Cryptocurrency adoption is inevitable in the future, says Chicago’s Mayor Rahm Emanuel

At a recent FinTech meeting held in Chicago, the city’s Mayor, Rahm Emanuel, took center stage and claimed that the adoption of cryptocurrencies on a larger scale was inevitable.
Emanuel, who was President Obama’s Chief of Staff, conceded that he did not present the requisite knowledge required to completely understand the cryptocurrency ecosystem. He explained that nations facing financial instability like Iran and Venezuela, could find respite in crypto assets which can act as a lifeline for economic recovery.
He stated,
“One day, somebody’s going to figure out – whether that’s Argentina, ten years from now, five years from now – how to use cryptocurrencies to stay alive when their facing a financial crisis, and then you’re going to find out that this moment has arrived.”
He added that he was encouraged and increasingly optimistic after observing blockchain’s “trend lines,” claiming that the crypto industry’s future was positive.
He stated,
“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”
Rahm Emanuel joined the likes of Jack Dorsey, Elon Musk and actress Gwyneth Paltrow in supporting the adoption of cryptocurrencies.
Emanuel’s statement at the FinTech event echoed the views presented by humans right advocate, Alex Gladstein. Gladstein had previous written Op-Eds and tweeted about how Bitcoin mattered in terms of financial freedom, and was an “escape from economic control.”
Source: Twitter
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Source: AMB Crypto

CoinMarketCap Crypto Indices Can be Licensed to Build Products; NASDAQ and Bloomberg to Provide Authentication

In a bid to improvise on data analytics and authentication of its statistic, Coinmarketcap.com has introduced two new crypto indices on NASDAQ GIDS, Bloomberg Terminals, Thomson Reuters Eikon (Refinitiv), and Börse Stuttgart.
Solactive AG, a German Index Provider, will administer the indices. Solactive AG was also the administrator and facilitator of the Bitcoin Futures contract introduced by CBOE in December 2017.
“We are excited to launch and share these indices with the market,” says Brandon Chez, CEO of CoinMarketCap, “These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format. In partnership with Solactive, our chosen index administrator, we hope these professionally-calculated indices will serve to expand the reach of cryptocurrencies into the larger financial markets.”
Details of the Indices
Recently, coinmarketcap had weighted 200 cryptocurrencies on a variety of parameters and also rated them accordingly. The two indices are CMC Crypto 200 Index (CMC200), which includes Bitcoin, primarily covers more than 90% of the global cryptocurrency market. Another index excluding Bitcoin, CMC Crypto 200 ex BTC Index (CMC200EX).
The ticker symbols on Bloomberg are CMC 200 Index and CMC 200EX Index. Similarly, on the RIC code, it is .CMC200 and .CMC200EX.
Rebalancing of Indices
An exciting addition to the indexes is the rebalancing condition that will be administered by Solactive AG. The process would involve reassigning different degrees of weighage to cryptocurrencies after each quarter, i.e., for example, if XRP has been given 10% weightage for one quarter, it can be ‘rebalanced’ to 5% or even 20%.
“We are very proud to be chosen as CMC’s index provider of choice in this exciting journey,” expresses Fabian Colin, Head of Sales at Solactive. “The ability to access CoinMarketCap data gives us the opportunity to develop custom indices for new clients.”
Coinmarketcap is the leader in calculating coin metrics. It has been a trendsetter for some parameters like market capitalization, Bitcoin dominance, circulating supply and so on. Since the indices would be tracked on esteemed Financial platforms like Bloomberg and NASDAQ, it provides informal certification to the statistic on coinmarketcap.
The indices can also be licensed by other institutions who seek to use the data for information purposes or build an actual product on it.
 
The post CoinMarketCap Crypto Indices Can be Licensed to Build Products; NASDAQ and Bloomberg to Provide Authentication appeared first on Coingape.
Source: CoinGape

VISA Crypto: Financial heavyweight hunts for cryptocurrency and blockchain expert

Payments giant, Visa, is eyeing the virtual currency realm and is looking for someone to spearhead its entry. The Foster City-company recently put out a job listing on Smart Recruiters, and is looking for a full-time Technical Product Manager for Visa’s FinTech division.
Cuy Sheffield, a member of the company’s partnership’s team, stated that this role would require the candidate to understand the nature of cryptocurrencies in the retail realm. Through his 17 March tweet, it was understood that the financial services giant was focusing its efforts on integrating its services with digital currencies.
His tweet stated,
“Any talented PMs interested in the intersection of crypto and retail payments? We are hiring for a new team focused on building products for fintechs that support digital currencies”
The description for the position states that the candidate should be familiar with cryptocurrency and the blockchain technology world. Additionally, applicants must have professional contacts with influencers in the field. Finally, Visa wants the candidate to build “new products for Visa to deliver value to fintechs looking to support cryptocurrencies.”
VISA aims to build a product strategy around the decentralized currency world, and the candidate will be required to build a “roadmap,” and collaborate with key players in the field to facilitate the same. Cryptocurrency and its impact on retail payments will be studied by the chosen applicant, in order to build the aforementioned strategy.
Further, the company’s Head of Crypto will be directly supervise the technical manager, giving them a significant say in the company’s cryptocurrency efforts.
Back in October 2018, Visa’s CEO, Al Kelly, had said that cryptocurrencies will be a viable option for the company to venture into, in the long-term. Digital assets were more of a commodity than a payment vehicle, he had added.
Now, with Visa on the hunt for a cryptocurrency expert to spearhead the financial giant’s payment push, the time for virtual currencies to become a “payment vehicle,” seems to have arrived.
The Twitter crypto-community was abuzz with this news. My2Sats [BTC/LN] stated,
“Now this is a paradigm shift! ”
Bitcoin Badger had a piece of advice for Visa,
“they should use Bitcoin network, safe and sound and liquid ”
However, some were not very excited by the integration. Jeff Rigby stated,
“This doesn’t excite me in the least. Ideally when it comes to crypto payments the incumbent processor will be replaced. If Visa begins accepting crypto (which they will) their excessive fees will simply transfer over. What’s the point??!! Out with the old, in with the new.”
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Source: AMB Crypto

Cryptocurrency Price Analysis for the week March 11 to March 17

Hi Readers, welcome to cryptocurrency price analysis for the week. Do not forget to check movers and shakers for this week at the last of the article.
Bitcoin (BTC)
Another green week for Bitcoin, as the top coin saw some positive sentimental moves this week with a rise of over 1.41%. Bitcoin was able to break the resistance of USD 4000 and has been hovering around the same.  The prices hit a high point of USD 4,077.04  and the lowest point of USD 3,863.56 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were,  BitMex (7.61%), CoinBene (4.55%) and OEX (3.46%)
Among prominent news around Bitcoin, Jeff Garzik, one of the earliest contributors to the Bitcoin codebase has been subpoenaed by the U.S. District Court of the Southern District of Florida for documents relating to the Kleiman vs. Craig Wright complaint.
Source: Coin360.com
Ethereum (ETH)
Ethereum too had its share of greens and continued to hold its second place. On the top, this week Ethereum was at USD 144.56  and were at lows of USD 130.94. The markets that were more active, in volumes, with ETH across various pairs this week were ZBG (4.55%), Coineal (3.04%), and Bibox (2.86%)
Among news around Ethereum, Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, presented his thoughts on a wide variety of topics at the SXSW 2019 Conference in Austin, Texas. He said that he was “lucky enough to meet Vitalik Buterin, the guy who ‘invented’ Ethereum” around after one month after Vitalik wrote the initial version of the Ethereum white paper.
Ripple (XRP)
Like, it has been a couple of weeks, XRP again had a milder week. The coin stayed very much in the range and consolidated in its number 3 position.  On the top, this week the prices of XRP were at USD 0.322413 and towards the bottom, it quoted USD 0.307536. The exchanges that were more active, in volumes, with XRP across various pairs this week were, ZBG.COM (14.64%) ZB.COM (8.66%)  and Bit-Z (4.32%)
For XRP this week, David Schwartz presented his thoughts on a wide variety of topics at a featured session called “Blockchain Beyond the Hype: The Ripple Effect” where he mentioned that the primary use case that Ripple sees for the XRP Ledger is settling cross-border cross-currency payments because it is “really, really good at that.”
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on March 09 at 01:30 am IST) were
Movers

Ormeus Coin [ORME] – Showing a rise of 2016.89%
Crypto.com Chain [CRO] – Showing a rise of 225.46%
Noah Coin [NOAH] – Showing a rise of 213.63%

Shakers

Blacer Coin [BLCR] – Showing a drop of 55.32%
Sphere [SPHR]- Showing a drop of 43.31%
Happycoin [HPC] – Showing a drop of 41.47%

What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
The post Cryptocurrency Price Analysis for the week March 11 to March 17 appeared first on Coingape.
Source: CoinGape

Top Trending Cryptocurrency News of the Week: Coinbase and Mt. Gox Among Major Newsmakers

Key highlights

Ex-Mt Gox Head Will Serve No More In Jail
Hong Kong’s Gatecoin exchange shuts down
Central Bank of Russia Plans on Limiting Cryptocurrency Trading
Basel Committee Issues Warning to Banks for Cryptocurrency Risks
Coinbase Custody Unveils New Cold Storage Cryptocurrency Trades

Ex-Mt Gox Head Will Serve No More In Jail
Well, another turn in the Mt Gox exchange hack case. A court in Tokyo has handed Mark Karpelès, the former chief executive of the collapsed Bitcoin exchange Mt. Gox, A 2.5 years of the prison sentence on Friday. This means Mark Karpelès will not be serving any additional time in the jail if he remains on good behavior. This verdict bought an end to more than a 5-year ordeal for Mr. Karpelès who was charged for falsifying data
Hong Kong’s Gatecoin exchange shuts down
Gatecoin, the Hong Kong-based cryptocurrency, has finally announced that it will be calling curtains to its operations after a court order and the bank account freeze. Last week, the court had granted a winding-up order against the company. Gatecoin stated that it will assist in the liquidation process in order to expedite the realization of its assets to the creditors.
Central Bank of Russia Plans on Limiting Cryptocurrency Trading
Apart from standing by innovation, the blockchain, and cryptocurrency, the Russian regulators especially the country’s central bank has planned to put a yearly limit on so-called “unqualified investors” who are willing and able to buy cryptocurrencies as reported by the media house RBC’s. The central bank also plans to change the existing draft digital currency bill, known as ‘On Digital Financial Assets,’ that passed the second reading in parliament – State Duma.
Basel Committee Issues Warning to Banks for Cryptocurrency Risks
Another news coming from the world banking authority, the Basel committee, which after citing the growth of cryptocurrencies as a risk to banks, has issued a warning to banks around the globe. Having released a statement this week, The Basel committee which is the part of Bank for International Settlement (BIS), released a statement stating that, the important risks the banks will be facing which were listed by a Swizz based think tank includes credit and market risks, money laundering risk, liquidity risk, terrorist financing risk, operational risk, and legal and reputational risks.
Coinbase Custody Unveils New Cold Storage Cryptocurrency Trades
Coinbase is back in news and this time for its Coinbase Custody service. According to the latest announcement, Coinbase Custody service is now directly integrated with the company’s newly launched OTC desk. Custody clients will be able to complete trades directly from cold storage, the company said in its release, adding that it was a service many of its users requested.
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Source: CoinGape

Winklevoss Twins Bash at SXSW Conference – Bets higher on Bitcoin Citing Trust is the Gap

Gemini, a New-York based cryptocurrency exchange is quite famous to promote the regulations for crypto across the street of Newyork as a means of promoting the crypto adoption and Gemini’s exchange. The twin founder of the Gemini exchange recently marked their presence at SXSW conference and discussed why they think Bitcoin will replace Gold and how will they build trust and longevity among the masses.
Interest is at tipping out
Despite the market running on the way out, Gemini’s Twin brothers are betting high on the future of Bitcoin. During an ongoing South by Southwest (SXSW) conference in Austin, Texas, founders of the famous exchange, Gemini publicized that the interest of younger generations is gravitating towards the cryptocurrency market. As such, they see Bitcoin’s potential will kill Gold.
Cameron Winklevoss took the stage and discussed;
“The only thing that’s truly precious, in my mind, is bitcoin. If you tell that to someone who’s my parents’ age, they’ll probably look at me and tell me I’m crazy, and I’m willing to accept that. But you talk to someone who’s playing Fortnite and say, okay, two options, bar of gold or the equivalent in bitcoin, they are 10 times out of 10, 100 times out of 100, going to take the bitcoin. They want software, they don’t want hardware.”
Gemini since 2016 (the first SXSW event held) has outgrown their staff from 25 to 200, explaining their experience of the event, Gemini exchange noted in their latest medium blog – the interest in cryptocurrency is at tipping out. The blog’s most interesting section reads that the crypto in 2016 was niche, today it is something – and tomorrow it will be everything.
Look no further than the packed house we saw from the stage — the energy and excitement around crypto’s future were palpable — money has a future. Perhaps more importantly, the level of engagement and thoughtful questions posed by the audience on topics such as stablecoins, mining, financial disruption, scalability, and others, demonstrates that cryptocurrency is in fact no longer a fringe technology.
Gemini Exchange to Build the Trust Gap
Speaking about the trust and regulated scenarios for a trading business like Gemini exchange, the blog mentioned an instance of Bitcoin. It says, buying Bitcoin in the year 2012 was quite risky because security was the essence and consequently holding such crypto asset safely is harder. With this, Gemini exchange is stepping towards solving the security issue and they believe the issue can be ‘solvable’ and it’s not intractable. Adding that, Gemini trading platform is continuously striving to build trust among the large crypto communities.

“One of our core values is conviction & the other is the long game. We have conviction in the asset class & are playing the long game, building a centurion that will last 100 years. We are not going for unicorn status, we are trying to build trust and longevity.” #sxsw #crypto pic.twitter.com/WBogFAESe7
— Gemini (@Gemini) March 9, 2019

Gemini exchange’s promotional strategy is different than what other exchanges follow – they often go to the street, educating people about their product, trading method and sometimes running an Ad campaign with bulletins of ‘Crypto Needs Rules’ on the Wall Street Journal (WSJ). They confidently claim regulations in crypto will be a better move – as such, they focusing on ‘regulated markets thrive.
The healthiest markets in the world are also the most thoughtfully regulated. It’s hard to point to a market today that’s thriving that isn’t rules-based or governed by some level of regulatory oversight. The blog adds Some argue that the protocols themselves have enough “rules.” We agree, but protocols only govern the movement of funds inside systems; they don’t provide controls or oversight for the entrepreneurs and companies that build on top of them. Every crypto incident to date has been a company (or human) problem, not a crypto problem.
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Source: CoinGape

Cryptocurrency adoption: FIO report finds that 75% of crypto-holders fear failure of transactions

The Foundation for Interwallet Operability [FIO] surveyed more than 200 active cryptocurrency users in 2018 and reported that three quarters [75%] of the surveyed crypto users were skeptical about their digital transactions going through as planned. As new users were added to this list, the results went up to 81%.
Numerous steps were taken by many parties to push the adoption of cryptocurrencies, with many financial experts giving positive indications about crypto-adoption and its usability. However, the results suggested that for people to adopt cryptocurrencies in their day-to-day life, blockchain technology must be made easier, safer, and more convenient to use. Without this fix, people lack the confidence to incorporate crypto into their daily lives, the report said.
Further, the report said that 55% of all crypto users who carried out a cryptocurrency transaction at least once in the past year, encountered at least one problem, resulting in the failure of their transaction. The report stated,

18% of the respondents had suffered a loss of funds due to a user error
35% of the respondents were unsure of the accuracy of the public address they were sending to
6% of the correspondents were victims in crypto attacks
13% of the correspondents sent or received incorrect amounts of cryptocurrency
Only 25% of the correspondents were confident that their transactions would proceed as intended

The FIO protocol is decentralized and is an inter-wallet operability protocol built by Dapix Inc. to accelerate the adoption of blockchain technology by reducing inconvenience, risk, and complexity of transacting with digital assets.
Many institutional investors and major businesses have opened their arms to blockchain technology, and are interested in integrating this technology into their payments systems. This report successfully highlighted the areas that need improvement in order to make the use of cryptocurrencies popular.
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Source: AMB Crypto

Cryptocurrency growth could destabilize Global Banking System: Basel Committee

The Basel Committee cautioned the global banking system that the growth of the decentralized currency industry could pose a serious risk to the economic and financial stability of the world.
Established in 1974 by the governors of the Group of Ten Central Banks, the Basel Committee on Banking Supervision [BCBS] concerns itself with the supervision of the world’s banking system. The committee keeps a regular check on the degree to which the world’s banks are exposed to the risk of volatile assets, in this case, digital assets.
In a March 13 statement, the committee stated that digital assets cannot be relied upon to replace the traditional structure of fiat currencies. Moreover, these assets are not a viable medium of exchange nor a store of value, according to the Basel Committee.
The report stated that the virtual currency industry posed a significant risk to the traditional financial world, primarily due to the volatile nature of the assets. Furthermore, threats related to liquidity, frauds, market manipulation, credit damage, money laundering, and terror financing were rampant in the crypto-industry.
However, the committee did admit that the banking world had “very limited” direct contact with the cryptocurrency industry. The committee went on to suggest that the crypto-industry should enhance its risk management protocols, to protect against its own volatility.
The statement read,
“The Committee is of the view that the continued growth of crypto-asset trading platforms and new [commercial] products related to crypto-assets has the potential to raise financial stability concerns and increase risks faced by banks.”
On principle, cryptocurrency proponents do not want to merely compete with the global banking world, but want to replace them. Bitcoin [BTC], the top cryptocurrency in the market, was created as a mathematical-logical currency that was decentralized, and not under the power of one single issuing authority.
Government-issued fiat currency is seen as a product of the bureaucratic and financial elite, who aim to monopolize wealth. The crypto-industry aims to draw in more people to their movement, thereby replacing centralized, fiat currency.
Despite this principled belief, many see the cryptocurrency industry as any other investment vehicle, with higher volatility than most assets. Despite speculation and arbitrage not being the drivers of the crypto-industry, the committee seems to have viewed it that way.
It is this volatility, paired with unclear and uneven regulations of the industry, that have concerned the Basel Committee. Given cryptocurrencies’ fledgling status among stalwart investment fields, its surge in popularity, volatility, and lax-regulations, the Committee sees it as a direct threat to the stability of the global banking system.
The Basel Committee will be working closely with the Financial Stability Board to better manage the exposure risk of digital assets to other investment vehicles and the financial world, at large. The report concluded,
“The Committee will in due course clarify the prudential treatment of such exposures to appropriately reflect the high degree of risk of crypto-assets.”
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Source: AMB Crypto

Growing Evidence for Institutional Interest in Crypto and Hope for Positive Change

CoinSpeaker
Growing Evidence for Institutional Interest in Crypto and Hope for Positive Change
Konstantin Rabin, fintech expert and crypto enthusiast, unveils what hides behind the trend of growing interest in crypto by private and public institutions, explaining what perspectives this could bring to the whole industry.
Growing Evidence for Institutional Interest in Crypto and Hope for Positive Change

Continue reading at Coinspeaker
Source: CoinSpeaker

Cryptocurrency adoption: Crypto-payments between lawyers and clients under scanner for ethical issues

The mainstream adoption of cryptocurrencies has been the major focus of a lot of crypto companies, with many citing examples of success by tying up with financial institutions. Despite the positive push received by mainstays and financial bigwigs, reports have surfaced that the use of cryptocurrencies may have legal issues associated with it.
Sources claimed that client cryptocurrency payments may pose an ethical risk for lawyers, especially since the push by cryptocurrencies into the world of law and order was very recent. Law firms have increasingly started accepting cryptocurrencies as a form of payment, but the march forward has been hampered by supposed potential risks.
Officials from companies such as Frost Brown Todd LLC, Steptoe & Johnson LLP, and McLaughlin & Stern LLP earlier confirmed that they were looking at crypto as a payment option. An overall analysis of the claims made by the firms points to the fact that these companies are willing to venture into the cryptosphere because it diversifies their customers’ options.
Mathew K Roskoski, the deputy general counsel at Latham & Watkins, admitted that some lawyers chose to accept digital assets to portray that they are “hip and cool and on top of stuff”. The main point of discussion seemed to be the appreciation of assets when transferred from a client to a lawyer. Roskoski added:
“Cryptocurrency does not fit with the model for trust funds — lawyers should not accept cryptocurrency as trust money.”
Reports show that during a cryptocurrency exchange between a client and the lawyer, a lot of rules come into play that require both parties to be fully committed to the deal. Some states in the US have worked a way around the issue of appreciation of assets by ruling that these payments are acceptable as long as the assets are sold or liquidated into fiat money right away.
Law firms raised the issue of ICOs too, with many positioning themselves against the model and the confusing regulations surrounding it, put forth by the Securities and Exchange Commission [SEC]. The SEC has been in the news multiple times over the past couple of months with its officials assessing the crypto-space with caution. Recently, Hester Pierce, the Commissioner of the SEC, stated:
“At the SEC we’ve been unwilling to sign off on a Bitcoin ETF, an exchange-traded product based on Bitcoin. My concern about our approach in that area is it looks a little bit like a merit-based approach judging the underlying bitcoin markets.”
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Source: AMB Crypto

Why Is This The Best Time For Facebook To Release A Cryptocurrency?

The secretive Blockchain project of Facebook is apparently no longer a secret. While the social media giant has refrained from making any comments on the issue. The blockchain team currently employed is proof enough of its ‘future projects.’ Facebook’s blockchain efforts are evident in their hiring of former PayPal President, David Marcus, who is also the lead manager of the blockchain project at Facebook.
One thing that is almost certain is that Facebook cryptocurrency would be a ‘stable coin’. In all probability, it will be pegged to the ‘US Dollar.‘
Facebook’s Second Attempt At Releasing ‘Facebook Credits’ Could Turn Fruitful This Time
The vision of a customized separate currency within the platform is not new. Reportedly in 2010, Facebook had released ‘Facebook Credit’ which was a token designed to act as fuel for the paid features and services on Facebook. However, the associated cost of conversion from FIAT to ‘Facebook Credit’ was high due to banking charges and the associated cost of handling a centralized system.
Almost a decade down the line, Facebook today has more than 1.7 billion active users. Its subsidiary WhatsApp has 1.5 billion users. Hence, the metrics today are in favor of Facebook. If it ever releases its own cryptocurrency, it already has a user base of 1.5 billion to create a crypto-community. Furthermore, the favorable niche built by the cryptocurrency market makes it easier to implement and enact Blockchain on its platform.
“Based on our checks, the first version of Facebook Coin may be a single purpose coin for micro-payments and domestic p2p money transfer (in-country), very similar to the original credits from 2010 and Venmo today,” according to Barclay’s analyst Ross Sandler.
Expected Increase in Revenue
An independent analysis of the implementation of a ‘stable coin’ by Facebook by Ross Sandler with Barclays reveals that the expected increase in revenue annually for Facebook by 2021 alone could be $19 billion.
Facebook has a total market capitalization of around $500 billion. Therefore, a surplus revenue of $19 billion implies that the market capitalization of Facebook could theoretically increase to $600 billion by 2025 (it will be much larger if cumulative growth and economies of scale are taken into consideration).
Also Read: ‘Facebook Login On the Blockchain’, Mark Zuckerberg Interested In Experimenting With Blockchain
Moreover, the revenue of Facebook reported in 2018 was 55.8 billion dollars. Hence, a $19 increase in revenue would imply a 34% increase in revenue. At current prices, the stock price of Facebook with cryptocurrency implementation could leap to 250 USD with increased market sentiment and revenue.
Despite, privacy breach confirmations and hearings at the US Council, the user base and stock price of Facebook have been growing exponentially. Facebook stock is trading 30% since the beginning of the year. Hence, implementation of the privacy feature with added security and transparency of records with Blockchain would only restore investor and user confidence in Facebook.
“Any attempt to build out revenue streams outside of advertising, especially those that don’t abuse user privacy are likely to be well-received by Facebook’s shareholders,” Sandler said.
The post Why Is This The Best Time For Facebook To Release A Cryptocurrency? appeared first on Coingape.
Source: CoinGape

Not Facebook, Cryptocurrency Will be The Strongest Social Network: Cameron Winklevoss

Billionaire Bitcoin investors and founder of the Gemini Trust Company, Tyler and Cameron Winklevoss are the forerunners of the Bitcoin industry. Their conviction towards ‘decentralized economy’ with Bitcoin and cryptocurrency is strong and unmoved.
Since 2014, the twin entrepreneurs have tried to come up with a secure Bitcoin and cryptocurrency exchange platform. However, the regulations around cryptocurrency have only improved slightly over the past years with still a long way to go.
Gemini is the Most Regulated Cryptocurrency Exchange Platform in the World
Nevertheless, the twin’s claim to have created the “most regulated” cryptocurrency exchange platform of the world. It had achieved the SOC 2 review as per the American Institute of Certified Public Accountants (AICPA) guidelines. Gemini Trust currently seeks SEC approval to introduce a Bitcoin ETF.
Gemini Trust is the world’s first cryptocurrency exchange and custodian to demonstrate this level of security compliance in protecting customer data and funds.
In a recent interview, Tyler Winklevoss claimed that their primary “Product is trust.” The twins also expressed that there were various roadblocks in creating such a system. However, they have mitigated the risk for its users by learning from their and other people’s mistakes in the crypto-sphere.
In an attempt to increase the feasibility of the use of cryptocurrencies, the twin’s are driven to become the ‘safest cryptocurrency custodians for the people.’
Last but not least, Cameron commented on their controversial stand with Facebook:
According to him, “Money is the oldest social network and arguably the strongest; And crypto is one of the strongest networks of value in the world”
So they wish to become ‘the pioneers of that space’
The post Not Facebook, Cryptocurrency Will be The Strongest Social Network: Cameron Winklevoss appeared first on Coingape.
Source: CoinGape

Bitcoin RSI Could Rally Into Halving, Pushing BTC To $8,000 By Mid-2020

As Bitcoin moves ever closer to its block reward reduction, analysts are becoming more and more convinced that BTC will rally into the quadrennial event. One analyst notes that as this market nears the auspicious shift in issuance, the cryptocurrency could double by value, especially considering historical trends.
Related Reading: Analysts Widely Bearish on Bitcoin as BTC Nears Important 4,000 Price Level
Bitcoin Could Reach $8,000 By Halving
PlanB, as the respected analyst is known, claims that at long last, the one-month Relative Strength Index (RSI) measure has begun to trend higher. He adds that historically, in months when Bitcoin’s issuance schedule moves, RSI reaches 70, which implies the asset is overbought.

#bitcoin monthly RSI is rising. Historically RSI has been around 70 at halvings (blue->red), 14 months to get there … pic.twitter.com/GkFqDrKIRq
— planB (@100trillionUSD) March 10, 2019

Thus, extrapolating potential price action by taking historical trends into account, PlanB noted that by May 2020, BTC could reach a hefty valuation of $8,000 to $10,000 — double and 2.5 times Bitcoin’s current market value respectively. The following is his RSI extrapolation model:

“I derive RSI (basically a moving average) from projected price, and goal seeked BTC to get RSI 70 in May 2020 (I think it was +6% every month next 14 months from current price of $3900).”

PlanB isn’t the first to have claimed that BTC may break $8,000 at the time of the halving. Prominent analyst Filb Filb noted that for the continued stability of the mining ecosystem, specifically in regards to the dichotomy between transaction fees and block rewards, Bitcoin should reach $7,000 a piece, considering margins in this subindustry stay stable.
BTC Unlikely To Fall Under $2,000
PlanB’s most recent comments in regards to the Bitcoin price comes after he overtly proclaimed that the asset is unlikely to fall under $2,000, citing historical trends and fundamentals factors. Per previous reports from NewsBTC, the prominent researcher noted that the fact that Bitcoin miners have already capitulated, indicated by the fleeting 25% collapse in network difficulty during November’s strong downturn, should signal some semblance of a bottom.
Historical trends would confirm this. The last two times a large group of miners surrendered to bears, BTC began moving higher in the months that followed, as hashrate eventually returned in full force.
Uncertainty About Bitcoin Is Gone, BTC Falling To $1,000 Unlikely: Researcher

The analyst also drew attention to the impending block reward reduction — dubbed a “halving” or “halvening” — to explain that BTC falling lower wouldn’t be cohesive with historical trends, as the cryptocurrency rallied into previous issuance shifts. PlanB added that Bitcoin has never fallen below its geometric mean, situated at $2,750 at current, and may never will as long as current price levels are upheld. By the same token, he noted that Bitcoin has never fallen below 50% of its stock-to-flow (issuance to supply in existence ratio) model, which currently places BTC at a fair value of $5,500.
While PlanB is making a solid argument for BTC to return to higher levels, some are fearful that the cryptocurrency won’t. Will the bulls or bears come out on top this time?
Featured Image from Shutterstock
The post Bitcoin RSI Could Rally Into Halving, Pushing BTC To $8,000 By Mid-2020 appeared first on NewsBTC.
Source: New feedNewsBTC.com

US Marshals to Dispose Bitcoin, Will Whales Buy Cryptocurrency at Auction?

The US Marshals Service is appealing for help disposing of seized or forfeited cryptocurrency. The government body is looking for firms to provide feedback on appropriate methods to store, liquidate, or potentially return Bitcoin and other cryptos involved with financial crimes.
A request posted on FedBizOpps details a potential position with the US Marshals for the respondent most suited for the role. Duties will include secure custody services for a range of digital assets, as well as the ability to auction those seized by the service.
US Marshals Anticipate More Bitcoin Seizures to Come
Clearly expecting to be dealing with a lot more in the way of confiscated cryptocurrencies, the US Marshals Service has issued a request for digital asset firms to provide it with information regarding best practices when it comes to safe storage and eventual disposal of cryptos.
The government body is hoping the information it gleans from responses will help it to make a more informed decision as to which company to work with regarding seized digital currencies in the future.
The request is vague in its expectations from firms. It states that the service cannot be sure of the volume of digital currency it might expect its eventual contractor to deal with. The US Marshals write:
“The contractor shall remain capable of taking custody of all types and quantities of virtual currency without limitation, throughout the performance of this contract. This includes both coin and token types of currency.”
The US Marshals need help storing, disposing of, and returning seized cryptocurrency involved with financial crime.
Understandably, the US Marshals service is a bit clearer with its security requirements. Digital wallets used must be secure against “theft, human error, system failures, and acts of God.”
The US Marshals eventual contractor must also also have the ability to exchange crypto for physical cash. This might involve its trade for more recognised virtual currencies or disposal by way of sealed-bid auction. Additionally, the request notes that return of digital assets to rightful owners will also be necessary from time to time.
Those wishing to respond to the request must do so before March 19.
Will Bitcoin Whales Be Hungry for Seized Crypto Once Again?
Previously, such government auctions have been used by large buyers of Bitcoin to gain greater exposure to the asset class.
American venture capitalist and perma-Bitcoin bull Tim Draper picked up large quantities of Bitcoin during both the first and second of the Silk Road auctions of 2014. The billionaire managed to secure over 29,000 BTC the first time around and a further 2,000 in the subsequent auction. The venture capitalist recently revealed that he paid $14 over the then asking price for each coin in the first lot.
There was reasonable interest in the first of the two selloffs, with 45 participants submitting bids. However, this waned considerably by the second auction and a fifth of that number took part.
Several subsequent sales have been held by the US Marshals service. The Bitcoins sold were seized based on their involvement in a variety of different crimes.
If the US Marshals services finds the right firm to help it dispose of its confiscated Bitcoin, such auctions would likely be held more regularly and could become an efficient way for big buyers to get exposure to Bitcoin and other crypto coins.
 
Related Reading: US Marshals Offer Over 650 Confiscated Bitcoins for Auction
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