Binance IEO Effect dwarfs ‘Coinbase Effect’ as users get rich off Binance’s IEO tokens

The ICO boom of 2017 was the major reason behind many altcoins pumping massively. Several coins without proper resource allocations raised millions of dollars and delivered nothing, while coin holders took profits. However, SEC’s crackdown put an end to such scams and paved the way for other investment methods for people who wanted to launch new crypto-coins, some of which include STOs [Security Token Offerings] and IEOs [Initial Exchange Offering].
The latter became quite famous as it was spurred by the world’s largest exchange, Binance. The exchange made sure to migrate Binance Coin [BNB]  from Ethereum blockchain to their own blockchain. This was followed by an announcement that allowed other projects to move from ERC20 platform to Binance Blockchain.
The launch of BNB on its mainnet was followed by the launch of Binance DEX and a platform called Binance Launchpad, for its famed IEOs. The launch of BitTorrent’s token sale on January 31 made approximately $7.2 million and in less than 15 minutes of launch, it had a hard cap of $7.2 million. The second token, Fetch.AI, sold out within 22 seconds of launching and had a hard cap of $6 million.
Unlike ICOs, IEOs bring trust back to the ecosystem by reintroducing centralization. It involves a middle man and centralized authority, in the form of an exchange platform.
So far, Binance has listed 5 tokens excluding the Bread token, that was launched December 12, 2017. The other tokens include BitTorrent, Fetch AI, Celer, MATIC, and Harmony.

The above table tracks the percentage rise in the price of the tokens after being listed on the exchange. BitTorrent tokens were sold at $0.001865 during the public sale, with the price surging by a whopping 975% to the price at press time. However, the price of BTT surged by 1454.17%, after it hit an overall peak point of $0.001865.
Fetch AI, whose tokens sold out in 22 seconds, is currently down by -78.19%. However, at the peak price point, it surged by 294.69%, which was the second lowest surge of all Binance listed tokens.
Celer project which was listed on March 25, 2019 with a hard cap of $4 million did a peak surge of 287.91%. However, at press time, it was up by 182.37%. The largest surge was seen on MATIC token which was listed on April 26 and had a hard cap of $5 million. The total surge, at press time, was 774.87%, whereas the surge at peak price was 1,611.03%. The last token to be listed on Binance Launchpad/IEO was Harmony Token, which surged by 618.02% at press time, and had a peak surge of 882.68%.
CZ tweeted an excel sheet which tracked the returns of the coins listed on Binance IEO.

Projects that went through @binance Launchpad. Congrats! pic.twitter.com/YKIIGyHmJZ
— CZ Binance (@cz_binance) May 19, 2019

There is a clear surge in the price of the coins after being listed on Binance Launchpad, which is something similar to the effect seen on coins listed on Coinbase, which is informally termed as the “Coinbase Effect.”
XRP, the third largest cryptocurrency in the world, has a huge and probably the most active community right after Bitcoin’s, and saw a similar effect on its price when it was listed on Coinbase on February 25, 2019. The price of XRP against USD surged by approximately ~8.45% in under 3 hours whereas, the price surged, consolidated, and fell after 24 hours, i..e, it came down to ~3.35%.
XRP was the best coin listed after the “Coinbase Effect” was waning, so one can say that the effect wasn’t as much as the effect of previously listed coins that include Ethereum Classic [ETC], ZRX Token, Basic Attention Token [BAT], and Zcash [ZEC].
ZEC surged by the second lowest percentage within 3 hours of the announcement, i..e, 16%, with the surge falling down to 0.1% by the end of the day. ETC saw the highest surge after being announced i.e., it rose by 25.8% in 3 hours, ZRX surged by 29.8%, and BAT surged by approximately 20.6%.  The Coinbase Effect faded as time passed by and it is hardly noticeable as of today, unlike the Binance IEO effect, which gives more returns than the Coinbase effect.
In retrospect, if an investor would have invested $1000 during the public sale of MATIC tokens, the investor would stand to gain ~$16,100 by holding them for only 25 days. If the same amount was invested in BTT, the investor would gain ~$14,500 for holding the tokens for 117 days. The best investment would be Harmony Token, if the user had invested $1,000, he would stand to gain $8,800 in only 5 days. The gain for all of the aforementioned tokens is after deducting the investment.
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Source: AMB Crypto

India: ‘Draft bill’ real or fake? Leaked legal documents are as authentic as Monopoly money

India’s battle against cryptocurrencies took a new turn after pictures of a “proposed” bill circulated on social media. However, it was rejected by various prominent publications and personalities in the crypto-circle, due to its lack of authenticity.
And that is how a bill becomes a law…
If for a moment we believe that the pictures circulated were indeed a part of the ‘draft bill’ on cryptocurrencies, it does not give it the status of law. This bill, after formulation by the committee spearheaded by Subhash Chandra Garg, must be passed on to the Finance Minister, who will then take it to the Parliament for further debate and discussions. Only after this bill is sanctioned by both houses of the parliament, will it reach the President for his final assent. It is then, that the bill will become a law.
According to a recent report, the draft is ready to be presented to the Finance Minister, Nirmala Sitharaman. Following her approval, the bill will be presented to the parliament. AMBCrypto spoke to a prominent crypto advocate and co-founder of Crypto Kanoon, Mohammed Danish, who also had reservations about the looks of the document in question. He commented,
“I would have believed the authenticity of the bill if there was some proof on the document like a seal or a mark from the Department of Economic affair, however, there is nothing.”
Source: Twitter
Despite the fact that Danish noted that the language used in the document was in line with other legal documents, he added that there was no way to identify it as a part of the bill before the committee. He further noted that since the bill was under consideration and discussion, it cannot be made public in any way. Danish cited the example of an Indian crypto-journalist who had filed an RTI [Right to Information] for this very bill, but was denied a reply under the Section 8(1)(i) of the RTI Act which states,
“Notwithstanding anything contained in this Act, there shall be no obligation to give any citizen,—cabinet papers including records of deliberations of the Council of Ministers, Secretaries and other officers:
Provided that the decisions of Council of Ministers, the reasons thereof, and the material on the basis of which the decisions were taken shall be made public after the decision has been taken, and the matter is complete, or over:”
The advocate circled back to the authenticity of these papers and the means by which the person who reported it got the draft. Ever since India was introduced to the concept of crypto, government officials and ministers have spoken about its benefits and future plans. None of the official statements from the government can be said to have expressed any intention to ban it, Danish pointed out that,
“Various publications have covered this news regarding the bill, has any publication named any credible source or an identified Govt. official with a negative view towards Crypto? No! It is always the anonymous sources who have been quoted for any news on banning crypto.”
He further added,
“If the Government had anything negative about Crypto, why would the Ministry not come forward and say it publicly? What is the reason to conceal their intention? After all, they are performing their duty!”
Law of the jungle 
The crypto bill does not ask for a blanket crypto-ban and outlines offenses pertaining to the use of crypto for money laundering and other financial frauds. If the bill that seeks a “blanket ban on crypto” is passed by the Parliament then, not only is it not helping small-time investors and traders, it is instead helping ill-players and scammers. For instance,
A scammer scamming people on the web does not have to worry about banks shutting their accounts like small-time investors. If these investors fall prey to these scams, they would not be able to approach the authorities due to a blanket ban. This will contribute to the criminals being given a clean chit and criminalizing small-time traders and investors.
The government might not be able to remove all traces of crypto from the web. As history suggests [porn, torrents, marijuana etc.], a ban on anything usually leads to the creation of several parallel illegal markets. However, that does not mean the government should stop drafting laws that may help protect the interests of investors who may be at risk from such scammers.
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Source: AMB Crypto

BabelFinance predicts $1 billion in crypto-backed loans by the end of the next bull run

BabelFinance, a bank offering service to crypto-investors, crypto-miners and institutions related to crypto, is in the news after it announced that it had issued crypto-backed loans worth $110 million, out of which $88 million were outstanding loans.
The bank provides loans via stablecoins collateralized by deposits of Bitcoin. However, the bank plans to include Ethereum, Litecoin, BCH, and a few others as well soon.
According to Flex Yang, Founder and CEO of BabelFinance,
“Over the past few months, we’ve seen a dramatic increase in speculative borrowing from consumers and institutions. It is clear that in China and elsewhere globally, anticipation is building for higher crypto prices.”
The bank is looking forward to continue offering crypto-backed loans, as well as new interest earning crypto-deposits. BabelFinance is further launching BabelLabs, a new venture that will look at supporting decentralized finance research and work as a platform between traditional finance and blockchain technology.
Yang added,
“We see a better crypto finance world. It is our corporate responsibility to support innovation with better financial tools and solutions. Crypto is back on the rise, but it is a different landscape than previous bull runs. We need to have tools in place to support mainstream adoption, and institutions need liquid funds to continue the acceleration of their project development. Our re-brand is more than a name change; it’s a reflection of our company’s effort to provide more services, globally to support crypto adoption.”
Yang also claimed that the bank hopes to issue $1 billion in crypto-backed loans by the end of the next crypto bull run.
BabelFinance is not the only bank that has a huge sum of outstanding crypto-backed loans. Bixin Capital and FBG Capital are one of the few banks that also offer crypto-backed loans. The two have outstanding loans worth $10 million and $15 million, respectively.
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Source: AMB Crypto

Bitcoin worth over $150 million transferred from Coinbase to unknown wallet; community speculates foul play

Bitcoin has had a pretty active 2019, with major price fluctuations pulling the price of the world’s largest cryptocurrency up, while also pulling up the prices of other cryptocurrencies. Post the rise in value of the world’s largest cryptocurrency, many transactions and transfers of significant amounts have taken place. A recent transfer of Bitcoin worth $3.25 billion had put a spotlight on the BTC ecosystem once again, with users interested in the industry taking a deeper look at the transfer market.
Recently, Whale Alert, a cryptocurrency transfer alert website, revealed that 18,899 BTC worth $153.44 million had taken place from the Brian Armstrong-led Coinbase to an unknown wallet. The transfer held a hash of cbc24d99af76c969b037ebd3824a0e9b6794e423e261a and the Coinbase address was 3Qy5mTpumWh24f5UdwGPJEhStoD3A25fK9. The unknown wallet possessed 4 different addresses, with the transfer settling at 0.302 BTC, 1999.89 BTC, 9899.89 BTC, and 6,999.85 BTC. The transfer had a time stamp of 22:51 UTC on June 12.
The transfer was spoken about by C3|Nik, a popular cryptocurrency proponent, who tweeted,
“18,900 Bitcoin were transferred to Coinbase a few hours ago.
An easy way to freak out some people who interpret these kinds of transactions as an impending “dump”.
A few hours later, a total of 18,900 are transferred out of Coinbase again in three separate transactions. Fake.”
The transfer was speculated by many members of the community to be a way to get the market moving again. However, looking at the charts, it is clear that BTC’s price moved consistent to what it was doing over the past couple of days. C3|Nik added,
“The market did not react much. It seems like a lot of the people who interpret these transfers as legitimate learned their lesson …. or got liquidated.”
One Twitter user viewed this as an opportunity to air his concerns, commenting,
“Why does Coinbase let 18,900 BTC move in and out so easily, but when I want to move a measly $500 worth, I have to wait a week?”
The crypto-proponent’s opinion was shared by a majority of the Bitcoin community too, with many claiming that the digital asset industry needs to be more mature for sustainable growth and development.
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Source: AMB Crypto

Bitcoin’s volatility rates fall as daily returns move away from ‘extreme behavior’ territory

Bitcoin [BTC] has had a remarkable recovery since the start of the year, with significant positive growth in both price and market cap.
Analysis of the coin’s prices and returns show that Bitcoin’s volatility declined as monetization of the cryptocurrency increased. Since its inception, the cryptocurrency’s returns have been more evenly spread out, with daily returns shuttling between the ranges of negative 35 percent and a whopping positive 40 percent.
As the years have passed by, it was noted that Bitcoin’s volatility collated into smaller ranges, indicating a switch from extreme highs and lows to a calmer and controlled price movement.
Taking 2019 alone, the chart showed that the returns fell in the negative 10 to positive 10 range, a far cry from the previous lows and highs. The analysis suggests that the returns on the ‘king coin’ this year were mostly governed by the sideways movement carried over from the fag end of 2018.
The bear market’s influence was evident as the probability density of returns fell largely in the single digit area. We can use this data to make the case that Bitcoin today, is moving more and more towards the ‘store of value’ asset category, rather than being just a speculative trading commodity.
Despite the clamp being formed in terms of returns, Bitcoin has still managed to climb slowly and steadily on the price charts with some peaks providing more returns than mainstream commodities like gold and the S&P 500. Recent research stated that Bitcoin had significantly outperformed the S&P 500 in terms of long-term returns and risks attained.
The data stated that since 2013, any investment that comprised of 5 percent Bitcoin and 95 percent fiat currency gathered more returns and less risk than the S&P 500. Bitcoin’s case was made stronger when it as revealed that during the aforementioned time period, the cryptocurrency was affected by a maximum loss of approximately 5 percent, while the S&P 500 suffered a loss of 6 percent last year alone.
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Source: AMB Crypto

Tezos replaces CFO with PwC Switzerland’s blockchain creator

Tezos Foundation announced the hiring of Roman Schnider, the former Assurance Director at PricewaterhouseCoopers(PwC) and Co-creator of its blockchain initiative. Schnider will take on the role of Chief Financial Officer and Head of Operations in summer 2019.
Over the past year, PwC Switzerland has served the role of an independent external auditor of the Tezos Foundation’s finance and business operations. This has allowed Schnider to become familiar with the Foundation and its protocol. Schnider was quoted as saying, 
“I sincerely look forward to joining the Tezos Foundation.Together, we will work to serve and support the Tezos community in the most effective, efficient and transparent way possible.”
Ryan Jesperson, President of the Tezos Foundation, stated,
“As the Foundation continues to provide resources to a growing Tezos ecosystem, the CFO and operations lead will be critical to our success.
Roman’s experience makes him the ideal finance and operations specialist for our team. He is already familiar with the opportunities and challenges blockchain projects face and has a deep understanding of the Tezos Foundation from his time at PwC Switzerland.”
Roman Schnider has been with PwC for nearly 15 years and is now going to replace Eelco Fiole, who joined Tezos only five months ago. Schnider had launched PwC’s blockchain and cryptocurrency assurance department back in 2016. His work was not limited to a single field, with Schnider working in various roles with a special focus on investment banking.
Jesperson conveyed his gratitude to Eelco Fiole by saying, “We want to thank Eelco for his contribution to the development of the Foundation and wish him all the best.”
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Source: AMB Crypto

LocalBitcoin’s volume resurgence holds steady, despite Iran pullout

LocalBitcoin, the peer to peer cryptocurrency exchange, has been in the news multiple times recently due to its regulatory involvement and region-specific rollbacks. The latest addition to LocalBitcoin’s growing repertoire of data was contributed to by Mati Greenspan, eToro’s Senior Market Analyst who spotted the increase in LocalBitcoin’s global volumes. His tweet read,
“Global volumes @LocalBitcoins
If you ignore the 2017 crypto summer bubble, the direction of the trend is quite clear.”
Source: Coin Dance
The chart from Coin Dance shows a clear uptrend in volume, even when disregarding the anomaly of 2017. LocalBitcoin’s rise can be attributed to its growing popularity in South American countries such as Venezuela. In the month of January alone, the Nicolas Maduro-led country recorded a trading volume of 6,347 BTC, followed by a volume of 10,315 BTC in February. LocalBitcoin use by Venezuela stood out because of the dire economic conditions in the country right now, which has caused the native Bolivar to dip and inflation reach an all-time high.
LocalBitcoin’s growing popularity comes in the wake of regulatory pressures from various countries. The Finland-based exchange first came under the scanner when the country’s Financial Supervisory Authority [FSA] decided that LocalBitcoin will see several additions to its customer verification process. This was followed by the latest cancellation of services by LocalBitcoin in Iran, with officials close to the company claiming that regulations were the main reason for the rollback. One of the company’s representative had stated,
“[….] Well, obviously right now, there are quite many regulations coming […] even though we’re a company acting under Finnish law, we have users from all over the world and sometimes for some regulatory reasons we might stop servicing in certain countries […]”
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Source: AMB Crypto

Gate.io takes Bittrex’s lead; will delist major altcoins such as XRP, EOS, and Monero for U.S users

Regulations within the cryptocurrency industry have always been tricky to maneuver around. However, the ecosystem’s uncertainty is forcing some players to take caution and guard against the changing landscape. One such initiative is being undertaken by Gate.io. The exchange announced the delisting of several cryptocurrencies including EOS, Monero [XMR], and Ripple’s XRP, among others.
The official announcement read that some coins (cryptocurrencies) will not be available to U.S. users effective June 30, due to regulatory uncertainty. It further stated,
“Starting from June 30, 2019, USA users can not access to deposit and trading of the following coins: CNYX, EOS, XRP, TRX, XTZ, BTM, NAS, QTUM, NEO, GAS, XMR, BCN, XEM, WAVES, DCR, ONT, ONG, THETA and TFUEL. These coins will no longer display on the Market list to USA users after Jun 30. If you are a USA user, please withdraw them as soon as possible.”
This unforeseen decision made by the exchange will not affect non-USA users, who will continue to have full access to the above-mentioned coins without any changes.
Interesting enough, Bittrex also recently decided to do something similar a few days back. Bittrex announced that it would be delisting the following coins, namely, ADT, CMCT, GO, MFT, QRL, XEL, AMP, DNT, GTO, and 23 other cryptocurrencies, effective June 21. Similar to Gate.io, the said change would only be applicable for uses residing in the U.S.
The exchange had stated,
“After the Change Date, U.S. Customers will not be able to buy or sell the above-listed Tokens/Coins. On the Change Date, our systems will automatically cancel all open (i.e, unexecuted) orders in the affected markets for U.S. Customers.”
A Twitter user, @shirkhan, tweeted in response to the above-mentioned delisting,
“As of now @BittrexExchange will delist a couple of #cryptos ($XRP NOT affected) for US Users and  @gate_io will do so as well ( $XRP getting delisted). Let‘s see if any of the big exchanges will follow suit. This only affects US so far. #XRPCommunity”
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Source: AMB Crypto

Tron Weekly Report: Tron highlights ecosystem developments as block height approaches 10 million

Tron Foundation recently celebrated the news of its Chief Executive Officer, Justin Sun, winning the charity bid to have lunch with Warren Buffett, the prominent investor, followed by various developments in the ecosystem. The Tron weekly report highlighted these changes and progress in the Tron ecosystem.
The Foundation has optimized database storage and has completed the demo of web-log collectors. Apart from these, the team announced the launch of the Sun-network testnet. The team intends to complete block broadcast optimization by next week, along with pressure testing for complex anonymous transactions.
The report informed the community of the on-chain data, with 1366 nodes with 13 new nodes. The Tron block height is close to 10 million and the community awaits for it to achieve 10 million. Tron DApps have also led the game in terms of Volume in USD, leaving EOS and Ethereum [ETH] behind. The number of active users reached 372,000, and transactions were noted to be 5.24 million.
The Developer community has been working on various products like Atlas, BTFS, TronGrid, TRXMarket, Tronscan, and Tronlink, out of which BTFS has been well received by the community. As for Atlas, the developers have fixed the database performance and implemented the process setting of seed phrases.
At press time, Tron was spiking by 2.82% within the hour and was valued at $0.0315 with a market cap of $2.103 billion. The 24-hour trading volume of the coin was $907 million, as it plunged by 1.51% over the day. Over the past seven days, TRX fell by 14.56%.
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Source: AMB Crypto

Cardano’s Charles Hoskinson explains his views on the new ‘Cardano Roadmap’

IOHK shared the redesigned roadmap for Cardano after scrapping the old one. The new roadmap details their vision for Cardano from 2019 through 2021. Charles Hoskinson detailed the reasons that went into the new roadmap in “The Cardano Effect” Podcast on June 9.
IOHK tweeted:

Today, we're very pleased to share our completely redesigned roadmap, charting our progress towards the Cardano 2020 vision. Here's where we'll keep the community updated over the months ahead https://t.co/t1kjKY09lk #Cardano #CardanoCommunity #Blockchain
— Input Output (@InputOutputHK) June 5, 2019

Hoskinson said that roadmap was “the reflection of the philosophy of how something is built” and that the old roadmap was based on percentages and quarters and that once they started building things based on the old roadmap they discovered that things weren’t as simple as they thought they would be.
According to Hoskinson, the old roadmap compared to the project/product management, the actual product delivery process had tuned out of sync with each other. This led to them breaking down the roadmap into steps that could be achieved step-by-step; Byron was the first step in this direction, which is followed by Shelly, Goguen, Basho, and Voltaire.
He further mentioned that Byron was the first step where they built applications and APIs to make sure that they could get on exchanges, third-party apps, etc. This was followed by Shelly, which concentrated on the “decentralization” aspect of Cardano and defining what decentralization means to them. And each ear, be it Byron or Shelly needs to have a demarcation that explains what was accomplished in that particular phase, said Hoskinson.
Hoskinson added:
“So the way that we try to structure this roadmap is to know that these are not necessarily linear, where you do one and you go to the next one in the next one. These things kind of sit on top of each other and they stagger. So you know Byron is nearly done and we’re kind of leaving
that eros so that’s closed out but Shelley is going to keep going because the goal there’s decentralization…”
He said that this roadmap was structured considering the end, where they would need to handover this ecosystem to the Federation of actors and to every single person that cared.
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Source: AMB Crypto

Tron DApp Weekly Report: Gambling Dapps take the lead as Tron reports highest volume in USD

The Tron ecosystem had been working on various developments in the ecosystem, despite Tron’s fall in the market. The coin had managed to gain the tenth position once again; however, it could not maintain it and slipped to the twelfth position, at press time. Tron DApps have been keeping the community highly motivated due to its performance in comparison with EOS and Ethereum [ETH].
This week’s DApp reported that 16 new DApps were added to Tron taking the number of total DApps on Tron to 463. The daily users saw a surge by 20k, while other indexes remained stable. Tron’s Gambling DApps had been popular among the masses and this time again the Gambling DApps were the main contributors in Tron’s performance.
According to DApp review, at press time, Tron managed to register the highest 24-hour volume in USD with $11.115 million, as compared to that of EOS which noted a volume of $9.966 million, followed by Ethereum [ETH] with $7.051 million. Tron’s CEO Justin Sun announced about this achievement in a tweet:
“According to @dapp_review, #TRON #Dapp 24h volume has reached $11.8 M (355M #TRX) which already surpassed that of #ETH and #EOS. #TRON onward.”
The DApp report introduced two new DApps namely, TronFaucet and ToCandy. The first one, TronFaucet, a utility faucet token provides free tokens to the community members. The DApp weekly report read:
“TronFaucet gives out 10,000 sun 9worth 0.01 TRX0 to community members every 10 minutes so that members can try out the basic utility products of TRON, e.g. wallets, exchanges, DApps, etc.”
While ToCandy enables the users to receives candies or the tokens issued by the Tron project. The tokens received by the users via ToCandy could be used to understand and try products made available by the project.
Apart from the DApps, the weekly report highlighted that Tron had launched SunDex, decentralized exchange with features like trading and mining, in its ecosystem. As for the Tron token, it had been falling by 2.75% over the past day and was valued at $0.03239 with a market cap of $2.16 billion. The 24-hour trading volume of the coin was reported to be $650.32 million as it fell by a massive 17.70% over the past week and continued to plunge by 0.23% within an hour.
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Source: AMB Crypto

Bitcoin to face an imminent drop by $400; Bull momentum vanishes as weekly chart bleeds red

Bitcoin’s meteoric surge had everyone believe that it was the start of the bull rally; however, that rally seems to have exhausted the bulls as the price is stuck in a sideways movement.
Short-Term Analysis
The price of Bitcoin is stuck in a sideways movement without any massive dips or surges for over five days, indicating the exhaustion of the bull rally. There is a formation of an ascending channel and the breakout of this channel is bearish.
Source: TradingView
The breakout from this channel, if similar to the previous pattern, could suggest a drop of approximately 10%, which could take the price of Bitcoin to $7,100. However, the drop could be stopped by subsequent resistances at $7,542 and $7,238.
Long Term Analysis
Daily
The daily time frame showed a breakout of the rising wedge, which resulted in a total drop of ~15%. The Relative Strength Index on this time frame shows that it has breached a four-month-old resistance and is headed down, which is a bearish signal.
Source: TradingView
Weekly
Source: TradingView
The weekly time frame for Bitcoin shows the formation of a doji candle, indicating a reversal in the trend. The candle, after the doji, is a red weekly candle that was formed after 5 consecutive weeks of green candles. If the candle after the doji is a red candle, this indicates a reversal in trend. The support for Bitcoin on a weekly time frame can be seen at $5,880.
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Source: AMB Crypto

Bitcoin is still outperforming traditional assets 5 months into the year

Bitcoin was in the depths of the bear market by the end of 2018, it dipped by 84% since its all-time high in 2017. The price of Bitcoin reached $3,122 in December 2018. Most people in the traditional market said that Bitcoin would go to zero; however, the price of Bitcoin has since surged by 191% as of May 27, 2019.
This rise in Bitcoin’s price is not surprising to people who have been through the bull market of 2017, but for the people in the traditional markets like Gold, Bonds, etc, Bitcoin’s parabolic rise seems like a meteoric surge. Many people argue that Bitcoin is not safe, but none of them bet against it, for the simple fact that Bitcoin outperforms almost every traditional asset out there.
Morgan Creek Digital’s Mark Yusko and Anthony Pompliano put a $1 million bet out in the open that Bitcoin will outperform the S&P in the next 10 years. There were no takers for this bet, which is more than enough proof that nobody is willing to bet against Bitcoin’s performance.
Over the course of 2019, Bitcoin’s price has reached a peak of 191.35% and at press time, was up by 153%, which when compared to other traditional assets is massive.
Charlie Bilello tweeted a comparison of the performance/returns of traditional assets and Bitcoin.

2019 Returns…Bitcoin $BTC: +111%REITs $VNQ: +20%Nasdaq 100 $QQQ: +18%Oil $USO: +16%S&P 500 $SPY: +16%Small Caps $IWM: +13%EAFE $EFA: +12%Investment Grade $LQD: +9%High Yield $HYG: +9%EM $EEM: +5%Bonds $AGG: +5%Commodities $DBC: +5%Gold $GLD: +4%Cash $BIL: +1%
— Charlie Bilello (@charliebilello) June 8, 2019

The returns for S&P500 is only 16% while as seen above, Bitcoin’s returns for 2019 is more than 100%. The emerging markets, which are said to track similar movements as Bitcoin are up by only 5%, the same can be seen with Bonds, Commodities and Gold stands at 4%.
A Twitter user @talgya, commented:
“Is listing these assets in this manner implying that they are all accessible via a regulated exchange for institutional/retail investors? If yes should $BTC be listed as $GBTC, if not should these be listed as tickers?”
Another Twitter user @edtechx, commented:
“I like these Tweets, would be amazing to thread them with additional Tweets (say) same tickers but 2yr/3yr returns as this gives much more context to the 2019 numbers.”
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Source: AMB Crypto

Kik would need $10 to $20 million dollars if they intend to fight the SEC says Stephen Palley

Stephen Palley, a well-known lawyer in the crypto-space spoke to CNBC’s CryptoTrader Ran NeuNer and opined his views on the lawsuit against Kik by the SEC.
Kik’s issue with the SEC was made public when the company announced that they were planning to fight against the lawsuit brought forth by the SEC. The company has since raised approximately $5 million funds in crypto, to fight SEC.
Stephen Palley explained that the SEC had filed the case against Kik in a Federal Court for an ‘unregistered $100 million token offering in 2017’ and not securities fraud. Palley added:
“This is the first instance of the SEC actually going to a Federal Court and suing a token issuer for violating the registration provisions of the Securities Act of 1933.”
He added that all the other cases which have failed to register securities have been filed and settled in administrative courts. and that this was “pretty big news”. Palley further added that the SEC’s strategy on focussing with “failing to register security” was a “wise” move but also mentioned that “it is not an un-winnable case”.
Palley mentioned that Kik had already spent $5 million as seen on the “defend crypto” website even before going to court and that it would take them a lot more than that if the case were to proceed. He said:
“I don’t think that $5 million is enough… Defense lawyers for this sort of case can cause $1000 an hour sometimes more, depends on depositions, whether it goes to trial, how the appeal cost… it can easily cost $10 to $20 million. I don’t think $5 million will be enough if they intend to take this all the way through.”
Ted Livingston, the CEO of a Canadian-based messaging startup Kik opined that the SEC’s allegations were a “gross mischaracterization and misleading facts”. He also mentioned that they would take this all the way to the end.
The post Kik would need $10 to $20 million dollars if they intend to fight the SEC says Stephen Palley appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin Cash: Roger Ver’s tweet highlights governments’ double standards

India’s proposed “draft bill” that was released by Bloomberg Quint earlier this week had caused a massive uproar in the crypto community. The lack of clarity and ambiguous cryptocurrency climate drove Zebpay, an app-enabled crypto exchange, from the country to Malta. The current version of the ‘draft bill’ renders mining, generating, holding, buying, selling or dealing in cryptocurrencies both “directly or indirectly” illegal in the country. This could potentially be a huge blow to the growing Asian cryptocurrency adoption.
The crypto regulatory climate in another Asian country, Indonesia is fairly better than India after the former announced rules which made it mandatory for the cryptocurrency futures exchange to be registered an approved before operating, thus, bringing clarity to the table. However, Roger Ver, the CEO of Bitcoin.com and a prominent face in the crypto realm, cited a banner which read “Use Rupiah in every transaction in Indonesia” and violation of which is a punishable offense,

Governments say monopolies are bad, but they’ll toss you in jail for competing with their own monopoly. pic.twitter.com/fbblR7TDr0
— Roger Ver (@rogerkver) June 8, 2019

A Twitter user, Lutfi, commented on the above thread,
“the point is because rupiah in indonesia more low rate than dollar us.. so much fear when bitcoin uptrend in 2017 until the bubble explode, bank indonesia makes announcement about regulation digital asset not to use as transaction and then investor take down the asset..”
The post Bitcoin Cash: Roger Ver’s tweet highlights governments’ double standards appeared first on AMBCrypto.
Source: AMB Crypto