Why Did Bitcoin Break Down From $9,000, and Where Is It Heading?

As Bitcoin’s (BTC) price floats in the waters of uncertainty in the low $8,000 range, one might wonder how crypto’s largest asset found itself at the bottom of a steep drop after its exuberant price rise from $3,330 to $13,880 earlier in 2019. One explanation could be that the move was simply the market’s reaction to a chart pattern many experts had their eyes on for months.  After its June 26 price high at $13,880, Bitcoin formed a descending triangle, followed by multiple months of consolidation. Near the end of…

The Final Frontier for Global Crypto Adoption

Earlier in September, Cointelegraph reported that Israeli cybersecurity startup GK8 had raised $4 million to finance its offline cryptocurrency transaction solution. The company developed a cold wallet with “hot wallet functionalities” that is completely shielded from online hackers because it does not require an internet connection.  Apart from creating additional security layers, offline transactions could, in theory, enable complete censorship resistance for cryptocurrencies. Being able to sign, send, validate, receive and record value transfers without the internet might also be the key to ensuring global cryptocurrency adoption. To this end, there are…

Morningstar Develops Blockchain Platform for Debt Securities

The credit rating arm of financial services giant Morningstar is developing a blockchain platform for the $117 trillion debt securities industry. Morningstar Credit Ratings is building an evaluation system for debt securities issued as tokens on a blockchain, Forbes reports on Oct. 2. Michael Brawer, COO at Morningstar Credit Ratings, stated that the firm is working with a number of blockchain-oriented firms who are seeking to issue debt instruments on a blockchain.  According to Forbes, Morningstar rates a wide range of assets based on their past returns to investors on…

Parity Updates Tech to Let You Turn Old Phones Into Cold Storage Crypto Wallets

Parity Technologies released a new version of Parity Signer, a mobile application that turns old smartphones into offline wallets. The company announced the V3 beta on Wednesday, which will enable users to store assets, vote for governance proposals and sign transactions offline, with integrations for both the Polkadot and Ethereum blockchains. Offline, or “air-gapped,” wallets provide the simplest form of protection from hackers and malware attacks. The company suggests that smartphones running the app be kept on airplane mode. “To keep your funds safe, the phone containing your accounts should…

Start earning crypto rewards on Coinbase today

With the launch of USDC Rewards, eligible US customers will start earning 1.25% APY rewards on every USD Coin they hold on Coinbase Coinbase is committed to building the easiest, most trusted crypto investment experience in the world. As crypto adoption continues to spread, it’s our goal to deliver more ways for anyone to legally and securely do more with their crypto, beyond trading. With today’s launch of USDC Rewards, eligible US customers will begin earning 1.25% APY* rewards on every USD Coin (USDC) they hold on Coinbase. USD Coin…

It’s Too Soon to Write Off Bakkt, Wall Street Analyst Tells ICE Investors

It’s too soon to write off Bakkt, despite the bitcoin futures market’s disappointingly slow start, analysts at Oppenheimer & Co. said. In an Oct. 1 research note, the equity research firm encourages investors to “not get upset” about the lackluster trading volume of Bakkt. For one thing, its parent company, Intercontinental Exchange, has plenty of other electronification initiatives in fixed income analytics and trading, mortgages and exchange-traded funds (ETFs), wrote Oppenheimer senior analyst Own Lau and managing director Chris Kotowski. Bakkt’s average daily futures volume was 125 contracts, each for…

NYAG to Court: Don’t Let Bitfinex Keep Stonewalling Our Investigation

Bitfinex may be enjoying a break from having to produce documents to investigators, but it should be preparing for when the reprieve ends, the New York Attorney General’s office said. In a newly disclosed letter, written by senior enforcement counsel John Castiglione and filed on Sept. 30, the NYAG’s office outlines how Bitfinex and Tether, as well as other affiliated entities, have not produced any documents pertaining to an alleged cover-up of an inter-company loan. The NYAG’s office revealed it was looking into Bitfinex, its sister stablecoin issuer Tether, and…

Mastercard and Visa Reconsider Libra as Regulatory Criticism Intensifies

On Tuesday, the Wall Street Journal reported that MasterCard Inc. (NYSE:MA) and Visa Inc. (NYSE:V), among other financial partners, could be reconsidering their position in Facebook Inc.’s (NASDAQ:FB) cryptocurrency project Libra. Backers Not Ready for Criticism from Regulators The Journal report indicated that the financial backers of the cryptocurrency project are not ready to draw criticism from regulators. Libra has received criticism from legislators owing to the reputation of Facebook regarding how it has been handling personal information. Many have declined Facebook’s request to support Libra publicly. In an interview with…

No Plans for Physically Settled BTC Contracts

The Chicago Mercantile Exchange (CME) Group has no current plans to launch physically settled Bitcoin (BTC) contracts, a senior executive has said. Tim McCourt, its global head of equity index and alternative investment products, told MarketsMedia on Oct. 1 that all new contracts or products are driven by customer demand. CME’s new options will be settled in BTC futures CME has been trading BTC futures since December 2017 and recently revealed plans to launch options in the first quarter of 2020, pending regulatory review. Its current Bitcoin futures contracts are…

Pantera Leads $5 Million Round for Decentralized Derivatives Market

A protocol built to put financial middlemen out of business has secured a $5 million seed round led by Pantera Capital. The Vega Protocol aims to make it feasible for people anywhere in the world to spin up markets for derivatives (futures, swaps, options, etc.) that can interact with each other and abide by relevant regulations. Other key investors joined the round, including Ripple’s Xpring, Hashed and KR1. Participants purchased an as-yet-unnamed ERC-20 token that will manage staking and governance services on the blockchain, according to Vega CEO Barney Mannerings.…