Monday, October 22, 2018

China’s Internet Information Office Releases Draft On Regulations For Blockchain Startups

China’s Internet Information Office Releases Draft On Regulations For Blockchain Startups submitted by /u/enigmarsd
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from Bitcoin - The Currency of the Internet

Binance CEO: What Happens if Fidelity Allocates 5% of its Portfolio in Crypto

To emphasize the importance of attracting institutional investors to the crypto world, the CEO of Binance, Changpeng Zhao, recently tweeted a question to his followers. The question was simple, and it asked what would happen if a fund like Fidelity allocates 5% of its portfolio to crypto space.

Considering the sheer amount that large funds contain, even a small allocation of 5% (around $350 billion) would be able to not only double but almost even triple the market cap of the entire crypto space.

Mike Novogratz Provides Support for BitGo

Evidently, such a large amount can only enter the crypto world through institutions and large funds that have been avoiding the cryptocurrency space for years. However, recent moves such as Mike Novogratz’s partnership with Goldman Sachs and BitGo might soon change the ecosystem.

Novogratz has been optimistic about crypto, or at least Bitcoin, for a large part of 2018. Until recently, he predicted large surges that would take BTC further than ever before. However, as the year slowly approaches its end, not much has happened. Instead, a few price drops have forced Novogratz to change his mind regarding his earlier prediction.

However, he did not express negativity towards the crypto market, and only days ago, he expressed his excitement regarding the partnership with cryptocurrency custodian BitGo Holdings Inc. So far, Goldman Sachs and Novogratz contributed around $15 million to BitGo’s fundraising, which collected a total of $57.5 million.

The fact that two companies with strong ties to Wall Street supported BitGo is expected to bring institutions to it, as well as numerous high profile customers.

Can Fidelity Attract Institutional Investors to Crypto?

It is easy to see how analysts predict Fidelity Investments’ association with crypto to boost the development of this industry. A sign that demonstrates the genuine long-term strategy of Fidelity is that the firm announced the launch of a new business that will allow institutional clients to access cryptocurrencies in a safe environment. The new business is called Fidelity Digital Asset Services LLC, and it is a branch that will buy and sell digital currencies for hedge funds, family offices, and similar monetary ventures.

Additionally, all coins will come via over-the-counter exchanges, and they will be kept in cold storage’s which will guarantee their safety and immunity to hacking attacks. So far, institutional investors avoided dealing with crypto due to high volatility, the lack of custody, and similar banking services. However, thanks to this new move, their stance toward cryptos might change, and institutional money might finally start flowing to crypto space.

The cryptocurrency industry needs institutional investors in order to continue its growth and development. While its development so far has been nothing less than impressive, considering that it all happened without support from larger players, many believe that the crypto industry reached a point where it cannot continue on its own.

For now, Binance’s CEO, Changpeng Zhao, remains convinced that it is only a matter of time before institutions join crypto trading. However, everyone agrees that it would be much more beneficial if that time came sooner, rather than later.

The post Binance CEO: What Happens if Fidelity Allocates 5% of its Portfolio in Crypto appeared first on NewsBTC.

from NewsBTC

STEELWALLET — The easy way to backup your seed!

STEELWALLET — The easy way to backup your seed! submitted by /u/B1gSm0k3
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from Bitcoin - The Currency of the Internet

Electroneum Price Dip Continues Yet Mass Adoption Seems Within Reach

TheMerkle Electroneum

Although one would expect a lot better momentum affecting Electroneum right now, it seems the altcoin is struggling a bit. This is primarily because Bitcoin’s net loss is dragging all altcoins with it, and ETN is no exception at this time. That doesn’t mean the Electroneum price will remain in the red for very long, as recent developments have shown things can easily turn around with no real issues.

Electroneum Price Run Takes a Breather

After a very solid week last week, it is only normal the ETN price run would face a bit of a setback. Small losses are noted across all cryptocurrency markets right now, and it seems Bitcoin is to blame for this recent trend. More specifically, all altcoins are linked to Bitcoin in one way or another, and the negative trend is spreading through more and more markets in quick succession.

Over the past 24 hours, Electroneum has suffered a 1.7% setback in USD value. That is not something to be overly discouraged about, as it pushes the value down to $0.0193. That is still pretty close to the $0.02 mark, and a bounce back should be expected sooner rather than later. There is also a 1% net loss against Bitcoin itself, although that is only to be expected when Bitcoin continues to lose value.

Looking across social media, it is evident there are still plenty of positive things happen behind the scenes of Electroneum. The recent interview with Richard Ells shows how ETN plans to improve mass adoption and reach 20 million people in the near future. A very ambitious goal, although ambition will ensure future growth first and foremost.

There is also a rather interesting article which seems to indicate Electroneum alongside Graft, is one of the currencies that can make a lot of people good money moving forward. While there may certainly be some truth to that statement, it is evident people continue to expect big things from ETN at this time. Whether or not there will be any major developments in this regard, remains to be determined.

Last but not least, it would appear a new Electroneum wallet has been released which allows for remote mining capabilities. As is always the case in this industry, such projects need to be scrutinized first and foremost, as it seems unlike the “free ETN offer’ associated with downloading the wallet is legitimate. Even so, there is a genuine buzz surrounding this altcoin which cannot be denied.

It will be interesting to see what the future holds for Electroneum based on the current circumstances. As long as Bitcoin remains in the red, altcoins will not fare much better just yet. Even so, all of the excitement surrounding ETN should result in a price increase moving forward. For the time being, the bearish pressure needs to be endured, although anything can happen in the blink of an eye.

The post Electroneum Price Dip Continues Yet Mass Adoption Seems Within Reach appeared first on NullTX.

from NullTX

Spanish Government Approves Draft Law to Require Crypto Investors to Reveal Holdings

Spanish government approves draft of crypto tax bill in which citizens will have to report their crypto holdings

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