#1 Source For Bitcoin And Altcoin News
Nearly three months have passed since Goldman Sachs, a $ 73 billion investment bank based in the US, said that it is not ready to facilitate the delivery of “physical Bitcoin” to its clients. The banking giant is still not able to hold cryptocurrencies on behalf of its clients, despite growing demand from clients. At a
The post Goldman Sachs Still Can’t Hold Crypto on Behalf of Clients Despite Growing Demand appeared first on CCN
The tough year for Nvidia (NVDA) continues as Goldman Sachs (GS) has now removed the company from its conviction list, saying it was “clearly wrong on the stock.” This news comes a week after disappointing Q3 earnings results that included a very weak forecast. As a result, Goldman has cut its price target from $ 283 to $ 200, which is the […]
SludgeFeed
After months and months of consolidation, the yearly support finally broke and now bitcoin has found itself in the lower $ 5000s for the first time since 2017:
Figure 1: BTC-USD, Daily Candles, Broken Support
Bitcoin managed to drop a staggering 16% yesterday as the market sliced through the long held support like a knife through butter. The high volume and wide candle spread does not bode well for the bulls as we are currently witnessing an excess of supply in the market. We have blown through two levels of support and haven’t seen a significant retest just yet:
According to a study conducted by Deidre Campbell, Global Chair of Financial Services at Edelman, reported by the New York Post, crypto still remains as a preferable long-term investment amongst millennial investors. “Anyone that has crypto tells me they wish they bought it sooner,” said Campbell, whose study revealed that more than 25 percent of
The post Study: Demand For Crypto From Millennials Continuing to Rise Rapidly appeared first on CCN
Throughout 2018, the cryptocurrency market has lost 75 percent of its valuation. Yet, crypto hedge funds are raising hundreds of millions of dollars from accredited investors and institutions. On November 1, CCN reported that Grayscale Investments, a subsidiary company of cryptocurrency venture capital behemoth Digital Currency Group, raised more than $ 330 million from both
The post Strong Demand: Crypto Hedge Funds are Still Raising $ 100 Million+ appeared first on CCN
Ransomware attacks are still a pressing problem in 2018. Although such stories have seemingly become less apparent in the past few months, the city of West Haven in Connecticut was forced to make a crucial decision. City officials decided to pay $ 2,000 worth of Bitcoin to get rid of this malware, even though such demands should never be met in the first place.
In the world of ransomware attacks, most victims will never pay the Bitcoin demand whatsoever. That is only normal, primarily because there is no guarantee the ransomware problem will be resolved after making the payment in question. There have been numerous types of malware which claim to be ransomware, yet turn out to be data wipers in the end.
Glassdoor Economic Research is delivering much needed good news to the crypto community saying that despite extreme price volatility and regulatory uncertainty, the number of crypto jobs in the blockchain and cryptocurrency sector has risen by 300 percent since the same time last year.
Saying that “the professionalism of the space has accelerated,” the report notes that “continued growth in job openings suggests that blockchain employers remain confident in the market opportunity and continue to make long-term investments in their teams.”
Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest independent semiconductor foundry, predicted that its fourth-quarter revenue would increase by only a couple percentage points, forecasting revenues of 9.35 billion to 9.45 billion. Its 2017 fourth-quarter revenue was 9.2 billion. Weakening Crypto Demand TSMC, based in Hsinchu, Taiwan, is not only the world’s largest semiconductor foundry,
The post Apple’s Chipmaker Braes For Dampening Crypto Mining Demand appeared first on CCN
Fresh on the market, the industry’s newest batch of stablecoins is having trouble striking a price balance.
Amidst news of listings on Huobi and OKEx, two of the industry’s largest exchanges, TrueUSD (TUSD), Gemini USD (GUSD), the Paxos Standard (PAX) and Circle’s USD Coin (USDC) have all risen well above their pegs. Following the fiat-collateralized model pioneered by Tether (USDT), these stablecoins are meant to retain a stable $ 1 value, keeping their peg by backing each on-chain token with a dollar in their bank accounts.
It has not been smooth sailing for the Port of San Diego’s IT department this week following a cybersecurity breach. In a statement, the Port of San Diego has disclosed that its computer systems were hit by a ransomware attack with the attackers demanding to be paid in bitcoin before they can decrypt files. According
The post Cybercriminals Hit Port of San Diego with Ransomware, Demand Bitcoin appeared first on CCN
From Washington to Moscow, cryptocurrencies have entered the agenda of those who share a vocation to rule and regulate. Following the congressional summer vacation, the House of Representatives passed a bill that will enable the Treasury to investigate crypto transactions, while a Congressman plans to introduce three drafts supporting the crypto industry. Also in The Daily on Sunday, UK lawmakers push for fintech rules, Russian bankers admit strong demand for crypto services, and the Financial Action Task Force is preparing to present global crypto standards in October.
Also read: Binance Expands, Putin Advisor Visits Huobi, Brazilian Brokerage Goes Crypto
Forget cryptocurrencies. The irrational exuberance found within the marijuana sector has hit extraordinary levels. So much so that Robinhood, a leading commission-free trading app that is most popular among millennials, is reportedly struggling to keep up with the demand for marijuana stocks. On Wednesday, Robinhood was forced to suspend trading for Aurora Cannabis (ACBFF), a leading marijuana company […]
SludgeFeed
The Commonwealth Bank of Australia (CBA) and the World Bank launched the first blockchain bond in the global finance sector this month. Already, institutional investors are showing increasing interest. On August 10, CCN reported that World Bank selected CBA, the biggest bank in Australia, to issue the world’s first blockchain bond based on the Ethereum
The post 7 Investors Back World’s First Blockchain Bond, Demand From Institutions appeared first on CCN
The world’s largest graphic card and chip maker Nvidia has officially put an end to its crypto venture, with the official announcement of its CFO Colette Kress. In a statement, Kress said: “We believe we’ve reached a normal period as we’re looking forward to essentially no cryptocurrency as we move forward. Our revenue outlook had
The post Nvidia Quits Crypto Due to Low Profit, Not Because of Decline in Demand appeared first on CCN
Over the last two weeks, bitcoin saw its longest streak of red days since 2014. The volume was modest and expansive on the drop as the price managed to lose 25% in value in just 10 days. At the time of this article, the market is testing the strength of the support near the bottom of the macro trading range (TR):
Figure 1: BTC-USD, 1-Day Candles, Macro Trading Range
As noted in several previous articles, this is a very important stronghold for the bulls. If support does not manage to hold this support, the market will undoubtedly search lower values in an attempt to garner significant market demand.
Japan’s Labor Ministry is not hiding its confusion as the Tokyo Metropolitan Government and venture companies requested a deregulation of the Labor Standard Act. Japan has respected the “salaries in cash” principle for 70 years under the Labor Standard Act, however with the proliferation of digital money and salaries paid in cryptocurrencies, withdrawing money from a bank could increasingly be unnecessary, Nikkei reported.
Also read: Can Banks be Replaced by an App? BitWage says yes they can
Demand for secure cryptocurrency storage services is increasing. Meanwhile, investment managers and exchanges are creating services to meet the demand. Will this, in turn, encourage more high-net-worth and institutional investment in cryptocurrencies?
Traditional and high-value investors may still be wary of cryptocurrency exchanges, especially considering the frequency of major hacks. Such investors often feel more comfortable with the safe custody of their assets provided by banks and financial institutions.
Institutional investors are also likely to seek out over-the-counter (OTC) services for a more conventional style investment. Because of this, financial institutions new and old are creating OTC desks. Since OTC cryptocurrency transactions are usually of a higher value, demand for digital asset storage is boosted.
Dipping cryptocurrency markets are hurting not only crypto holders but also a number of related businesses and sectors. Manufacturers of hardware that can be used in mining applications, like GPU makers Nvidia, AMD and their OEM partners, are also hit by weak demand in the sector which is pushing inventories up.
Also read: Bitcoin Businesses Denied Banking Services in Ireland
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In light of the global financial crisis of 2008, the invention of Bitcoin and other cryptocurrencies has caused many to reassess the value of centralized banking institutions. Dong He, deputy director of the IMF’s Monetary and Capital Markets Department, shared his analysis on how the mainstream adoption of cryptocurrency could affect central banks and monetary policy.
Value and volatility are critical indicators of currency adoption. As He observes, Bitcoin’s price volatility is high because its value is primarily based on speculation, as opposed to performance metrics like transaction volume.
