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$15 billion asset manager is the latest to receive SEC approval for its bitcoin futures fund

A new bitcoin futures fund managed by the $15 billion asset manager Stone Ridge has been approved by the U.S. Securities and Exchange Commission (SEC). While firms like Galaxy Digital and VanEck have recently rolled out similarly structured funds, the new fund intends to invest only in cash-settled futures, which addresses the SEC's concerns regarding potential market manipulation and has won it a personal endorsement from SEC official Dalia Blass. Stone Ridge Trust VI filed the registration statement for the NYDIG Bitcoin Strategy Fund in October. After two subsequent amendments, the registration went into effect on Monday. Stone Ridge Funds, a subsidiary of Stone Ridge Holdings Group targeted at institutional clients with long-term horizons, will act as the new fund’s investment advisor, according to the filings. By Aug. 30, the group has managed approximately $15 billion worth of assets. The new fund is “a non-diversified, closed-end management investment company,” the filings say. Its shares are not listed on any exchange and only institutional traders can invest at a price of $10 per share. Shareholders may not sell or repurchase their shares on a daily basis but can only periodically sell portions of their shares back to the fund. This feature is designed to only draw in long-term investors with sustainable investment goals and relatively high-risk tolerance. Furthermore, the NYDIG Bitcoin Strategy Fund will not directly invest in digital assets like Bitcoin, the filings claim but will focus on investing in bitcoin futures contracts. "Prime example" The new fund came as a result of the SEC’s recent effort to engage the fund industry in conversations about investor protection, according to last week’s speech by Director of the SEC’s Division of Investment Management, Dalia Blass. In her speech, Blass gave the agency’s rationale for supporting the fund. Firstly, the fund will only invest in cash-settled futures, which will mitigate the risks and challenges involved in direct holdings of digital assets. Secondly, since the fund is a closed-end interval fund that does not offer daily redemptions, it will not suffer from large, short-term liquidity demands by market makers and its price will remain relatively stable. Moreover, the fund has taken measures to prevent potential manipulation, including offering substantive risk disclosures, recruiting only registered investment advisers, and setting an initial cap of $25 million to limit the fund's size and growth trajectory. At the same time, however, she emphasized that “no investment products are absolutely risk-free,” which she said is particularly true when it comes to newly emergent investment strategies like those seen in the digital asset market. Blass considers the NYDIG Bitcoin Strategy Fund a “prime example” of the SEC’s recent engagement efforts and claimed that the agency “welcome[s] and value[s] constructive industry engagement regarding new products and novel investment strategies.” SEC Commissioner Hester Peirce echoed Blass’s restrained optimism and tweeted that the launch of the new fund shows “a bit of progress” in this regard.
The Block Crypto

Analysts Claim Indirect Investment in Cryptocurrency and Blockchain helps Manage Massive Risks

There has been an extra amount of negative sentiment directed towards cryptocurrencies in the last few weeks as Bitcoin slowly winded down from $8500 to $6800 over the course of a month. Many wealth managers believe it is better to gain exposure to this space by investing in publicly listed companies that are working withRead MoreRead More. The post by Ashwath Balakrishnan appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Ukraine Set To Legalize Cryptocurrencies As Means Of Payment And Investment

Good news came from Eastern Europe as the legislative arm of Ukraine, the Verkhovna Rada, has adopted an amended draft law that seeks to introduce cryptocurrencies as a legal means of payment and investment within the country, according to a Monday report.  This development is an effort to work in accordance with the Financial Action Task Force (FATF) global standard for cryptocurrencies, which requires participating countries to provide guidelines for their individual crypto space.  The original bill, which focused on the “prevention the legalization of proceeds from crime and the financing of terrorism and weapons of mass destruction proliferation,” was amended to include digital assets after its first reading.  The amended draft described virtual assets as both property and a digital representation of value, which can be transferred, traded, or used as a medium of exchange for goods and services or investments.  Not Without Caution While Ukraine has welcomed cryptocurrencies with open arms, the country did not throw caution to the wind. Following the guidelines of the FATF, Ukraine also prepared an Anti-Money Laundering (AML) policy to oversee the operations in the cryptocurrency sector in the country.  The Ministry of Digital Transformation will be responsible for regulating the circulation of cryptocurrencies within the country while ensuring that every participant in the crypto sector of Ukraine is fully compliant with the AML regulations.  Crypto transactions will be monitored at different levels, depending on the amount involved in them. For example, as per the guidelines, sending below 30,000 hryvnias ($1,300) per transaction will require only the sender to submit their public key to the government for financial monitoring while transactions above that amount would require both the sender and recipient to verify their Identify as well as their business relationship.  Just One More Step Although the bill has passed its second reading, it still has to be adopted officially by the Verkhovna Rada and currently “being prepared for signing.” Once the President of the country signs the bill, it will be enacted into law.  Meanwhile, Valdis Dombrovskis, former president of Latvia and nominee for the next Finance Commissioner of the European Union (EU), said last month that he would propose a unified cryptocurrency regulatory framework to regulate cryptocurrency activities among EU members.  The post Ukraine Set To Legalize Cryptocurrencies As Means Of Payment And Investment appeared first on CryptoPotato.
CryptoPotato

Regulatory Roundup: Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency

In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins. Also read: Regulatory Roundup – Germany to Let Banks Sell and Store Crypto, Laws Changing in Asia SEC, IRS, Financial Stability Council, Senate Several U.S. regulators took some notable steps pertaining to their cryptocurrency oversight last week. In the financial sector, the Securities and Exchange Commission (SEC) green-lighted a bitcoin futures fund while still contemplating whether to approve bitcoin exchange-traded funds (ETFs). The NYDIG Bitcoin Strategy Fund is now preparing to launch with the objective of investing in cash-settled bitcoin futures contracts traded on CFTC-registered commodity exchanges. Stone Ridge Trust VI will be the fund’s investment advisor. Over in the tax arena, the Internal Revenue Service (IRS) has finalized and published a new tax form mandating tax filers to disclose whether they bought, sold, exchanged, or acquired any cryptocurrencies during 2019. The agency also revealed its plans last week to identify and convict crypto tax evaders. Meanwhile, the U.S. Financial Stability Oversight Council, chaired by Secretary of the Treasury Steven Mnuchin, has published a report discussing crypto assets. While noting that their market capitalization has grown rapidly, the council asserted that “so far, digital assets have not been widely adopted as a means of payment or store of value.” Nonetheless, the report details: The council recommends that federal and state regulators continue to examine risks to the financial system posed by new and emerging uses of digital assets and distributed ledger technologies. In addition, Georgia Governor Brian Kemp picked former Bakkt CEO Kelly Loeffler last week to replace Senator Johnny Isakson who is retiring at the end of the month. Loeffler is expected to take office on Jan. 1. India Reveals RBI-Issued Digital Currency Plan The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has revealed the central bank’s plan for a state-backed digital currency. Until now, there have been conflicting reports of whether the Indian government is planning to issue a digital rupee. The RBI governor himself has now shed some light on the situation. While noting that it is still very early to discuss the matter, he admitted that some discussions are going on and the RBI has “examined it internally.” Furthermore, “As and when the technology evolves with adequate safeguards,” the governor said: I think it is an area where the Reserve Bank will certainly look at seriously at an appropriate time. RBI Governor Shaktikanta Das The central bank’s stance on bitcoin and other cryptocurrencies has not changed, however, and the banking restriction on the crypto industry is still in place. The Indian supreme court is scheduled to resume hearing the arguments against the RBI ban on Jan. 14. South Korea Pushes for Crypto Taxation South Korea may soon change its tax laws to include cryptocurrencies. The Korea Times reported on Sunday that the government is seeking to start imposing taxes on capital gains from crypto transactions. The Ministry of Economy and Finance has reportedly confirmed that it is pushing for the measure to be reflected in tax legislation next year. An official of the ministry said: Related discussions have been taking place. The revised bill will be drawn up by the first half of next year. The cryptocurrency regulation in South Korea is also undergoing changes following the passing of an amendment bill at the end of last month. Among other requirements, crypto exchanges must register with the Financial Services Commission’s Financial Intelligence Unit, have a system that complies with the standards set by the Financial Action Task Force (FATF), and use the real-name system. The new rules will go into effect one year after the regulation is promulgated. EU Announces Position on Stablecoins The European Council and the European Commission issued a joint statement regarding stablecoins on Thursday after several countries expressed concerns over Facebook’s planned currency, Libra, over the past months. While acknowledging that these coins may present cheap and fast payment opportunities, the two European authorities claim there are many risks. They wrote: “these arrangements pose multifaceted challenges and risks related for example to consumer protection, privacy, taxation, cyber security and operational resilience, money laundering, terrorism financing, market integrity, governance and legal certainty.” The Council and the Commission asserted that their concerns are likely to be amplified and new risks could emerge when a stablecoin has the potential to reach a global scale. Their joint statement reads: The Council and the Commission state that no global ‘stablecoin’ arrangement should begin operation in the European Union until the legal, regulatory and oversight challenges and risks have been adequately identified and addressed. Japan’s 21 Crypto Exchanges and Ukraine’s New Law Japan’s top financial regulator, the Financial Services Agency (FSA), recently approved the country’s 21st cryptocurrency exchange. Lastroots began operations in 2017 before Japan started regulating crypto assets. The exchange applied for registration in September that year but was never approved until now. Meanwhile, the Bank of Japan has released a report which identifies and examines the main legal issues surrounding central bank digital currencies (CBDCs). However, the bank said it is currently not considering issuing one. Over in Ukraine, amendments to a draft law have been approved, describing “virtual assets” as property and a digital expression of value that can be traded or transferred and used for payment or investment purposes. The new legislation aims to transpose the FATF standards into Ukraine’s national law. In addition, Ukrainian crypto companies can now receive grants of up to $75,000 each from the government. What do you think of the regulatory developments in the crypto space covered in this roundup? Let us know in the comments section below. Images courtesy of Shutterstock. Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here. The post Regulatory Roundup: Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency appeared first on Bitcoin News.
Bitcoin News

Art Market Returns Rivaled Bond Investment Gains Consistently for over 30 Years

Coinspeaker Art Market Returns Rivaled Bond Investment Gains Consistently for over 30 Years There are several investment opportunities popular all over the world and as time goes on, trends seem to always change. For many years, the stock market has been the most popular and also one of the most lucrative especially in the U.S. as records show that the S&P 500 has gained more than 180% in the last ten years. However, another investment channel that doesn’t seem to be talked about much but pulls in mouth-watering rewards, is the art market. A recent Citi report which was put together using information from blue-chip art investment platform Masterworks.io has brought to light the fact that on average, art investment has pulled in annual returns of 5.3% for more than 30 years, since 1985. Specifics for the same period suggest that impressionist art has achieved 5.0% while contemporary art boasts of an annual 7.5% average. For comparison, bonds from most of the world’s most stable regions pulled in 6.5% with the high-yield versions pulling 8.1% since 1985 as well. Also, Swiss investment banking and financial services company UBS valued the art market at $67.4 billion in 2018. Back in 2017, the “Salvator Mundi” by Leonardo da Vinci was sold for a whopping $450.3 million. In 2018, the “Young Girl with a Flower Basket” painting by Picasso and the “Nu couche” by Amedeo Modigliani, both sold for $115 million and $157 million respectively. For 2019, the “Meules” painting from the “Haystacks” collection by Claude Monet was auctioned a few months ago in May, for $110.7 million. The bigger problem with art investment might not be that investors are unaware of how lucrative it is. Even people who know these numbers still have to fight the fact that art investment is capital-intensive and only financially available to the tiny percentage of wealthy people. However, even though art is generally expensive, there is also a category with works that sell for $50,000 and sometimes less. Citi believes that this category might be more beneficial as “there is no disadvantage from a return perspective to having a small purse.” There’s also the volatility to grapple with. Most investment channels have some level of volatility but with art, things might be a bit shakier. However, the class of investors that can afford it are slowly becoming more willing to put big bucks in this market as they have realized how lucrative it is, especially in the long term. It is also a great addition to investors who want some diversification. The volatility of the art market could stem from the fact that it is almost entirely based on perception and preferences among consumers. However, this can be considered a good thing because it would mean that many factors that seem to generally cause other markets to nosedive are unlikely to affect the art market, lending it some level of stability. If there was some way to spread out the heavy cost of entering the art market, it could prove in the long run, to even be more stable and attractive than bonds, and probably other channels as well. The U.S. market has dominated international stocks for at least ten years now. However, this is expected to turn around from next year because all of the other non-performing regions are waking up slowly. Art Market Returns Rivaled Bond Investment Gains Consistently for over 30 Years
Coinspeaker

Stock Markets Surprised Investment Funds in 2019 but Bearish Sentiment Continues for 2020

Coinspeaker Stock Markets Surprised Investment Funds in 2019 but Bearish Sentiment Continues for 2020 The traditional stock market has performed against the predictions of some of the world’s top investment funds. During the start of 2019, financial institutions predicted that stock markets will see a major downturn. However, to their surprise, the Dow Jones surged 18% year-to-date nearing its all-time high. Similarly, the S&P 500 has given over 24% returns so far this year. With this performance, 2019 is likely to turn out as the second-best performing year in a decade, in terms of annual returns. The data from NATIXIS shows that markets have trumped nearly 41% of the institutions predicting a downturn. Based out of France, the Natixis Investment Managers have pulled this data collected from the world’s top-500 largest investment firms having over $15 trillion assets under management (AUM). Despite this performance in the traditional markets, uncertainty has been on the rise in the global markets. The long-going U.S.-China trade war and uncertainty about Brexit is making global markets jittery. While the stock market certainly outperformed in 2019, the outlook for 2020 looks bleak. This year nearly 41% of investment funds predicted a downturn and the number has increased for 2020. Nearly 48% of the investment funds think that 2020 will be challenging for the global market and we can see a downturn ahead. 2020 Global Economy Outlook Some of the industry experts believe that there will be a surge in trade disputes by the next year. Dave Goodsell from NATIXIS writes: “Almost three-quarters (73%) project trade will have a negative impact on performance. And with developed markets delivering less than 2% growth, and emerging markets dropping to 4% or less, 67% of institutional investors also believe slow growth will have a negative impact on investment performance”. The institutional investors have adopted the strategy of “Let’s Wait and See” and nearly six in ten institutions think that low yield will major affect the investment environment in 2020. If we consider a long-term spectrum, nearly 83% of institutions predict a global financial crisis in the next five years. As per the BofAML survey, nearly 28% of fund managers predict a major market reversal in the next year. However, 59% still think that the recession won’t be coming in the next 12 months. Holger Zschaepitz, a market analyst at Welt, said that the fears of recession have already dampened the investment sentiment. Recession concerns continue to temper investor risk appetite as 38% of Fund Managers in latest BofAML survey expect a recession over the next 12mths vs 59% who see a recession as unlikely, the highest net recession risk since Aug'09. pic.twitter.com/bK1vkLabRz — Holger Zschaepitz (@Schuldensuehner) September 17, 2019 The ongoing talks between U.S. & China have made fund managers believe that the trade deal will be signed in the near term. However, they still remain skeptical of whether it will be a partial deal or a thorough one. Stock Markets Surprised Investment Funds in 2019 but Bearish Sentiment Continues for 2020
Coinspeaker
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Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ

Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ China could start its pilot for the central bank digital currency (CBDC) before the end of this year, according to local news outlet Caijing. The article states that the anticipated pilot project “will go out of the central bank system and enter […] Cet article Price Analysis 09/12: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ est apparu en premier sur Bitcoin Central.
Bitcoin Central

EOS Price Hit after Getting a C- in Decentralization by Weiss

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-. Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain. That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC. Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion. Ascending Channel The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term. The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade. EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance. Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support. A Consideration From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities. Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice. EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits. One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions. EOS Price Hit after Getting a C- in Decentralization by Weiss was last modified: December 9th, 2019 by Yashu GolaThe post EOS Price Hit after Getting a C- in Decentralization by Weiss appeared first on NewsBTC.
NewsBTC

EOS Price Hit after Getting a C- in Decentralization by Weiss

Blockchain project EOS started this week on a negative note after an independent agency downgraded its rating from B to C-. Weiss Crypto Ratings published a report on December 6 wherein it demoted EOS to lower ranks over its centralization. The agency noted that just 0.01 percent of the EOS token holders control over 68 percent of the voting power on its blockchain. That allows a handful of entities to practice censorship over hundreds of thousands of EOS investors. In comparison, provable decentralized projects like Bitcoin works across 9,300 nodes to confirm and validate transactions atop its blockchain. 1/6 We’ve had great respect for work and thinking that went into the #EOS project. But the Weiss Crypto Ratings model is not based on opinion. It’s driven by data. And that data has now caused a downgrade from B to C-. Here's why (full article to be published soon): — Weiss Crypto Ratings (@WeissCrypto) December 6, 2019 EOS spent a quiet weekend but its value eventually took a toll during the Monday session. The EOS-to-dollar exchange rate was down by $0.083, or 3.02 percent, as of 1658 UTC. Against bitcoin, the cryptocurrency did relatively better, falling about 1.64 percent to trade at 359 sats. The market capitalization likewise took a plunge roughly worth $500 million to settle a low at $2.534 billion. At its December peak, it was $2.613 billion. Ascending Channel The latest move downside brought EOS close to retesting the support of an Ascending Channel. While the lower trendline certainly capped the price from falling further downward, the negative sentiment arising from the Weiss report could weaken it in the near-term. The bearish case prompts EOS to retest to close below the Channel Support and target 304-342 sats area as an accumulation range. In the event of a breakdown, traders could extend their short position towards 284 sats while keeping a stop loss above the level at which they had entered the trade. EOS is trending inside an ascending channel | Source: TradingView.com, Coinbase On the other hand, the price has not failed to reach the upper levels so far. A pullback action from Channel support could push EOS back towards the Channel resistance. Traders with low-risk appetite could use the bounce-back as an opportunity to open a fresh long position 405 sats. Meanwhile, they could minimize risks by maintaining a stop-loss order just below the Channel support. A Consideration From a fundamental point of view, investors who were bullish on EOS might find it hard to digest its centralization issues. The sentiment could prompt some to switch their positions for tokens with more attractive opportunities. Such a scenario could suit the breakdown scenario as discussed above. Meanwhile, traders can look to accumulate EOS ahead of the launch of Voice. EOS creator Block.One on Thursday announced that it would launch the EOS-based social media platform on February 14. While the announcement did not help neutralize trading sentiments immediately, traders can still speculate on the Voice launch to make interim profits. One could watch out for a reversal from Channel resistance – a sign that traders are processing the Voice news – and place his/her upside positions. EOS Price Hit after Getting a C- in Decentralization by Weiss was last modified: December 9th, 2019 by Yashu GolaThe post EOS Price Hit after Getting a C- in Decentralization by Weiss appeared first on NewsBTC.
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