Monday, 13 July 2020

Crypto Weekly - Sept. 28

Bitcoin and its peers opened the week with losses, but rebounded by mid-week on some positive cues, and most of the cryptocurrencies were trading higher Friday.

In some main news, the trustee in charge of liquidating cryptocurrencies from the defunct Mt. Gox exchange, confirmed on Tuesday that a total $230 million of Bitcoin and Bitcoin Cash was offloaded in the period since March 7.

Elsewhere, the Intercontinental Exchange confirmed that the first product offering from its crypto platform Bakkt would be physical Bitcoin futures.

Bullish comments by prominent investors such as Michael Novogratz and the expiration of quarterly Bitcoin futures at some exchanges also boosted the Bitcoin price.

Overall cryptocurrency market capitalization was $221.19 billion and the Bitcoin dominance rate was 52 percent as of 10.25 am ET on CoinMarketCap.

Here is a collection of the main news from the cryptocurrency and blockchain world this week.

Google To Allow Regulated Crypto Exchanges To Advertise In US, Japan

Google, which banned cryptocurrency related ads earlier, is now planning to allow regulated cryptocurrency exchanges to advertise in the United States and Japan. The Google Ads policy on Financial products and services will be updated in October 2018, the company said in a post.

Chinese Crypto Mining Giant Bitmain Files For Hong Kong IPO

Chinese cryptocurrency mining major Bitmain Technologies filed for an Initial Public Offering on the Hong Kong stock exchange, after months of speculation. The company said the proceeds of the IPO would be used towards research and development and to expand its production output.

Coinbase Launches 'Coinbase Bundle' For Amateur Crypto Traders

US-based cryptocurrency exchange Coinbase has introduced a new concept called 'Coinbase Bundle' to enable amateur traders to buy a bundle of cryptocurrencies for a fixed amount of investment. It will be available to customers in the US and Europe over the coming weeks.

FSA Issues Business Improvement Order To Hacked Japanese Crypto Exchange

Japan's top financial regulator Financial Services Agency (FSA) has sought explanation from the operator of hacked cryptocurrency exchange Zaif regarding how the breach occurred, and what steps it will take to re-compensate customers who were the vctims of the hack. Osaka-based Tech Bureau Inc., which operates Zaif, reported last week that Zaif lost 5,966 bitcoins worth 6.7 billion yen ($60 million) after hackers illegally accessed the server of Zaif and transfered money.

Australian Regulator Acts Against Misleading ICOs, Crypto-asset Funds

Australia's financial regulator has taken action against the promoters of deceptive and misleading initial coin offerings (ICOs) and crypto-asset funds which are targeting Australian retail investors. The Australian Securities and Investments Commission (ASIC) said it has stopped several proposed ICOs or token-generation events as well as issue of a Product Disclosure Statement (PDS) for a crypto-asset managed investment scheme.

Circle Introduces Dollar-backed USD Coin

Cryptocurrency finance firm Circle has released a dollar-backed stablecoin, called USD Coin or USDC. Individuals and institutions can enroll in this service to deposit US dollars from bank accounts, convert those dollars into tokens usable on Internet, and redeem USDC tokens and cash out to bank accounts, Circle co-founders Sean Neville and Jeremy Allaire wrote in a blog post.

AT&T Creates Blockchain Solutions For Enterprise Customers

AT&T Communications, part of Telecom giant AT&T, announced the creation of a suite of blockchain solutions to help Enterprise customers reduce costs, risk, and simplify business processes. These blockchain solutions are designed to work with technology from IBM and Microsoft, and are available in the market.

FedEx, Honeywell To Join Hyperledger Project

FedEx, Honeywell International, and Constellation Labs are among the latest group of fourteen organizations to join the Hyperledger project, which is hosted by The Linux Foundation to improve cross-industry blockchain technologies. Others who joined the project include BetaBlocks, Blockchain Educators, Cardstack, Elemential Labs, KoreConX, Northstar Venture Technologies, Peer Ledger, Syncsort and Wanchain.

Porsche Boosts Investments In Technologies Including Blockchain

German sports car maker Porsche has increased its investments to access future technologies and business models by EUR 150 million or $175 million over the next five years. These include artificial intelligence, blockchain and virtual and augmented reality.

Current Prices

As of 10.30 am ET, Bitcoin was down by 1.02 percent for the week at $6,661.98 and Ethereum was lower by 1.84 percent at $226.00 on Coinbase.

source: RTT

Legal disclaimer: The insight, recommendations and analysis presented here are based on corporate filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. They are presented for the purposes of general information only, and all the information belongs to the original publishers. These may contain errors and we make no promises as to the accuracy or usefulness of the information we present. You should not make any investment decision based solely on what you read here.

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