NEWS UPDATE: Coinbase to ADD 18 New Digital Assets (crypto) Tokens – (Most you’ve never heard of)

NEWS UPDATE: Coinbase to ADD 18 New Digital Assets (crypto) Tokens - (Most you've never heard of)

Опубликовано: 12 июн. 2020 г.

Coinbase mulls listing 18 new tokens, including DigiByte, Synthetix
San Francisco-based crypto exchange Coinbase may soon be going on another token listing spree, with DigiByte, Bancor, Horizen, and others as contenders.

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Crypto Exchange Owner Admits Laundering $1.8M in Online Auctions Fraud

Crypto Exchange Owner Admits Laundering $1.8M in Online Auctions Fraud

In a redux of trading from the early days of the coronavirus crisis in March, bitcoin tumbled Thursday in tandem with a sell-off on Wall Street – rekindling an ongoing debate over the cryptocurrency’s use as a store of value.

Prices for bitcoin fell 6.37% to about $9,100, as the Standard & Poor’s 500 Index of large U.S. stocks lost 5.7%.

The slide in stocks came a day after the Federal Reserve provided an unexpectedly dour assessment of the outlook for the U.S. economy, and investors speculated that a possible uptick in new cases might slow the pace of the recovery. Some investors may have also sold bitcoin, still seen as a risky asset despite its 30% gain year-to-date.

Thursday’s plunge in bitcoin prices was nowhere near the 39% wipeout on March 12, when it became clear to investors across all markets just how devastating of a toll the coronavirus was likely to take on the economy.

The day’s session kindled chatter anew among cryptocurrency analysts over whether bitcoin is mostly uncorrelated with traditional assets, or whether it should trade as an inflation hedge like gold, or in sync with riskier assets like stocks. 

Related: First Mover: Bitcoin Recouples With Wall Street as Stocks Tumble, Fear Trade Returns

“The institutionalization of crypto (i.e. same firms that trade stocks and other assets, trading crypto), will lead to higher correlation, especially during extreme risk on/off scenarios such as margin calls,” said Denis Vinokourov, head of research at Bequant, a London-based prime brokerage to cryptocurrency investment firms.  

Thursday’s price decline came just a day after the Fed indicated that joblessness would remain elevated for at least three years. That means Fed officials expect to keep interest rates close to zero through 2022, while pumping at least $120 billion a month of freshly created money  into the financial system for the foreseeable future. If bitcoin is an inflation hedge, then loose monetary policy should theoretically be good for the price. 

Larry Kudlow, one of President Donald Trump’s top economic advisors, told Fox Business Network in an interview Thursday that the Federal Reserve’s balance sheet’s “gonna rise by about $10 trillion by year-end.” Just in 2020 alone, the Fed’s total assets have climbed by about $3 trillion to $7.2 trillion.   

“You know, I don’t know why the market has sold off,” Kudlow said Thursday.  

Earlier in the day, Stack Funds, a provider of cryptocurrency trackers and index funds, had written in a weekly report that “there was a higher probability for bitcoin to swing upside in the coming week.” It went so far as to predict that bitcoin might be on the cusp of a “potential move upside to $40,000,” or more than quadruple the current price level. 

Instead bitcoin took a nosedive as the mood darkened on Wall Street. 

“Bitcoin, along with the entire emerging digital asset class, are very much considered risky assets,” Mati Greenspan, founder of the research firm Quantum Economics, wrote Thursday in an email to subscribers.

Bitcoin is trading well below its price average for the past 50 and 100 days, typically a bearish signal.

As reported by Cawrey, the U.S. Dollar Index rose 0.4% off its three-month lows Thursday, potentially indicating that investors were looking to classic safe-haven assets, which include cash as well as gold. Prices for the yellow metal were down Thursday, but less than 1%. 

Since March, bitcoin’s price has shown a weak but consistent correlation with both gold and stock prices. According to Greenspan, that might be a sign of bitcoin’s increasing adoption by investors.  

“The fact that bitcoin had any reaction at all to the Fed yesterday is a clear sign that either a) institutional money is playing a much larger role in the market these days, or b) retail traders are getting more savvy and reacting more to their surroundings,” Greenspan wrote. “Either way, the market is growing up fast.”

BTC: Price: $9,444 (BPI) | 24-Hr High: $9,810 | 24-Hr Low: $9,108

Trend: Bitcoin is back up near $9,450 at press time, having put in a low of $9,112 during the U.S. trading hours on Thursday. 

The cryptocurrency fell by over 6% as stock markets across the globe cratered on renewed growth concerns and fears that a second wave of the coronavirus pandemic would wreak further economic havoc. 

The risk sentiment, however, looks to have stabilized somewhat over the last few hours with futures tied to the S&P 500 gaining over 1%. European equities, too, are reporting modest gains. Bitcoin could rebound further if the stock market recovery gathers pace.

However, the odds look stacked in the other direction.

The U.S. bond market has priced out the prospects of a V-shaped economic recovery. Meanwhile, a second wave of coronavirus seems to have hit the U.S. states of Texas, Florida and California, even as some emerging market economies are still experiencing their first waves. 

There are also concerns that the stock market has risen too far from the lows seen in March on the back of unprecedented liquidity injections by central banks across the globe, and has lost touch with the reality that the economy may take years to recover. As a result, equities are likely to remain under pressure in the short term and keep bitcoin on the defensive. 

The cryptocurrency’s technical charts are also painting a bearish picture. Thursday’s decline validated a bearish divergence of the three-day chart’s relative strength index and marked a downside break of the eight-day restricted trading range between $9,350 and $10,000. 

The range breakdown, coupled with sub-zero reading on the MACD, indicate scope for a drop to support at $8,630 (May 27 low). On the higher side, $10,000 is still the level to beat for the bulls.

  • Bitcoin Stuck Below $10K as Stocks Drop
  • First Mover: Fed Sees No Inflation Through 2021, but Bitcoiners Are Betting on It Anyway


Author: Sebastian Sinclair and Paddy Baker

Crypto Exchange Owner Admits Laundering $1.8M in Online Auctions Fraud

Crypto Exchange Owner Admits Laundering $1.8M in Online Auctions Fraud



Petro for Petrol, Karpeles' Guilt, Cotten's Ponzi, Frozen Bitmain + More News | Crypto Coin Growth

Petro for Petrol, Karpeles’ Guilt, Cotten’s Ponzi, Frozen Bitmain + More News | Crypto Coin Growth

Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

  • The Venezuelan government says that 15% of fuel payments at petrol stations were made in petro (PTR) in the first week of the government’s new plan to promote its state-issued, oil-backed token. Per Ultimas Noticias, that figure was 40% at gas stations operated by international companies, and citizens used biometric tech solutions to process their PTR payments.
  • A Twitter poll run by Japanese crypto exchange Bitmax – operated by chat app giant Line – found that bitcoin (BTC) was respondents’ favorite cryptoasset – although with XRP was just over half a percentage point behind. Some 1,500 people voted, with BTC accounting for 26% of the vote and XRP on 25.4%.
  • Singapore-based investment management firm Three Arrows Capital, partnered with Bitcoin mining pool Poolin in order to “provide users with compliant, secure and easy-to-understand financial products.” The first of these products should be available mid-June 2020 through the Blockin Wallet app.
  • A Japanese high court has upheld a guilty verdict on Mark Karpeles, the former CEO of the Mt Gox crypto exchange. The court, per Mainichi, ruled that Karpeles was responsible for manipulating digital data after the exchange’s devastating hack and subsequent collapse in 2014, but cleared him of embezzlement charges.
  • Failed Canadian exchange Quadriga CX operated like a Ponzi scheme, the Ontario Securities Commission (OSC) said, accusing the deceased founder and CEO Gerald Cotten of fraudulent conduct. E.g., he regularly moved clients’ crypto assets off the platform into his personal accounts, the OSC claims.
  • Two more people, Romanian nationals, have pleaded guilty for their involvement in an international, multi-million dollar scheme on June 11, making it fifteen people so far, said the United States Department of Justice (DoJ). They used a number of fraudulent methods to scam their victims out of BTC. In recent years, they laundered the funds through a Romanian crypto exchange Coinflux, the DoJ said.
  • Blockchain-based decentralized browser Brave announced that it detected fraudulent activities concentrated in a set of regions, and that they were caught before any BAT was paid out. In order to ensure their referral program continues for legitimate Brave referrers, after isolating a number of fraudulent referrers in specific countries, the program will be put on hold for new creators in China, Indonesia, Russia, Ukraine, and Vietnam.
  • Bitmain’s ousted Co-founder Micree Zhan halted the company’s Shenzhen subsidiary from shipping Bitcoin miners to its clients, according local media reports. Courier trucks were allegedly not allowed to enter the factory.
  • Shenzen, China has claimed a blockchain standardization breakthrough, reported the Shenzhen Business Daily. Authorities stated that a national standards testing platform for companies wishing to roll out blockchain solutions would be forthcoming.
  • Russia’s Supreme Court announced that it will pilot a blockchain-powered voting platform, reported LetKnowNews. The solution has been developed by the Russian software giant Kaspersky.
  • Gemini appointed Jeremy Ng as the Head of Asia Pacific Region. He will be responsible for shaping Gemini’s strategy in the region, developing products, hiring as part of building the team’s, physical presence in Singapore, etc. Ng previously served as Asia CEO at Leonteq, and worked at Goldman Sachs, Deutsche Bank, and Morgan Stanley across Hong Kong and Singapore.
  • KyberSwap, a platform for converting ERC20 tokens, integrated decentralized oracle network Chainlink’s Price Reference Data on Mainnet. This allows users to verify on-chain the price of assets when they are performing a token swap, and it increases security on KyberSwap, among other advantages, they said.
  • Seed CX announced it is shutting down to focus on its settlement infrastructure. Friday, June 12 is the last trading day on the exchange’s central limit order book. CEO Edward Woodford added that their settlement business now accounts for over 95% of the revenue.
  • Decentralized Finance (DeFi) app Celsius Network launched a USD 15 million equity offering and sold out over two-thirds of its target in a matter of hours. At the time of writing, the campaign has raised over USD 10.8 million of the USD 15 million maximum, surpassing its minimum investment goal of USD 10.5 million.
  • Original Article


    Author: ccgadmin

    NEWS UPDATE: Coinbase to ADD 18 New Digital Assets (crypto) Tokens - (Most you've never heard of)

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