Friday, 14 September 2018
RChain Soars 95% As Testnet Hype Ramps Up
RChain (RHOC) climbed 95% in value against the U.S dollar between September 13th and 14th, as the team celebrate the successful launch of their testnet. Bitcoin dominance fell by almost 2.5% in the past two days as altcoins start to recover ground lost in early September. The RHOC token itself lost 61% since September 1st […]
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source https://cryptocurrencyonline.co/rchain-soars-95-as-testnet-hype-ramps-up/
RBI Ban Hearing Delayed – Indian Supreme Court Too Busy for Crypto This Week
All petitions against the crypto banking ban by the Reserve Bank of India (RBI) are supposed to have been heard by the country’s supreme court on September 11. However, the court has been busy every day this week and has postponed the RBI ban hearing.
Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals
RBI Ban Hearing Postponed
The Supreme Court of India was supposed to hear all petitions regarding the crypto banking ban by the country’s central bank on Tuesday, September 11. The RBI issued a circular banning all regulated financial institutions from providing services to crypto businesses on April 6.
As all eyes in the Indian crypto community were on the court to see if the RBI ban will be stayed, the supreme court adjourned on Tuesday without hearing the crypto case due to other cases running over time. The case was again postponed for the same reason on Wednesday and Thursday.
Furthermore, Nischal Shetty, the CEO of crypto exchange Wazirx, told news.Bitcoin.com that “It wasn’t scheduled for today [Friday] after yesterday’s delay.” Crypto Kanoon, a news and analysis platform, tweeted on Thursday:
As the arguments will continue for long in another matter, the court has adjourned all other matters including crypto matter. Matter is now likely to be listed on Tuesday [September 18].
Indian Association Tries to Get Attention of the Court
Among the petitions against the RBI ban was one submitted by the Internet and Mobile Association of India (IAMAI). The non-profit organization filed its petition in May, which was heard on July 3 and July 20, before it was postponed to September 11.
At both hearings, the court did not grant a stay on the central bank’s ban. The association also tried to educate the RBI by filing a representation explaining how blockchain and cryptocurrency work. However, their effort did not sway the central bank.
On September 12, Crypto Kanoon tweeted, “As per our internal sources, IAMAI is going to mention the crypto matter at 10:30 before Court No. 9 for seeking adjournment for the purpose of filing rejoinder to the counter affidavit recently filed by one of the respondents.” The platform soon tweeted further, “The court has declined to entertain the mentioning done by IAMAI for adjournment.”
Confusion Over the RBI Affidavit
On Tuesday, September 11, CNN News18 reported that the central bank had filed an affidavit with the supreme court. The news outlet wrote:
RBI files affidavit in top court against cryptocurrency and says that it can’t recognize bitcoins under the current legal regime as virtual currencies are neither money nor currency, can’t even be considered as a valid payment system.
Citing this report, Indiabits, which represents a community of blockchain enthusiasts, tweeted, “supreme court to hear affidavit filed by RBI on the matter on September 17th.” It also pointed out that, based on publicly available information on the supreme court website, RBI filed a counter affidavit on September 8, with a “computer generated date” for the hearing listed as September 17.
However, disputing the above information, Crypto Kanoon claims that this RBI affidavit was the same one filed in May, which they reported on at the time, adding that the “supreme court nvr [never] posted crypto matter on 17th Sep.”
Nonetheless, the crypto community will be watching the supreme court next week to see if the crypto case will eventually be heard. Shetty shared with news.Bitcoin.com:
The case has been postponed to monday…So let’s see what happens Monday.
What do you think of the supreme court repeatedly delaying the crypto case hearing? Let us know in the comments section below.
Images courtesy of Shutterstock, IAMAI, and the RBI.
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source https://cryptocurrencyonline.co/rbi-ban-hearing-delayed-indian-supreme-court-too-busy-for-crypto-this-week/
Market Update: U.S. Stock Rally Pauses amid Rising Bond Yields; Cryptocurrency Market Regains $200 Billion
U.S. stocks traded mostly flat on Friday, as rising bond yields quelled investors’ appetite for riskier assets. Meanwhile, cryptocurrencies regained a key threshold as bitcoin and Ethereum showcased renewed strength. Stocks End Mixed All of Wall Street’s major indexes closed near break-even on Friday. The S&P 500 Index finished at 2,905.01, while the Dow settled […]
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source https://cryptocurrencyonline.co/market-update-u-s-stock-rally-pauses-amid-rising-bond-yields-cryptocurrency-market-regains-200-billion/
Bitpay CCO Holds Pessimistic Outlook for Altcoins
In a recent interview, Sonny Singh, the chief commercial officer (CCO) of Bitpay, Inc, shared his outlook for the cryptocurrencies, emphasizing his optimism for the bitcoin markets, whilst also espousing a grim outlook for altcoins.
Also Read: Bittrex to Launch Crypto Exchange in Malta Next Month
“Big Entrants” Coming to Crypto Next Year – Sonny Singh
When asked if the cryptocurrency markets have seen the low of the bear season, Mr. Singh stated: “It’s hard to say – I think right now the markets are looking for some defining moment or catalyst, […] and right now you are just seeing rumors that someone might do something.”
“But I think next year you are going to see the big entrants become real,” Mr. Singh continued, “where you see, Goldman does launch a trading desk, Fidelity does launch a bitcoin product, Square offers bitcoin processing for merchants, Blackrock launches an ETF. So all of that will then become real, and you will see some adoption actually – and then you’ll see the price start bouncing back up again.”
“Until then, I think we’re going up and down on rumors,” he added.
Bitpay CCO Predicts Grim Future for Altcoins
Regarding whether declining liquidity in the cryptocurrency markets and increasingly aggressive tactics on the part of many virtual currency exchanges could pose a threat to future of the cryptocurrency markets, Mr. Singh stated: “That’s always been the concern about the ICOs, and the trading exchanges in the ICO industry that aren’t quite regulated. […] Last year, getting an ICO token listed on a Binance or a Bittrex could increase your market valuation [by] […] a billion dollars.”
Mr. Singh continued: “ICOs are no longer in favor anyway – they’re down 95 percent. So, people aren’t really trading ICOs as much anymore.”
The Bitpay CCO asserted that the performance of many ICO tokens is dependant on the price of the leading cryptocurrency markets, “Until [BTC] and the other large ones […] get back some of the gains, the ICO markets are going to be in a lot of trouble actually, and a lot of those ICOs will never make it back to where they were 8 months ago.”
“We’ve Never Been More Bullish”
When asked how the bear market has impacted Bitpay’s business, the company’s CCO stated: “At Bitpay, and [among] people I talk to in the industry, we’ve never been more bullish actually,” adding “Business is great, we’re hiring more people, we’re working with several global large companies around the world, […] everyone [is] going full speed ahead.”
“I think the issue is, again, in the altcoins. Those will never come back, I believe, the same way a bitcoin will come back. Y’know, Fidelity, Blackrock – they’re not launching altcoin products, they’re going to launch bitcoin products.”
What do you make of Sonny Singh’s predictions for the cryptocurrency markets? Do you share his pessimism regarding the future for altcoins? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Youtube
The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.
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source https://cryptocurrencyonline.co/bitpay-cco-holds-pessimistic-outlook-for-altcoins/
Forex Update: US Dollar Flexing Muscles
Everyone who follows the foreign exchange markets knows that 2018 has been the year of the greenback. The US Dollar is showing its might against major currencies such as the Euro, British Pound, and Japanese Yen. The supremacy of the dollar does not stop there. It is also dominating emerging market currencies. In this article, […]
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source https://cryptocurrencyonline.co/forex-update-us-dollar-flexing-muscles/
The Next Financial Crisis Will Occur in 2020: JPMorgan Chase
JPMorgan Chase & Co believes the next major financial crisis is just around the corner. In a new model devised by the Wall Street megabank, a recession will strike the U.S. economy by 2020. Financial Crisis Looming JPMorgan Chase has devised a new financial model to gauge the timing and impact of the next financial […]
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source https://cryptocurrencyonline.co/the-next-financial-crisis-will-occur-in-2020-jpmorgan-chase/
Bitgo Attains Regulatory Approval in United States
Bitgo, a cryptocurrency security and custody company, has been granted regulatory approval to provide its storage services to the United States. Specifically, Bitgo will target U.S.-based institutional investors with its “Bitgo Trust Company.”
Also Read: Corporate Creditors Can Now File Claims for Mt Gox Restitution
Bitgo Approved by South Dakota Regulators
The South Dakota Division of Banking has approved Bitgo Trust Company as a public South Dakota Trust Company – allowing the company to offer its cryptocurrency custody services to institutional investors in the United States.
Mike Belshe, the chief executive officer of Bitgo, stated: “Custody has been the missing piece of cryptocurrency market infrastructure and this gap has kept institutional investors out of the market. Traditional custodians don’t have experience handling cryptocurrency. Exchanges that double as custodians present a conflict of interest and raise regulatory concerns. Bitgo Trust Company is a qualified custodian, and therefore the only custody offering that delivers the highest levels of both security and regulatory compliance.”
Shahla Ali, Bitgo’s chief compliance and legal officer, told media: ”Currently […] we offer an online hot wallet solution, which is available to anyone to download our software and store their coins. We also offer a custodial solution which is a combination of hot and cold wallet […] that offering, though secure, is not regulated like the Trust.”
Bitgo Trust Company to Target Institutional Investors
Mrs. Ali continued: “The Trust company will enable us to offer a qualified custodial offering that is regulated, that has the money laundering and know your customer requirements.” Mrs. Ali added that Bitgo’s “custodian offering already has money laundering and KYC requirements,” however, and emphasized that the Trust is suited “for institutional clients […] especially for those who are registered advisers and broker-dealers.”
Whilst the Bitgo Trust Company has been specifically approved by South Dakota’s regulators, Mrs. Ali stated that “generally other states will give you reciprocity in the sense that other states have money transmission laws and they’ll exempt you from money transmission requirements.”
Bitgo’s website states that its custody services offer “100% cold storage technology in bank-grade Class III vaults,” “Support for 75+ coins and tokens,” and “Multi-user accounts.”
Do you think that more company’s will seek approval in South Dakota to offer crypto custody services to U.S. investors? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
The Bitcoin universe is vast. So is Bitcoin.com. Check our Wiki, where you can learn everything you were afraid to ask. Or read our news coverage to stay up to date on the latest. Or delve into statistics on our helpful tools page.
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source https://cryptocurrencyonline.co/bitgo-attains-regulatory-approval-in-united-states/
ICO Analysis: Connecty
All great businesses got that way by constantly researching and developing. Innovate or die. But innovation is not easy, as it takes a lot of time and money to study certain subjects and access the right experts. Untapped knowledge is buried in places such as laboratories, libraries, and experts brains all around the world, just […]
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source https://cryptocurrencyonline.co/ico-analysis-connecty/
Week in Review: Ethereum Returns from the Abyss
The cryptocurrency Ethereum took a steep dive this week, culminating in a fresh 16-month low on Wednesday. Concerns over scalability, ICO cash-outs and future growth of the sector all fueled the declines. The selloff, which mirrored a wider slump in the cryptocurrency market, was eventually picked up by bargain hunters, triggering a 22% rebound in […]
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The post Week in Review: Ethereum Returns from the Abyss appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/week-in-review-ethereum-returns-from-the-abyss/
Waves Coin Sinks 11.5% as Huobi Competition Sell-Off Begins
Huobi has been running a trading competition for Waves investors since September 10th which awards $30,000 worth of prizes to the trader who moved (bought and sold) the most WAVES coins over the course of the week. The competition closes at midnight tonight, and following a five day period in which Waves was bought up […]
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source https://cryptocurrencyonline.co/waves-coin-sinks-11-5-as-huobi-competition-sell-off-begins/
Pre-Market: Inflation Fears Subside as US CPI, Retail Sales Miss
Global stocks are sporting modest gains today just after the US opening bell, with the Nikkei continuing its strong rally, the Dow hitting its highest level since the January highs, and the Nasdaq and the S&P 500 pushing towards their all-time highs yet again. The S&P 500 is now just a hair below its record […]
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source https://cryptocurrencyonline.co/pre-market-inflation-fears-subside-as-us-cpi-retail-sales-miss/
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