounts for the largest chunk of trading volume in cryptocurrency markets, was nearing a bottom. The drawdown in prices was a contagion that spread from bitcoin to other cryptos. Ether crashed below $400 to hit its lowest price since November and Ripple, the third most valuable cryptocurrency, also flirted with historical declines. Tax-related selloffs by traders contributed to the pressure.
#cryptotimenews
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Don't Waste Your Money on Bitcoin, These 3 Stocks Are Better Buys
Investors in bitcoin have been on a wild ride over the last couple of years, but have also learned a valuable lesson. As an accountant, I would never invest in bitcoin — or any other cryptocurrency for that matter — simply because there are no underlying assets. Rather than investing, this is more akin to gambling. While some people made fortunes investing in cryptocurrency, others lost their shirts when the majority of these digital assets recently lost half their value.
With that in mind we asked three top Motley Fool investors to choose companies that they believe provide a more traditional alternative to the cryptocurrency craze. They offered convincing arguments for The Boeing Co. (NYSE:BA), CRISPR Therapeutics AG (NASDAQ:CRSP), and NVIDIA Corporation (NASDAQ:NVDA).
Investors in bitcoin have been on a wild ride over the last couple of years, but have also learned a valuable lesson. As an accountant, I would never invest in bitcoin — or any other cryptocurrency for that matter — simply because there are no underlying assets. Rather than investing, this is more akin to gambling. While some people made fortunes investing in cryptocurrency, others lost their shirts when the majority of these digital assets recently lost half their value.
With that in mind we asked three top Motley Fool investors to choose companies that they believe provide a more traditional alternative to the cryptocurrency craze. They offered convincing arguments for The Boeing Co. (NYSE:BA), CRISPR Therapeutics AG (NASDAQ:CRSP), and NVIDIA Corporation (NASDAQ:NVDA).
Crypto Could Crash 90% This Year: GP Bullhound
As cryptocurrencies make a comeback from a larger market sell-off earlier this year, one technology investment bank expects the space to suffer through a "heavy correction" over the next 12 months. (See also: Crypto Funds Dropped 29% in March.)
In a report titled "Token Frenzy: The Fuel of the Blockchain," and as reported by CNBC, GP Bullhound offered its view on the state of the digital currency environment, including the underlying blockchain technology, and digital token sales, or initial coin offerings (ICO).
Among various predictions, the investment bank foresees the the cryptocurrency market crashing 90% within the year. After this wipeout, few players should remain, wrote Sebastian Markowsky, director of GP Bullhound and the main author of the report.
As cryptocurrencies make a comeback from a larger market sell-off earlier this year, one technology investment bank expects the space to suffer through a "heavy correction" over the next 12 months. (See also: Crypto Funds Dropped 29% in March.)
In a report titled "Token Frenzy: The Fuel of the Blockchain," and as reported by CNBC, GP Bullhound offered its view on the state of the digital currency environment, including the underlying blockchain technology, and digital token sales, or initial coin offerings (ICO).
Among various predictions, the investment bank foresees the the cryptocurrency market crashing 90% within the year. After this wipeout, few players should remain, wrote Sebastian Markowsky, director of GP Bullhound and the main author of the report.
Ripple Will Protect Customers to Enable Innovation, Could the UK Adopt XRP First?
Yesterday, Ryan Zagone, the director of regulatory relations at Ripple published a report on the Ripple website in which he discusses a dialogue between Ripple and regulators/politicians at the UK Houses of Parliament.
According to Zagone:
“Until now, most conversations have hinged on the notion that “blockchain is good” and “digital assets are bad.” Yet, as policy makers took a close and thoughtful look at the technology, this view appears to be fading. The conversation today seems focused on real-world applications for both blockchain and digital assets.”
Yesterday, Ryan Zagone, the director of regulatory relations at Ripple published a report on the Ripple website in which he discusses a dialogue between Ripple and regulators/politicians at the UK Houses of Parliament.
According to Zagone:
“Until now, most conversations have hinged on the notion that “blockchain is good” and “digital assets are bad.” Yet, as policy makers took a close and thoughtful look at the technology, this view appears to be fading. The conversation today seems focused on real-world applications for both blockchain and digital assets.”
Goldman Sachs Says Bitcoin "Is Not A Fraud," Plans To Begin Trading Within Weeks
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 the bank had been “inundated” with client requests. She added that Goldman “had concluded Bitcoin is not a fraud,” a poignant statement in an industry where competitor JPMorgan CEO Jamie Dimon’s infamous description of Bitcoin still resonates.
Nonetheless, even Goldman CEO Lloyd Blankfein publicly stated Bitcoin “is not for him” during its all-time price highs in December 2017, and Yared appeared quick to dispel any myths that the bank was a ‘Bitcoin believer.’
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 the bank had been “inundated” with client requests. She added that Goldman “had concluded Bitcoin is not a fraud,” a poignant statement in an industry where competitor JPMorgan CEO Jamie Dimon’s infamous description of Bitcoin still resonates.
Nonetheless, even Goldman CEO Lloyd Blankfein publicly stated Bitcoin “is not for him” during its all-time price highs in December 2017, and Yared appeared quick to dispel any myths that the bank was a ‘Bitcoin believer.’
Will Ripple XRP Finally See $1.00 This Weekend? 🤔
The Ripple XRP $1.00 threshold has provided XRP with some trouble over the past few weeks. Each time XRP gets closer, another market reaction seems to take over which in turn pushes the value of Ripple back down, teetering between $0.80 and $0.90.
At the moment, we are seeing some very healthy trends at the top of the markets that look to be leading altcoins into a market surge. Whilst we obviously can’t predict if this will happen over the weekend, as it stands, things are starting to look quite healthy indeed. If a bull run takes over, considering how close Ripple is, we should expect to see XRP finally beat the $1.00 threshold.
As it stands, at the time of writing, Ripple XRP is valued at $0.913 and is up 7.07%. Of course, we have seen XRP tip $0.90 many times over the past few weeks, each time we have hoped to see it move closer and closer to $1.00. Thus far, the closest we have got seems to be around $0.95 as recorded on Tuesday the 24th of April.
Our optimism of course stems from the cracking performance we are seeing from Bitcoin and Ethereum at the moment, with both coins on the brink of reaching very important targets of $10,000.00 and £800.00 respectively. As these targets approach and as the majority of major currencies are starting to catch on to this climb, we truly do believe that this could be the start of a bigger market surge, a surge that may indeed see Ripple XRP hit $1.00.
Of Realistically though, if our optimism has got the better of us then we may not see any such market surge, if this is the case, perhaps Ripples current good form is enough to drag XRP up to $1.00 anyway?👍
The Ripple XRP $1.00 threshold has provided XRP with some trouble over the past few weeks. Each time XRP gets closer, another market reaction seems to take over which in turn pushes the value of Ripple back down, teetering between $0.80 and $0.90.
At the moment, we are seeing some very healthy trends at the top of the markets that look to be leading altcoins into a market surge. Whilst we obviously can’t predict if this will happen over the weekend, as it stands, things are starting to look quite healthy indeed. If a bull run takes over, considering how close Ripple is, we should expect to see XRP finally beat the $1.00 threshold.
As it stands, at the time of writing, Ripple XRP is valued at $0.913 and is up 7.07%. Of course, we have seen XRP tip $0.90 many times over the past few weeks, each time we have hoped to see it move closer and closer to $1.00. Thus far, the closest we have got seems to be around $0.95 as recorded on Tuesday the 24th of April.
Our optimism of course stems from the cracking performance we are seeing from Bitcoin and Ethereum at the moment, with both coins on the brink of reaching very important targets of $10,000.00 and £800.00 respectively. As these targets approach and as the majority of major currencies are starting to catch on to this climb, we truly do believe that this could be the start of a bigger market surge, a surge that may indeed see Ripple XRP hit $1.00.
Of Realistically though, if our optimism has got the better of us then we may not see any such market surge, if this is the case, perhaps Ripples current good form is enough to drag XRP up to $1.00 anyway?👍
Cryptocurrencies and blockchain are becoming a hot trend in the job market
The cryptocurrency industry is getting so hot that dedicated career services are popping up.
On Thursday, CoinDesk, a leading source of cryptocurrency news and organizer of major industry conferences, launched an online "Career Center" with job listings.
It's "no secret demand for blockchain skills is high and that finding talent is a real difficulty," Jacob Donnelley, director of marketing, said in a statement. CoinDesk is also hosting a career fair along with its Consensus conference in New York this month.
Listings of "blockchain" skills skyrocketed more than 6,000 percent in the first quarter from a year ago, online freelancing database Upwork said in a report Tuesday. That's far and away the hottest skill on Upwork, and a slight change from the fourth quarter when "bitcoin" was the fastest-growing skill and blockchain wasn't even on the list.
"There's an explosion of activity around cryptocurrencies because of that extremely volatile, but extremely exciting, nature of bitcoin. There's a lot of millionaires made overnight and drawn a lot of people in," said Andy Challenger, vice president at placement firm Challenger, Gray and Christmas. "There's sort of a gold rush mentality."
The cryptocurrency industry is getting so hot that dedicated career services are popping up.
On Thursday, CoinDesk, a leading source of cryptocurrency news and organizer of major industry conferences, launched an online "Career Center" with job listings.
It's "no secret demand for blockchain skills is high and that finding talent is a real difficulty," Jacob Donnelley, director of marketing, said in a statement. CoinDesk is also hosting a career fair along with its Consensus conference in New York this month.
Listings of "blockchain" skills skyrocketed more than 6,000 percent in the first quarter from a year ago, online freelancing database Upwork said in a report Tuesday. That's far and away the hottest skill on Upwork, and a slight change from the fourth quarter when "bitcoin" was the fastest-growing skill and blockchain wasn't even on the list.
"There's an explosion of activity around cryptocurrencies because of that extremely volatile, but extremely exciting, nature of bitcoin. There's a lot of millionaires made overnight and drawn a lot of people in," said Andy Challenger, vice president at placement firm Challenger, Gray and Christmas. "There's sort of a gold rush mentality."
Thailand Targets New Crypto Taxes While Others Move to Ease Burdens
An increasing number of countries are looking at the cryptocurrency space, with three national governments launching efforts to regulate and examine projects in the last two weeks. - with a particular focus on tax policy.
As might be expected, some jurisdictions - especially in the Asian market - have moved to clarify the rules that crypto-traders must follow when reporting their gains or losses. And while some of those are in the earliest stages, the developments suggest that government officials want to clear the air of any doubt that may be felt by those working in the space - and who might bring their business to those areas.
To that end, some governments are looking to actually clear the runway, as it were, for companies looking to exchange or trade cryptocurrencies. Part of that involves reducing the tax burden for such companies, with the implicit hope that they'll set up shop in those countries.
Even still, it may be some time before those rules get clarified - at least until next tax season.
Thai taxes take shape
Thailand is on the cusp of implementing a 7 percent value-added tax (VAT) and a 15 percent capital gains tax on cryptocurrency transactions - a move that is coupled with new regulations on exchanges that handle the trade of such assets.
Last week, Thailand's Ministry of Finance noted it was moving ahead with the bill despite a request from the Thai Blockchain Association to relieve some of the tax burdens that will be placed on the community.
The bill will also require exchanges to institute more stringent know-your-customer (KYC) procedures and collect identification data for all their users.
An increasing number of countries are looking at the cryptocurrency space, with three national governments launching efforts to regulate and examine projects in the last two weeks. - with a particular focus on tax policy.
As might be expected, some jurisdictions - especially in the Asian market - have moved to clarify the rules that crypto-traders must follow when reporting their gains or losses. And while some of those are in the earliest stages, the developments suggest that government officials want to clear the air of any doubt that may be felt by those working in the space - and who might bring their business to those areas.
To that end, some governments are looking to actually clear the runway, as it were, for companies looking to exchange or trade cryptocurrencies. Part of that involves reducing the tax burden for such companies, with the implicit hope that they'll set up shop in those countries.
Even still, it may be some time before those rules get clarified - at least until next tax season.
Thai taxes take shape
Thailand is on the cusp of implementing a 7 percent value-added tax (VAT) and a 15 percent capital gains tax on cryptocurrency transactions - a move that is coupled with new regulations on exchanges that handle the trade of such assets.
Last week, Thailand's Ministry of Finance noted it was moving ahead with the bill despite a request from the Thai Blockchain Association to relieve some of the tax burdens that will be placed on the community.
The bill will also require exchanges to institute more stringent know-your-customer (KYC) procedures and collect identification data for all their users.
Kyber Network Progress Report: How Is It Going to Impact the Crypto Market
Kyber Network is one of the most popular cryptocurrency exchanges in the world that offers their own default currency KNC or Kyber Network Crystal to their users. Because of the fact that the entire cryptocurrency market influenced by some big guns like Bitcoin, Ethereum, etc. is in a severely volatile state, a large percentage of current crypto-traders all over the world are looking for some useful alternatives with stability and other features like low transaction and energy consumption. KNC, the cryptocurrency that was introduced during September of 2017 by Kyber Network exchange, certainly falls under that category. Since its inception, this digital currency has been able to maintain a steady upward trend in its market capitalization due to its various distinct features.
By the end of April 2018, Kyber Network has made considerable progress in terms of new partnerships and listing. The news of its partnership with MyEtherWallet and listing on Bithumb, one of the most reputed cryptocurrency exchanges, have been quite well-known to the investors around the world. However, these two phenomena are just the tip of the iceberg of KNC’s recent development. On 29th April, Kyber Network’s team published an extensive progress report of this currency. Here, some of these recent developments will be discussed to give its holders a luculent perspective of how this digital coin is going to impact the market in future.
Kyber Network is one of the most popular cryptocurrency exchanges in the world that offers their own default currency KNC or Kyber Network Crystal to their users. Because of the fact that the entire cryptocurrency market influenced by some big guns like Bitcoin, Ethereum, etc. is in a severely volatile state, a large percentage of current crypto-traders all over the world are looking for some useful alternatives with stability and other features like low transaction and energy consumption. KNC, the cryptocurrency that was introduced during September of 2017 by Kyber Network exchange, certainly falls under that category. Since its inception, this digital currency has been able to maintain a steady upward trend in its market capitalization due to its various distinct features.
By the end of April 2018, Kyber Network has made considerable progress in terms of new partnerships and listing. The news of its partnership with MyEtherWallet and listing on Bithumb, one of the most reputed cryptocurrency exchanges, have been quite well-known to the investors around the world. However, these two phenomena are just the tip of the iceberg of KNC’s recent development. On 29th April, Kyber Network’s team published an extensive progress report of this currency. Here, some of these recent developments will be discussed to give its holders a luculent perspective of how this digital coin is going to impact the market in future.
Fund Recovery Is Ethereum's "Defining Moment," Developer Kasireddy Says
There is "no right answer" to ethereum's fund recovery debate.
The words were spoken by Preethi Kasireddy, a former partner at Andreessen Horowitz and former software engineer at Coinbase, during the ethereum community conference EDCON on May 4. As the debate rages over whether ethereum should hard fork to return funds lost on the platform, including those lost in the Parity fund freeze, Kasireddy, now the founder and CEO of blockchain startup TruStory, told the audience that now was the time for the ethereum community to define its collective values.
The Parity fund freeze isn't the only instance of startups and users losing ether because of buggy code. For instance, MyEtherWallet and Kraken lost hundreds of thousands of dollars in user funds last year because of a faulty ethereum address generator.
The fund recovery debate seemed to come to a head last week when some developers warned that due to a lack of community consensus on the topic, a split would be inevitable, though many have since come forward to state their commitment to avoiding such an outcome.
There is "no right answer" to ethereum's fund recovery debate.
The words were spoken by Preethi Kasireddy, a former partner at Andreessen Horowitz and former software engineer at Coinbase, during the ethereum community conference EDCON on May 4. As the debate rages over whether ethereum should hard fork to return funds lost on the platform, including those lost in the Parity fund freeze, Kasireddy, now the founder and CEO of blockchain startup TruStory, told the audience that now was the time for the ethereum community to define its collective values.
The Parity fund freeze isn't the only instance of startups and users losing ether because of buggy code. For instance, MyEtherWallet and Kraken lost hundreds of thousands of dollars in user funds last year because of a faulty ethereum address generator.
The fund recovery debate seemed to come to a head last week when some developers warned that due to a lack of community consensus on the topic, a split would be inevitable, though many have since come forward to state their commitment to avoiding such an outcome.