Day: April 24, 2018

According to a survey by Thomson Reuters, one in five financial institutions are thinking about trading digital currencies at some point over the next year. Despite the lull in prices so far in 2018, it appears that many are seeing opportunity thanks to the volatility associated with the space.

Is This the Beginning of Institutions Taking Public Positions in Crypto?

The survey published today was put to over 400 of Thomson Reuters Corp’s clients. These included asset managers, hedge funds, and trading desks associated with the world’s largest banks. Twenty percent of those asked indicated that they had thought about buying and selling digital assets at some point in the next twelve months.

The co-head of trading at Thomson Reuters, Neil Penney, spoke to Business Insider earlier today about the pending rise in institutional investment in digital assets:

“Cryptocurrency is still a relatively small part of the trading market, but this survey makes clear this niche segment is starting to enter the mainstream of the financial services industry. This is a major change from a year ago.”

Unfortunately, today’s survey was the first of its kind by Thomson Reuters. As such, there are no such figures to help determine the change in institutional interest in digital currencies over the last twelve months.

Many crypto analysts had wrongly assumed that the launch of the CME and CBOE Bitcoin futures markets last December would signal an influx of money from traditional investment sectors. However, these particular financial products have not proved nearly as popular as some had hoped.

This hasn’t dampened enthusiasm for cryptocurrency trading too much, however. Of the 20% of survey respondents who affirmed that they were considering trading digital currencies in the next twelve months, over two thirds of them said they were planning on entering the market in the next three to six months.

Financial regulators have begun to clean up the space of fraudulent companies and blatant scams and it is this maturing market, along with the dramatic volatility and potentially limitless upside potential of certain crypto projects, that is currently attracting such institutional interest to trading digital currencies.

Already this week, we’ve reported about Goldman Sachs’ new appointment of Justin Schmidt to their cryptocurrency markets unit. This highlights a very real commitment to helping their clients get the exposure to digital assets that they’re obviously seeking. It appears from the Thomson Reuters survey this week that many more will follow Goldman’s lead in the coming months.

Image from Shutterstock.

The post Research Indicates 20% of Financial Institutions Plan to Trade Crypto appeared first on NewsBTC.

It happened, folks! Bitcoin has broken $9,000! At press time, the currency is trading for just under $9,400 – a near $500 rise from yesterday’s high.

Billionaire tech investor Tim Draper is referring to bitcoin as bigger than both the Internet and the Industrial Revolution, and with so many analysts predicting another massive breakout in the coming months, he may not be far off the mark.

This is the first time since early March that the currency has struck this kind of territory, and most experts seem to be pointing their fingers and shouting, “I told you so.”

“I’m not surprised to see bitcoin’s price exceed $9,000 this week,” says Rodrigo Marques, CEO of investment platform Atlas Quantum. “Rumors of a price explosion seem to have been driven by more and more institutional buyers getting into cryptocurrencies.”

The Independent notes statistics showing buy orders for cryptocurrencies ultimately increasing by roughly 92 percent in over a year, and taking up a large part of the market’s activity.

“With so many buy orders placing pressure on the cryptocurrency market, a significant price shift is highly likely,” the source explains.

Another reason behind the sudden price change could be a growing change in the public’s attitude towards regulation. Up until this point, regulation has often been viewed in a negative light – an entity that would somehow destroy investor privacy and monetary independence, but the tide is now taking a different turn.

While the threat of regulation still exists, some see certain tactics as necessary for the security of the cryptocurrency industry, and say that investor privacy can be sustained while exploiting blockchain benefits. One of these suggesting figures was IMF boss Christine Lagarde in a recent discussion regarding ether, Ripple and other virtual assets that are experiencing heightened popularity.

Marques commented on the attitudinal shift, explaining:

“Although there are ongoing regulatory concerns in key markets, they do seem to be dissipating. If these concerns are addressed and there is even more positive movement related to regulation in these markets, there could be even more buying pressure to come.”

With the recent price barrier broken, analysts are very confident bitcoin can reach the $10,000 mark in the coming week, and that newfound optimism amongst investors could allegedly trigger a stronger bull phase.

“Bitcoin is well on its way to $10,000, and the volumes, buy orders and momentum oscillators all point towards this,” says blockchain advisor Oliver Isaacs. “Bitcoin is up over 15 percent in the last seven days, and there are clear signs that the bull run is back. Over the past few months, bitcoin had lost nearly three-quarters of its value, but now investors are seeing a lot of value across the board, and market caps are rising rapidly.”

In addition, bitcoin evangelist Alistair Milne predicts the currency could reach anywhere between $35,000 and $60,000 by 2020, and hedge fund CEO Joe DiPasquale also notes a dramatic shift in bitcoin’s behavior.

“Bitcoin’s spot price has definitely seen a positive shift in sentiment over the past week,” he stated. “Some big players have recently entered the space, and many of the circumstantial barriers that were feeding the bears appear to have lifted. All indications show this should be the start of a nice, steady climb.”

With Coinbase shutting down the account of the WikiLeaks Shop, it has become apparent that other companies are rethinking their relationships with the service as well. CheapAir has made it clear that it is more than willing to switch Bitcoin payment processors in the future, depending on how the current situation evolves.

CheapAir Isn’t too Happy with Coinbase

It is already difficult enough to get companies to accept Bitcoin and other cryptocurrencies these days. Those problems are only compounded when dealing with Bitcoin payment processors which seemingly decide to shut off specific clients for no apparent reason. The recent Coinbase-WikiLeaks saga illustrates that point perfectly.

It seems the Bitcoin payment processor’s decision has forced other companies to take a closer look at their current situations. Although CheapAir has accepted Bitcoin payments since 2013, the company is keeping a close eye on current developments in this industry, including what Coinbase is doing.

CheapAir has issued a letter to its customers explaining the current situation. One of the challenges facing the company is the fact that Coinbase will no longer support “custodial” solutions for merchants. Additionally, CheapAir will no longer have access to some of the tools currently used to accept Bitcoin payments on its website.

Due to this unforeseen turn of events, CheapAir is now forced to adapt. In an effort to solidify its position in the industry, the firm has already begun experimenting with cryptocurrencies other than Bitcoin. Some of the currencies that are of great interest to CheapAir include Bitcoin Cash, Litecoin, and Dash.

However, it is possible the company will need to embrace a completely different cryptocurrency payment processor in the future. CheapAir says it’s currently looking for a reliable processing partner, and it seems BitPay is the favorite as of right now.

Unsurprisingly, CheapAir has already been working on integrating BitPay support behind the scenes. While the process is not yet complete, things are certainly headed in that direction. There are still some concerns in regard to this choice, as BitPay doesn’t support non-BIP70 compliant wallets. 

Maltese prime minister Joseph Muscat’s claim of the “inevitability” of cryptocurrency reflects the Mediterranean island’s attitude regarding the digital future.

“I understand that regulators are wary of this technology but the fact is that it’s coming. We must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them. We must be the ones that others copy”, said Muscat.

If cryptocurrencies are to form the foundation of the future global economy, as Muscat suggests, then Malta is well placed to play its own part in embracing fintech developments. Malta has always believed that defined but fair rules would be essential in order to create an environment where cryptocurrency and its underlying blockchain technology could flourish.

The reason that Malta has become increasingly appealing to Bitcoin companies conducting business there is not only due to the island’s positive spin on blockchain technology and its open-minded approach to regulation, but also the island’s strong economy. Currently, Malta also enjoys an enviable tax rate of as little as 5% for international companies.

The announcement that crypto exchange giant Binance has now made Malta home, followed by similar plans from rival exchange OKEX, German blockchain firm Neufundand and gaming platform The Abyss, have received recent media attention, causing over-regulated companies to consider their options.

Malta’s location is another reason for its potential as a crypto haven due to its competition with exchange-rich countries such as Japan, South Korea and Hong Kong. So far, out of these players, only Japan has made significant inroads towards successful regulation and development. Malta is already well positioned to take advantage of other countries’ reluctance to embrace consumer protection measures and development.

Tron founder, Justin Sun, recently commented that he was considering a move to Malta. Many other companies may follow – according to Ian Gauci, Malta-based partner at GTG Advocates, the interest will be “on a wider spectrum and not only crypto”.

Following in the footsteps of Malta is Gibraltar, which has also lured Binance to its shores. Like Malta, it is keen to attract new and existing fintech companies with its positive outlook for the future of blockchain and cryptocurrency. Its stock exchange subsidiary has launched what it believes to be the first blockchain exchange to be regulated by an EU financial watchdog.

Malta hosts the Malta Blockchain Summit 2018 at the beginning of November. The summit expects 4,000 delegates with Prime Minister Muscat as keynote speaker.

The post Malta Seeks Status as Crypto Capital appeared first on BitcoinNews.com.

This promoted article originally appeared on Bitcoin Magazine.

One of the world’s largest asset managers has updated its code of ethics to account for the blockchain-based fundraising method.

Hedge Fund Manager John Pfeffer says BTC is better than gold “on every front,” predicts its value could rise to “no less than $90k” and “as high as $700k.” #NEWS

An Icelandic national who escaped from jail at end of last week for his involvement in a cryptocurrency mining heist has been arrested in Amsterdam, according to reports.

Sindri Thor Stefansson, originally arrested in February, is one of 11 men wanted in connection with the theft of 600 computers in late-December and early-January which were being used to mine digital currencies. The machines, worth $2 million, are still missing.

Iceland is a popular location for cryptocurrency mining operations because almost 100% of the power generated in the Nordic country comes from renewable resources. The cold climate is also ideal as operating mining rigs produces a lot of excess heat.

Stefansson’s Escape

Last week Stefansson escaped Sogn open prison in southern Iceland and made his way to Keflavik International Airport. He then took a flight to Sweden with a ticket under another man’s name. Soon thereafter, an international warrant was issued for his arrest.

On Sunday, in what may have led to his capture, Stefansson was photographed with two others in front of the Bijenkorf department store in central Amsterdam and the picture was placed on Instagram, according to Dutch newspaper The Algemeen Dagblad.

As of now it is unclear how Stefansson made his way to Amsterdam, and Icelandic police have not yet released detailed information regarding his re-capture, reports the Associated Press. It was reported, though, that authorities had been monitoring electricity consumption patterns in the search for the missing rigs, and also called upon local internet service providers, electricians, and owners of storage units to report any suspicious behavior.

Stefansson Held Without Trail

In a recently penned letter to Iceland’s Frettabladid newspaper, Stefansson claimed he was not guilty and that he had been held in the country without trial. According to the letter, he had plans to take his case to the European Court of Human Rights.

Stefansson said he was not serving a sentence in Iceland and that his period of custody had run out. He claims he was told on Monday of last week, before he escaped, that he was free to go, but that police would without explanation arrest him if he left the prison.

“I simply refuse to be in prison of my own free will, especially when the police threaten to arrest me without explanation,” he said in the letter, where he claimed that he was forced to sign a statement agreeing to remain in custody.

According to Stefansson, there was no evidence that he was involved in the mining rig heist, ‘only suspicion.’ Without further information available at this time, it’s hard to say if there’s any truth to his claims of innocence. What’s certain is that Icelandic police must have more than ‘suspicion’ considering the lengths gone to re-capture the fugitive.

Image from Shutterstock.

The post Icelandic National Allegedly Involved in Cryptocurrency Mining Rig Thefts Re-Captured in Amsterdam appeared first on NewsBTC.

In the financial world, there is a lot taking place which should not be happening. Although that sounds rather controversial, a recent statement by a financial adviser for the Canadian Imperial Bank of Commerce certainly indicates that some things have taken place which are not necessarily right. For some reason, a federal investigation failed to turn up any evidence regarding those claims.

What is Going on With CIBC?

It is always interesting to read reports by banking industry insiders. In a lot of cases, they will gladly talk about how their companies are doing extremely well. In the case of CIBC, it seems there are a fair few things happening behind the scenes which may end up hurting customers in the long run.

According to a CIBC source, there are widespread instances of customers who were upsold due to pressure on employees to meet sales targets. It is a well-known fact that banks are slowly trying to turn the ship around in terms of improving their sales numbers. That is not necessarily a good thing, even though banks offer a lot of useful products.

However, a recent investigation by Canada’s banking regulator did not find any major evidence regarding such developments. More specifically, the investigation found no real issues worth reporting on, which baffled the CIBC source and her colleagues. All of this raises the question as to what is going on behind the scenes at this bank.

While many people rejoiced at the news of the Financial Consumer Agency of Canada investigating the country’s major six banks, the published report notes nothing out of the ordinary. That’s rather surprising, considering that the investigation came to be due to a growing number of media investigations conducted throughout 2017. Those investigations all confirmed that bank employees face immense pressure to sell products and services which people may not necessarily need.

That being said, such sales are – according to the published report – not the biggest concern in the industry right now. This is despite receiving over 4,500 complaints pertaining to the six major Canadian banks, which raises a lot of questions. When bank employees themselves grow concerned over what they are doing on a daily basis, a more thorough investigation appears more than warranted.

Whether or not the Financial Consumer Agency of Canada will revisit this topic in the near future is a bit unclear. It is evident the banking sector is undergoing some changes which may not always benefit consumers in the long run. However, until investigations find actual evidence of ongoing wrongdoings, there is apparently very little for banks to worry about.

According to MyEtherWallet’s CEO, the issue has been resolved.

Online gambling is healthily maturing in revenue close alongside brick and mortar casinos. When it first began to flourish in the early 2000’s, many in the traditional brick and mortar gaming space claimed that online gaming would compete with brick and mortar. Who would want to come to a brick and mortar casino when they could game from the comfort of their home?

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But now with the online gaming space risen to 37.91 billion USD the opposite has come true. The traditional gaming space has grown double of what it was to 465 billion USD. And has passed its expectations since 2001. Brick and mortar casinos have enjoyed a rise alongside online casinos by offering a unique experience and enticing online gamers to go to the casino to explore.

Ra Entertainment has assessed this trend, and has created a strategy of integrating online gaming with a physical casino. The ICO will produce an ERC-20 token, Racoin (RAC) that works within the casino with perks, goods, services, stake bonuses and jackpots for token users in the physical casino environment.

The online casino will host a digital space for gaming as well. And partnerships are underway for online European casinos to use the space as well.

However, there are a few pitfalls to online gaming. One being that even when an online casino offers a fair playing environment, players feel cheated when they do not see how the game is being fairly provided.

With Blockchain, online gaming is on the cusp of a revolution. Now, online gaming sites can prove with utmost transparency that the games are fair on the blockchain. On the Ethereum blockchain, players can identify for themselves whether or not they are playing a fair game.

Ra Entertainment has spent the 2016 year researching what they are capable of doing on the blockchain. In 2017, they put together the team to actually implement what they had wanted to accomplish an integrated casino resort that uses a token for payment as well as online gaming token.  

Their late 2018 to 2019 roadmap sees the construction of Ra Entertainment casino being built in the wonderfully remote Palau islands in the Pacific. Palau is located in the Pacific far southeast from Japan and Northeast of Indonesia. Palau World will be a resort and casino on Babeldaob island where RAC may be exchanged for goods and services.

Ra Entertainment Inc.wants to remove the difficulty of using tokens by allowing its use for a payment option in the resort. By providing an ERC-20 token, Ra Entertainment Inc. also offers methods of withdrawal that charge only a processing fee on the Ethereum network.

The ICO main sale will initiate on the 28th of April. The hard cap for this sale is 5 billion RAC. 100,000 RAC will sell per Ethereum. And RAC will be available for sale by exchanges afterwards. There will only be 20 billion RAC in existence.

A 5% bonus will go to those who buy with 1-50 ETH. A 10% bonus for 50 to 100 ETH. And a 25% bonus for those who buy with over 100 ETH. A crowdsale jackpot will also release RAC to those who bought.

The chances of winning the 155000000 RAC jackpot goes in proportion to however much a token holder has bought in. One person will win 100 million RAC. Ten will win 5 million RAC. And one hundred will win 100,000 RAC.

Website – https://racoin.io/

Telegram chanel – https://t.me/racoinnews