Bitcoin Price Surges Above $11,300 Looking for More Upside Ahead

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Bitcoin Price Surges Above $11,300 Looking for More Upside Ahead
Bitcoin breaches another important milestone extending its gains above $11,300 levels. With this, Bitcoin has rallied over 20% in just last one week.
Bitcoin Price Surges Above $11,300 Looking for More Upside Ahead

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Source: CoinSpeaker

Cyberattacks and Technology Risks take top spot on cryptocurrency industry concern

The cryptocurrency industry is muddled in a web of financial and technical intricacies, bound together by the principled opposition to the centralized currency of the sovereign behemoths. Decentralized currency is the brainchild of a continuously developing technology-centric world, and, according to its adherents, the biggest risk to the cryptocurrency world emanates from the same. According […]
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Source: AMB Crypto

“I Believe in Bitcoin”, says Edith Yeung As She Talks About Rising Institutional Interest

Bitcoin [BTC] witnessed robust growth during the past day as it broke above $8700 resistance. The total market dominance of Bitcoin also increased by about a percent as altcoins adjusted to the growth in Bitcoin [BTC]. The total market capitalization of Bitcoin has added about $10 billion in the past two days.
Also Read: Bitcoin [BTC] Logs $8450, Gold Tests 6-Year High at $1350 As Economic Turmoil Increases
Institutional Interest with Increasing Belief in Bitcoin
Edith Yeung, a partner at Proof of Capital, Venture Capitalist and China internet expert, recently took an interview in which she reiterated talked about Bitcoin and the Global Financial instability. She closely related to the analogy of Bitcoin being digital gold looking at its growth in the current economic conditions.
“In Latin America and South America, the FIAT currency is 15 Euro low. There is political instability… Buy Bitcoin just in case if there is anything happening to that country.”
Moreover, she also expressed optimism in the rising interest of Bitcoin in institutional spaces, which is uncorrelated to the turmoil, but due to the increasing interest in the area. She firmly asserted that she believes in Bitcoin.
According to her, Bitcoin is a force that is affecting the markets at large. Facebook is making the most recent development via GlobalCoin/Libra. However, she also noted the products being released by institutions like Fidelity with its custody and trading platform, JP Morgan with JPM Coin, and Goldman Sachs’ investment in BitGo.
Reportedly, a consortium of 14 banks in the US, Europe, and Japan have invested $63.2 million for the development of USC (Utility Settlement Coin). These banks include Barclays and Credit Suisse. She said,
“You know what may be Bitcoin is a thing finally, that we should think about not just on the payment use cases but also think about if different banks and individuals are going to store bitcoin on their own. Maybe bank should also do something about this.”
Also Read: Bitcoin [BTC] Price Prediction: Bulls Awake as BTC/USD zooms above $8,400
Where do you think Bitcoin [BTC] is headed in by the end of this summer? Please share your views with us. 
The post “I Believe in Bitcoin”, says Edith Yeung As She Talks About Rising Institutional Interest appeared first on Coingape.
Source: CoinGape

Bitcoin Mining Report By Coinshares and Fidelity Breaks Rhetoric on Profitability and Geo-fencing

CoinShare released its third edition of Bitcoin Mining Report along with Fidelity Center for Applied Technology. It is an expansive piece of research to address one of the most daunting and rather important aspects of Bitcoin, the mining process.
In a game of supply and demand, supply should account for 50% of the price consideration. However, Bitcoin [BTC] is a speculative asset; hence, it’s a little more complicated than that.
Bitcoin Mining is Profitable, and the Network is Growing
The report suggested that the overall hash rate of the network has increased by 25% in 7 months. Hence, the number of nodes and innovation in the space is continually growing. Moreover, this completely contradicts the assumption that Bitcoin mining is a loss-making business. Because if it were, then miners would have been quitting instead of adding to the process.
“Since our last report of November 2018, the hash rate has grown from approximately 40 EH/s to approximately 50 EH/s, an increase of 25%.”
According to the reports, Bitcoin mining with the given hardware and associated cost is still ‘highly profitable.’ The institutes have considered long term cost associated with the mining process by accounting for the depreciation cost of hardware, electricity cost, the marginal cost of production, cooling cost, and other overheads.
The results reveal that the cost of mining 1 Bitcoin in the range of $6800-$5600 approximately with the current miners. It varies for miners around the world, and the miners also switch between new and old machines due to fluctuations in prices, which varies the cost further. Nevertheless, the process was much costlier as projected in the last report in November 2018.
At current Bitcoin prices, it is profitable by 28%. Furthermore, during the quarter of 2019, the process was yielding an equivalent loss as Bitcoin traded in the $4000 range. Hence, while the half-yearly balance seems to have been maintained with the price, the marginal profit is difficult to estimate.
Geographic Statistics
The report suggested that China continues to dominate mining around the world. The percentage dominance of China was estimated at 60%. The mining industry of China is mainly concentrated in the Sichuan region, which provides cheap hydro-electric power and a habitable climate that reduces the cost of cooling.
Geographic Statistics for Mining (Report) 
Also Read: Bitcoin (BTC) Price Analysis June 7: Enjoys A Cluster of Technical Support Levels
Some of the other countries involved in the process are predominantly New York, UK, Canada, Sweden, Quebec, Norway, Iceland, Armenia, New Foundland and Labrador, Georgia and Iran. The report also estimated that the entire process is run predominantly by renewable energy.
Moreover, the miners are running huge farms and are in it for the long haul. The news around the mining ban in China seems to have slight to no effect on the process in China. Moreover, it is generating enormous profits for the local government. Furthermore, mining is spread out across the world. Hence, the chances of the network going down due to a Government crackdown as bleak.
Disclaimer: Neither the report, not this article should be considered as investment advice. Moreover, the story is also not authorized, but an attempt to understand the extensive process. 
Do you think that more countries would start running nodes? Please share your views with us. 
The post Bitcoin Mining Report By Coinshares and Fidelity Breaks Rhetoric on Profitability and Geo-fencing appeared first on Coingape.
Source: CoinGape

This Week in Cryptos: Blockchain Week in NYC Begins While Facebook Allows Crypto Ads Again

Key highlights

Blockchain Week in NYC begins
Abra adds thousands of banks
Facebook allows crypto ads again
Ask Figure closes USD 1 billion credit line
Fidelity to launch crypto trading soon

Blockchain Week in NYC begins
This week, all eyes are going to be on New York City as leading blockchain brains assemble for the blockchain week. New York City Blockchain Week will runs from May 10th to May 18th with hundreds of events drawing people from around the world to share in the exploration of new innovations. It is a rare opportunity to meet global blockchain leaders with dozens of events being held to this aim. This year headline speakers include FedEx’s Fred Smith, Fidelity’s Abigail Johnson, Twitter and Square’s Jack Dorsey, chairman of the U.S. Securities Exchange Commission, Jay Clayton, and U.S. presidential hopeful, Andrew Yang.
Abra adds thousands of banks
Abra has been one company that is progressing rapidly as the cryptocurrency wallet/investment app now allows that users will now be able to connect their accounts with thousands of U.S. banks. While U.S. and EU users have been able to fund their wallets through a bank transfer, they will now be able to directly connect their bank(s). In addition, users will be able to withdraw DGB, DOGE, DASH, BAT, NEO, ZEX, OMG, QTUM, VTC, ZEC, ZEC, GNT, STRAT, REP, and SNT in addition to the other coins already on the platform.
Facebook allows crypto ads again
Facebook has had a very funny relationship with cryptocurrency as the tech giant has been moving back and forth on its cryptos ads ban. In another reversal of its decision, Facebook announced on May 8 via a blog post that it is relaxing its policy on ads related to cryptocurrency, blockchain technology, and financial products and services. The policy change allows more business in the mentioned sectors to promote their work on the social media platform which has over 2.3 billion monthly active users.
Ask Figure closes USD 1 billion credit line
According to a press release issued May 9, 2019, Figure Technologies in conjunction with Jefferies and WSFS Banking Services recently completed a $1 billion asset-based loan facility on the Provenance blockchain. The partnership will see Figure’s Provenance blockchain handling the full spectrum of loan financing for dealers, funds, banks to mention a few. Jefferies will provide advances to Figure on a periodic basis via a variable funding note secured by Figure’s home equity division. The $1 billion loan facility will be domiciled on the Provenance blockchain – a distributed ledger technology (DLT) engineered by Figure Technologies.
Fidelity to launch crypto trading soon
Another wall street giant is all set to enter cryptos. US-headquartered leading global financial services company Fidelity Investments will soon start offering Bitcoin trading – buy and sell – feature as part of its products and services. Earlier this year, Fidelity Investments, one of the largest asset managers in the world, had started custody services to store Bitcoin. The company in its market research found that 47% of institutional investors think digital assets as worth investing in.
The post This Week in Cryptos: Blockchain Week in NYC Begins While Facebook Allows Crypto Ads Again appeared first on Coingape.
Source: CoinGape

Crypto-Market Update: Bitcoin [BTC] Testing $6k; Ethereum [ETH] Breaks Above $175

On 6th May, two significant announcements from an institutional platform and regulatory watch-dog acted as ‘key market indicators’ as the prices surged during the day. The total market capitalization of the cryptocurrency markets added more than $8 billion in 24 hours.
Reportedly, Fidelity Investments is expected to roll out Bitcoin Trading Services on its platform. Furthermore, Ethereum based derivates contracts could be initiated in the near future as well as CFTC is “comfortable” with Ether [ETH].
Ethereum [ETH] Looking to Reverse the Trend
Ethereum broke past the symmetrical triangle with a strong bullish move. It is testing the resistance near $180, the price of Ethereum at 4: 00 Hours UTC on 6th May 2019 is $178. It is trading 10.42% higher on a daily scale.
ETH/USD 1-Day Chart on Coinbase (TradingView)
With Respect to Bitcoin, it tested the 200-Day Moving Average at 0.031 BTC on the 4-Hour chart. A golden cross occurred on ETH/BTC daily chart with the bullish move as Ethereum was in a downtrend w.r.t. BTC after the Constantinople Hard Fork.
ETH/BTC 1-Day Chart on Coinbase (TradingView)
However, the 4-Hour chart also suggested FOMO characteristics with a ‘shooting star.’ Moreover, the volume of the red candle is almost at par with the volume of the green buy candle from yesterday.
ETH/BTC 4-Hour Chart on Coinbase (TradingView)
Bitcoin [BTC]
Bitcoin traders also received a positive piece of news as Fidelity Trading Platforms are expected to be rolled out in a “few weeks.” This suggests the rising institutional demand for Bitcoin among investors.
Bitcoin is currently testing $6000 resistance as it continued to rise on the daily with a bullish pennant. The price of Bitcoin at 4: 00 Hours UTC on 6th May is $5943. It is trading 4.18% higher on a daily scale.
BTC/USD 1-Day Chart on Coinbase (TradingView)
The other altcoins also gained as the market indicated a strong bullish inclination.
Litecoin [LTC], Bitcoin Cash [BCH], EOS, Tron [TRX] and Cardano’s ADA gained more than 5% on a daily scale. The price of LTC and BCH at 4: 15 Hours UTC on 7th May 2019 $77.6 and $295 is respectively.
While most of the other cryptocurrencies surged by similar percentages XRP and XLM held moderate gains under 2%. The price of XRP at 4: 00 Hours UTC on 7th May 2019 is $0.305.
Do you think that the bullish days in cryptocurrency markets are back? Please share your views with us.
The post Crypto-Market Update: Bitcoin [BTC] Testing $6k; Ethereum [ETH] Breaks Above $175 appeared first on Coingape.
Source: CoinGape

Coinbase executive who revealed client data sale leaving firm for Fidelity

Coinbase, one of the leading cryptocurrency exchanges in the United States, was under the microscope of the entire cryptocurrency space when reports emerged that its providers were selling its customers’ data. This news resulted in the firm facing a severe backlash from the community, and importantly, it has failed to address this issue. According to recent reports, Christine Sandler, the Director of Institutional Sales, will be leaving the firm.
Interestingly, Sandler was the representative of Coinbase who revealed the information pertaining to customers’ data being sold by its providers. This statement was made in an interview with Cheddar, where she had revealed that this was the “important” reason behind the exchange acquiring Neutrino, a blockchain analytics start-up.
She had stated:
“Our current providers were actually selling our client data to outside sources and it was really compelling for us to kind of get control over that and have proprietary technology that we could leverage on to keep the data safe and to protect our clients.”
Notably, Sandler would be joining Fidelity Investments, one of the largest financial service providers around the world. Coinbase has not yet released an official statement on Sandler leaving, but a spokesperson confirmed the news to The Block. More so, she will be joining Fidelity Digital Assets as the head of marketing and sales.
A source who spoke to Coindesk said:
“It has become clear that Coinbase is focusing on crypto first and crypto-native hedge funds, and the team that Adam [White, a former Coinbase executive] brought on board was very much focused on the institutional world.”
The person further added:
Christine is part of that; she had decades of experience of working with traditional financial institutions. Her skills are much better suited to a company that is taking that approach – like Fidelity.”
The post Coinbase executive who revealed client data sale leaving firm for Fidelity appeared first on AMBCrypto.
Source: AMB Crypto

One of World’s Most Prominent Asset Managers Fidelity May Soon Take Cryptoland by Storm

Coinspeaker
One of World’s Most Prominent Asset Managers Fidelity May Soon Take Cryptoland by Storm
Fidelity may soon enter into the nascent cryptocurrency market in a move expected to turn the tides. the $2.46 trillion behemoth asset manager is taking its time.
One of World’s Most Prominent Asset Managers Fidelity May Soon Take Cryptoland by Storm

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Source: CoinSpeaker

Bitcoin Cash’s [BCH] Roger Ver says altcoins are BTC’s layer two scaling solution

Roger Ver, the founder of Bitcoin Cash [BCH] has been a critic of Lightning Network [LN] since its inception. The Bitcoin hardfork proponent once again bashed the Layer 2 solution for the original Bitcoin core.
The Bitcoin.com CEO tweeted,
“Altcoins became BTC’s layer two scaling solution.”
The crypto community was left puzzled with Ver’s latest post, with many assuming that he was implying Bitcoin Cash was an altcoin. This is not the first time Roger Ver has made confusing statements on social media. Previously, Ver had opined that Bitcoin Cash can do better than all the functionalities of Bitcoin Core.
He has also echoed similar statements to the ones made by Gabriel Cardona, the Director of Developer Services and Head of R&D at BCH, bashing the second-layer network and branding it as an ”absolutely horrible user experience.”
However, the success of the Lightning Torch experiment has reinforced the Bitcoin community’s support and solidarity with the new technology. Many crypto luminaries, including Binance’s Changpeng Zhao [CZ], co-founder of Coinapult, Erik Voorhees, and Twitter’s Jack Dorsey, also participated in this experiment.
Fidelity Digital Assets, the digital assets arm of financial services behemoth, Fidelity Investments, was the first investment bank to receive the Lightning Torch. Acquiring the Lightning Torch from a Bitcoin maximalist marked the foray of the digital asset wing into the cryptosphere. The LN torch wave has crossed approximately 40 different countries, since its inception.
A scalable solution to the Bitcoin core, the Lightning Network, adds a second layer to Bitcoin’s existing blockchain. This allows users on the network to build payment channels between any two individual users on the newly added layer. Since channels are created between two users on the network, transactions will be executed instantly with low or negligible fees. Another noteworthy aspect of the network is that the channels can exist as long as they are required.
Responding to Ver’s tweet, a Twitter user, @francispouliot said,
“Literally not layers of the object but distinct objects from said object. With all the random non-sensical quotes you post, I wouldn’t be surprised if one day you tweeted out a valid nonce.”
Another user, @balthusaur, tweeted,
“All cryptos will be denominated in Bitcoin(BTC). The true king coin that did not elect itself. BCH will always remain an alt coin.”
The post Bitcoin Cash’s [BCH] Roger Ver says altcoins are BTC’s layer two scaling solution appeared first on AMBCrypto.
Source: AMB Crypto

How Rising Bitcoin Holdings of May Push BTC Price Up Significantly

The cryptocurrency industry was born during the fallout of the 2008 economic crisis that caused the Great Recession. Satoshi Nakamoto designed Bitcoin as the first-ever cryptocurrency with the goal of removing the control governments and banks had over individual’s funds.
Nakamoto designed the BTC supply to have a hard cap so that the cryptocurrency would have a deflationary attribute, but the limited supply also has a dramatic effect on Bitcoin price due to the ebb and flow of demand.
Intermediaries currently control as much as 16% of the BTC supply already, just ten years into the crypto’s life, and the percentage of control will only increase from here due to the influx of banks, businesses, and more trying to get a piece of the emerging crypto market.

But what implications will such control over the BTC supply have on Bitcoin price? And does this control go against everything Bitcoin itself stands for?
How Intermediaries Holding BTC Could Affect Bitcoin Price
The value of anything is in a constantly push and pull battle between supply and demand. If an item is scarce and has a high enough demand, its perceived value will increase and those interested in buying the item will be more willing to pay a higher price for the item.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
This is how eBay scalpers are able to charge $1,000 premiums on already expensive iPhones on launch day – there are simply not enough iPhones to go around to those that want them, and some are willing to pay well above retail price in order to own one.
The same is true about Bitcoin. The current bear market is due to Bitcoin’s demand waning, while the supply ever-increases as miners validate each new block on the blockchain. But what happens as other intermediaries such as banks begin to scoop up the BTC supply as the industry grows, and how does this affect Bitcoin price in the future?

at least 16.6% of bitcoin is held by intermediaries, and with all the institutions, banks, and apps that are coming, that number will only go up.
excellent work from my partner @RyanRadloff @CoinSharesCo https://t.co/cruEh24bnU
— Meltem Demirors (@Melt_Dem) March 7, 2019

As was pointed out by CoinShares Chief Strategy Officer Meltem Dimirors who also serves as a member of the World Economic Forum blockchain council, over 16% of the BTC supply is already controlled by intermediaries such as exchanges like Binance, or apps like Abra.
This number will only grow with the launch of Bakkt, Fidelity Digital Assets, and the many other retail and institutional operations that will no doubt enter the cryptocurrency market in the coming months to years.
Related Reading | Fidelity Bitcoin Custody Launched, Is This The End of Personal Integrity?
Bitcoin price should rise significantly due to basic supply and demand. All businesses are driven by demand – they move into markets where they are certain they can make money. Time-tested businesses like Fidelity or Intercontinental Exchange would not be entering the market if they didn’t view it as a viable business opportunity. The demand is there, but what will never change, is the supply of Bitcoin.
Given the simple dynamics behind supply and demand, as these organizations gobble up Bitcoin’s supply and demand rises, an increase in price is a certainty. This certainty is why many in the cryptocurrency community look to the launch of Bakkt or the VanEck/Solid X ETF, both of which require physical Bitcoin, as the catalyst that could ignite the next bull run. These developments are right around the corner.
Intermediaries Holding Bitcoin Goes Against Satoshi’s Vision
While crypto investors would welcome an exponential increase in Bitcoin price, it’s becoming increasingly clear that Satoshi’s original vision for Bitcoin is nothing more than a pipe dream.
The leading crypto by market cap is arguably the most decentralized of any cryptocurrencies.  But as these incredibly wealthy intermediaries come in and scoop up the limited BTC supply, they will have increasing control over Bitcoin in one way or another.
These companies cannot control the Bitcoin network consensus, however, by becoming the primary holders of private keys for their customers and clients, the original goal of Bitcoin being used by individuals to become their own banks and manage their own funds with complete ownership will never fully be realized.
The post How Rising Bitcoin Holdings of May Push BTC Price Up Significantly appeared first on NewsBTC.
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Fidelity Rolls Bitcoin Custody Service, Are the Institutions Coming?

An official report from Fidelity Digital Assets (FDAS), a financial service giant unveiled the status of their work- per the blog post, FDAS’s Bitcoin custody service is live and running. Although the market has no big turn towards the higher volume but the company attempt to what it was committed despite the bear market trend.
Fidelity’s Bitcoin Custody Business is Live
Consequently, firms’ bitcoin custody business is now live. Nevertheless, the firm is not ready to support Ethereum custody yet, citing that they have already undergone the survey of 450 institutions to assess the market information. According to the announcement, its live bitcoin custody service isn’t for everyone – rather the platform had selected a limited group of eligible clients.

We are live with a select group of eligible clients and will continue rolling out slowly. Our solutions are focused on the needs of hedge funds, family offices, pensions, endowments, other institutional investors. More on our project: https://t.co/EkJ2pWJt2Y #DCBlockchain
— Fidelity Digital Assets (@DigitalAssets) March 7, 2019

Its quite clear that, with the select group of institutions, Fidelity Digital Asset will serve initial services to these groups to kick start. The announcement further reads that FDAS already has strong technical and operational standards – preferable for institutions. However, select clients or institutional clients of Fidelity are a critical part of the ‘final testing and process refinement periods.
“Our mission is much broader than products. Institutional interest in digital assets is expanding, and these organizations require sophisticated capabilities in order to proceed.” Said Tom Jessop, lead at Fidelity
With more and more largest companies (such as Fidelity investment) focusing on long-term visions across the crypto industry – it captures the interest from institutional investors to leverage the bitcoin market. On top of all, few crypto enthusiasts believe entry of players like Fidelity in the decentralized world would eventually urge regulators to focus on better clarity on crypto policies.
Reports further revealed the statement of Tom Jessop who addressed the questions of reporters at the DC Blockchain Summit this week. Responding to reporters, Jessop claims that the bear market hasn’t had an impact over the service launch and in running process as well. He says;
“If you started a crypto fund at the height of the market you’re probably hurting right now.”
At present, Fidelity’s new entity will open up the trade on multiple exchanges for these institutional investors – nonetheless few other services of the firm are still in progress. As discussed earlier, the Fidelity had planned to go live with its new company in the first quarter of 2019 – Indeed, it made possible for few institutional clients in January, for the select group it was in March. Additionally, others will likely access in September as Jessop said.
“If you started a crypto fund at the height of the market you’re probably hurting right now.”
The post Fidelity Rolls Bitcoin Custody Service, Are the Institutions Coming? appeared first on Coingape.
Source: CoinGape

Breaking: Fidelity announces Bitcoin [BTC] custody service live with a select group of eligible clients

Fidelity Investments, the largest asset management firm, digital assets solution branch – Fidelity Digital Assets – announced that its Bitcoin custody service has gone live with “a select group of eligible clients”, earlier today on their official Twitter handle. The firm, aiming at providing custodial services to institutional investors, first made an announcement regarding this news in late January. Here, they stated that have selected clients to whom they will be serving their initial solutions.
The announcement read:
“We are live with a select group of eligible clients and will continue rolling out slowly. Our solutions are focused on the needs of hedge funds, family offices, pensions, endowments, other institutional investors”
The solutions provider had stated that they have built a strong technical and operational standards best suitable for institutions, meeting clients expectations from an investment giant, in their initial announcement. They had also stated that their initial clients are “an important part” of the “final testing and process refinement periods”. This, in turn, would help the Fidelity provide services to a “broader set of eligible institutions.”
The blog post read:
“Our mission is much broader than products. Institutional interest in digital assets is expanding, and these organizations require sophisticated capabilities in order to proceed.”
This comes as a euphoric announcement to several members of the community as it marks as one of the first steps taken to open the cryptocurrency market, especially Bitcoin market, for institutional investors. This is mainly because of the custody solutions and trading venue platform provided by the financial giant. More so, some also believe that the changes bought by institutional players of Fidelity would bring some light in the regulatory stance on Bitcoin and other cryptocurrencies.
XRP Raconteur, a Twitterati said:
“Congratulations FDA on your soft launch. I can’t wait to see your full launch. It’s going to be LOCO !!!”
Alec Ziupsnys, another Twitterati said:
“Fidelity’s digital assets trading and custody business is live and supporting bitcoin. When are institutions joining the game? Well, now. “
The post Breaking: Fidelity announces Bitcoin [BTC] custody service live with a select group of eligible clients appeared first on AMBCrypto.
Source: AMB Crypto

Fidelity Digital Assets, in an unprecedented first, takes hold of the Lightning Torch

Fidelity Digital Assets, the digital assets branch of financial services giant Fidelity Investments, in an unprecedented first, has become the first investment bank to receive the torch signaling the entry into the Bitcoin [BTC] payments realm via the Lightning Network.
On February 22, Fidelity Digital Assets, via Twitter, announced that it acquired the Lightning Network [LN] Torch from the Bitcoin maximalist @Wiz. They further posed a question to the cryptocurrency community, asking who should receive the torch next.
The tweet stated:
“We and our research team at the Fidelity Center for Applied Technology have received the #LNTorch from @Wiz. Who should we pass it to? #LNTrustChain”
Wiz, in his tweet, stated that Fidelity’s first transaction is worth 0.0364BTC or 3.64 million Satoshis, which equated to $144 as per the trading price of the top cryptocurrency at press time.
Following the aforementioned announcement, Fidelity Digital Assets answered the question they asked in the earlier tweet. Responding to an LN request, the digital assets wing of the investment bank announced that HBS Blockchain and Cryptocurrency club, a cryptocurrency-centric student club at the Harvard Business School, would receive the Lightning Torch next due to their focus on the research and development of Bitcoin.
The tweet said:
“We have selected @HBSCryptoClub to receive the #LightningTorch, as they continue to enable #bitcoin research and development. Please send us your invoice for 3.65M sats.”
Launched in mid-October, the digital assets centric wing of the investment bank had announced last year that it would launch a crypto-custody solution in early 2019, given the incoming wave of institutional investors. However, during the end of January, Fidelity announced that their custody solution was delayed until March of this year. Furthermore, they announced that the top-two coins, Bitcoin [BTC] and Ether [ETH], would be the first two cryptocurrencies to receive custody support.
Abigail Johnson, the CEO of Fidelity, is a major cryptocurrency proponent and stated during the digital assets wing launch that the company had kept a watchful eye over the cryptocurrency industry for years and that the financial services company has been mining Bitcoin since 2015.
Twitter was ecstatic over the Lightning network announcement, with several users suggesting that this is the institutional swing that many proponents saw would come in 2019.
The official account of the financial markets analytics platform, Trading View, stated:
“Congratulations! It’s the best thing since sliced bread. Everything is fast and simple. Would you be kind enough to pass the torch to our community. It will be an honor for all TradingView members and tech team to participate in the Crypto Olympics.”
A twitter user Beaxy echoed the surprise of many in the crypto-community and stated:
“If you imagined Fidelity receiving a digital bitcoin torch a year ago people would’ve called you crazy! Love to see this”
With the positive-attitude of Tesla CEO Elon Musk towards cryptocurrencies and his bold prediction that digital assets will replace paper money one day, Black Moon Research commented:
“Throw it at @elonmusk
He’s just acting like he doesn’t want it, but he does. ”
The post Fidelity Digital Assets, in an unprecedented first, takes hold of the Lightning Torch appeared first on AMBCrypto.
Source: AMB Crypto

Torch Secured: Fidelity Investment’s Crypto Division Joins Bitcoin Lightning Trust Chain

It isn’t a secret that the Lightning Network, a second-layer solution aimed at easing the qualms Bitcoin faces with scalability, has seen monumental levels of adoption as of late. The ecosystem has seen its maximum capacity swell over the 700 BTC milestone, cementing its viability as a system that provides cost-efficient, rapid, secure, and more private transactions.
But this growth hasn’t come unwarranted. Arguably, Lightning’s sudden surge in adoption has much to do with grassroots efforts, like Lightning Pizza and the ever-popular Trust Chain community initiative, launched by HODLnaut just weeks ago.
Related Reading: Buy Pizza With Bitcoin! Crypto Twitter Enamored With Lightning Network App
Fidelity Takes Up The Bitcoin Torch
It appears that lightning has struck once again. This time, Fidelity Investments’ crypto-centric arm, Digital Asset Services, publicly accepted a Lightning Network transaction. On Friday, the cryptocurrency branch of the Wall Street giant, which has approximately $2 trillion in assets under management, joined in on the multi-week Trust Chain fun, accepting a transaction for 3.64 million satoshis.
Fidelity, who has shown a liking to cryptocurrencies and related technologies, is expected to launch its Bitcoin custody offering by March.

We’d be honored if you would pass the #LNTorch to our research arm, Fidelity Center for Applied Tech. We are ready with an invoice for 3.64M sats #LNTrustChain #LightningTorch
— Fidelity Digital Assets (@DigitalAssets) February 22, 2019
For those who missed the memo, Hodlona recently took to his Twitter page to start an interesting community-run initiative. Through the medium of a tweet, Hodl divulged that he wanted Bitcoin users to start a chain through Lightning, whereas participants would send marginally more BTC with each so-called “hop.”
Just hours after Fidelity Digital Assets accepted the torch, it passed it onto the students at Harvard University blockchain club. This is quite fitting, especially considering the hearsay that Harvard’s colossal endowment has allocations in crypto- and blockchain-centric funds.
Harvard’s blockchain club and the aforementioned Wall Street institution join a number of other bigwigs in the cryptosphere that have participated in the Trust Chain, which includes Anthony Pompliano, Klaus Lovgreen, John Carvalho, Marty Bent, leading Bitcoin evangelist Andreas Antonopoulos and Elizabeth Stark of Lightning Labs.
Twitter CEO Enamored With Lightning Tech
Fidelity’s foray into the storm comes after Jack Dorsey, the chief executive of Twitter and Square, effectively embarked on a crusade for this scaling solution.

For the seemingly umpteenth time in weeks, Dorsey has surprised the cryptocurrency space. This time, the Bitcoin fanatic tweeted out the announcement of Tippin, a “game-changer application” that allows social media users on Twitter to get BTC tips for their quips. Alongside the posted link was a simple, yet strong message: “This is excellent.” According to the link that Dorsey broadcasted to his following of millions, Tippin is a Chrome and Firefox browser extension that allows for simple and effective Twitter tipping, giving content creators and personalities the ability to monetize their content further.
Just weeks earlier, he too accepted the torch, hoisting it in the Twitter air after he took to Joe Rogan’s podcast to claim that the native currency of the Internet is likely going to be Bitcoin.
Featured Image from Shutterstock
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Source: New feedNewsBTC.com

The State of Wyoming Passes Three Bills for the Crypto Industry

CoinSpeaker

The State of Wyoming Passes Three Bills for the Crypto Industry

The new bill by Wyoming classifies digital assets as property while legalizing its uses in other blockchain-based financial services.

The State of Wyoming Passes Three Bills for the Crypto Industry

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Source: CoinSpeaker