Daily Archives: February 9, 2019

NYSE chairman Calls Bakkt a “Moonshot Bet”

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange sees the eventual Bakkt launch as a “moonshot bet” according to its CEO and chairman of the NYSE, Jeff Sprecher.

Talking over the past few days, Sprecher says that he is optimistic that Bakkt will be worthwhile and sees ICE’s involvement as “different” claiming that the deal has “…been organized in a manner that is very different than the way ICE typically does businesses.”

Making the remarks at a conference call yesterday he suggested that there will be a launch this year, after earlier delays and the implications that it could be soon. “Bakkt has its own offices, its own management team, etc. They’re well along in building out an infrastructure that I think you’ll see launch later this year,” said ICE’s boss.

Bakkt, which will offer institutional investors bitcoin futures trading, should have gone live in January but was postponed partly due to the US government shutdown at the time. The claim is that Bakkt will provide custody and price discovery for bitcoin which will be free from market manipulation and fraud.

There is speculation that the move by NYSE could bring the long-awaited wave of institutional investment into the cryptocurrency space, thus rejuvenating the flagging market; a market which has seen some revitalization over the past 24 hours.

Scott Hill, ICE’s chief financial officer said that Bakkt-related expenses for the first quarter topped $20 million stating “Our investment in Bakkt will generate $20 million to $25 million of expense based upon the run rate in the first quarter.”

Sprecher said, by bringing in Starbucks and Microsoft the potential is for a “very valuable company” to be created.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post NYSE chairman Calls Bakkt a “Moonshot Bet” appeared first on BitcoinNews.com.

High Noon: Investor and Journalist In Crypto Wager Shootout

High Noon: Investor and Journalist In Crypto Wager Shootout

A modern-day “Gunfight at the OK Corral” is occurring on TV, but no, it is not a western; it’s a venture capitalist and financial journalist going head to head over the future of Bitcoin.

In an episode of NPR’s Planet Money Podcast, American businessman and venture capitalist, and co-founder of investment firm Andreessen Horowitz – Ben Horowitz decided he could win a wager against then Reuters finance blogger and crypto critic Felix Salmon.

It began when Horowitz took on Salmon’s bubble comments about Bitcoin, which resulted in them taking a sample of Americans and quizzing whether they had purchased anything with the flagship currency during the past month. Horowitz needed 10 percent of those that had responded confirming they used Bitcoin for buying something in order to win the bet.

Even after five years, only 3 percent of American respondents had said they used Bitcoin to make a purchase, resulting in Salmon winning a pair of alpaca socks, in reference to a 2011 Slashdot article that used the socks as an example of what Bitcoin could be used to purchase.

Horowitz was only winged and has pulled himself to his feet to continue the duel. Now, a new bet is on, this time challenging Salmon that in five years, crypto, in general, would be used by at least 10 percent of people living in Mexico.

They decided on Mexico to be a fairer bet due to the US’s dependency on credit and debit cards, whereas Mexico is a far more cash reliant economy. Struggling economies are proving to be more likely to adopt Bitcoin due to struggling local currencies and sanctions, as demonstrated recently by the situation in Venezuela, where for many, Bitcoin and Dash have become alternatives to a worthless Bolivar.

The victor for this wager will stride into the sunset with 1 ETH and a 100-year old bottle of Madiera.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post High Noon: Investor and Journalist In Crypto Wager Shootout appeared first on BitcoinNews.com.

24-Hour $10 Billion Surge In Crypto Market Promotes Bullish Analysis

24-Hour  Billion Surge In Crypto Market Promotes Bullish Analysis

The cryptocurrency market has taken a huge bounce since Friday in a 24-hour surge across the board with Litecoin being a real mover – up 30 percent, adding more than half a billion dollars to its valuation.

With crypto’s hallmark icon, Bitcoin, also up 8 percent over the same period, analysts are suggesting this may be the long-awaited bull run many pundits and exchanges have been expecting.

Transaction volume is on the rise, so to some, this is payback. Bitcoin’s transaction volume is on its way to new levels, now touching rates unseen since the period following Bitcoin’s all-time high price at the end of 2017. One bitcoin analyst has his own reading of the current situation; Bitcoin key security firm Casa’s Jameson Lopp suggested:

“A variety of improvements in block propagation have been implemented by Bitcoin Core over the past couple years and as nodes are upgrading, they appear to be having an effect.”

This effect may now be creating a momentum after a lengthy period of cryptocurrency price stagnation. Another crypto analyst Luke Martin had suggested that any breakout above the USD 3,480 resistance level could allow the asset to recover beyond key resistance levels, “crossing above previous support at USD 3,430 or breakout of USD 3,480 would be exciting + probably lead to bigger jumps on alternative cryptocurrencies.”

Now that the “bigger jump” has turned into a reality, what’s left of the remaining Bitcoin speculations around?  As Bitcoin News revealed yesterday, there have been positive vibes coming from the SEC recently over the much-discussed ETFs which are hailed as one of the main potential drivers for the Bitcoin market looking ahead.  SEC Commissioner Robert J Jackson Jr, whose comments to the Congressional Quarterly (CQ) were due to be published on 11 February 2019, but have since been leaked and have given rise to further optimism. He suggested:

“A fund based on Bitcoin will eventually pass muster at the Securities and Exchange Commission despite that agency’s actions to deny all previous efforts.”

It now remains to be seen if this is the beginning of something significant and if the market can hold these gains in the light of general optimism.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post 24-Hour $10 Billion Surge In Crypto Market Promotes Bullish Analysis appeared first on BitcoinNews.com.

12.7% of Amazon Customers Call For Crypto Products or Services

amazon, cryptocurrency, bitcoin

A recent survey shows that 12.7% of Amazon customers would like to see the marketplace selling cryptocurrency products or services.

The report conducted by Global financial portal Investing.com had surveyed over 1000 of the multinational e-commerce company’s clients in an attempt to analyze Amazon’s consumption rate, with a view of expanding its services to offer more products.

The results revealed that most respondents, being allowed to choose multiple products, voted mostly in favor of an Amazon-backed computer offering (72.9%), followed by local coupons and deals (51.7%), prescription drugs (36.7%), home security (31%) and even medical marijuana (29.5).

13.7% of Amazon clients unsurprisingly voted for listing cryptocurrency products, especially given calls from the industry to drive cryptocurrency adoption through the huge e-commerce market. Although Amazon has been somewhat reticent, there were indications in November 2017 when Bitcoin was at its hiatus and looked to be stratosphere bound, that internet e-commerce giant had likely acquired digital currency-related domain names.

As for using crypto online for purchasing goods and services, exchange giant Binance’s CEO Changpeng Zhao has said in the past that he sees Amazon eventually accepting cryptocurrencies, suggesting that they are ideally suited for use on the platform. He commented:

“For any internet (non-physical) based business, I don’t understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography.”

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post 12.7% of Amazon Customers Call For Crypto Products or Services appeared first on BitcoinNews.com.

Digital Assets and Blockchain to Be Discussed at 7th World Government Summit by UAE

UAE

The development of blockchain technology and digital assets will be discussed by the Ministry of Finance (MoF) of the United Arab Emirates (UAE) at the 7th World Government Summit, reported Gulf Today on 7 February 2019.

The report claims that two closed sessions will be held by the MoF. These sessions will include the development of digital currencies and blockchain and creating an optimum economic environment around these technologies. The development of Small and Medium Enterprises (SMEs) will also be discussed along with the governance of crypto assets.

Moreover, an open session will be held by the MoF, along with the International Monetary Fund (IMF). In this session, the impact of the development bank’s investment in digital currency on the global economy will be discussed. Furthermore, a discussion on the coordination of fiscal policies will be joined by the World Bank.

It is interesting to know that in recent past the UAE has initiated a number of projects related to blockchain integration and digital assets development. In the previous month, UAE joined hands with Saudi Arabia to develop a joint cryptocurrency. This digital asset, named Aber, is expected to be used for cross-border transactions. Moreover, it will allow the stakeholders to develop an understanding of the potential of blockchain technology. However, at the initial stage, only authorized banks will be able to use this technology.

Moreover, in December 2018, reports came out that initial coin offering (ICO) regulations will be introduced by the Securities and Commodities Authority of UAE (SCA) during the first half of the ongoing year. The regulator has reportedly signed contracts with the law firms and asked them to come up with rulebooks and sandbox for ICO issuance.

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pexels.com

The post Digital Assets and Blockchain to Be Discussed at 7th World Government Summit by UAE appeared first on BitcoinNews.com.

Leaked SEC Comments Reveal ETF Optimism

Leaked SEC Comments Reveal ETF Optimism

The United States Securities and Exchange Commission (SEC) is in the cryptocurrency headlines again, and this time it’s another one of the regulator’s operatives that has the industry guessing.

It is exchange-traded funds once more becoming the point of focus not least because of the SEC’s announcement a few days ago that it was looking for a tool to improve cryptocurrency verification methods. Last November, SEC Commissioner Hester Peirce gave the industry a little hope regarding the acceptance of Bitcoin ETFs when she announced that she saw “significant intellectual capital” being invested by both institutional investors and exchanges towards the development of a Bitcoin ETF.

Now it’s the turn of another commissioner, Robert J Jackson Jr, whose comments to the Congressional Quarterly (CQ) were due to be published on 11 February 2019, but have since been leaked. Comments in which he agrees with his colleague’s sentiments have been shared across Twitter, in which he says that he also sees investment by both institutional investors and exchanges leading towards the development of a Bitcoin ETF. Although he doesn’t let slip which ETF applications have the best chance of acceptance, he also commented:

“A fund based on Bitcoin will eventually pass muster at the Securities and Exchange Commission despite that agency’s actions to deny all previous efforts.”

It is worth noting that Pierce’s comments in November of 2018 were her own, as she made clear in her podcast at the time; views not necessarily representative of the SEC as a whole. Commissioner Jackson’s comments to CQ were not necessarily intended for publication.

Clearly, the crypto space is hotting again up after the government shutdown and once more cryptocurrency business is ending up on someone’s desk at the SEC. The financial regulator’s new announcement that it was now considering a verification tool has raised some eyebrows in the industry, suggesting that there may be some more legislation on the way. The announcement was as follows:

“The SEC is seeking information for potential sources to support the goal of acquiring data for the most widely-used blockchain ledgers, including the universe of available information and transaction details.”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Leaked SEC Comments Reveal ETF Optimism appeared first on BitcoinNews.com.

Bitcoin Transaction Performance Climbing Past January 2018 Levels

Bitcoin Transaction Performance Climbing Past January 2018 Levels

Bitcoin’s transaction volume is on its way to new levels, now touching rates unseen since the period following Bitcoin price’s all-time high at the end of 2017.

According to Jameson Lopp, chief technology officer at Bitcoin personal key security system firm Casa, “the system is improving and growing”. Data from transactionfee.info verifies that the Bitcoin is now reaching the highest volume levels since January 2018. Lopp has just published his own analysis of Bitcoin’s recent performance in which he writes:

A variety of improvements in block propagation have been implemented by Bitcoin Core over the past couple years and as nodes are upgrading, they appear to be having an effect. There’s also a new highly performant miner relay network.”

Lopp sees the combination of lower transaction demand, coupled with improved fee algorithms, along with adoption of segregated witness (SegWit), and transaction batching, resulting in far more efficient use of block space. In 2018, the percentage of BTC transactions spending SegWit inputs increased from 10% to 40% according to Lopp, who added that “the average BTC transaction size found its peak at 750 bytes in February before falling to 450 in the fourth quarter of 2018”.

Casa’s tech officer points out that this year, the market dominance of BTC returned to over 50%, after falling to 32.5%, concluding:

“The number of reachable nodes didn’t fall much in comparison to the exchange rate — my suspicion is that people who run these nodes are highly dedicated to Bitcoin and/or using them for economic purposes, thus they are unlikely to turn off the node due to exchange rate volatility.”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Bitcoin Transaction Performance Climbing Past January 2018 Levels appeared first on BitcoinNews.com.