Overview of the top news in the cryptocurrency industry over the past few days
1. A group of investors from San Francisco is launching a blockchain-oriented venture capital fund «Proof of Capital» with a budget of $ 50 million. The head of the it will be Phil Chen, the manager of the cryptocurrency and blockchain of the Taiwanese electronics manufacturer «HTC». His assistants will be Edith Yeung, previously a financial consultant in venture capital agency «500 Startups» and Chris McCann, ex-staff member at Greylock Partners.
It is noted, that the fund’s money will not be focused on the purchase of project tokens, but will be stored in Fiat and sent to venture transactions. In other words, they will be used to support startups that are developing the blockchain ecosystem.
2. CoinGecko portal conducted a research of the cryptocurrency market dynamics and published the results. During the first quarter, the capitalization of the entire industry has grown by 16.23%. Among the top five growth leaders are Litecoin (LTC), which increased by 103%. Also, strong dynamics is observed in EOS – 66%. Bitcoin and Ethereum (ETH) added 11% and 8%, while Ripple (XRP) upsets its investors by declining 11%.
There are new coins in the top-30: Cosmos (ATOM), Basic Attention Token (BAT) and Crypto.com Chain (CRO). Especially strong dynamics show own tokens of the cryptocurrency exchanges: the OKEx (OKB) and Binance (BNB). The latter entered the top 10 by capitalization, taking 8th place.
3. Coinbase, the popular American cryptocurrency exchange, announced the launch of service in 11 countries in Latin America and Southeast Asia. Now, residents of Argentina, Mexico, Colombia, Peru, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines and New Zealand have the opportunity to trade cryptocurrencies. At the same time, pairs with Fiat are not available for them.
In addition, company representatives reported that a new circle of development had begun, since the cryptocurrency ecosystem had moved from the «investment phase» to the «use phase».
4. Clem Chambers, director-general of the ADVFN financial market website, said that the cryptocurrency winter had reached its logical conclusion and the price of bitcoin would grow to $ 10,000 by the end of the year.
«During all last year I’ve argued that the price of Bitcoin would reach $ 2,500. As you can see, the fall ended at $ 3,000. Now I think that the increase phase has begun and the first goal is $ 6,000, and then $ 10,000» he said.
Chambers argues his prediction by the arrival of Chinese investors, who actively began to buy USDT.
«The money that comes in stablecoins will be distributed throughout the industry» the expert said.
5. The Japanese cryptocurrency exchange «SBI Virtual Currencies» decided to remove Bitcoin Cash from its platform in response to the delisting from the Binance trading platform of the Bitcoin SV project. The official reason is the reduction in the value of the asset, due to which the overall level of network security falling and the risk of an attack increased by 51%. However, representatives of the cryptocurrency community noted that SBI actually has a close relationship with the Bitcoin SV project, as well as with nChain, Craig Wright’s company.
Craig Wright and Yoshitaka Kito, head of SBI Holdings.
It should be noted that Bitcoin SV never bargained for SBI and recently the management of the stock exchange said that it would sell all those owned by BSV users that appeared from the fork of Bitcoin Cash and give them money in Fiat.
6. The American Cryptocurrency Exchange «Gemini» is passes to full support of SegWit addresses. Carolyn Vadino, Gemini Communications Manager, noted that this decision is related to many factors and it will help reduce the average transaction amount.
7. The Asia Times publication writes citing the recent statements at the spring meetings of the World Bank and the International Monetary Fund (IMF), that three countries are interested in issuing government bonds in Bitcoins. These countries are Afghanistan, Tunisia and Uzbekistan.
«Bitcoin offers to the central banks an effective way to counter money laundering, combat cross-border terrorism and limit the underground economy» Marouane El Abassi said, manager of the Central Bank of Tunisia.
8. Binance wants to pull projects over on it, which are currently based on the Ethereum blockchain. Several experts state this, and they are noting that those, who agree to transfer part of their network to Binance Chain will receive a token listing at the platform and those, who refuse it – would be removed, if the trading volume with the coin doesn`t exceed $ 1 million.
9. The huge inflation continues to be in Argentina, the level of which has already reached almost 55%, due to which many traders and investors are increasingly paying attention to Bitcoin as a hedging instrument. This is evidenced by the LocalBitcoins data:
The first cryptocurrency becomes especially attractive because of its resistance to inflation, which is halved every 4 years. Some members of the community demand, that the Argentina`s government integrate BTC into the country’s economy.
10. Kelly Loeffler, the head of the platform for institutional clients of Bakkt, stated that everything is ready for launching of the service and the company’s managers are waiting for the approval of the application from the Commodity Futures Trading Commission (CFTC).