3 Cryptocurrencies Well-Positioned to Beat BTC Price in Q4 (AMB, BCH, ADA)

This week’s cryptocurrencies market analysis will concentrate on technological advancements in the blockchain space in quarter 4. The analysis will focus on major technological upgrades occurring in quarter four along with Ambrosus (AMB) being a top contender to produce returns well in excess of 100% in the immediate short term.

3 Cryptocurrencies We Predicted Would Rally 

Last Week’s Piece, which highlighted the cryptocurrency GOChain 00, resulted in GO increasing more than 50% in value in the 48 hours that followed. This is similar to TRIG, VIBE, and EVX, which all had rallies in excess of 50-250% following analyzing their short-term developments.

It may be a ‘bear’ market but clearly, but it is showing bullish signs and AMB is likely to be next.

Each cryptocurrency on this list has its own specific reasons from unique conferences to increasing their coin’s utility for their bullish short-term tendencies. This week will focus on AMB, BCH, and ADA, with AMB likely to lead the charge as a cryptocurrency likely to gain in excess of 50% in the short-term.

Ambrosus (AMB)

This week AMB 00 is highlighted as likely to have major bullish tendencies in the short term as they release their upgraded Mainnet 2.0. AMB developers are clearly remaining committed to their project even amid the bear market. Currently, AMB’s market cap is barely over $20 million.

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Crypto-Mergers and Acquisitions Increased by 200% in 2018

Institutional investors, venture capitalists, and other well-heeled entities “in the know” are using a year-long bear market to buy up future technologies for what might turn out to be pennies on the dollar.

It Takes Money to Make Money

Yesterday CNBC reported that most of  2018 has been a “deal frenzy” for cryptocurrency and blockchain-related companies as mergers and acquisitions (M&A) are reported to have increased by 200 percent. Pitchbook had JMP Securities crunch M&A data the results showed that by the end of 2018 there will have been 145 M&A deals.

The data is inclusive of majority investments, partial and full acquisitions but it does not pinpoint the exact dollar amount spent for each deal. JMP did mention that most of the M&As are “relatively small” as the sum is less than $100 million. The uptick in M&As took place as Bitcoin declined to trade nearly 53% below its January price.

Interestingly, buyers did not appear deterred by Bitcoin’s fall from $20,000 in January as the $830 billion dollar market capitalization began to disintegrate. In fact, according to Satya Bajpai, the head of blockchain and digital assets investment banking at JMP Securities, “You’re seeing a mispricing of assets.” Bajpai believes that the majority of crypto-startups have token values that “remain correlated to Bitcoin” and this phenomenon “can create an ideal opportunity for strategic acquirers.”

Crypto is an Investors Smorgasbord

Bajpai used the analogy of a “land grab” when describing how the rapid pace of growth and innovation in a new sector compels investors to buy up technology producers instead of attempting to build their own platform. Bajpai explained that “[The M&A route is] expensive, but you get the technology and product immediately. This industry is like a treadmill – the only way to keep up on a treadmill is to keep running by investing in new technology.”

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New York City Mansion Hits the Market for Either Cash or Bitcoin

A 10,720-foot mansion next to Manhattan’s Riverside Park is on the market for $15.9 million dollars. The buyer is open to accepting cash or Bitcoin from a buyer.

After a five-year renovation project, Roy Niederhoffer is now reluctantly placing his 10,720-foot mansion on the market for $15.9 million dollars, according to Fortune.

Nestled close to Riverside Park in Manhattan with views of the Hudson River and New Jersey, the now six-floor residence is one Niederhoffer “admired for decades as one of the greatest houses in New York.”

Despite Niederhoffer’s affinity for the historical property originally constructed around 1897, he is also very bullish on Bitcoin (BTC) 00 and desires to own more of the cryptocurrency.

According to Fortune, Niederhoffer notes he would cover his portion of the closing costs with fiat currency if someone were to pay with Bitcoin.

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Ledger CEO Wins French Award for Startup With International Potential

Eric Larchevêque, CEO and co-founder of cryptocurrency hardware wallet-maker Ledger, has won a French award for the startup leader whose model has the greatest potential internationally.

The prestigious regional prize in Ernst & Young’s (EY) 26th Entrepreneur of the Year 2018 awards, located in France, is “Startup of the Year.” Ledger’s Eric Larchevêque can lay claim to this award, as well as the “Born Global Award” for the international potential of his startup Ledger.

International Success for Ledger

Ledger’s potential has already turned into an international success. A few days ago, the reputable cryptocurrency hardware wallet manufacturer announced that it had achieved sales of 1.3 million units.

The ledger startup, created in January 2015, was formed from an amalgamation of companies including Chronicon-RadioceRos and BTChip. 

In the first round of funding in 2015, Ledger raised the equivalent of over $6 million USD. The company then went on to raise a further $75 million in 2017. Today Ledger has 150 employees on three continents, generating over $50 million in sales revenue in 2017.

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Square’s Debut of Payment Terminal Triggers Fresh Bitcoin Acceptance Rumors

Consumer and merchant payment network Square Inc. unveiled a point-of-sale (PoS) terminal October 19 in a move which sparked excitement about possible Bitcoin integration.

Bitcoin PoS Next For Square?

Unveiled on social media and in an interview with tech outlet Nerdist, Square’s device is designed as a standalone solution for merchants wishing to accept card payments. The move comes amid testing times for Square, the company’s share price dropping 25 percent since the start of October following two high-profile resignations.

Shares are currently trading around $0.75 from highs of $1 seen October 1.

In August, Bitcoinist reported on a patent application which would see Square accept cryptocurrency payments via merchant integration. While no official product has yet surfaced, the buzz generated by the application meant Friday’s PoS reveal swiftly resulted in fresh predictions from cryptocurrency commentators.

Next step: https://t.co/q2VRPjXauW

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Expect More Crypto Hedge Funds To Close in 2018… But Not For Why You Think.

In a recent tweet thread, Anthony “Pomp” Pompliano, co-founder of Multicoin Capital, outlines why many of crypto hedge funds might be closing their doors in 2018.

Most people would expect that the bear market and the prices would be the number one reason why most hedge funds are closing up shop.

While this is certainly a factor, Pomp believes that it has to do more with the fee structures that the funds set-up in 2017. In 2017, 198 hedge funds launched and in 2018, it’s projected that 220 hedge funds will open.

2017 was a great year to start a crypto hedge fund, especially the earlier part as the returns were massive and investors made great returns.

2018, on the other hand, has seen a significant downturn in many of the cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin and Stellar, Zcash and DASH. Many of these coins make up a strong percentage of most of the crypto hedge funds out there.

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The ‘Hodlers of Last Resort’ Saviors of Bitcoin

We have all listened to no-coiner acquaintances reasoning that, “Bitcoin is purely virtual, so the price could crash to nothing”. But why are they wrong? Who are the heroes that stop the drop in a bear market cycle? These, my friend, are Bitcoin’s Buyers of Last Resort.

What Goes Up…

The rise of bitcoin has depended on increasing adoption, occurring as more people discover, then desire, then buy bitcoin. If only this discovery was purely organic, based on word of mouth, and led to a steady accumulation of new users over time. The resulting appreciation in bitcoin price would be stable and sustainable.

Unfortunately, adoption happens in waves. A few positive articles in mainstream media causes a swell of new investors, eager to snap up the available coins at any price. Momentum traders join in the fun, speculating to profit from the sudden influx and price gains.

Must Come Down

But the adoption and momentum eventually peak. Nobody wants to get caught holding the bomb when the music stops, and the price begins to drop. Momentum traders switch to shorting. Uncle Bobby, who was sure it was all a scam but didn’t want to miss out just in case, panic sells.

Nobody is buying, so the Bitcoin price 00 keeps on falling, causing more panic and desperate sellers. With a price in freefall, something needs to stop this negative feedback cycle. That something is the ‘Buyers of Last Resort’.

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SEC Launches FinHub – A Fintech Portal to Help Blockchain Startups

US regulator the Securities and Exchange Commission (SEC) has launched its dedicated fintech “strategic hub,” commissioner Hester Peirce confirmed October 18.

FinHub ‘Here For Fintech’

The platform, known as FinHub, brings together multiple aspects of US regulation with the aim of guiding the nascent financial technology industry as it grows.

“Finally FinHub is here for FinTech,” Peirce wrote on Twitter in a move which was well-received by cryptocurrency users.

Finally FinHub is here for FinTech . . . thank you to the staff for making this happen: https://t.co/gNflh21RSh #SECfinhub

— Hester Peirce (@HesterPeirce) October 18, 2018

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Binance, Poloniex, Huobi All Own More Tether Than Bitfinex

Cryptocurrency exchange Bitfinex now controls a “very small amount” of stablecoin Tether (USDT), new data shows following a shake-up of ownership.

Bitfinex Sixth-Largest USDT Holder

Produced by Element Group and uploaded to Twitter by CNBC commentator Ran Neuner October 18, statistics depicting the biggest USDT 00 holders reveal Bitfinex, which shares a CEO with Tether’s issuer, now only ranks sixth on the list.

The Tether Treasury currently constitutes the entity with the single largest holdings, followed by exchange Binance, with Huobi and Poloniex also holding more of the asset than Bitfinex.

Unknown bagholders make up the third largest segment of USDT supply owners.

Biggest holders of Tether today are treasury,Binance and Huobi. Bitfinex has a very small amount. This means that;1.Bitfinex has lost a lot of customers.2.Bitfinex customers have sold Tether for crypto.3.@cz_binance is certainly in top of the situation.Source: @TheElementGrp pic.twitter.com/2p12TaJp0t

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Huobi Unveils New ‘All-in-One’ Stablecoin for Stablecoins (Except Tether)

Cryptocurrency exchange Huobi announced today that it has launched its very own interchangeable stablecoin dubbed HUSD.

“All-In-One Stablecoin”

Huobi, which is currently the third largest cryptocurrency exchange by means of traded volume according to data from CoinMarketCap, announced the launch of its own stablecoin HUSD.

Notes Livio Weng Vice President at Huobi:

It’s our great pleasure to announce the launch of HUSD, an all-in-one stablecoin solution. A market first, HUSD lets you deposit or withdraw with any one of four stablecoins. Deposit PAX, for example, and withdraw USDC with no conversion fees.

According to the official release, the new solution intends to “eliminate the need to choose between multiple stablecoins.”

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Nordea in Money Laundering Scandal After Calling Bitcoin ‘High-Risk’ for Money Laundering

Nordic banking giant Nordea Bank is allegedly implicated in a multi-million money laundering scandal. Reportedly, the case is related to another recent money laundering scheme involving Denmark’s Danske Bank.

Nordea in Hot Water 

Banking giant Nordea Bank, headquartered in Helsinki, is alleged to have accepted criminally-sourced funds from banks located in Lithuania and Estonia.

The giant confirmed that it’s aware of the report on Tuesday October 16th:

We are aware of the report, and at Nordea we work closely with the relevant authorities in the countries in which we operate, including the Nordic Financial Intelligence Units.

According to Sweden’s public broadcaster SVT, some 365 individual accounts at the bank have allegedly received payments from shell companies amounting to 150 million euros. What is more, the media, which claims to have access to the report, outlines that part of those payments came from the Estonian branch of Danske Bank.

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Catalan Independence Leaders Reportedly Asking For Bitcoin Donations

Catalan politician Carles Puigdemont is reportedly asking for donations in Bitcoin to avoid scrutiny. Funding is said to be going to assist those who have left the region after the Spanish government cracked down on an independence push.

The former President of Catalonia, Carles Puigdemont, is now reportedly asking for Bitcoin donations so it will be harder to trace financial flows to and from exiled Catalan leadership.

The news outlet said the “request to make donations in bitcoin” can be seen on a website dedicated towards raising money for exiled “promoters of the Catalan republic.”

However, it was unclear as of press time where specifically the Bitcoin donation request was on the site.

A Reddit post about the article had one commenter note how the Bitcoin address was there earlier and then taken down.

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How the Electric Vehicle Industry Could Drive Cryptocurrency Forward

Bitcoin’s technology combined with the power of the Internet of Things and artificial intelligence are intersecting with self-driving vehicles. And they are confronting a common problem: Talent shortage. In this regard, the experience gained by the electric vehicle industry might help.

Limited Talent

A Korn Ferry Institute study concludes that a major world crisis is imminent, because, by 2030, demand for skilled workers will outstrip supply, resulting in a global talent shortage of more than 85.2 million people. Moreover, the study forecasts that talent shortages could slow the ongoing digital revolution.

For example, right now, the talent shortage of programmers capable of working with COBOL is acutely affecting the banking, fintech, and most emerging industries.

According to David Silver, self-driving car team leader at Udacity, limited talent hinders the development of driverless cars. Specifically, Silver points out, “very few people know how to program driverless cars.”

The same problem is distressing the crypto industry. Forbes contributor Maria Peretz remarks that few people are cognizant about blockchain and cryptocurrencies,

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World’s Largest Security Firm Now Offers a Cold Storage Vault for Crypto Investors

G4S, a multinational security firm, has jumped on the crypto-custodian bandwagon by offering to secure clients’ digital assets in a cold storage vault.

Have No Fear, G4S Is Here

The world’s largest security firm aspires to apply their expertise by safeguarding clients’ digital assets. Currently, the London-based multinational firm provides security for clients in over 90 countries. The firm is reported to already be offering clients a secure method to store digital currencies.

A recent statement from G4S explained that:

With the rise in the popularity and value of cryptocurrencies around the world in recent years, G4S has developed an innovative new service offering high-security offline storage that helps to protect assets from criminals and hackers.

Securing digital assets has been a persistent challenge to cryptocurrency investors, and a considerable obstacle standing in the way of institutional investors hoping to become more involved in the nascent sector. In fact, a report from Carbon Black Security found that $1.1 billion worth of cryptocurrency was stolen during the first 8-months of 2018 and Carbon Black security strategist Rick McElroy told CNBC, “It’s surprising just how easy it is without any tech skill to commit cybercrimes like ransomware.”

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Cryptocurrency Loans Go Big As Company Reveals $550M Half-Year Traffic

The cryptocurrency loans offshoot of just one firm saw through-flow of over half a billion dollars in its first six months on the market.

‘Incredibly Strong Reception’

That’s according to third quarter statistics released October 18th by Genesis Capital, a US-based over-the-counter trading firm. In March of this year, Genesis began offering cryptocurrency loans to institutional investors.

Upon release, executives said, the product saw an “incredibly strong reception” from hedge funds, trading arbitrage firms.

Regarding the statistics, they wrote:

Over the past year, through client feedback and the rise of derivative marketplaces, we saw a meaningful increase in the number of market participants wanting to borrow and/ or lend digital currencies. […] We built this new business segment to meet those demands and have experienced an incredibly strong reception since our launch.

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Civil Refunds its ICO Investors in Token Sale Failure

The Civil Media Company’s ambitious plan to sell $8 million worth of its cryptocurrency token CVL, and fund a decentralized platform for new journalism, has failed for now.

Many investors were skeptical of Civil’s vision, and they were proven right when Civil announced on Tuesday it will refund its investors. Civil’s hyped initial coin offering (ICO) failed to attract enough interest. Civil announced it will give refunds to all CVL token buyers by October 29th.

What Went Wrong

In a blog post, Civil chief executive officer Matthew Iles admitted that the token sale was a disappointment. “This isn’t how we saw this going,” Iles wrote. “We are still working nonstop on the goal of making our soft cap of $8 million.”

Civil wanted to sell 34 million CVL tokens for between $8 million and $24 million. The ICO opened on September 18th and concluded this week. Only 1,012 buyers purchased $1,435,491 worth of CVL tokens. Civil reported that an extra 1,738 buyers successfully registered for the sale, but never completed their contribution. The registration process was complex and required a blockchain knowledge exam.

Civil’s Future Plans

But Civil is not giving up. The company stated: “A new, much simpler token sale is in the works.” Once the new tokens are distributed, Civil will launch three new features: a blockchain-publishing plugin for WordPress, a community governance application called The Civil Registry, and a developer tool for non-blockchain developers to build apps on Civil.

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Cryptocurrency Exchanges Lost $882 Million to Hackers in Two Years, Report Finds

A recent report by cybersecurity company found that over the past two years cryptocurrency exchanges have lost $882 million to hackers. The report also warns that the trend is likely to increase in the future as hackers direct more of their attention to exchanges.

$1.3 Million Lost Every Day

Moscow-based cybersecurity company Group-IB has released a report on the hacker attacks against cryptocurrency exchanges in the last two years, indicating that $882 million have been lost in damages. If we break this down to a daily average, we’ll see that over $1.3 million are lost to hackers every day.

The most notable heist in the reported period is the attack against Japan’s Coincheck which resulted in $532 million worth of NEM tokens being stolen. The second largest hit was against Italian BitGrail which saw $170 million in NANO lost. Other successful attacks were also launched against Bithumb, EtherDelta, Zaif, and others alike.

Some of the busiest hacker groups which purportedly orchestrated these attacks include Lazarus, Cobalt, Silence, and MoneyTaker.

Things Are Unlikely to Get Better

Group-IB’s report also indicates that things are unlikely to get better in the near future. Just the opposite, the number of attacks “will rise.” The report reads:

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ZebPay Leaves India for Malta After Regulations Crippled Its Business

Zebpay, once India’s biggest Bitcoin payment processor, has announced its move to Malta after its business was ‘crippled’ due to unfavorable laws and regulations.

Lack of Banking Support ‘Crippled’ Our Business

According to Quartz India, the Singapore-based Zebpay has set up operations in Malta. The platform was once one of the most prominent in India, processing half of all cryptocurrency exchange transactions in the country.

However, last month, the exchange announced the cessation of its activities in the country as a result of the Reserve Bank of India (RBI)-mandated cryptocurrency ban. The ban which prohibits commercial banks from doing business with virtual currency exchange operators came into effect in July 2018.

According to Zebpay, the RBI ban crippled its ability to do business in the country. Thus, it had no other recourse than to cease its operations in India.

“The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business,” Zebpay wrote in September.

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There’s Another $20K Bitcoin Bubble Coming, Says Vinny Lingham

Bubble-phobic Civic CEO, Vinny Lingham, has been sounding off about blockchain and cryptocurrency at an event in Johannesburg. His address covered mass adoption in the blockchain industry, and the likelihood of another bitcoin bubble.

Still in its infancy

Lingham cited lack of use cases and scaling issues as current barriers to mass adoption of cryptocurrency. Although the primary uses of cryptocurrency are money transfers and trading, he saw this broadening as the market matures.

He also felt that developers and startups should be in it due to belief in their project goals, rather than the amount of money they can make. Lingham said:

You shouldn’t do this stuff for the money, you should do it because you’re passionate about what the goals of the project are.

He assesses the bubble of last year and subsequent crash as simple supply and demand. Increasing investor interest and limited supply pumped prices, which then attracted an increase in ICOs. So now there are more ICOs than buyers, and price drops mean buyers have less to spend.

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Goldman Sachs and Mike Novogratz Invest in Cryptocurrency Startup BitGo

BitGo, a company which provides institutional-grade investors with compliance, security, and custodial solutions for cryptocurrencies has closed its Series B funding round bringing in $58.5 million. Goldman Sachs and Novogratz’ Galaxy Digital Ventures LLC contributed with $15 million of said amount.

Investing in a $1 Trillion Cryptocurrency Wallet

In an official release from today, BitGo disclosed that it has successfully finalized its Series B funding round, bringing in a total amount of $58.8 million USD.

The lineup of investors includes companies like Valor Equity Partners, Craft Ventures, Redpoint Ventures, DRW, and, most recently – Mike Novogratz’ Galaxy Digital Ventures LLC and Goldman Sachs’ Principal Strategic Investments Group.

According to Bloomberg, Novogratz and Goldman invested a total of $15 million in this round of funding. The money is designated to support BitGo’s development of a $1 trillion cryptocurrency wallet.

Notes BitGo CEO, Mike Belshe:

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