A Short brief of the main cryptocurrency industry news from 29.04-30.04

A Short brief of the main cryptocurrency industry news from 29.04-30.04



 

1. The popular Bitfinex cryptocurrency exchange, which was recently accused of losing $ 850 million by the Attorney General of New York, plans to release its own token. This was stated by Dong Zhao), a well-known OTC trader in China, which has a stock portfolio in Bitfinex. Moreover, he proposed a plan to issue its own stock exchange tokens. This will help offset the $ 850 million that is currently frozen. The community is not very pleased with this news.

«Earlier it was reported, that the freezing of funds is a temporary phenomenon. If so, no other plans are required. However, if they would release a token, then it possible to make a conclusion, that the money has been lost. Trust in the exchange will be lost also» one of the community representatives said.

 

2. In the meantime, Stuart Hoegner, General Counsel at Tether and Bitfinex, reported that Stablecoin USDT is provided with Fiat 74%.

He said that the company has $ 2.1 billion in Fiat and short-term securities, thereby confirming that stablecoin is not fully secured.

Another representative of Tether, Zo Phillips from the law firm Morgan Lewis, said that Tether should not have $ 1 for every USDT issued.

It should be noted, that recently it became known about the frozen client funds in various banks, the total amount of which is $ 850 million. Probably because of this, there is no collateral in the 1:1 ratio. We will continue to follow course of events.

 

3. HTC continues to conquer a share of the smartphone market among the cryptocurrency community. It reported, that it is releasing a second-generation phone based on the blockchain in the second half of 2019. This was announced by Phil Chen, HTC Director General for Decentralization, at a forum on investment trends that was held in Taipei last week.

 

4. CoinSchedule portal provided data, according to which the United Arab Emirates this year are leaders in the field of raising funds through the initial placement of coins. Projects from this jurisdiction managed to raise $ 210.5 million- a quarter of the worldwide indicator, which is $ 830,272,656. Interestingly, the UAE`s leadership position was made by two startups, that started the campaign last year and finished recently: an investment bank GCBIB ($ 142.6 million) and the Bolton Coin luxury goods platform ($ 67.8 million). Together they collected $ 210.4 million
The Cayman Islands ranked second in terms of the amount of funds raised -$ 103.8 million, Singapore ranked third- $ 89.7 million. At the same time, the United States, which previously dominated this area, moved to sixth place, collecting only $ 37 million, or 4.48% of the total amount. Alex Buelau, director general at CoinSchedule, in a conversation with Bloomberg reported that this trend is associated with regulatory uncertainties in the United States.

 

5. Tom Lee, the founder of Fundstrat Global Advisors, has once again made a positive projection on Bitcoin pricing. This time, in an interview with CNBC, he said that the first cryptocurrency would reach new heights this year. There are 11 signs, which indicate this. According to him, Bitcoin will cost $ 14000 by the end of the year.

It should be noted, that Lee throughout the previous year gave positive projections, however, the quotations steadily fell.

 

6. The London Block Exchange cryptocurrency exchange probably lost its solvency. Peter McCormack, author of the podcast What Bitcoin Did, stated this by citing several arguments.

First, the salaries of employees ceased to be charged in the current year, as well as payments to their pension fund. Secondly, work on the LBE application was interrupted due to debts to developers. Third, the ICO canceled everything scheduled for December. This is despite the fact that the closed tokensail was successfully held, but part of the funds were returned to investors and some investors are still waiting for payment.

Moreover, on March 19, the law firm Squire Patton Boggs (UK) LLP filed a petition with the aim of liquidate the London Block Exchange to the High Court of London. This decision involves a debt of £ 9900.

However, Benjamin Dives, the general director of the exchange, said that he simply didn`t see the account until it was too late.

«I have already sent money to the claimant, but for some reason they have not reached. There is cannot be any question about elimination».

 

7. 24 financial institutions and 11 international organizations, including the International Monetary Fund and the World Bank, discussed international standards for regulating digital currencies. First of all, they are concerned about the vulnerability in the global financial system. Choi Jong-ku, chairman of South Korea`s financial regulator, was the first to speak out in favor of creating a global regulatory base.

However, there is no any specifics yet.

«We take into account the rapid development of the new ecosystem in the field of finance and understand the necessity for continuous monitoring of events. FSB is studying the work of the blockchain technology and the consequences of its using» such statements were made.

«It is important to consistently integrate international standards, which are agreed by international organizations. This will help to minimize inconsistencies in the legislation».

Everyone talks about the necessity to implementation the international regulatory rules, but no one offers anything concrete.

 

8. Bitmain, the producer of mining equipment, has started selling new models-Antminer T17, the most budget option from the new line of ASICs.

The device uses the well-known 7-nm chips of the second generation, which are designed for mining coins by using the SHA256 algorithm (Bitcoin, Bitcash). T17 is capable of delivering up to 40 Tx/s, it has an energy efficiency of 55 J/Tx. It is possible to buy this device on the company’s website for $1270. For comparison, the Antminer S17 and S17 Pro cost about $2000 for a piece, depending on the configuration.

 

9. Cryptocurrency investment bank Galaxy Digital Holdings reported about losses of $ 97 million for the 4th quarter of last year. Cumulative losses for the previous year were $ 272.7 million.
Fund has lost $ 101.4 million under the leadership of Michael Novogratz. $ 75.5 million were lost due to a decrease in the crypto market and $ 8.5 million were lost due to investing in various companies.

According to the end of the last year data, Galaxy Digital had 9724 BTC ($ 36.4 million), 92545 ETH ($12.3 million), 2.4 million EOS ($ 6 million) and 60227 XMR ($ 2.8 million). At the beginning of 2018, it has 5902 BTC and 57000 ETH. That means, that for the whole last year the bank increased the reserves of the first two cryptocurrencies.

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1. The popular Bitfinex cryptocurrency exchange, which was recently accused of losing $ 850 million by the Attorney General of New York, plans to release its own token. This was stated by Dong Zhao), a well-known OTC trader in China, which has a stock portfolio in Bitfinex. Moreover, he proposed a plan to issue its own stock exchange tokens. This will help offset the $ 850 million that is currently frozen. The community is not very pleased with this news.

«Earlier it was reported, that the freezing of funds is a temporary phenomenon. If so, no other plans are required. However, if they would release a token, then it possible to make a conclusion, that the money has been lost. Trust in the exchange will be lost also» one of the community representatives said.

 

2. In the meantime, Stuart Hoegner, General Counsel at Tether and Bitfinex, reported that Stablecoin USDT is provided with Fiat 74%.

He said that the company has $ 2.1 billion in Fiat and short-term securities, thereby confirming that stablecoin is not fully secured.

Another representative of Tether, Zo Phillips from the law firm Morgan Lewis, said that Tether should not have $ 1 for every USDT issued.

It should be noted, that recently it became known about the frozen client funds in various banks, the total amount of which is $ 850 million. Probably because of this, there is no collateral in the 1:1 ratio. We will continue to follow course of events.

 

3. HTC continues to conquer a share of the smartphone market among the cryptocurrency community. It reported, that it is releasing a second-generation phone based on the blockchain in the second half of 2019. This was announced by Phil Chen, HTC Director General for Decentralization, at a forum on investment trends that was held in Taipei last week.

 

4. CoinSchedule portal provided data, according to which the United Arab Emirates this year are leaders in the field of raising funds through the initial placement of coins. Projects from this jurisdiction managed to raise $ 210.5 million- a quarter of the worldwide indicator, which is $ 830,272,656. Interestingly, the UAE`s leadership position was made by two startups, that started the campaign last year and finished recently: an investment bank GCBIB ($ 142.6 million) and the Bolton Coin luxury goods platform ($ 67.8 million). Together they collected $ 210.4 million
The Cayman Islands ranked second in terms of the amount of funds raised -$ 103.8 million, Singapore ranked third- $ 89.7 million. At the same time, the United States, which previously dominated this area, moved to sixth place, collecting only $ 37 million, or 4.48% of the total amount. Alex Buelau, director general at CoinSchedule, in a conversation with Bloomberg reported that this trend is associated with regulatory uncertainties in the United States.

 

5. Tom Lee, the founder of Fundstrat Global Advisors, has once again made a positive projection on Bitcoin pricing. This time, in an interview with CNBC, he said that the first cryptocurrency would reach new heights this year. There are 11 signs, which indicate this. According to him, Bitcoin will cost $ 14000 by the end of the year.

It should be noted, that Lee throughout the previous year gave positive projections, however, the quotations steadily fell.

 

6. The London Block Exchange cryptocurrency exchange probably lost its solvency. Peter McCormack, author of the podcast What Bitcoin Did, stated this by citing several arguments.

First, the salaries of employees ceased to be charged in the current year, as well as payments to their pension fund. Secondly, work on the LBE application was interrupted due to debts to developers. Third, the ICO canceled everything scheduled for December. This is despite the fact that the closed tokensail was successfully held, but part of the funds were returned to investors and some investors are still waiting for payment.

Moreover, on March 19, the law firm Squire Patton Boggs (UK) LLP filed a petition with the aim of liquidate the London Block Exchange to the High Court of London. This decision involves a debt of £ 9900.

However, Benjamin Dives, the general director of the exchange, said that he simply didn`t see the account until it was too late.

«I have already sent money to the claimant, but for some reason they have not reached. There is cannot be any question about elimination».

 

7. 24 financial institutions and 11 international organizations, including the International Monetary Fund and the World Bank, discussed international standards for regulating digital currencies. First of all, they are concerned about the vulnerability in the global financial system. Choi Jong-ku, chairman of South Korea`s financial regulator, was the first to speak out in favor of creating a global regulatory base.

However, there is no any specifics yet.

«We take into account the rapid development of the new ecosystem in the field of finance and understand the necessity for continuous monitoring of events. FSB is studying the work of the blockchain technology and the consequences of its using» such statements were made.

«It is important to consistently integrate international standards, which are agreed by international organizations. This will help to minimize inconsistencies in the legislation».

Everyone talks about the necessity to implementation the international regulatory rules, but no one offers anything concrete.

 

8. Bitmain, the producer of mining equipment, has started selling new models-Antminer T17, the most budget option from the new line of ASICs.

The device uses the well-known 7-nm chips of the second generation, which are designed for mining coins by using the SHA256 algorithm (Bitcoin, Bitcash). T17 is capable of delivering up to 40 Tx/s, it has an energy efficiency of 55 J/Tx. It is possible to buy this device on the company’s website for $1270. For comparison, the Antminer S17 and S17 Pro cost about $2000 for a piece, depending on the configuration.

 

9. Cryptocurrency investment bank Galaxy Digital Holdings reported about losses of $ 97 million for the 4th quarter of last year. Cumulative losses for the previous year were $ 272.7 million.
Fund has lost $ 101.4 million under the leadership of Michael Novogratz. $ 75.5 million were lost due to a decrease in the crypto market and $ 8.5 million were lost due to investing in various companies.

According to the end of the last year data, Galaxy Digital had 9724 BTC ($ 36.4 million), 92545 ETH ($12.3 million), 2.4 million EOS ($ 6 million) and 60227 XMR ($ 2.8 million). At the beginning of 2018, it has 5902 BTC and 57000 ETH. That means, that for the whole last year the bank increased the reserves of the first two cryptocurrencies.

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