Novogratz Addresses Tether’s Shortcomings, Roubini’s Remarks

Mike Novogratz, the founder of Galaxy Digital Holdings and an avid supporter of cryptocurrencies, has said that Tether has nobody but itself to blame for the recent issues they have been facing.

Novogratz Addresses Recent Tether FUD

Bitcoin bull Mike Novogratz believes that Tether (USDT) needs to be more transparent. He was speaking recently at a conference in Frankfurt, and his observations were published in an article on Bloomberg.

The billionaire investor, founder of Galaxy Digital Holdings, and former partner at Goldman Sachs said, “I think Tether didn’t do a great job in terms of creating transparency.” He added that the digital asset will need time to regain the lost trust.

Tether, a U.S. dollar-backed stablecoin, experienced panic selling earlier Monday based on rumors that many leading exchanges were going to delist the coin. Traders and investors dumped their USDT holdings in favor of Bitcoin and other stable currencies like the Circle-backed USD Coin (USDC) and Gemini USD (GUSD). This led to a 7% drop – from USDT’s Sunday high of $0.995 to a low of $0.925 on Monday.

“The concept of stablecoins make sense,” Novogratz said, adding that stablecoins have more of a transactional character than other cryptocurrencies like Bitcoin. He further mentioned that he would prefer a stable coin like GUSD as it is backed by a U.S.-based bank like State Street to maintain its backup reserves.

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U.S. Job Market Thrives as Blockchain Companies Continue Hiring Spree

The U.S. job market is undergoing some noteworthy changes. A positive trend has been established over the past few months as the number of unfilled jobs has increased. Emerging technological trends are playing a part as the Bitcoin and blockchain job market is increasing in popularity.

A Booming U.S. Job Market

Several signs indicate whether a nation’s economy is doing well. The number of available job openings is one such key factor. In the United States, that metric is getting a lot of attention. Over 7 million unfilled job openings were present in August of 2018. A healthy job market shows there is still plenty of financial growth ahead for U.S. companies.

One notable contributor is the Bitcoin and blockchain industry. Job market listings pertaining to this industry have increased by 300% compared to the same period in 2017. That is a promising sign. It also confirms the United States should play an increasing role of importance in this growing industry. Just over 1,700 positions were waiting to be filled in August of this year.

These findings come at a crucial time for the cryptocurrency industry. An ongoing Bitcoin price decline for the majority of 2018 has made a lot of people wary of cryptocurrency. Yet many businesses are seeing the potential value of distributed ledger technology. The number of listings on the U.S. job market indicates companies are still in the process of expanding their presence into this particular ecosystem.

Filling the Right Positions

One interesting trend is the growing demand for Bitcoin and blockchain software engineers. A number of companies are eager to hire such candidates, as well as other blockchain positions. As an increasing number of universities around the world are now starting to offer courses pertaining to this topic, that part of the job market will continue to expand. It also shows how difficult it can be for companies to find, much less retain, talented staff during this crucial growth stage.

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Report: $882 Million Has Been Lost to Cryptocurrency Exchanges Hacks and ICO Scams

A report has found that over nearly two years the amount of cryptocurrency lost to hackers has accounted for $882 million.

Hacks Set to Rise

It seems that cryptocurrency exchanges will remain the focus of attention for criminals intent on stealing users’ funds. Not only that, but according to Group-IB, who conducted the research, that figure is set to rise in 2019 too.

In a report from Bank Info Security, the Moscow-based security firm wrote:

In 2019, cryptocurrency exchanges will be a new target for the most aggressive hacker groups usually attacking banks. The number of targeted attacks on crypto exchanges will rise.

However, it’s not just cryptocurrency exchanges that are at risk. So too are initial coin offerings (ICOs). The report found that over 10 percent of funds raised during ICOs were stolen. Given the number of scams related to ICOs, though, it’s not surprising.

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U.S. Jewelry Store Latest Retailer to Accept Cryptocurrency as Payment

A U.S.-based jewelry store is joining a growing and long list of retailers who are accepting cryptocurrency to pay for goods.

If the crypto industry has been good to you and you’re in the market for something shiny, then you’re in luck. According to a press release, Marks Jewelers is the latest retailer to accept cryptocurrency as a payment. The US-based jewelry store’s wide range of beautiful diamonds and timepieces will most likely have you parting with your crypto in no time at all.

Reaching More Customers Around the Globe

By collaborating with Shopping Cart Elite, an e-commerce platform, Marks Jewelers will be able to accept Bitcoin Diamond (BCD), Bitcoin Cash (BCH), Bitcoin (BTC), Bitcoin Gold (BTG), Dash, Ethereum (ETH), Litecoin (LTC) and Zcoin (XZC).

The Director of Marketing for the jewelers, Joshua Rubin, spoke about his excitement for this new venture and how it will impact the company:

We’re very excited to begin accepting cryptocurrency payments from our customers around the world. This will allow us to make our fine jewelry available to the global market while paying lower fees and avoiding chargebacks. Marks has long been known for our meticulous craftsmanship and curated selection, and we are thrilled to open our store to the world.

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SimpleFX Adds 50 New Trading Instruments

Highly volatile Nasdaq companies, NYSE and LSE giants, rising markets such as Brazil and Turkey, as well as new hot crypto – you can deal 50 new instruments with the easiest CFD trading tool SimpleFX WebTrader.

One of the fastest growing CFD platforms has recently launched the new version of its flagship product SimpleFX WebTrader. Now the platform adds new trading instruments, which are all available under the $500 limited-time cashback promo.

Day trading rollercoasters

If you are into maximum volatility, you will enjoy the introduction of Bitcoin Cash. The cryptocurrency came to life after a group of Bitcoin developers decided to split the blockchain in August 2017. At the moment it’s the fourth largest cryptocurrency after Bitcoin, Ethereum and Ripple.

A 1-day chart of BCHUSD shows that the huge daily price changes may return soon.

Nasdaq adds to SimpleFX trading platform are also very volatile. You will definitely enjoy cannabis stock exchange stars.

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Two-Thirds of Applicants Failed Malta’s Cryptocurrency Agents Exam

Less than 40 percent of the applicants for Malta’s cryptocurrency agent certification have managed to pass the official exam. The large number of failures comes even after last-minute changes were made to boost the pass rate. 

Increased Scrutiny

Last month, Live Bitcoin News reported that Malta will enact two new blockchain bills starting November 1st. One of them is the Virtual Financial Assets Act (VFA). Under its stipulations, financial service practitioners who look to act as agents in the field of cryptocurrencies need to undertake a short training course and, after that, pass an exam. The first of those took place in September.

Local media, citing sources familiar with the matter, reports that the exam saw participation from about 250 lawyers, auditors, and accountants. It was held by the Malta Financial Services Authority and administered by the Institute of Financial Service Practitioners.

Initially, the exam consisted of multiple-choice questions and was supposed to be graded with a negative marking scheme. However, shortly after the process began, it reportedly became clear that the pass rate was particularly low. Hence, authorities made last-minute changes, scrapping the negative marking scheme in order to increase the pass rate.

Unfortunately, this didn’t do participants much good as more than two-thirds of them failed the exam anyway.

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Bitcoin Trading Outperforms Stocks Despite Range-Bound Momentum

Investing in 2018 has become somewhat of a troublesome venture. It is difficult to find any market that has performed quite well for an extended period of time. However, analysts agreed that Bitcoin had outperformed stocks over the last week. A somewhat surprising development, given the rough year cryptocurrency has had so far.

Bitcoin Trumps Stocks Again

A recent discussion on CNBC paints an interesting future for cryptocurrencies. By comparing the stock market with Bitcoin, the latter clearly wins in the performance department. The lack of massive volatility is doing the world’s leading cryptocurrency some favors, for a change. Analyst Jeff Kilburg confirms a price near or above $6,250 is a good buy opportunity.

Although the discussion pertains to CBOE futures, parallels can be drawn with the live markets. It appears Bitcoin is poised to rise in value, yet no uptrend is materializing. An eventual push to $6,750 will get traders some nice profits, assuming the trend does not turn bearish. Kilburg seems confident that a rise will happen sooner or later.

To err on the side of caution, a dip below $6,250 can be concerning. It can, according to Kilburg, easily trigger a downtrend to $6,000 and potentially lower. Playing the “range” between $6,000 and $6,500 seems to be the best course of action at this time. This “sideways trading” trend of Bitcoin may not necessarily end soon either. It is outperforming stocks, but so are a lot of other markets.

Gold Slightly Outperforms Bitcoin

A $25 price increase per bitcoin is not a big deal. It shows positive momentum, but speculators are looking for much bigger scores. The price of gold has increased by roughly $30 in the same period. This seems to indicate both gold and Bitcoin follow very similar paths once again. That is what usually happens when stocks go through a dip.

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CFTC Complaint Results in Bitcoin Ponzi Scheme Platform Paying Millions in Restitution

A complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) against a crypto platform and its CEO has resulted in the Federal Court ordering the business to pay over $2.5 million in restitution.

The world is an expensive place, which is why some of us look at different ways to grow our wealth whether it be taking a second job or looking for investment opportunities. Over the course of two years, this is probably what duped investors were thinking when they signed up with New York-based Gelfman Blueprint, Inc (GBI).

According to a Commodity Futures Trading Commission (CFTC) press release, GBI under its CEO, Nicholas Gelfman, operated a Bitcoin Ponzi scheme between 2014 and 2016. Through 80 investors, the platform received over $600,000. As with any scheme of this nature, the company’s employees recruited victims and got them to put their money in a pooled fund that would supposedly be used for trading.

House of Cards Collapses

Payouts received by scammed investors were actually funds put in from the fellow victims and all reports showing positive growth were fake. In fact, further investigation showed that the platform was performing miserably through “infrequent and unprofitable trading”. As the walls began to close in, Gelfman orchestrated a fake security hack that conveniently wiped out all of the funds.

The CFTC filed the complaint in September last year with final judgment being passed on the 16th of October 2018. The CFTC’s Director of Enforcement, James McDonald, explained what the verdict means for the commission:

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Goldman Sachs, Novogratz Invest $15 Million in Crypto Startup BitGo

Along with former partner Mike Novogratz, Goldman Sachs has made yet another strategic investment – this time in institutional-grade cryptocurrency security firm BitGo.

Goldman Sachs and Galaxy Digital Ventures Invest in BitGo

Banking giant Goldman Sachs and Galaxy Digital Ventures, a venture capital firm founded by Bitcoin bull Mike Novogratz, have invested $15million in BitGo. For Goldman, the investment was made through its Principal Strategic Investments group. The announcement was made earlier by bitGo on Thursday through a press release on its official website.

BitGo is a cryptocurrency firm focused on providing institutional-grade cryptocurrency security. The company which was established in 2013, helps its clients with security, compliance, and custodial solutions of digital assets.

The other firms which participated in the series B funding round include Valor Equity Partners, Craft Ventures, DRW, and Redpoint Ventures taking the total capital raised in this round to $57.5 Million. The funds raised will help in the development of BitGo’s $1 trillion crypto wallet.

Plans to Build Cold Storage for Institutional Customers

The lack of secure, regulated and trustworthy custodian services has kept institutional investors away from the digital assets market so far. However, there is growing interest within big financial institutions to participate in the cryptocurrency market.

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Hodor Says Crypto Investors Should Hodl in New eToro Advert

Crypto trading platform eToro has released a new tongue-in-cheek investment advert that has actor Kristian Nairn from Game of Thrones telling investors to ‘hodl’.

Hodor Says ‘Hodl’

Kristian Nairn, also known as Hodor in Game of Thrones, can only say Hodor. It makes sense then that he would be used in eToro’s new advert advising investors to hodl their assets.

The ad is simple enough. It shows Nairn in an agent’s office, with the agent offering various new roles, all of which involve Nairn carrying something heavy and saying the one word he’s known for: Hodor.

Fed up, Nairn shouts:

Enough! I’ve had it. […] No more carrying. No more saying THAT word ever again. I’m a serious actor. I have depth. Why can’t you get me something with like an office. With a tie for example?

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Bitcoin Mining in U.S. Faces Setback Due to Trade War with China

Anthony Pompliano believes the current trade dispute between the United States and China could have a significant impact on the former’s Bitcoin mining scene. The Morgan Creek Digital chief predicts mining equipment sales in the U.S. could decline due to new tariffs imposed by the Trump administration.

Tariff Hike to Affect Bitcoin Mining Equipment

In a note published on Thursday (October 18, 2018), Pompliano referenced the recent increase in the tariffs imposed on electrical goods from China. According to the South China Morning Post, the U.S. government, in June 2018, changed the classification of Bitcoin mining hardware from “data processing machine” to “electrical machinery apparatus.”

Based on this new reclassification, BTC mining rigs became subject to a 2.6 percent tariff. The story, however, does not end there. This new classification means BTC miners are now subject to an additional 25 percent tariff slapped on select Chinese products. Thus, the total duty on mining equipment now stands at a whopping 27.6 percent.

Likely Decline in U.S. Mining Rig Purchases

Commenting on the new development, Pompliano said:

Companies like Bitmain and Canaan are likely to see a noticeable decline in mining rig purchases from the U.S.

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SEC Sets Up Open Line of Communication for Fintech Projects With FinHub

In a welcome development for blockchain and cryptocurrency firms, the U.S. securities regulator has launched its Strategic Hub for Innovation and Financial Technology.

SEC Announces FinHub

The U.S. Securities and Exchange Commission (SEC) has announced the launch of FinHub, its Strategic Hub for Innovation and Financial Technology. The announcement was made earlier through a press release on the agency’s official website.

According to the announcement:

The FinHub will serve as a resource for public engagement on the SEC’s FinTech-related issues and initiatives, such as distributed ledger technology (including digital assets), automated investment advice, digital marketplace financing, and artificial intelligence/machine learning. The FinHub also replaces and builds on the work of several internal working groups at the SEC that have focused on similar issues.

FinHub will be led by Valerie A. Szczepanik, Senior Advisor for Digital Assets and Innovation and Associate Director in the SEC’s Division of Corporation Finance. She will be assisted by staff from other divisions from the agency with expertise in fintech.

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Another Bitcoin Bubble Predicted by Vinny Lingham

The blockchain entrepreneur and CEO of Civic expressed his opinion on a possible Bitcoin bubble while speaking at a blockchain event in South Africa.

Civic Co-Founder Talks About the Industry

Vinny Lingham, the co-founder and CEO of Civic, a blockchain company focused on identity security and protection, has predicted another bubble for Bitcoin. He made this observation while speaking at a blockchain event in Johannesburg earlier this week.

The “Chain Reaction” event was organized by the Blockchain Entrepreneurs Club South Africa (BECSA). The speakers also included Monero lead maintainer Riccardo Spagni and the Luno country manager for South Africa, Marius Reitz.

Lingham spoke about the state of blockchain projects, hurdles to adoption, as well as the cryptocurrency market. Lingham, a South African internet entrepreneur, founded Civic in 2015. His previous venture, Gyft, was acquired by First Data Corporation in 2014 for over $50 million. In June 2017, Civic ran its ICO, raising over $33 million in funding.

Barriers to Mass Adoption

Lingham believes that scaling issues and lack of use cases are the reasons why blockchain technology is still very far from mass adoption.

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In 2018, Hackers Stole More Money Than in the Previous Seven Years. What Did the HackIT 4.0 Forum Participants Say?

Global losses from hacker attacks in 2018 amounted to $1.8 billion, which exceeds the amount of losses for the period from 2011 to 2017. A sizeable share of victims are investors and users in the field of cryptocurrency and Blockchain technology, the commercial value of which will increase to almost $180 billion by 2025. Such results and forecasts were shared by experts of the cybersecurity forum HackIT 4.0, which was held in Kiev, Ukraine, from October 8 to 11.

The fourth, annual event turned out to be multi-format: in addition to the two-day conference (Attack Day and Defense Day), the guests witnessed a bug bounty marathon, a series of roundtables, and also spent one day traveling to the Chornobyl zone in order to see consequences of a man-made disaster.

In addition to experts from the United States, Britain and France – such as Bitcoin Core developer Peter Todd, ex-leader of the Twitter security team Moxie Marlinspike, head of the Trend Micro Zero Day Initiative Brian Gorenc – the forum was attended by the Minister of Infrastructure Volodymyr Omelyan and representatives of the Ministry of Information Policy of Ukraine.

Decentralized technologies, cryptocurrencies, and ICOs have become the main focus of attention this year. According to forecasts of the forum participant, American businessman Julian Zegelman, the commercial value of the Blockchain technology will reach $176 billion by 2025, and will exceed $3 trillion by 2030.

At the same time, the Blockchain and cryptocurrency fields continue to lose billions of dollars, the founder of several businesses in China, Remington Ong says. In the first six months of 2018 alone, the total losses of the industry (including the ICO sector, from which a total of $27 billion has been earned since 2016) amounted to $1.8 billion. According to the expert, this is one billion more than it was “given away” to hackers in the period from 2011 to 2017.

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Cardano Price Analysis: ADA/USD Aiming for Channel Top

Cardano made another bounce off the ascending channel support, setting its sights back on the top once more. On short-term time frames, this appears to be a complex double bottom pattern and price could break past the neckline at 0.0800 to confirm the climb.

However, the 100 SMA is crossing below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, selling pressure could pick up and lead to another test or even a break below support. These moving averages also line up with the mid-channel area of interest which might keep gains in check.

Stochastic is also turning lower to reflect a return in selling pressure. This oscillator has just made it way down from the overbought area and has enough room to cover before hitting oversold conditions. RSI is also heading south so Cardano might follow suit.

The recent spike in cryptocurrencies has faded as traders are returning their focus back to industry developments. As for Cardano itself, CEO Hoskinson conducted an AMA session to answer questions related to the digital asset and rivals, during which he was asked several questions ranging from the recent IOHK split with the Cardano Foundation to the ADA markets.

Hoskinson emphasized the relationship of IOHK with Hyperledger, citing:

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Is Chinese Alibaba Group going to aquire Alibabacoin (ABBC)?

Alibabacoin Foundation and China’s Alibaba Holding Group is having a dispute over trademark licences in the Manhattan court of the United States of America. Alibabacoin Foundation CEO, Jason Daniel Paul Phillip stated that Alibabacoin Foundation offered a settlement to Alibaba Group Holdings a month ago. In response while looking at the ongoing settlement negotiation, Alibaba Group stated that they are excited to acquire the Dubai-based startup.

Alibaba Group China has the largest online shopping mall in the world and is a global company listed on the US stock market. While on the other hand, Alibabacoin Foundation is a startup blockchain company that has developed Alibabacoin (ABBC) and MC wallet, preparing to provide full services to their users.

The two companies are currently engaged in a lawsuit in the Manhattan court. However, Alibabacoin Foundation has won the preliminary injunction requested by the Alibaba Group China in April this year.

Alibaba Group China holds the most blockchain technology license in the world. Recently, Jack Ma, ex-executive chairman of Alibaba Group has passed on his title to their ex-CEO to be the next executive chairman for the group. It seems that Alibaba Group is seeking for a new opportunity to run the business in different field and it seems like the lawsuit between the two company is because the Alibaba Group wants to aquire Alibabacoin. In the disadvantaged Alibaba Group in the lawsuit perspective, it is likely to come up with a final settlement regarding Alibabacoin Foundation’s offer for acquiring the company.

Alibabacoin (ABBC) is currently listed in 10 different exchanges, Coinsuper, Coinbene, Ooobtc, Dragonex, Idax, Topbtc, Rightbtc Sistemkoin, Bitforex, Bit-z and everyday the price is rapidly going up. They provide blockchain technology and coin wallet service to their users and recently announced their business plan that the company will be launching a largest online shopping mall  where people can pay with cryptocurrency.

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Bitcoin Price Analysis: BTC/USD Buyers Waiting at Channel Bottom?

Bitcoin is retreating from its recent rally but could be due for a bounce off support soon as it approaches the bottom of its ascending channel on the 4-hour time frame. Price is around the mid-channel area of interest as of this writing, and there may be some buying pressure around this area, too.

This lines up with the 50% Fibonacci retracement level on the recent climb to the channel top, excluding the spike. A bounce could take Bitcoin up to the resistance around the $7,000 major psychological mark. A larger pullback, on the other hand, could test support at the $6,400 level.

The 100 SMA seems to be above the longer-term 200 SMA to signal that the path of least resistance is to the upside or that the uptrend is more likely to resume than to reverse. With that, support could hold at current levels or the bottom of the ascending channel.

Stochastic has already reached oversold levels to signal exhaustion among sellers and a possible return in bullish pressure as well. However, RSI is still heading south and has room to go before hitting oversold levels, which suggests that bearish momentum could stay in play. A break below the channel bottom could signal the start of a downtrend.

Bitcoin could be in for a more steady climb as institutional funds could have better access to the cryptocurrency on the launch of Fidelity’s platform for Bitcoin and Ethereum. Many expect volumes and activity to tick higher in the first half of next year as this is when the platform might be more commercially available.

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UK Money Management Solution Emma Integrates Cryptocurrency Exchange Support

Barriers between traditional finance and cryptocurrency are torn down one at a time. Emma, a UK-based money management application, is integrating support for Bitcoin and altcoins. This lets users track their balance and portfolio’s worth in a convenient manner. It is another validation of how cryptocurrency becomes part of one’s financial life.

Emma Embraces Cryptocurrency

Financial advisory applications become increasingly popular. Consumers show an appreciation for this type of tool. Getting insights as to one how can improve their financial life is invaluable in this modern age. Emma is one of the most successful offerings in this regard. The UK’s “financial advocate‘ can track all aspects of finance on behalf of the user.

This goes well beyond traditional bank accounts. Emma also keeps tabs on credit cards, checks, and so forth. To further enhance this functionality, the app will now support numerous cryptocurrency exchanges. That list includes Coinbase, Binance, Kraken, Bitfinex, and several others. One’s financial life goes well beyond banks and savings accounts, especially in 2018.

Any modern financial advisory app should enable cryptocurrency support, according to Emma’s developers. Cryptocurrency is becoming an integral aspect of financial life, especially in the United Kingdom. The team developing this app wants to build the best financial tracker they can. As such, expanding into different financial markets appears to be the logical outcome.

More Crypto Functionality is Coming

This new integration is an important first step for Emma users. In future iterations, the team will offer additional features. Some hints have been dropped in this regard, including an option to save in cryptocurrency. How that option will be pursued exactly, is very difficult to predict. Solutions exist to turn spare change into cryptocurrency, thus Emma may offer something similar. Co-founder and CEO Edoardo Moreni adds:

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HTC to Launch Blockchain-Powered Smartphone This Month

The device named Exodus from the Taiwanese consumer electronics firm will hit the markets on October 22.

Blockchain Device from HTC

The New Taipei-based consumer electronics manufacturer has confirmed that the blockchain-powered Exodus smartphone will be launched on October 22. The announcement was made on the company’s official Instagram account and reported by online publication TechRadar.

Earlier the firm had announced that the phone would be launched in Q3. The post did not reveal any details other than just a teaser video and the date of launch.

The Taiwan based company which had been facing losses due to shrinking market share in the smartphone segment had sold off part of its business to Google in 2017 for $1.1 Billion. The firm has been trying to diversify into other sectors.

According to another article published earlier in TechRadar:

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Bitcoin Price Fails to Build Traction on Monday Rally – Faces Resistance at 200-Day Moving Average

On Wednesday Bitcoin maintained a flattish sideways movement around $6500, down from Monday’s short-lived rally.

A Quiet Wednesday

After the surge in Bitcoin’s price earlier on Monday, Wednesday was relatively a quiet day with hardly any movement in price. Monday’s move had seen BTC breaking out of the descending triangle formation to the upside. Had it held the price at the levels achieved on Monday, that could have signaled a possible higher move.

“This price action—shown on the chart below—was quickly sold-off but did decisively break the downward triangle, and needs to be watched carefully,” wrote Nick Cawley, markets analyst at Daily FX.

He added:

If BTC can close above this triangle over the next few sessions, it will indicate renewed bullish sentiment that could push the price back to the 200-day moving average and the spike high between $7,200 and $7,300.

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