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Saturday, September 30, 2017

Cryptocurrency News for 30 Sep 2017


What China Ban? Cryptocurrency Market Cap Rebounding

What China Ban? Cryptocurrency Market Cap Rebounding


They're ba-aa-ack. Whether it's the Chinese, or the Koreans, or the Russians or us Americans is anybody's guess at this moment, but what it looks like for a few cryptocurrency players out there is that the Chinese have found a new way to get back into the game. China banned initial coin offerings and bitcoin exchanges in the first week of September. The ban caused a precipitous drop in cryptocurrency flows worldwide. As of Sept. 24 at least, the market is making a comeback.

"We could say that it looks like the 'Chinese effect' that provided downward pressure in the cryptocurrency market is over, but we cannot prove it quite yet," says Dima Zaitsev, business analytics chief for ICOBox in Milan. Zaitsev and Dmitri Kornilov, director of economics at the Russian Academy of Natural Sciences, devised the chart for ICOBox, a cryptocurrency fund raising platform and service provider. "If this continues, then I would say with almost certainty that the downward pressure is over."

Nearly a billion dollars have reportedly returned to Chinese investors that put money to work in some 40-plus ICOs that took place on the mainland this year. An ICO is a crypto-currency funding mechanism for start-ups. Some say that the money was not really returned, but was redirected to Hong Kong and Singapore, where stronger investor protections exist.

China's central bank banned ICOs on Sept. 4 and later banned all bitcoin exchanges from operating in the country.

Full story at http://bit.ly/2wpYkoB

Source: Forbes

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Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies

Fidelity CEO Abigail Johnson says the company is mining cryptocurrencies


Fidelity Investments, one of the world’s largest investment firms with $2.3 trillion in managed assets, is taking a long look at cryptocurrencies.

The firm has been experimenting internally with bitcoin, but is now bringing some of those features out to its broad customer base.

According to reports in Quartz and The Financial Times, Fidelity’s chief executive, Abigail Johnson, spoke at length about the company’s commitment to cryptocurrency at Consensus, a bitcoin-themed conference in New York.

Johnson said that the company had made several venture investments in bitcoin-related businesses and that the company was looking at applications of blockchain technologies alongside several leading universities.

Full story at http://tcrn.ch/2wph1IY

Source: TechCrunch

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$50,000+ Bitcoin Could Happen if This Isn’t a Bubble But an S-Curve

$50,000+ Bitcoin Could Happen if This Isn’t a Bubble But an S-Curve


Countless experts and pundits, including Chase CEO Jamie Dimon, have proclaimed that Bitcoin is in a massive bubble right now, and it certainly could be. Yet these “experts” fail to consider one possibility that some in the Bitcoin community are beginning to suspect: mass adoption may be imminent.

First, let’s get something out of the way. Yes, with every bubble there are people who insist that it really isn’t a bubble. It’s “the new normal” or “a new paradigm.” Perhaps the most infamous such example is that of Yale economist Irving Fisher. At the height of the 1929 stock market bubble, just before the crash, a jubilant Fisher proclaimed:

“Stock prices have reached what looks like a permanently high plateau.”

He couldn’t have been more wrong.

Full story at http://bit.ly/2wph3R6

Source: CoinTelegraph

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Russia May Ban Bitcoin Payments Entirely: Deputy Finance Minister

Russia May Ban Bitcoin Payments Entirely: Deputy Finance Minister


Russia seems to be constantly shifting its stance on Bitcoin and other cryptocurrencies. Just a month ago, Buterin was smiling and signing agreements with the Russian state banks for Ethereum partnerships. 

Now suddenly, it appears that Russia may ban Bitcoin payments entirely, as was previously suggested.

The Deputy Finance Minister Alexey Moiseev told reporters that the cryptocurrency would likely be banned, especially given its volatile history, risk to consumers and potential for hacking loss. In an interview he said:

"No regulator doubts that payments will be banned. In my opinion, in a country where millions have suffered from pyramid schemes, it is impossible to allow the situation when citizens sell apartments in order to make investments in cryptocurrencies to repeat.”

Full story at http://bit.ly/2wpJ7Ui

Source: CoinTelegraph

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Macquarie Analyst Rejects Jamie Dimon's Bitcoin 'Fraud' Critique

Macquarie Analyst Rejects Jamie Dimons Bitcoin Fraud Critique


A senior analyst for Macquarie Group is pushing back against the idea that bitcoin and other cryptocurrencies are not legitimate financial innovations.

Issued in response to recent critiques by Wall Street figures like JPMorgan Chase CEO Jamie Dimon, Viktor Shvets, head of global and Asia-Pacific equity strategy for Macquarie, wrote this week that in spite of any "extreme speculation," bitcoin relies on a "durable technology that is likely to continue to evolve and strengthen."

In a note to clients, obtained by Business Insider, Shvetz then directly took on the allegation that bitcoin is a "fraud" – advanced by Dimon earlier this month.

Full story at http://bit.ly/2wq9cmb

Source: CoinDesk

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Korea’s Biggest Messaging App to Launch Exchange with 100+ Cryptocurrencies

Korea’s Biggest Messaging App to Launch Exchange with 100+ Cryptocurrencies


An affiliate of Kakao, South Korea’s largest messaging platform, is set to launch a comprehensive new cryptocurrency exchange Upbit – with support for some 110 cryptocurrencies.

South Korean FinTech startup Dunamu, the operator of the country’s most popular stock trading app Kakao Stock, has revealed details of a new cryptocurrency exchange called ‘Upbit’. Dunamu, an affiliate of Kakao Corporation which sees its messaging app KakaoTalk used by 93% of South Korea’s population, reportedly said on Monday that Upbit will be the largest virtual currency exchange in South Korea.

Upbit will be put to trial on a beta launch in October following a partnership with U.S-based digital currency exchange Bittrex. The partnership enables the soon-to-be-launched exchange to allow users to trade cryptocurrencies not found on existing Korean exchanges. Bithumb, Korea’s largest exchange by trading volume, currently offers support for seven cryptocurrencies according to data on its website.

Full story at http://bit.ly/2wkif8s

Source: CryptoCoinsNews

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