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University Researcher: Tether Not Responsible For Bitcoin Price Levels

A Queensland Univerity professor has attempted to debunk the theory which accused stablecoin Tether issuance model of manipulating the Bitcoin value. Tether Not Responsible In his report, Dr. Wang Chun, Ph.D., Finance, discussed how he constructed a Vector Autoregression, or VAR, model to prove that Tether never played a catalyst to Bitcoin’s super-normal rally towards $20,000 last year. VAR models monitor relationships between variables over a period. Dr. Chun pitted data taken from Tether grants, daily Tether trading volume, daily Bitcoin trading volume, and Bitcoin returns against each other and discovered four key findings. They are: No empirical evidence could related Bitcoin uptrend with the Tether grants. Increased Tether grants led to rising in Tether and Bitcoin trading. However, the increase in trading volume didn’t increase Bitcoin returns. Tether grants are issued in small chunks than at one go. It may also suggest demand for Tether coins are clumped and exhibit time clustering. Evidence shows Tether trading increases every time before Bitcoin fall. It means investors shift from volatile cryptocurrencies to ‘stable coins’ in times of excessive market volatility. The paper also noted a subpoena issued to Tether Limited by the US Commodity Futures Trading Commission, coupled with an anonymous report from January 2018 saying that company issued USDT coins to raise the price of Bitcoin. However, Dr. Chun cleared that they didn’t consider such claims before constructing their VR model. “Our paper does not examine whether the newly issued Tether coins are indeed backed by US dollars or not, but by utilizing an unrestricted VAR, we examine the impact of these cryptocurrency issuances on subsequent cryptocurrency price,” he wrote. “In conclusion, we do not find any evidence suggesting that Tether issuances cause subsequent increases in Bitcoin returns. However, we do find that Tether issuances are highly auto-correlated and cause subsequent increases in Bitcoin (and Tether) trading volume over the short term.” Tether issuance in the past has been correlated with not just Bitcoin but altcoins too. In June, the company had printed $250 million worth of USDT amidst a bearish crypto market. In an alleged response to the minting, almost all the top coins, which included IOTA, EOS, Stellar and Litecoin, had established a stable trading range. The only explanation there is points to traders exiting their Bitcoin and altcoin positions in the times of bearish momentum for stable tokens like USDT. That works like a shield against the then-ongoing volatility while saving traders the hassle of switching their crypto-assets to fiat currencies every time they want a safe peg. Image from Shutterstock The post University Researcher: Tether Not Responsible For Bitcoin Price Levels appeared first on NewsBTC.

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NAGA Group at the Leading Edge of Fintech

NAGA Group, one of the top players in the cryptocurrency industry, has made huge strides in becoming the sector’s go-to platform. With 7 unique working products, NAGA Group will introduce another six that will step up their game even more. The company has perfected the recipe to success in the fintech industry by creating a whole suite of products and services that cater to every individual’s needs, while not confining itself to just cryptocurrencies and blockchain. NAGA COIN (NGC) First and foremost, NAGA Group gives its users the NAGA COIN to fully utilize its many benefits across the entire NAGA Ecosystem. Through its decentralized nature, NAGA users have an opportunity to trade and invest in cryptocurrencies, virtual goods, and other 700 trading instruments. NGC is currently trading around $0.31 per token and is listed on popular cryptocurrency exchanges such as Bittrex, OKEx, Upbit, and HitBTC. NAGA TRADER Users can also capitalize on trading by joining NAGA Group’s social trading platform – NAGA TRADER. On this platform, users can connect with other experienced traders and pick up trading strategies, in one click. The available tips will enable users to readily make the right decision while trading any of the supported instruments including gaming items and forex. Users of the NAGA TRADER can trade 700 markets in real-time, including cryptocurrencies, stocks, forex, and even virtual in-game items. To decrease the trading risks, it is possible to use NAGA TRADER Protector to automatically limit the possible risks and secure trading profits NAGA WALLET & NAGA STOCKS NAGA WALLET, yet another prominent product, can be used to hold different crypto assets, make quick transactions and link it to not only all the platforms associated with the NAGA Ecosystem but also to handle independent day-to-day transactions. And that’s just the beginning. The NAGA Ecosystem presents the best industry example of the confluence of traditional financial and new-age crypto sectors with NAGA STOCKS, a place where users can purchase and sell shares from companies all over the world. They also get access to a real-time market movers watchlist and newsfeed to help them with their trading decisions. NAGA MARKETS Users will be brokered by NAGA MARKETS, an EU-licensed and CySEC-regulated broker that invests in your development as a trader. With 99.9% of all trades executed in 250ms, traders will receive uniquely transparent trading with ultra-low spreads to benefit from market movements across 750 instruments. For all new and beginner users, a free unlimited demo account is provided to try new strategies and trading ideas without any risk. NAGA VIRTUAL An industry often overlooked by most of the fintech players is the gaming market and given the sector’s potential, NAGA VIRTUAL is tapping into it. With NAGA VIRTUAL, game developers and gaming enthusiasts can buy and sell in-game items with ease. The user-friendly platform can be accessed by anyone from anywhere on any device (console, web platforms and Android-powered mobile devices). NAGA ACADEMY NAGA ACADEMY is yet another initiative, directed towards the community. Through the platform, it provides educational material to its users, helping them understand cryptocurrencies, trading strategies, and other financial instruments. The webinars on NAGA ACADEMY are created by independent professionals with years of experience working in the financial industry. The education content is available both offline and online, which makes it easy for users to learn and improve their trading skills at their own pace. NAGA CARD NAGA Group recently announced the upcoming launch of its unique, multi-currency NAGA CARD. It allows users to connect the card to their accounts using IBAN and simultaneously deposit into their accounts using NAGA TRADER accounts. The card can be used at any ATM, POS machine or online gateway, just like a standard credit or debit card. NAGA EXCHANGE The NAGA Ecosystem also has NAGA EXCHANGE (currently in final development stages) so that users can trade different types of cryptocurrencies. The whole process is made convenient and hassle-free by including support for multiple payment channels for users to fund their accounts, which comes with advanced security features and rapid transaction support. More To Come There are even more unique products on the NAGA platform in various stages of deployment. All these products and services are tailor-made to make it easy for NAGA users to make the most out of the ever-expanding ecosystem. Some of the major offerings to be released soon, include NAGA GUARD, NAGA WEALTH and NAGA LOCAL. With its customer-centric approach and initiatives to bridge the old-world financial system and the new-age blockchain based system, NAGA is quickly becoming one of the leading fintech projects with the potential to drive blockchain adoption across multiple industry segments. The post NAGA Group at the Leading Edge of Fintech appeared first on NewsBTC.

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Did the Mt. Gox Trustee Bitcoin Sell-Off Cause the Crypto Market to Crash?

On September 25, the Mt. Gox trustee released a document entitled “Announcement on Measures to Secure Interests of Bankruptcy Creditors,” disclosing the sale of over $230 million worth of crypto including Bitcoin and Bitcoin Cash. While it still remains unsure whether the decline in the price of BTC and the valuation of the crypto market The post Did the Mt. Gox Trustee Bitcoin Sell-Off Cause the Crypto Market to Crash? appeared first on CCN

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Bitcoin Price Intraday Analysis: BTC/USD in Bear Flagpole Formation

Bitcoin on Tuesday depreciated more than 3 percent against the US Dollar after reversing from a bear flag top yesterday. The BTC/USD walked the day carrying the prevailing bearish sentiment on its shoulders. The early Asian trading session opened at 6518-fiat and didn’t wait much before dropping below key support areas around 6500-fiat and 6400-fiat. The post Bitcoin Price Intraday Analysis: BTC/USD in Bear Flagpole Formation appeared first on CCN

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Google Shifts Gear, Puts an End to Ban on Cryptocurrency Ads

One of the largest internet technology firms on the planet, Mountain View, California-based Google is reversing its stance on cryptocurrencies, removing a ban on crypto-related advertising that went into effect in early 2018. Google Reverses Cryptocurrency Ad Ban Back in March of 2018, the search-engine powerhouse Google followed the lead of Facebook, Twitter, and others in announcing a widespread blanket ban over cryptocurrency-related advertising, including initial coin offerings (ICOs), wallets, and even trading advice. Since then, the cryptocurrency market has suffered wild price swings and a steady, overall decline in value due to the lack of visibility luring in new investors. However, according to a new update to its Financial products and services policy, the platform will begin allowing regulated cryptocurrency exchanges to advertise in the United States and Japan. Other countries are not included at this time. Google says advertisers must be certified with it for whatever respective country their ads will serve in, and that advertisers seeking certification from Google will be able to apply in October when the policy takes effect. Notably missing from the new updated policy are references to other crypto-related products including wallets, trading advice, or ICOs. Unless the tech company says otherwise, these products will remain banned under the previous policy update from March. Ban Removal May Have Began Preemptively Google, which followed Facebook and others in banning advertisements related to cryptocurrency products earlier in the year, also took Facebook’s lead in unbanning crypto-related advertising. Back in June, Facebook announced a change to its advertising policies that allowed certain types of cryptocurrency-related ads to be run on their platform. Around that time, keen-eyed users on Reddit spotted Coinbase ads on Google running through its AdWords platform, however, neither company made an official statement regarding ads being unbanned. Google’s Unwelcoming Stance on Crypto In its early days the company was an emerging disruptive technology, much like cryptocurrencies are today, albeit disguised as a simple search engine. Without proper exposure, Google may never have become widely adopted like it is today. It, however, appears to be doing all it can to reduce important exposure to the new asset class. In addition to its blanket ban on crypto-related ads early in the year, that has since been overturned, the platform has also banned Google Chrome extensions that mine for cryptocurrencies, as well as banning cryptocurrency mining apps from the Google Play Store. The ban on its Play Store apps created some confusion among crypto app developers. Earlier this month, popular crypto wallet apps CoPay, BitPay, and Bitcoin.com‘s Bitcoin Wallet were all removed from Google’s Play Store without warning. Bitcoin.com CEO Roger Ver said that Google mistakenly removed the apps believing they were included under the policy update barring apps from mining cryptocurrencies like Bitcoin and Monero. Featured image from Shutterstock. The post Google Shifts Gear, Puts an End to Ban on Cryptocurrency Ads appeared first on NewsBTC.

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Top 6 Altcoins Gaining on Bitcoin – 2018 Week 40 Edition

This past week has been relatively interesting for a lot of different cryptocurrencies. Although the gains over Bitcoin are quite high for a lot of projects, it remains to be seen how long they will remain in place. The following six coins noted the biggest gains over Bitcoin this past week and are ranked in ascending order. Statistics are provided by OnChainFX. #6 Cardano There are a lot of people who focus their attention on Cardano as of late. This particular cryptocurrency has not had the best of years, although the same applies to all other cryptocurrencies throughout 2018. Over the past week, Cardano gained 15.43% over Bitcoin. Holding on to this gain will be challenging, as all markets are on the verge of going down in price. #5 ZCash Although there hasn’t been too much buzz regarding ZCash as of late, the currency is still trucking along nicely. More specifically, the upcoming Sapling upgrade will introduce some big upgrades. Until then, ZCash is gaining on Bitcoin at a steady pace, resulting in a 15.79% increase in ZEC/BTC over the past seven days. #4 GXChain The GXChain project will not ring a bell for most people. It is a cryptocurrency venture designed to become a blockchain-based decentralized data exchange to bridge between data sources across different platforms. Over the past seven days, GXChain has gained 17.84% over Bitcoin. A very impressive trend, although it remains to be seen if it can remain in place. #3 GameCredits Another cryptocurrency project most people tend to forget exists goes by the name of GameCredits. It allows gamers around the world to benefit from one unified form of money in the GAME cryptocurrency. This past week has resulted in a 19.9% gain over Bitcoin for GameCredits, indicating there is some buzz regarding this project behind the scenes. #2 Monacoin For a cryptocurrency which is mainly popular in Japan, Monacoin is noting some impressive gains over Bitcoin in the past week. Monacoin aims to become the first Japanese cryptocurrency, and it seems this project has increased in popularity over the past few days. A strong increase in the MONA/BTC ratio resulted in a 20.41% gain for the altcoin. Very impressive, albeit not sufficient to claim the top spot on this list. #1 XRP Despite the cryptocurrency community’s rather hostile attitude towards Ripple and their XRP asset, no one can deny this past week was all about XRP. It noted a near 110% increase in USD value at its peak, and currently maintains a 51% increase in BTC value. Although a portion of these gains will be removed from the equation soon, it was a very impressive week for this digital asset regardless. The post Top 6 Altcoins Gaining on Bitcoin – 2018 Week 40 Edition appeared first on NullTX.

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Andreessen Horowitz’s $300m Crypto Fund Buys Stakes in Stablecoin Project

An upcoming stable coin project featuring a loaning system has bagged a $15 million investment from Andreessen Horowitz. VC Firm to Govern MakerDAO The venture capital firm, with a history of high profile investments into crypto projects, bought 6 percent of the total MKR supply through its $300m crypto fund, a16z crypto. By doing so, the US firm has got the rights to govern the Maker network, which includes MakerDAO, the stable coin firm, and the Dai Credit System as it becomes the first DAO-enabled stable coin project. The investment also marks a16z’s very first strategic purchase in the crypto industry. Katie Haun, general partner at a16z, believes MakerDAO will provide a compelling opportunity to their fund in the crypto-space. The former federal prosecutor, who is also renowned for having led the investigation against Mt Gox and Silk Road, said in her press statement: “MakerDAO’s technology, ecosystem and talent have put theory into action to deliver a decentralized stablecoin that we believe will help drive the future of the crypto economy.” For MakerDAO, a $15 million investment means more funds to develop their Dai Credit System. Not to be confused with MKR, which is a proof-of-stake token, the Dai Credit System uses a specialized stablecoin called Dai. The Dai token is soft-pegged to the US Dollar and is created during a seemingly unique loaning process. “Dai is created when asset owners deposit collateral to secure a loan, which is denominated in Dai stablecoin […] This allows owners of illiquid or unstable assets that wish to retain those assets over the long term to gain short-term liquidity, i.e., an ability to spend value otherwise locked in those assets while still retaining those assets,” stated Haun. For now, borrowers will be able to use ETH token as collateral to secure a loan from MakerDAO. The team has also launched a multi-collateral DAI system on the Kovan Testnet. It would allow borrowers to collateralize a diverse basket of crypto-assets in addition to ETH. The Maker network, in general, makes use of a set of autonomous smart contracts to coordinate the loan system. That said, anybody with an internet connection and with some collateral to spare can create Dai stablecoins, without needing an intermediary. “With an exciting fall full of announcements, MakerDAO is making its mark as a vanguard of blockchain technology. The team looks forward to continued product excellence and rapid Dai adoption in the coming months,” the Maker team said as it signed off. Image from Shutterstock The post Andreessen Horowitz’s $300m Crypto Fund Buys Stakes in Stablecoin Project appeared first on NewsBTC.

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The U.S. Government Has Spent Millions Trying to Track Cryptocurrency Users

If you’ve ever wondered whether Uncle Sam is spying on your cryptocurrency transactions, a new report reveals that, if you reside or do business in the United States, the answer is probably yes. U.S. Govt. Goes All in on Tracking Cryptocurrency Usage Citing public records, research firm Diar reports that U.S. government agencies have collectively The post The U.S. Government Has Spent Millions Trying to Track Cryptocurrency Users appeared first on CCN

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Top 6 Most Active Ethereum Dapps – 2018 Week 40 Edition

The world of Ethereum-based dApps sees a lot of activity on a regular basis. Similar to any other aspect associated with blockchain and cryptocurrency, the use of these dApps will fluctuate as well. According to data from dappradar, the following six projects are the most popular ones as of right now. The below dApps are ranked based on their ascending number of daily active users. #6 OmiseGo Many people tend to forget OmiseGo effectively runs on top of Ethereum, at least at this time. The company’s goal is to unbank the banked, and it seems there is plenty of interest in this project over the past few months. With 361 daily active users at the time of writing, it seems OmiseGo is gaining a bit more traction. #5 Etheremon There is no shortage of blockchain-based games, collectibles, and so forth. Etheremon lets users capture, train, evolve, and trade digital Etheremons over the Ethereum blockchain. This particular platform seems to maintain a steady user base, resulting in a daily user base of 372. This is a healthy figure for such a project, although gaining more traction will also be the top priority. #4 CryptoKitties After suffering from what seemed to be an initial slump, things have begun picking up for CryptoKitties once again. It is another digital collection project, but this one focuses on unique and breedable cats. With 425 daily active users at this time, CryptoKitties seems to be on track to note further growth in the coming weeks. #3 ForkDelta It is only normal there will be a genuine interest in any platform trading ERC20 tokens. ForkDelta offers hundreds of markets, with more being added on a regular basis. This results in a daily active user base of 722 users, which is a more than respectable figure at this stage in its history. #2 333 ETH Even though not everyone wants to admit it, Ponzi Schemes with a transparent side to them will always do well in the world of Ethereum dApps. 333 ETH is no exception, as this platform claims to distribute 3.33% of all collected ETH on a daily basis. It is a matter of time until it runs out of money, yet there are still 1085 daily users taking advantage of it. #1 IDEX Similar to a few weeks ago, IDEX remains the most popular Ethereum dApp. This distributed exchange made of smart contracts is trying to make its mark on the industry in spectacular fashion. With 1591 daily active users as of right now, things look rather impressive. It is a far cry from mainstream traction, but a positive sign regardless. The post Top 6 Most Active Ethereum Dapps – 2018 Week 40 Edition appeared first on NullTX.

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BitcoinIRA Exec: Bitcoin Could Surpass $40,000 After ETF Approval, Institutional Adoption

As Bitcoin, along with the rest of the cryptocurrency market, began to rally heading into last weekend, the sentiment surrounding the future prices of crypto assets seemingly began to shift, as many optimistic investors claimed that an upside is in store. Chris Kline, a community voice at Forbes and the co-founder and COO of BitcoinIRA, recently revealed a specific set of four factors that could push the price of Bitcoin over $40,000 by the end of 2019. In a piece that quickly gained traction (and its fair share of controversy) throughout the cryptosphere, Kline first referenced a prediction made by Marc Lasry and backed up what the billionaire investor had to say, writing: “In my opinion — the price [of BTC] may well surpass $40,000 by the end of 2019 and could continue to climb as we enter 2020. I’ve noticed that 2018 has marked a year of major growing pains for the crypto sector. But with growing pains also comes great growth. As Lasry has purportedly said, I believe we will see bitcoin prices continue to climb.” The Arrival Of A Bitcoin ETF And Institutional Interest Will Drive Crypto Staying in line with the story line pushed by many advocates of this space, the cryptocurrency-focused entrepreneur explained that once an ETF application is accepted, there will be an influx of interest and capital allocations. “If the application is accepted, then I believe bitcoin will become far more accessible to a wider range of investors who wish to invest in a crypto fund rather than directly into crypto itself… ETFs will likely appeal to a wider group of investors in that they are traded frequently and, in my experience, highly accessible via investors’ brokerage accounts,” Kline explained, elaborating on why this would be the case. He also claimed that this asset class won’t be subject to “the same stringent regulations” placed on traditional markets, due to the fact that an SEC employee has overtly stated that Bitcoin and Ether aren’t securities. In a similar manner, the crypto proponent also explained that as institutions arrive in this industry, whether it may be via cryptocurrency-focused products, solutions, or services, investors from consumer and institutional backgrounds will begin to get heavily involved with Bitcoin, “which will reflect positively in the price,” the BitcoinIRA co-founder noted. Kline also added that Mastercard’s patent that aims to speed up transactions by building a bridge “between blockchain-based assets and fiat currency accounts.” As reported by NewsBTC previously, Tom Lee, the head of research at Fundstrat Global Advisers, also believes that this is a catalyst that will drive the growth and adoption of this up and coming technology, as Mastercard’s solution, if implemented correctly, will help to speed up and secure crypto payments, while also utilizing “evaluating risk algorithms (that are used in credit cards) to evaluate the potential for fraud.” Although this may be a step back from the true decentralized nature of Bitcoin and other prominent networks, as Mastercard did mention “crypto fractional reserves” in the patent, Lee still claimed: “Something like the Mastercard news is positive because it’s really validating the idea that digital money, or blockchain-based money, is a valid form of transaction.” “Momentum Is Building” Closing off his piece, the BitcoinIRA executive discussed that the Bitcoin network is quickly picking up momentum, drawing attention to the amount of on-chain transactions. While his data is somewhat outdated, citing BitInfo, he claimed that the number of transactions on the Bitcoin chain per day had exceeded an average of 230,000, which is apparently the highest this statistic has been at since the start of 2018. This indicates that while prices have been in a slump, there is still widespread demand for the use of crypto assets, like BTC or ETH. Closing off this piece, Kline wrote: “I believe that this trend of more on-chain transactions is indicative of increased demand in the crypto space as a whole, which will only continue to increase as decentralized technology evolves and digital currencies grow increasingly accessible — and useful — to a group of people that once deemed them radical.” While his point about the number of on-chain transactions is valid, he also fails to point out that off-chain scaling solutions, like the Lightning Network, are quickly growing as well. This aside, it is clear that there is a real bull case for this budding asset class, even though widespread adoption is still a few years away. Featured Image from Shutterstock The post BitcoinIRA Exec: Bitcoin Could Surpass $40,000 After ETF Approval, Institutional Adoption appeared first on NewsBTC.

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Cryptocurrency Trading Volume to See 50% Growth in 2019: Research

Despite cryptocurrencies having fallen off their record highs, the sector is expected to experience double-digit growth in trading volumes next year suggesting that trader enthusiasm in the nascent asset class has not waned. According to research conducted by Satis Group, crypto trading volume will grow by over 50% in 2019. In the United States, the The post Cryptocurrency Trading Volume to See 50% Growth in 2019: Research appeared first on CCN

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30% Of Londoners Intend To Invest In Crypto In Near Future, New Survey Shows

The price of Bitcoin may have taken a nosedive from its December highs, but crypto investors in London are as upbeat as ever. As revealed by a new survey, one in three Londoners intends to invest in cryptos in the near future. The optimism contrasts the sentiments of investors in various other markets who have refrained from crypto fearing it could get worse. The optimism is however justified, with the report revealing that one in every eight investors in London attributes his wealth to his investment in crypto, way higher than the national average in the U.K. The Crypto City London has continued to attract some of the biggest names in the crypto world, with Coinbase having expanded its foothold on the market and a new report revealing that Gemini is planning a similar move. It turns out it’s for good reasons as the British capital has some of the most optimistic crypto investors around. According to a survey conducted by New York-based digital services firm Atomik, crypto investors in London are twice as optimistic about the market as the rest of the U.K. The survey which was commissioned by investment management firm Rathbone found that 30 percent of Londoners intend to invest in cryptos in the near future. This is more than twice the national average in the U.K which stands at a mere 13 percent. The survey further found that one in every eight investors in London attributes their wealth directly to their crypto investment. This is also much higher than the national average which stands at one in every thirteen. Expectedly, it’s the young and tech-savvy Londoners who are most interested in cryptos, with the survey revealing that 37 percent of those below the age of 35 would consider investing in cryptos in the future. Only 4 percent of those above 45 intend to invest in the volatile assets. Despite the popularity of cryptocurrencies in the European financial capital, they are still way below traditional investments such as stocks and shares, the report which collected results from 1,503 people revealed. Those who got into the industry early and made a killing are the biggest motivators for the younger investors, the investment director at Rathbone, Robert Hughes-Penney told London’s business-focused publication, City A.M. The new crop of investors is convinced they can make huge gains as those in the past did, he stated. He elaborated further on the great disparity between London investors and those from the rest of the country: “These figures suggest there are a number of investors in London with shorter investment goals who have been more susceptible to the so-called bitcoin craze, while outside of the capital investors have mostly stayed clear of what is a high-risk asset class Londoners have consistently shown a positive attitude towards Bitcoin and the other cryptos, with a study conducted three months ago revealing that 21 percent of millennials believe that investing in Bitcoin is better than investing in property. The study attributed the findings to the soaring performance of Bitcoin over the past few years and the very slow-moving property values, especially in London. The post 30% Of Londoners Intend To Invest In Crypto In Near Future, New Survey Shows appeared first on NullTX.

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Another Plus One For Crypto; Banking Giants Fined Billions for Malpractice

For their misconducts, US and European regulators are imposing heavy fines on global banks. Solid research findings indicate that fines could top $400 billion by 2020 according to reports by Quinlan and Associates. Most of these stems from their malpractice in the few months leading to the great financial crisis of 2008. That’s not including fines from money laundering and unfairly billing customers. On Monday, The Commodity Futures Trading Commission (CFTC) fined JP Morgan Chase Bank $65 million for failing to prevent their traders from fixing the US Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX) between 2007 and 2012. Developed in 1998 by the International Swaps and Derivatives Association (ISDA), Thomas Reuters and NEX Group PLC, ISDAFIX is a reference rate value important for fixed interest swap rates. The ISDAFIX fixes are determined by the US Dollar, Swiss Franc, British Pound and Euro. These rates were published every day from Monday to Friday at 11AM Eastern time and meant to represent the “prevailing mid-market rate, at a specific time of day, for the fixed leg of a standard fixed-for-floating interest rate swap” according to the CFTC. Big Banks Fined The CFTC penalized JP Morgan Chase for publishing false interest rates just before the daily reference point snap shot was taken between 2007 and 2012. By knowingly submitting false data, the bank’s derivative positions benefited at the expense of other interest rate products which depended on the common interest rate value. This is because aside from being a cash settlement option for interest rate swaps, the index acted as a valuation tool for other interest rate products which the Swaps Broker distributed to panel banks. JP Morgan Chase bank is not the only bank to be fined. BNP Paribas was fined $90 million by the CFTC when investigations found that traders of the bank’s investment wing were actively bidding and executing trades at around the 11AM rate submission time. This way they deliberately influenced the USD ISDAFIX index affecting products as LIBOR and foreign exchange benchmark rates. The Royal Bank of Scotland was also charged $85 million for similar offenses committed during the same time frame. Though an important cog in the global financial system, banks have been accused on numerous occasions of facilitating money laundering and outright manipulation. For compliance, reports indicate that global banks are now spending more than $500 million dollars for compliance purposes and lawyers. This is regardless of their tough insistence of Know Your Customer (KYC) details and regulator enforcement of Anti-Money Laundering rules. In April, two federal regulators, the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), fined Wells Fargo $500 million each for charging unfair interest fees on mortgages and forcing customers into unnecessary car insurance schemes. Last week, the CEO of Danske Bank, Thomas Borgen resigned after reports by Business Insider claimed the bank’s Estonian branch was involved in a money laundering scandals running to their billions following an investigation. Criminals ran 9.7 million transactions between 2007 and 2015 laundering $234 billion from around 10,000 non-resident accounts. Reports as such provide a big vote of confidence for cryptocurrency. In Bitcoin’s public ledger for example, the incentives to launder money or coerce with the intent of submitting false information is near impossible thanks to the transparency and verification checks in place. Image from Shutterstock The post Another Plus One For Crypto; Banking Giants Fined Billions for Malpractice appeared first on NewsBTC.

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VegaWallet – Bringing Mobile Crypto Payments to the Masses with POS

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned The post VegaWallet – Bringing Mobile Crypto Payments to the Masses with POS appeared first on CCN

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Weak Volumes: Ripple Tanks 15% as Crypto Market Deletes $13 Billion

˜XRP, the native currency of Ripple, has plunged by 15 percent as $13 billion was wiped out of the crypto market. Yesterday, on September 25, CCN reported that the volume of Bitcoin has declined from $5.3 billion to $4.2 billion within a 24 hour period, while the volume of Ripple dropped by more than 60 The post Weak Volumes: Ripple Tanks 15% as Crypto Market Deletes $13 Billion appeared first on CCN

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