Bithumb Could Become First Publicly Traded Crypto Exchange Co. in the US

Blockchain Industries, Inc. (BCII), a holding company that trades publicly on US over-the-counter (OTC) markets, has announced its plans to “merge with” Singapore-based firm, BTHMB Holdings Pte. Ltd. The merger is part of an initiative that involves listing cryptocurrency exchange, Bithumb as a publicly traded company in the US. The “binding letter of intent” (LOI) to merge both business entities was reportedly signed on Tuesday (January 22nd). According to the LOI, the “anticipated merger” is scheduled to be finalized “on or before March 1, 2019.”
Source: Crypto Globe

Ethereum (ETH) Is On The Verge Of A Massive Comeback Against Bitcoin (BTC)

Ethereum (ETH) is on track for a massive comeback against Bitcoin (BTC) in the weeks ahead. The 4H chart for ETH/BTC shows that the price has just broken out of a falling wedge and is currently trading sideways before its next big move. It is pertinent to note that the price is very closely to the 21 EMA and could climb above it any time now to stage an explosive rally. Recent developments have hindered the near term prospects of Ethereum (ETH) but the future looks brighter than ever. All of a sudden we have seen statements regarding the future of Ethereum (ETH) and whether or not it is going to zero surface again, but all of this is nothing more than short term speculation.
Certainly, Ethereum (ETH) may not be able to enjoy the same level of dominance that it did in the past. It will have to cede some space to new players in this industry that are fast becoming direct competitors of Ethereum (ETH) and promise a lot of better alternatives. Whether or not they will end up pushing Ethereum (ETH) down the list is another debate, one which we may not have to worry about in the near future. This is no different than debating whether Yahoo or Google might eventually come up on time. In the early days, a lot of people would have said Yahoo but we all know how that turned out. Yahoo did very well for a long time but Google ended up as the ultimate winner.

Similarly, Ethereum (ETH) has a distinct advantage as being the first platform cryptocurrency and it is going to benefit from that. The number of developers working on Ethereum (ETH) is a lot higher than most other platforms and they are also more experienced and far ahead of most blockchains. However, as we have seen in the past people eventually come up with better alternatives and the competition grows. The same is going to happen in this space and someone is going to end up on time. We do not know yet if it will be Ethereum (ETH), Zilliqa (ZIL), Cardano (ADA) or Ethereum Classic (ETC) but it does not matter much at this stage. Ethereum (ETH) as well as most other cryptocurrencies have been long overdue for a major rally against Bitcoin (BTC) and they are going to get it as soon as things normalize.

Ethereum (ETH) is also better positioned for a strong rally against the US Dollar in the weeks ahead. The weekly chart for ETH/USD shows that the correction has now come to an end and the price is consolidating before its next big move. It is important to note that ETH/USD is at a very favorable point from a risk/reward standpoint. This platform coin has a lot of room for growth in the years ahead when corporations like Microsoft, Amazon and Google will start using the Ethereum (ETH) blockchain for their products and services. 
Source: Crypto Daily

Margin Trading During the Crypto Winter

Margin trading has seemed to become the catchphrase of this crypto winter. The essence of leverage is that it’s just a loan. Users can borrow funds from a platform via margin trading that is several times the amount of their own assets so that they can profit on a bigger scale if the market moves in their direction. However, it is of course worth noting that while users amplify their transaction amounts and obtain higher returns, the risk also goes up in the same way – as they can lose money more easily.
Source: Crypto Globe

XRP community member gets a reply from US Congressman; says cryptocurrencies should be promoted

The field of cryptocurrencies has received multiple opinions from various sectors of society. While proponents of the space have been very active in promoting the industry, it has also been at the receiving end of a lot of backlash and criticisms. As a positive step for cryptocurrencies such as Bitcoin [BTC] and XRP, Rob Woodall, a United States Congressman recently commented on the benefits and need for digital assets.
In an e-mail reply to ATL XRP, a member of the XRP community, Woodall stated:
“I absolutely agree with you that the federal government should do its best to promote the United States as the world leader in innovation and to encourage, rather than stifle, the growth of new industries. Certainly, this school of thought should apply to cryptocurrencies.”
The Congressman’s reply was on a request to support the H.R.7356, the “Token Taxonomy Act”. He stated that the bill, although expired in December of last year, could be revisited during the new Congress session. He further added:
“I look forward to learning more about this legislation from Representatives Davidson and Soto should they choose to reintroduce the measure this year”.
The United States Congress has been quite active when it comes to cryptocurrencies, with even letters being written by members to the Securities and Exchanges Commission [SEC]. Last year, Jay Clayton, the Chairman of the SEC had pointed out the distinction between digital assets that can be considered as securities and ones that cannot.
The letter stated:
“Current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately drive business elsewhere. We believe that the SEC could do more to clarify its position.”
The letter was sent post a roundtable discussion on cryptocurrencies that was aimed to establish the legislative pointers around the field of cryptocurrencies and blockchain technology.
The post XRP community member gets a reply from US Congressman; says cryptocurrencies should be promoted appeared first on AMBCrypto.
Source: AMB Crypto

58% of US Investors Would Invest in Bitcoin via ETF: Major Hedge Fund

58% of American investors would prefer to invest in Bitcoin via an exchange-traded fund (ETF), a formal survey found.
Conducted by Bitwise Asset Management, a San Francisco-based crypto hedge fund, the survey saw participation from 150 financial advisors in the US market. When asked what would make them allocate Bitcoin in their client portfolios, 54% of them said “better regulations” and 35% said “the launch of an ETF.”
Investors Looking for Easy Access to Bitcoin
Bitcoin’s value dropped by three-quarters in 2018. The retail investors that fueled the rally of the digital currency fled during the crash, leaving behind early-adopters and traditional firms to protect its remaining value. Now, there is an adequate supply of discounted Bitcoins available in the market, but with inadequate takers.
Meanwhile, in the same bearish year in 2018, more high profile investors started bridging the gap between crypto and traditional finance. The relationship between the two distinctive industries improved when:

CBOE and CME launched and settled the world’s first bitcoin futures;
Fidelity became the first Wall Street firm to offer cryptocurrency custody and trading services;
The endowment of prestigious US universities, including Harvard and Yale, included cryptocurrencies in their funds;
ICE-backed Bakkt announced the launch of the first regulated physical bitcoin futures;
Nasdaq announced that it would launch Bitcoin futures 2.0 in early 2019.

Such an institutional breakthrough could change the future course of Bitcoin, predicted financial experts from both mainstream and crypto space. A Bitcoin ETF, according to them, could serve as the stepping stone for a tropospheric crypto adoption among the mainstream investors.
“The answer is that ETFs are a well-understood construct that is plug-and-play with the existing software platforms, paperwork, processes, and workflows that professional investors and firms use,” wrote Bitwise in Anthony “Pomp” Pompliano’s Off the Chain newsletter. “At a 0.25%-10% allocation, crypto isn’t a deep focus of most investors, and most aren’t going to reinvent the wheel [just] to access it. They need it to be easy.”

The team at @BitwiseInvest dropped knowledge bombs in today’s free installment of Off The Chain newsletter.
Everything you need to know about crypto ETFs. Read it and learn https://t.co/SaMCVeLGbl
— Pomp (@APompliano) January 22, 2019

US Government Shutdown
Pomp, also a founder and partner at Morgan Creek Digital, also said that a true capitulation would happen when a Bitcoin ETF will get approved or when crypto regulations will become more transparent.
“I think our target from August of 2018 has been $3000, we came close once already, so we may just actually go back there or somewhere close,” he told BlockTV. “Along with that, over a long period of time, I tend to think that some of the bigger numbers that are thrown out will likely be accurate.”
Now, the ETF applications of both VanEck and Bitwise remain under review at the Securities and Exchange Commission (SEC). The US securities regulator would likely announce its decision the VanEck’s Bitcoin ETF by February 27. However, the ongoing government shutdown led by President Trump has furloughed 94% of SEC staffers. Bitwise believed that the political situation could prompt SEC to delay its decision on VanEck’s Bitcoin ETF.
“The likelihood of giving the filing a complete review is in doubt,” the company wrote. “Bitwise’s own filing is complicated by the shutdown as well.”
In the same breath, Bitwise maintained its optimism, saying that political delays would not impact the growth of the crypto ecosystem.
“Each day brings greater regulatory clarity, improving custody options, greater futures trading volume, more established exchanges and trading venues, and more widespread understanding,” it said.
The post 58% of US Investors Would Invest in Bitcoin via ETF: Major Hedge Fund appeared first on NewsBTC.
Source: New feedNewsBTC.com

EOS On The Verge Of A Breakout, Big Updates Looming

As we can see EOS is seeing some very positive movements of late, granted the price of EOS is currently very low, some might even say that at the moment, 1 EOS token is an absolute bargain given that during the spring of 2018, EOS reached an all time high of over $21.00. Prior to this, EOS registered a price of $4.34 proving that as it stands, surpassing the $20.00 threshold is still within the grasp of EOS and a big bull run could be all EOS needs to actually set a new all time high in 2019.
Of course, you should consider this as speculation. We can’t guarantee that EOS will embark on a surge and if it does, there is no way to measure how likely it is to move past $20.00. Therefore, do not use this as justification for your next EOS investment, instead, use it to inform your own research into the area. Find the facts and draw your own conclusions, this is the only way you can become a better investor!
What is driving EOS at the moment?
Okay, so we have seen that EOS has gained some gentle momentum, this is exactly what happened when EOS spiked last time. EOS started to move away from the overall market trend and began to climb on it’s own, pulling the rest of the markets with it. As a matter of fact, the last EOS surge encouraged Bitcoin to almost tip $10,000.00. The rise we have seen recently does stand out against the market trend, given that generally the markets have been in a decline through January. EOS is gaining momentum, finally!
There’s no lone trigger for this climb, it seems that this seems to be a combination of correction and a bit of a positive feeling towards EOS as a cryptocurrency and a project. This feeling is of course encouraged by some positive announcements from within the EOS community, announcements that are helping to spread the word of EOS and likewise, that are helping investors begin to feel a little more bullish about the whole thing.
As per a recent report by The Merkle, such positive movements have come via Boscore, the launch of a smartphone EOS block explorer and through input from some industry experts
Boscore
The Boscore network has launched an interchain communication function between BOS (the Boscore network) and EOS. This acts as a sidechain that allows EOS to move onto the BOS mainnet, or otherwise, BOS to the EOS mainnet. THis is positive, as it opens up options for new cross chain transactions to be made between EOS and BOS too, meaning the ecosystem is set to facilitate other tokens in the near future. It seems that BOS is the first network to work alongside the EOS mainnet in this way and therefore, many believe that Boscore have laid foundations for an entirely new culture of cross chain transactions within EOS.

Cypherblock
Recently, Cypherblock.io have announced the launch of an EOS based block explorer for smartphones. This comes in the form of an application that allows followers of EOS to watch and trace transactions, improving the transparency of the network and of course the decentralisation of the entire project. According to The Merkle:

“It appears a new mobile EOS block explorer application has been released recently. Although not everyone will have a use for tools like these, one has to commend the Cypherblock team for trying its hand at bringing this application to market. This is another strong sign of how the EOS ecosystem continues to grow by leaps and bounds, which is what most investors and holders should be concerned about right now.”

Of course, this is a very specific tool and one that probably won’t be adopted by the entire EOS community, but it does seem that this announcement has had a positive impact on the EOS community on the whole.
Brendan Blumer
Finally, Brendan Blumer, the CEO of block.one, the company behind the EOSIO development has recently spoken out about how impressed he is with the EOS project overall, installing quite the wave of optimism within the community:

“Branden Bulmer is quite impressed with how EOS is growing across the board. New applications, sidechain-esque solutions, a growing user base, and an increase in transaction numbers are all very promising signs first and foremost. At the same time, one has to wonder how long this rate of growth can be sustained. Attracting people who are not involved in cryptocurrency yet remains a key challenge for any projects at this time.”

Blumer took to Twitter to state:

“It’s incredible to see EOS growing like this; the apps, daily active users, transaction numbers and speeds, wallets, and support tools are all revolutionary and radically decentralized.”

Positive movements from in and around the EOS camp are having a big impact at the moment. Only time will tell when it comes to the next EOS surge, however we do hope to see one soon. EOS has the power to move the markets and therefore is EOS does embark on a bull run, we should expect to see the rest of the markets following suit. Of course, EOS probably won’t hit $20.00 any time soon, but let’s remember that it’s historic trends suggest that at the very least, EOS does have the capacity to climb this high once again in the (hopefully) not so distant future.

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Source: Crypto Daily

Tron [TRX] did a Great Job of Building Community and Attracting Developers: Bitcoin Foundation Chairman

Brock Pierce, Bitcoin Foundation’s Chairman and co-founder of the EOS Alliance praises Tron for its efforts that are “required for a blockchain to be successful,” while Tron achieved big numbers in terms of increased transactions, accounts, and Dapps.
Tron Surpasses 200 Million in 38 Days after the First 100M
Recently, Tron had its niTROn Summit 2019 where they made a lot of promises and claims to its community. Marcu Zhao, the head of the Tron public chain declared that Tron, “will listen to the community to achieve the decentralization of developing team and attract more developers to join us.”
In the meantime, Tron made a lot of development as Tron enthusiast Misha Leaderman took to Twitter to share,
“TRON has reached 6,000,000 Block Height. Two days after the hugely successful niTROn Summit, TRX has: surpassed 1,5 million accounts, 163 DApps at dapp review, outperformed all other top 10 coins, announced BitTorrent BTT Airdrop plan, and announced BitTorrent speed.”

Blockchain and Fintech Analyst, Gordon also shared another milestone that Tron achieved in terms of 200 million transactions.
“TRON just surpassed 200 Million Transactions. The first 100M took 173 days. The second 100M took just 38 days! That is 455.26% faster than the first 100M. Absolutely incredible! Congratulations to Justin Sun and the entire TRON Community.”
Ethereum’s Scalability Issues & Tron’s “Great Job”
While Tron is making a lot of noise in the crypto space, Brock Pierce, the current Chairman of the Bitcoin Foundation and co-founder of the EOS Alliance responded to “Thoughts on #TRON as a contender” with,
“Tron has done a great job of building community and attracting developers. Those are two of the most important attributes required for a blockchain to be successful.”
Peirce’s praise of Tron’s marketing efforts came after talked about Ethereum’s scalability issues in a recent chat with CryptoTrader Ran NeuNer,
“If Ethereum does not solve the scaling this year then there will be a problem. The market is not going to wait for them to catch up, especially with all the generation 3 blockchains coming up. EOS is currently the number two chain in terms of developers with a lot of runway. It also helps in having the most advancement form of solving scalability issues.”
Pierce also spoke about the fall of Mt. Gox and the effect it has now on the market, “The fall of Mt.Gox incurred massive reputation damage and the feeling that it propagated throughout the industry was crazy. People thought that since Mt.Gox got hacked, Bitcoin must be unsafe too. We need to create safer and better practices in the field.”
Just like the majority of the crypto experts, Pierce believes this year is going to be about Buidl and though he stated that he “rarely make predictions,” he shares by the end of this year, “we will see apps built on the blockchain that will have a million users.”
The post Tron [TRX] did a Great Job of Building Community and Attracting Developers: Bitcoin Foundation Chairman appeared first on Coingape.
Source: CoinGape

Bitcoin Cash [BCH] Technical Analysis: Token turns the tide, emerges as highest gainer amongst top-10 coins

Bitcoin Cash has come to the fore, emerging as the highest-gainer in the top-10 as the collective market shot-up above the $120 billion-mark. The fourth-largest cryptocurrency is now head and shoulders above the rest of the coins in the market, in terms of 24-hour price increase, with a massive 7 percent price increase in a bearish market.
On 22 January, the BCH price slipped to a one-month low of $118.8, following which it saw a 10.79 percent increase as the coin’s price shot up to $131.64. The market cap of the coin surged by over $225 million in less than a day and is now valued at $2.31 billion.
Exchange dominance has also seen a re-shuffle, with the top spot being taken over by L-Bank, with a BCH trading volume of $22.52 million or 7.57 percent in the BCH/BTC trading pair. The following two spots are taken by P2PB2B in the BCH/USD and BCH/BTC trading pairs respectively.
1-hour:
Source: Trading View
It comes as no surprise that the one-hour BCH trend line shows a stand-out green uptick as the BCH price rapidly rose. Two prominent uptrends can be noticed, the first, larger one, stretching from $120.77 to $129.3 and the second, shorter one, extending from $127 to $130.12. Prior to the uptrends, the BCH price fell during the past weekend, indicated by the downtrend from $128.54 to $121.78.
Bitcoin Cash has skyrocketed past its immediate support level pegged at $119.94 and it is very likely to break its resistance placed at $130.49. The previous support and resistance levels of the coin were placed at $125.72 and $130.18 respectively.
The Chaikin Money Flow indicator points to a bullish market as the CMF line is above 0, indicating an inflow of money into BCH.
The Parabolic SAR shows that the coin is trading with bullish momentum as the dotted lines are aligned below the coin’s trend line.
The Awesome Oscillator confirms the above indications, as the AO line is green, showing a bullish swing to the BCH market.
1-day:
Source: Trading View
Despite the positive signs in the above one-hour chart, the one-day chart indicates that post the hardfork, BCH prices are on a steep decline, indicated by the massive downtrend stretching from $626.31 in mid-November to $139.64 in January. A brief uptrend, immediately prior to the hardfork, is also noticed from $429.62 to $628.56.
Bitcoin Cash’s support level of $76.7 has long been surpassed, with the coin trading at almost double of the support figure. However, the recent increase in the BCH price is still not close to the immediate resistance level of $196.84.
The Bollinger Band points to a long-run decrease in volatility for the coin as the Moving Average line shows that the coin is trading in a marginally bearish market.
The Fisher Transform indicator shows a crossing over of the Fisher and Trigger lines, indicating a bullish Bitcoin Cash market.
The Relative Strength Index has been on the rise since the week began and is currently pegged at 43.64, up from a low of 37.34 from last week.
Conclusion:
Bitcoin Cash is currently leading the top-10 coins list in terms of short-term price increase, which is confirmed by the one-hour chart indicators, pointing to a bullish market. In the long-run, however, the coin is still fighting off the bears and is looking to break into a bullish zone, with the one-day chart indicators pointing to the same.
The post Bitcoin Cash [BCH] Technical Analysis: Token turns the tide, emerges as highest gainer amongst top-10 coins appeared first on AMBCrypto.
Source: AMB Crypto

Ripple Partners With Prestigious Chinese University

One of the biggest names in the crypto space is Ripple. The firm is well-known for making new connections and partnerships almost on a weekly basis and now they are going to be teaming up with the Institute for Fintech Research, Tsinghua University (THUIFR) in order to launch a new Blockchain Technology Research Scholarship Program (BRSP).
The Main Focus
The THUIFR was established by the Institute for Interdisciplinary Information Sciences, PBC School of Finance, School of Software and Law School at Tsinghua University in 2017.
THUIFR is committed to providing practical guidance and first-class research to the fintech industry in China.
As reported by blokt, the scholarship program on blockchain research will be focusing on the development of blockchain technology as well as global regulatory policies.

For those lucky students inducted into the program, they will be working on leading-edge research on worldwide policies and regulations in relation to blockchain technology. In addition to this, they will also get an opportunity to participate in multiple different events and corporate visits. The scholarship will only be available for top graduate students in China this year.
The Director of International Cooperation and Development, Ivy Gao spoke on the subject saying:

“BRSP aims to help students have a comprehensive view of the latest international regulations on blockchain technology, and most importantly, I believe, this program would greatly help with their future research or career in the field of blockchain technology.”

Ripple Supports
There are several prestigious universities that Ripple are working with from across the globe through its University Blockchain Research Initiative. With this in mind, the San Francisco crypto firm is looking to boost the support of innovation, technical developments and academic research in blockchain, cryptocurrency and digital payment sectors.
One Ripple employee, Emi Yoshikawa, shared the news about the THUIFR partnership through her Twitter profile. She said that Ripple will provide help for developing the next generation of blockchain talent in China. You can see the tweet below:

We @Ripple are excited to work with Tsinghua University Institute for Fintech Research (@THIFR3) and help develop the next generation talent for blockchain in China! #UBRI https://t.co/uamSSomaYa
— Emi Yoshikawa (@emy_wng) January 23, 2019
Eric van Miltenburg is the firms SVP of Global Operations. He says that Ripple is impressed with the Tsinghua Universities innovation approach to engage the youth leaders of the in the DLT space. Miltenburg continued saying, “The program’s goal – to provide students with opportunities in blockchain research – closely aligns with that of Ripple’s University Blockchain Research Initiative; we’re thrilled to support THUIFR in this endeavor and look forward to its launch.”
Source: Crypto Daily

Steemit Gets New Boss Following Mass Layoffs

Following a disastrous 2018 that saw it shed 28 staff members – 70 percent of its total employee strength – toward the end of the year, Steemit has announced that Elizabeth Powell is stepping into the role of Managing Director.
The November layoffs underlined the impact of the 2018 crypto bear market on Steemit, which was once hailed as the decentralized alternative to Reddit before losing more than 93 percent of its value over the course of the year.
Powell replaces Ned Scott as CEO, bringing her previous experience as the company’s head of communications and advocacy. Scotto n his part now becomes executive chairman of the company. Speaking yesterday in an introductory statement published on the Steemit blog, Powell said:
We recently published our updated Mission, Vision and Values (https://steemit.com/about.html), as well as its roadmap focusing on increasing ad revenues, protecting STEEM assets’ value and cost reductions. My job is to execute the roadmap. […] I am working alongside Ned, the Board of Directors and 12 amazing team members and am confident in our future success.
Steemit’s Early Promise, Slowdown and Restructuring
In May 2018, Coingape featured Steemit as one of five blockchain projects with the potential to reward users with crypto. From its launch in 2016, it was positioned and marketed as the blockchain’s censorship-free answer to Reddit, which would have the added utility of rewarding all participants in the ecosystem including writers, content creators, curators, commenters and readers.
With over a million registered users, it has achieved a level of adoption that most blockchain projects can only aspire to, but this, unfortunately, has not translated into any substantial value. Critics point out that the novelty of receiving crypto payments in exchange for taking part in the Steemit ecosystem wears off quickly when users realize that they generally make little more than pennies.
Others have also said that Steemit does not offer anything fundamentally different from what is already available on the internet and hence has failed to make the jump from the crypto community to the mainstream internet world. In other words, the project remains stuck in the realm of “cryptocurrency curiosity” with no real-world utility to support its value outside of crypto market speculation.
This was harshly emphasized over the course of 2018 when STEEM suffered a 90 percent fall from its December 2017 all-time high for no real reason other than prevailing crypto market conditions. From a peak approaching $7.50, it has fallen to about $0.50 where it is currently trading. This led to the mass layoff in November 2017 that has seen the company’s full-time staff number reduced to just 12.
Going forward, Powell says that Steemit will consider using advertising to boost the economic fortunes of Steemit – a controversial move which nevertheless is part of the company’s roadmap, according to her.
The post Steemit Gets New Boss Following Mass Layoffs appeared first on Coingape.
Source: CoinGape

Coinbase Forays Into Asia Targeting High Volume Businesses with New Trading Services

CoinSpeaker

Coinbase Forays Into Asia Targeting High Volume Businesses with New Trading Services

Now Coinbase will provide high-volume clients across the Asian region with its professional trading and custody services.

Coinbase Forays Into Asia Targeting High Volume Businesses with New Trading Services

Continue reading at Coinspeaker
Source: CoinSpeaker

Why a Major VC Investor Believes Bitcoin Will Overtake Market Cap of Visa at $302 Billion

“Long Bitcoin (BTC), short the bankers” has long been the war cry of crypto’s diehards, known for their use of rhetoric to convey a point. While many cynics cast aside these enthusiasts as near-religious zealots, blinded by “magical internet money,” these anti-establishment tones were validated on Tuesday, as reports arose that a legendary financial services provider was slapped with a fine. And it wasn’t any old fine, it was a $650 million one.
Related Reading: Bitcoin is Criminal Money Says the Media While Deutsche Bank Gets Raided for Laundering
Mastercard Slapped With $650 Million Bill
On Tuesday, the Wall Street Journal divulged that the European Commission, a regulatory facet of the E.U., hit Mastercard with a hefty €570.6 million fine, which equates to about $648 million U.S. dollars. Europe’s antitrust entity claimed that the New York-headquartered payment giant, valued at $206 billion on the public stock market, “artificially” raised credit and debit card fees in the Union’s nations.
The Wall Street darling purportedly accomplished this by preventing European retailers from accessing the bargain bank offerings outside of their home country, leading to higher prices overall for merchants and consumers alike. The E.U.-backed entity added that this act limited competition across borders, stunting economic growth in the bloc. Margrethe Vestager, an antitrust powerhouse in the E.U. who has tackled multi-billion dollar cases against Google and Apple, said on the matter:
“By preventing merchants from shopping around for better conditions offered by banks in other member states, Mastercard’s rules artificially raised the costs of card payments, harming consumers and retailers in the EU.”
Funnily enough, Mastercard representatives said that the $650 million fine is an “important milestone for the company,” claiming that the closure of this questionable bit of its history is welcomed. In fact, the firm had suspected that such a charge was flying its way, revealing that it collaborated with the European Commission to get a 10% reduction on its jaw-dropping fine.
Across the pond, in Mastercard’s home stadium, the conglomerate’s regulatory prospects haven’t looked much better. In September, the company paid $108 million for setting fees and card acceptance rules that favored banks processing transactions, rather than the merchants accepting transactions.
In the case, it was argued that merchants were subject to exorbitant fees that weren’t reasonable. Mastercard competitor Visa, whose CEO has been hesitant to comment on cryptocurrencies and related technologies previously, was also involved in this case.
With credit card companies often charging an average of 1.5% in interchange fees for each and every transaction, it makes sense why some forward-thinking futurists are turning to crypto and Bitcoin.
Crypto Pundit Believes Bitcoin To Surpass Visa’s Market Cap
Anthony “Pomp” Pompliano, the founder of Morgan Creek Digital Assets, is one of those futurists. The former Snapchat and Facebook employee, who has downed the crypto red pill, recently took to Off The Chain, a crypto-centric publication he founded, to draw attention to his thought process that the market cap of Bitcoin could surpass that of Visa and Mastercard in 36 months’ time.
Citing data from blockchain research unit Diar, Pomp explained that Bitcoin’s miners were“paid a total of $5.8 billion in revenue (fiat value of BTC produced) in 2018.” While the Morgan Creek head acknowledged that the $5.8 billion sum wasn’t entirely accurate, considering depreciation of ASICs, operating costs, and other nuances, he noted that this “top line revenue figure” would help put Bitcoin “into context.”

Pomp remarked that from a revenue multiple (revenue to market capitalization) perspective, BTC is undervalued when compared to Visa and Mastercard, which both operate a slightly higher multiple than the flagship cryptocurrency. The cryptocurrency investor, known for his incessant touting of anti-establishment rhetoric on Twitter, added that Bitcoin was never meant to be valued by revenue multiple ratios, but that this figure accentuates the network’s performance and growth potential.
In fact, he claimed that “given the fast growth rate and historical premiums” of promising upstarts and networks, the cryptocurrency could begin to make a move on Visa’s and Mastercard’s valuations. Pomp quipped:
“Today, it is 1/4th the market cap of Mastercard and 1/6th of Visa, but it wouldn’t surprise me if Bitcoin surpasses both within the next 36 months. The legacy networks were built for a world that we no longer live in and the decentralized network is built for the future.”
Featured Image from Shutterstock
The post Why a Major VC Investor Believes Bitcoin Will Overtake Market Cap of Visa at $302 Billion appeared first on NewsBTC.
Source: New feedNewsBTC.com

Does Bitcoin (BTC) Have Room For Further Downside?

Bitcoin (BTC) has once again run into its downtrend resistance and is thus at risk of further selloff. This has already happened thrice in the past few months. Bitcoin (BTC) fell and closed below the 21 Day EMA in November, 2018 and crashed hard in the weeks that followed. The price is once again at a similar point and is about to test the 21 Day EMA. If it faces rejection this time, the price could drop once again and may trigger further sell off. However, we have reasons to believe that the price may not drop with the same intensity as before. This is because Bitcoin (BTC) has now found a strong support above the 200 Week MA and is ready to break out of the downtrend.
It is interesting to see that the number of people calling for a fall below $3,000 is actually a lot higher than the number of people calling for a drop below $6,000. Very few people expected BTC/USD to break below market structure but it did. However, soon afterwards everyone started calling for a fall to $2,000 or even lower levels. This is a true demonstration of herd mentality at work. The majority is always wrong in financial markets. Just as everyone expected Bitcoin (BTC) to shoot straight towards $50,000 when it was trading around $17,000, at this point everyone is expecting the price to fall towards $1,500. Well, they wish to see the price around such levels because they want to buy more as they believe that the price would eventually reach a new all-time high.

There may be a large number of people wishing for the price to fall but there is a very small number of people who are willing to sell at these prices or bet money on the price falling from current levels. The weekly chart for BTCUSDShorts shows that the number of shorts has been in a steady decline since the beginning of the year. However, the trend line support has yet to be broken. This means that technically there is still room for increased bearish pressure in the weeks ahead even though ground realities dictate otherwise. The global economy is in shambles and countries across the globe are running away from banks and centralized currencies.

Bitcoin (BTC) transaction volume has just reached all-time high in South America thanks to failing economies like Venezuela and Argentina. The same is true of countries like Iran where sanctions and bans coupled with failing government policies have made the national currency prone to wide fluctuations. Under these circumstances, Bitcoin (BTC) is better positioned than Gold or any other commodity for that matter to become the one global currency that people across the globe can unanimously use to replace their local currencies. With the stock market in turmoil and the S&P 500 at risk of printing a kiss of death pattern, we could see Bitcoin (BTC) rocket towards its previous all-time high a lot sooner than the majority expects. 
Source: Crypto Daily