Bitcoin Becoming Reserve Asset for Altcoins: Ark Investment

A recent run-up in the bitcoin price has been credited to a string of events: the US-China trade war, determined monetary easing by central banks, price manipulation via Tether’s stablecoin USDT, Facebook’s plans to launch its cryptocurrency, as well as a weakening Renminbi. But another factor may be lifting bitcoin as well: altcoins. New York-based Ark Investment showed in its research that altcoin capital is fleeing into the bitcoin market. Almost every alternative cryptocurrency has established its low against bitcoin since the spike in 2017. Ethereum’s ETH, for instance, is now down…

Crypto Will Continue to Grow Mainly Outside the US

CEO of online travel giant Booking Holdings believes that blockchain-based currencies will continue to grow and gain more popularity. Glenn Fogel, recently appointed CEO of Booking, expressed his support of cryptocurrencies in an interview with New York-based travel publication Skift on Aug. 20. In the interview, Fogel discussed blockchain and crypto alongside with major issues in the travel industry, including over-tourism. Potential for a new global currency When asked about the future of payment systems in travel, the Booking CEO emphasized that it needs to be seamless, adding that data…

Japan’s Largest Gift Card Marketplace Launching Blockchain Gift Cards

Japan’s largest gift card platform Amaten will issue tokenized gift cards in partnership with blockchain network provider Aelf. United Kingdom news outlet Verdict reported on Aug. 20 that Amaten partnered with Aelf — one of the 30 blockchain providers certified by the China Electronics Technology Standardization Institute — to issue gift cards on the blockchain. Amaten plans to build its framework on top of Aelf’s platform to tokenize its gift cards, enabling them to be exchanged and managed on the blockchain. Gift cards and blockchain: “a completely natural fit” This initiative…

SEC Asset Freeze Caused ‘Significant Harm’ to Holders, Says Veritaseum

The chief defendant in an alleged $15 million initial coin offering (ICO) fraud case has submitted a formal reply to the United States Securities and Exchange Commission (SEC).  On Aug. 20, Reginald Middleton shared a copy of a memorandum of law against the agency’s application for a preliminary injunction to continue a temporary asset freeze against him and affiliated entities.  As reported, the SEC’s injunction implicated Middleton, together with the New York company Veritaseum Inc. and the Delaware-based company Veritaseum LLC.  The case The SEC’s case against Middleton and Veritaesum…

Buy Gold as Bitcoin Price Rises, Central Banks Cut Rates

Veteran frontier markets investor Mark Mobius suggested that cryptocurrencies will boost the price of gold.  Canadian finance news outlet BNN Bloomberg interviewed Mark Mobius on Aug. 20. The legendary investor believes cryptocurrencies will help the rise of gold. He explained:  “You have all these currencies, new currencies coming into play. […] I call them ‘psycho currencies,’ because it’s a matter of faith whether you believe in Bitcoin or any of the other cyber-currencies. I think with the rise of that, there’s going to be a demand for real, hard assets,…

Winklevoss Twins Say They’re ‘In Talks’ About Joining Libra Association

Tyler and Cameron Winklevoss — Bitcoin (BTC) bulls and founders of the Gemini crypto exchange — say they are open to partnering with archrival Mark Zuckerberg on Libra. CNN Business reported on Aug. 19 that the twins are not allowing their notorious and drawn-out settlement with Zuckerberg stand in the way of a potential collaboration. In talks to join the Libra Association Whether or not a partnership will finally materialize, Cameron told CNN that Libra represents a step towards mass adoption of cryptocurrency, underscoring: “I think there is a day…

New Bitcoin Network Hash Rate High Suggests Price Is Next

The Bitcoin (BTC) hash rate has broken yet another new all-time high, according to Aug. 19 data from monitoring resource Blockchain.com. The top coin’s hash rate has continued to break previous records throughout summer, today hitting an whopping 82.5 TH/s. Bitcoin network hash rate, 1-year chart. Source: blockchain.com Network Fundamentals The hash rate of a cryptocurrency — sometimes referred to as hashing or computing power — is a parameter that gives the measure of the number of calculations that a given network can perform each second. A higher hash rates…

Legendary Investor Bashes ‘Psycho-Currency’ Bitcoin, Then Accidentally Makes Crypto Case

Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin’s emergence will further drive investors to gold. | Source: REUTERS/Francis Mascarenhas By CCN Markets: Mark Mobius, the legendary emerging-markets investor and founder of Mobius Capital Partners, referred to bitcoin as a “psycho-currency” on Tuesday in an interview with Bloomberg. He claimed the rise of “faith-based” cyber-currencies would ultimately push investors towards hard assets like gold. “You have all these new currencies coming into play. I call them psycho-currencies because it’s a matter of faith whether you believe in bitcoin or…

China Is Racing to Launch a Digital Currency Ahead of FB’s Libra

The People’s Bank of China (PBoC) is almost ready to launch its government-backed digital currency, official sources say. An Aug. 20 report from the CPC-owned English-language news portal China Daily further revealed that the central bank digital currency (CBDC) may have been influenced by the unveiling of Facebook’s planned cryptocurrency, Libra.  ‘Inspiration from Libra’ After five years of research and system development work since 2018, the PBoC is almost ready to launch its CBDC, the deputy director of the bank’s payments unit Mu Changchun revealed at a forum last week. …

Bitcoin Twitter Handle With 1 Million Followers Renounces Bitcoin Cash

Bitcoin’s (BTC) best-known names are currently playing a guessing game after one of the industry’s most controversial Twitter accounts changed its views overnight. @Bitcoin switches from Bitcoin.com to Bitcoin.org Multiple users, including Reddit’s r/Bitcoin Subreddit moderator, BashCo, are supplying theories to explain the behaviour of the @Bitcoin account.  @Bitcoin has almost one million followers, yet its name has formed a misnomer for years. Instead of promoting Bitcoin, the account has long maligned it in favor of altcoin Bitcoin Cash (BCH) after allegedly falling into the hands of major proponent, Roger…