Daily, May 24, ’18

Daily, May 24, ’18

Coinbase, GDAX, Paradex, Bitcoin Gold, CFTC, India, Argentina, SWIFT

  • The largest American cryptocurrency company Coinbase announced the rebranding of the GDAX platform, as well as the purchase of a decentralized exchange Paradex.
  • The GDAX platform will now be called Coinbase Pro and will focus primarily on individual crypto-investors.
  • The Bitcoin Gold network underwent a double effective cyber attack, losing $18.6 million. Edward Iskra, Director of Communications, acknowledged the fact of the attack and explained that the miner conducted the attack.
  • The US Department of Justice together with the Commodity Futures Trading Commission (CFTC) initiated an investigation to determine the possibility of manipulating the exchange rate by cryptocurrency investors. It is designed to identify illegal practices that can be used to manipulate courses of cryptocurrency.
  • India introduces an 18% tax on operations with the cryptocurrency. At the moment, this initiative is being considered by the Central Council for Indirect Taxes and Customs.
  • Jose Dakak, the main shareholder of the Argentinean bank Banco Masventas, said that the bank could leave from the global financial network SWIFT to begin using the blockchain of bitcoin to settle international payments.

BTC

8,744 USD
0.38%

ETH

272.72 USD
-0.09%

XRP

0.4543 USD
1.98%

BTG

24.31 USD
1.30%

Related news

Ethereum and FAT Brands Partner Over Digitized Stocks

Would you have ever thought that cryptocurrency and fast food would go together? Neither did a lot of people, but as it turns out, it’s happening. Through a new partnership with Ethereum and popular burger joint Fatburger… Fatburger and Ethereum: A Perfect Match? To be fully clear, it’s not just Fatburger itself, but the corporation that owns it. This corporation owns several restaurants and fast food joints, including Bonanza Steakhouse and Ponderosa Steakhouse. They all exist under the name “FAT Brands,” which is putting $30 million into the Ethereum-based platform Cadence to potentially tokenize a new bond offering. FAT Brands CEO Andy Wiederhorn explains in an interview: FAT Brands is working with Cadence as the lead arranger to do a whole business securitization. Similar with other issuances arranged by Cadence, a digital asset will be created that is a digital reflection of ownership for every investor in the structured notes… The FAT Brands securitization will also be a private credit issuance. For the most part, the company will use fees garnered from its franchises to boost the endeavor. Bonds will start out on paper; they’ll then be tokenized for better security. The company plans to do this with all its bonds by the time 2020 rings in. Cadence head of capital markets Prath Reddy explains: There will be security tokens issued on the Ethereum blockchain that digitally represent ownership in the underlying Reg D exempt bonds. The situation is similar with issuing standard stocks and bonds to shareholders. The only difference is that this time, instead of holding paper-based shares, all investors can expect their property to be digital. The process is allegedly safer and delivers shares faster to potential investors. Wiederhorn further states that there are likely to be some exemptions that specific investors can look forward to. He says: It is anticipated that exemptions will be filed for Reg D and Reg S, allowing U.S. accredited investors and international investors to invest in the offerings. Why Blockchain Matters in These Cases In closing, he offered additional sentiment regarding blockchain technology and why it’s so important in today’s business dealings: The digital asset serves as a digital reflection of ownership and provides a level of transparency into the cap table of each structured note, including how much each investor invested. Cadence has already issued 16 different structured notes to date as of the end of August, and so it is likely that investors who have invested in prior Cadence offerings will be investing in this offering as well. By issuing this digital asset, Cadence provides a level of transparency into the cap table that has never existed before. Among the first companies to try something like this was Overstock, which began issuing stocks to investors via blockchain technology as early as 2015. The post Ethereum and FAT Brands Partner Over Digitized Stocks appeared first on Live Bitcoin News.
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Bitcoin Ethereum Litecoin XRP LINK BNB ZRX Technical Analysis Chart 10/13/2019 by ChartGuys.com

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Does Crypto Need a Bitcoin ETF? CNBC Analyst Says Maybe Not

If you have followed the Bitcoin industry’s news cycle over the past two years, you likely would have noticed an incessantly recurring trend: Bitcoin exchange-traded funds (ETFs). These financial vehicles, which have yet to appear in U.S. markets, are believed by some analysts to be the catalysts that could propel this nascent market to new heights. Indeed, an ETF tracking the leading cryptocurrency would give institutions (and possibly retail investors) their first medium for Bitcoin investment. However, not everyone convinced that such vehicles would be the end all and be all for cryptocurrency investment. Related Reading: Crypto Tidbits: Bitcoin ETF Denied, Libra Loses Visa & eBay, SEC Crackdown on Telegram’s Blockchain Bitcoin ETF Hype Unwarranted Speaking on a CNBC “Fast Money” segment last week, Brian Kelly of BKCM argued that a Bitcoin ETF isn’t essential for continued development and growth in this budding space. While many may take this statement as blasphemous, Kelly went on to back up his comment, drawing attention to the fact that there are other up-and-coming on-ramps. The industry investor looked to Fidelity and TD Ameritrade — two giants in the American finance realm — adding that “ultimately you’re going to be able to buy Bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.” The SEC just knocked back anther bitcoin ETF. @BKBrianKelly breaks it down. pic.twitter.com/C3OfdhG2ru — CNBC's Fast Money (@CNBCFastMoney) October 10, 2019 Kelly’s comment is similar to that made by Sasha Fleyshman, a trader at cryptocurrency investment manager Arca. Fleyshman recently wrote on Twitter that the Bitcoin ETFs that are being so heavily lauded aren’t exactly needed, in that that there already custodial and investment solutions that should spark an institutional entree. I still can't quite comprehend why this space is so incessant on having a #Bitcoin ETF. With what @Bakkt is doing (physically backed $BTC futures/custody), what @DigitalAssets is doing in terms of custody solutions, etc: why are we so hung up on an ETF for "institutional entry"? — Sasha Fleyshman (@ArcaChemist) October 10, 2019 These comments come shortly after the U.S. Securities and Exchange Commission (SEC) slammed Bitwise Asset Management’s ETF proposal, issuing an over 100-page letter on why they believe that this market isn’t ready for a publicly-tradable fund. Where We’re Going, There Are No Institutions CryptoOracle founder Lou Kerner has taken Kelly’s rhetoric further. Per previous reports from NewsBTC, the former Goldman Sachs analyst said that Bitcoin doesn’t need institutions to succeed and rocket higher, citing the fact that a majority of the asset’s growth has been retail-based. Kerner even went as far as to say that the institutions will be the followers in this market, not the trailblazers. Yet, he did admit that institutions will eventually make a true foray into this market, claiming they will be attracted to cryptocurrencies like apples are attracted to the ground. Related Reading: Fun Fact: Bitcoin Price is Up 838,000,000% in Ten Years’ Time Featured Image from Shutterstock Does Crypto Need a Bitcoin ETF? CNBC Analyst Says Maybe Not was last modified: October 13th, 2019 by Nick ChongThe post Does Crypto Need a Bitcoin ETF? CNBC Analyst Says Maybe Not appeared first on NewsBTC.
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