Category Archives: Cryptocurrency
North Korean Hackers Accused Of Biggest Cryptocurrency Theft Of 2020Their Heists Are Now Worth $1.75 Billion – Forbes
North Korea's hacking crews are causing carnage in the cryptocurrency market and one has been blamed for stealing $250 million-worth of virtual coins from one exchange in 2020.
A North Korean hacker crew called Lazarus Group has been accused of carrying out a heist on cryptocurrency exchange KuCoin, dubbed the biggest cryptocurrency theft of last year at $275 million worth of virtual money. That figure represented half of all cryptocurrency stolen in 2020, according to cryptocurrency tracker and law enforcement contractor Chainalysis, which exclusively revealed its attribution of the huge attack to Forbes ahead of the release of its own research report on Tuesday.
The hack of Singapore-based KuCoin, which lets people trade Bitcoin, Ethereum and other cryptocurrency, also took Lazarus illicit winnings up to $1.75 billion, Chainalysis claimed. Its feared that North Korea is using stolen cryptocurrency to fund its nuclear initiatives, whilst also causing serious losses to the burgeoning virtual economy. Meanwhile, the thefts are helping prop up North Koreas flagging economy, which has reportedly taken a severe hit thanks to the Covid-19 crisis. CNN reported on a confidential U.N. document on Tuesday, which suggested that North Korea had stolen a total of $316.4 million from financial institutions and virtual currency companies between 2019 and November 2020 to support its warfare and economic plans.
Chainalysis said it was able to attribute the KuCoin hack to the North Korean hacking group by looking at how the stolen funds were laundered. Lazarus Group, previously blamed for the infamous Sony Pictures hack of 2014 amongst many other attacks on cryptocurrency exchanges, has a unique way in which it sends money to mixers. Those mixers mix up cryptocurrency into different accounts in order to make tracking of funds more difficult. The size, and the way that funds are sent to mixers is extremely specific, and it's like a fingerprint, said Kim Grauer, who led Chainalysis research into the KuCoin attack.
Grauer thinks North Koreas cryptocurrency thefts could be filling huge holes in the countrys coffers. COVID in particular has further continued to devastate the North Korean economy and so we think that... the country may be becoming increasingly dependent on hacking for just funding, period, Grauer added. When you think about $1.75 billion, it's a very significant amount of money for that country considering their GDP.
The KuCoin breach took place in September 2020, and the exchange offered rewards of up to $100,000 to anyone who could provide valid information to us regarding this incident. Later, KuCoin CEO and founder Johnny Lyu claimed $201 million in cryptocurrency had been recovered as of October 3 and said perpetrators had been caught. This February, Lyu said in a blog post that it had cooperated with exchange and project partners to recover $222 million (78%), and cooperated with law enforcements and security institutions to recover $17.45 million (6%). At the same time, KuCoin and our insurance fund covered the remaining part, about $45.55 million (16%). In the end, we ensured that no users sustained any loss in this incident.
KuCoin, which claims to have over six million registered users, told Forbes that while its working with law enforcement and security agencies to track the suspects, no more details can be announced at the moment, per their request. Chainalysis said it had shared its findings relating to the North Korean attribution with KuCoin, but declined to provide any more detail on its work with the exchange.
The news comes hot on the heels of a Google warning that another crew of alleged North Korean hackers had attacked security researchers via what may have been a Chrome zero-day exploit - an attack on an unpatched vulnerability or string of vulnerabilities.
With a mix of more sophisticated digital attacks and huge thefts of cryptocurrency, North Koreas investment in offensive cybersecurity is proving to be reaping rewards for Kim Jong-uns regime, whilst costing victims their privacy and, in some cases, their crypto wealth.
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North Korean Hackers Accused Of Biggest Cryptocurrency Theft Of 2020Their Heists Are Now Worth $1.75 Billion - Forbes
Cryptocurrency IOTA Up 137% This Week, Trades At Two-Year High Following Dell Partnership News – Benzinga
After a two-year negative downtrend, the IOTA (MIOTA) token rallied by 136.88% over the past week to $1.18.
What Happened:While most cryptocurrencies were trading close to their all-time highs, IOTAs price movement wasnt exactly fuelled by the overall bullish uptrend in the market.
Yesterday, the IOTA Foundationannounceda partnership withDell Technologies Inc(NYSE: DELL) called Project Alvarium.
Project Alvarium plans to measure the trustworthiness of data before it is used by an application.
Dell first introduced the technology known as Data Confidence Fabric in 2019; IOTA then re-engineered it using the IOTA Streams framework.
See also:How to Buy IOTA (MIOTA-USD)
"The importance of data transparency is integral to how organizations in every industry move forward," said Steve Todd, Fellow at Dell Technologies.
In order to bring Project Alvarium to life, IOTA and Dell partnered withIntel Corporation(NASDAQ: INTC) to facilitate real-world pilots.
Market participants quickly reacted to the news, and the cryptocurrency price rallied over 68% from $0.73 to $1.23 in a single day.
The price, however, has since consolidated to around $1.19, and trading volume was down by 40% in the past 24 hours, indicating that some long-term holders might have capitalized on a three-year high by selling at these levels.
Price Action:IOTA was trading at$1.18at press time.
Dell shares grew by 0.25% and were trading at $79.70.
Intel shares were at $61.50, gaining 1.38%.
Image:iota.org
2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Cryptocurrency IOTA Up 137% This Week, Trades At Two-Year High Following Dell Partnership News - Benzinga
Why The Graph Cryptocurrency Is Skyrocketing Today, Outperforming Bitcoin, All Other Coins – Benzinga
A new cryptocurrency, The Graph (GRT), soared79.92% more than any other coin in the 24 hours to press time to $2.43 on Friday.What Happened: GRT has spiked 176.7% on a seven-day trailing basis. The token of the entity that helps decentralized applications discover and organize blockchain data has reached a market capitalization of $3.04 billion.
The token was launched on Dec. 17 at a price of $0.26, which means the Graph has risen 834.62% since it made its debut.
See also:Best Cryptocurrency Brokers
Why It Matters: The price movement in the Graph is partly driven by a social media buzz on Reddit and Stocktwits. GRT.X was the top trending ticker on Stocktwits early Thursday at one point, ahead of Sundial Growers Inc. (NASDAQ: SNDL),Tilray Inc.(NASDAQ: TLRY), andAphria Inc.(NASDAQ: APHA).
The Graph has left behind major cryptocurrencies as of press time. Bitcoin (BTC) traded 5.04% at $46,998.37, while Ethereum (ETH) traded 1.45% higher at $1,749.99.
2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Why The Graph Cryptocurrency Is Skyrocketing Today, Outperforming Bitcoin, All Other Coins - Benzinga
OLB Group Announces Plan to Offer Cryptocurrency Payment Options via Blockchain Technology on its OMNICOMMERCE Platform and SecurePay TM Gateway -…
OLBs SecurePay TM Payment Gateway to Enable Merchants to Seamlessly Offer Cryptocurrency Payments
The OLB Group, Inc. (NASDAQ: OLB), a provider of cloud-based omnicommerce and payment acceptance solutions for small and mid-size merchants, announced it has upgraded its SecurePay payment gateway system to support Cryptocurrencies including Bitcoin, Ethereum, USDC and DAI across all merchant platforms. Merchants utilizing the OLB SecurePay gateway service or the OmniSoft cloud-based business management platform will immediately have the option to accept these alternative contactless payment methods without any equipment changes. Our systems will be wallet agnostic and, integrating them with third-party software, customers will be able to seamlessly pay with Cryptocurrency wallets such as MetaMask TM, Coinbase Wallet TM, Crypto.com and Trust Wallets TM.
Ronny Yakov, CEO of OLB, said, "Providing all the latest technologies and tools to merchants is our top priority. It is imperative to adjust to these times as the world becomes further integrated with digital currencies. By enabling our merchants the ability to accept digital payments, it will also help enhance the funds available for every merchant that opts in, as these forms of payments settle instantly, providing small businesses with more flexibility and agility. By 2027, the global payments industry is projected to be 8.94 Trillion USD and according to Statista there are 66 million users of Cryptocurrency wallets, according to Fortune Business Insights"
SercurePay is compatible with mobile, tablet-based and cloud infrastructure and will be integrated into the merchants current payment ecosystem, in order to enable the acceptance of Cryptocurrency payments. Merchants interested in implementing omnicommerce services or accepting crypto within their existing payment infrastructure can set up an account at https://cryptoaccept.com
For more information about The OLB Group, please visit http://www.olb.com or http://www.olb.com/investors-data .
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Future OLB Press Releases and Updates
Interested investors or shareholders can be notified of future Press Releases and Industry Updates by e-mailing investorrelations@OLB.com .
Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform. While the Companys management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption "Risk Factors" in the Companys most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
About The OLB Group, Inc.
The OLB Group, Inc. is a payment facilitator and commerce service provider that delivers cloud-based merchant services for web-based and brick-and-mortar organizations. OLB provides a seamless, end-to-end digital commerce solution that includes site creation, hosting, transaction processing and payment gateway, order fulfillment, customer service, outbound marketing, sales reporting, and fundraising. With services from private label shopping sites designed to maintain the unique look or feel of the merchant website, to order fulfillment and customer service, OLB remains invisible to the user and promotes the merchants brand with market-leading technology and solutions. For more information about solutions, services, or to find a reseller, please visit http://www.olb.com . Investor information is available at http://www.olb.com/investors-data .
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OLB Group Announces Plan to Offer Cryptocurrency Payment Options via Blockchain Technology on its OMNICOMMERCE Platform and SecurePay TM Gateway -...
5 Things To Consider When Choosing A Cryptocurrency Exchange – Yahoo Finance
InvestorPlace
As Im preparing my latest article about Nio (NYSE:NIO), the hard-charging Chinese manufacturer of electric vehicles (EVs), Nio stock trades for $60. That values the company at $93.6 billion, good for the fifth spot amongst the worlds largest automakers by market capitalization. Source: Sundry Photography / Shutterstock.com On Feb. 1o, Deutsche Bank analyst Edison Yu reiterated his buy rating and $70 price target. By hitting Yus target, Nio could become the third-largest automaker in the world. Heres why Volkswagen (OTCMKTS:VWAGY) and BYD (OTCMKTS:BYDDF) ought to be looking in their rearview mirrors. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Much Has Changed for Nio Stock in the Past Year Approximately 15 months ago, I didnt have much good to say about the upstart EV manufacturer: As Taulli [InvestorPlace contributor Tom Taulli] points out, the companys burning through cash at such a rate, any future equity or debt financing arrangements will be highly one-sided for the entity providing the lifeline and terrible for current shareholders. Nios Altman Z-Score, a predictor of future bankruptcy, is -4.45 at the current moment. Thats nowhere near where it needs to be to give investors a warm, fuzzy feeling. I wish I had better news for shareholders of Nio stock. But you cant put lipstick on a pig. Of course, in hindsight, we know that Nio snagged $1 billion in critical financing less than five months later, and the rest is history. Forever, that will be known as the turning point for the company. So, by June 2020, I fully converted from skeptic to enthusiast, suggesting a double-digit stock price by the end of the year was totally realistic. It finished 2020, just shy of $50. Its amazing what a billion dollars will do for your confidence. A 17% Gain Puts Nio At or Near Third Spot Based on the analysts 12-month target price of $70, the price of Nio stock only has to appreciate by 17% over the next year to hit the target. At the rate its growing, that seems like a slam dunk. Nio recently announced further collaboration with the Hefei municipal government, the same people who rescued the company from crashing in April 2020. As part of this collaboration, the Hefei government plans to reinvest the returns from their equity investment in Nio to further support EV production in the city. Hefei is focusing on making the city a hotspot for all things EV. As part of this expansion, the city will build the Hefei Xinqiao Smart Electric Vehicle Industrial Park. Importantly, Nio plans to use this park as the foundation for building its global growth. Yu said: This lays the groundwork for capacity expansion to help NIO reach its +300k longer term volume target or nearly 3x current capacity. Details were not provided on financing sources, but we suspect there will be large support in the form of bank credit lines or arrangements similar in nature. A little success and the lenders are falling all over themselves to get in on the action. Whats the old saying? A banker will always give you an umbrella when the sun is shining and theres not a cloud in the sky. Anyway, a $70 share price puts Nios market cap at $109 billion, about the same value as BYDs current market cap. However, I think its fair to say that if Nio moves higher over the next 12 months, then BYD and Volkswagen, not too far behind at $107 billion, should too. Its Got to Go to $80 or Higher to Grab the Third Spot Based on 1.56 billion shares outstanding, an $80 share price by this time next year puts its market cap at $125 billion, giving it a little breathing room over its two peers. Can it get there? I think it can gain 34% over the next 12 months to get to the magic number. Heres how. In 2020, Nio delivered 43,728 vehicles. Based on its current market cap of $93.6 billion, thats $2.14 million per delivered vehicle. In 2019, it delivered 20,565 vehicles. It had 831.9 million shares outstanding as of Dec. 31, 2019, and a share price of $3.72. Thats $150,482 per delivered vehicle. Im going to assume that Nio doubles its deliveries once more in 2021. So, based on $93.6 billion, thats $1.07 million for each of the 87,456 estimated vehicle deliveries in 2021. However, Nio could have a fourth vehicle, the EE7 sedan, in production by the fourth quarter, most certainly adding to these numbers. Also, its got a fifth vehicle on the drawing board for 2022. So, based on $1.07 million per delivered vehicle, it will have to deliver 116,822 vehicles in 2021. While possible, I think thats pushing it. Assuming a vehicle delivery number roughly halfway between 87,456 and 113,636 and $1.65 million per delivered vehicle [halfway between $1.1 million and $2.2 million] and we get 100,546 vehicles delivered at $1.65 million for a market cap of $166 billion or $106.40 per share [1.56 billion outstanding]. I cant believe Im saying this, but I think its got an excellent chance of blowing through Yus target on its way to the third spot in the global pecking order. Long term, Nios a buy. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Will Ashworth has written about investments full-time since 2008. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia. At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next Potential Winner It doesnt matter if you have $500 in savings or $5 million. Do this now. #1 Play to Profit from Biden's Presidency The post An $80 Price Would Drive Nio To Become the Third-Largest Automaker appeared first on InvestorPlace.
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5 Things To Consider When Choosing A Cryptocurrency Exchange - Yahoo Finance
If cleared, Cryptocurrency Bill will impose ban on cryptocurrency deals – India Legal
TheCryptocurrencyand Regulation of Official Digital Currency Bill, 2021, ifcleared by the parliament, willimpose a blanket ban on the transaction ofcryptocurrencyby corporations and individuals.The bill is likely to be placed before the ongoing budget session of the Parliament.
In May 2018, the RBI via a circular directed allinstitutions regulated by itnottodeal in virtualcurrenciesandnottoprovide any facility to persons dealing with them.
The Supreme Court, however, in March 2020 overturned the RBIs circular permitting banks to handle crypto transactions from individuals, corporations or any other entity.
This bill comes as a bold move as there are no other governments around the world that have expressed the intention to ban virtual currencies all-together as a strategy to maintain the stability of the economy.
There is no doubt that the new form of digital currency has posed different problems for the existing financial system while illuminating the possibility ofprivatisationof monetary systems around the world. This according to some experts is a threat to the stability of the economy.
In Parliament, Minister of State for Finance and Corporate Affairs AnuragThakur said,Regulatory bodies like Reserve Bank of India (RBI) and Securities and Exchange Board of India (Sebi) dont have a legal framework to directly regulatecryptocurrenciesas they are neither currencies nor securities or commodities issued by an identifiable user.
Thakurhasfurthersaidthat the existing laws are insufficient to deal with this matter and that an inter-ministerial panel has been formed by the government.
This committee has submitted a report, following which there will be a meeting of the empowered technology group. The committee of secretaries has also given its report, and now the bill is beingfinalizedbefore its sent to the Cabinet, saidThakur.
Crypto currencies exchange has seen a huge increase of over 310% in 2020 withbitcoinbeing the most popular (valued around INR 34,33,476.81)Crypto experts have given the good news to the crypto holders in India that even if the ban is implemented they will still have the option of international exchange to trade their holdings and there will be no loss of money. However, the experts have warned that the ban will significantly reduce the value ofcrypto currenciesas it will directly impact the demands. So, it could be a wise move for Indians to trade their crypto holdings as soon as possible to prepare for the eventuality of the ban coming into force and their being huge losses in terms of the value of their holdings.
An estimated 70,00,000Indians have crypto holdings worth over $1 Billion.
Kevin Lim, Assistant Professor of Economics,Universityof Toronto, believes the ban on crypto currencies would merely mean a ban on its usage in transactions in the real economy for exchange of goods and services and its usage for transferring value between persons.
This would mean it would be perfectly legal for individuals to hold and trade crypto as an investment transaction.
-India Legal Bureau
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If cleared, Cryptocurrency Bill will impose ban on cryptocurrency deals - India Legal
Cryptocurrency Market to be Driven by Increasing Adoption of e-financial Services, says Fortune Business Insights – Yahoo Finance
List of the Companies Profiled in the Market: Microsoft Corporation, BitFury Group Limited, Advanced Micro Devices, Inc., Ripple Labs Inc., Intel Corporation, NVIDIA Corporation, Coinbase Ltd., AlphaPoint Corporation, Xilinx Inc., BitGo, and BTL Group Ltd
Pune, India, Feb. 11, 2021 (GLOBE NEWSWIRE) -- The global cryptocurrency market to gain from increasing Internet penetration worldwide. Recently Fortune Business Insights has announced a report titled, Cryptocurrency Market Size, Share and Global Trend by Component (Software, Services), Process (Transaction, Mining), Type (Bitcoin, Etherum, Litecoin, Ripple, Dashcoin), End User, and Geography Forecast till 2025. As per the report North America was leading the global cryptocurrency market in 2017. The growth witnessed is attributable to high adoption of digital currency in the region. The trend is unlikely to change and North America may lead the global cryptocurrency market through the forecast period.
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The rising demand for online financial services in the region is likely to contribute the growth of the market in North America. Besides this, North America holds 27% participants, 39% of wallets, 18% transactions, and 19% of cryptocurrency paymen companies. This is a primary reason behind the high demand witnessed in the region. It also facilitates the higher adoption of cryptocurrency. The cryptocurrency market in Asia pacific is anticipated to expand at a relatively higher CAGR. The growth witnessed is attributable to increasing number of cryptocurrency transactions taking place in the region. Japan is known for major investments in cryptocurrency. Rising investments cryptocurrency have resulted in the formation of new laws for legalization of cryptocurrency under financial service agency. This is a major step taken by Japan and is expected to boost the Asia Pacific cryptocurrency market.
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Europe is also amongst the leading regions in the global cryptocurrency market. The growth witnessed is attributable to high adoption of e-financial services in the region. Moreover, Germany issued a statement to consider cryptocurrency as private currency without any payable taxes, unless held for a year or more. Tax and other benefits from cryptocurrency is expected to fuel the demand for cryptocurrency and increase the number of owners globally.
Adoption of e-wallets to Drive Market
Government initiated awareness programs regarding cryptocurrency in developing and undeveloped nations are anticipated to enable growth in the global cryptocurrency market, said a lead analyst at Fortune Business Insights.
Some of the chief factors expected to drive the global cryptocurrency market during the forecast period 2018-2025 are rising adoption of e-wallets and consumer shift towards online platforms. Additionally, cashback, promotional, and other offers on e-currency is a factor anticipated to fuel the demand in the global market.
On the contrary, requirement of a good network connection and high cost data tariff plans are a few factors that may hamper the growth in the global cryptocurrency market.Click here to get the short-term and long-term impact of COVID-19 on this Cryptocurrency Market.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/cryptocurrency-market-100149
Increasing Focus on Acquisitions aimed at Leading the Global Market
Rapid technological developments taking place in e-currency and its services is a factor anticipated to propel the growth in the global cryptocurrency market. Additionally, mergers and acquisitions taking place in the global market are likely to propel the growth rate. For instance, Tron acquired a California based company, BitTorrent in 2018 for US$ 150 Mn. In October, 2018 a Belgian based investment firm NXMH acquired Bitstamp a crypto exchange for US$ 350 Mn. The competition among the global cryptocurrency market players is very high.
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List of the Companies Profiled in the Cryptocurrency Market:
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Have a Look at Related Research Insights:
Blockchain Market Size, Share & COVID-19 Impact Analysis, By Component (Platform/Solution and Blockchain-as-a-Service (BaaS)), By Blockchain Type (Public, Private, and Consortium), By Deployment (Proof of Concept, Pilot, and Production), By Application (Digital Identity, Payments, Smart Contract, and Others), By Industry (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom), and Regional Forecast, 2020-2027
Blockchain in BFSI Market Size, Share And Global Trend By Type (Private Blockchain, Public Blockchain, Consortium Blockchain), By Application (Smart Contracts, Security, Trade Finance, Digital Currency, Record Keeping, GRC Management, Identity Management and Fraud Detection), And Geography Forecast Till 2021-2028
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Quantum Cryptography Market Size, Share and Global Trend By Component (Hardware & Services), By Services (Consulting, Support and Maintenance, Integration and Deployment), By Applications (Application Security, Network Security, Database Encryption), By Industry Verticals (Banking, Finance Services, Insurance, Consumer Good and Retail, Government & Defence, Healthcare and Life sciences, Telecom and IT) and Geography Forecast till 2021-2028
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Miami appoints innovation advisor in cryptocurrency push – Cities Today
Miami Mayor Francis Suarez has named a new innovation advisor to act as a concierge for high tech companies and cryptocurrency entrepreneurs he hopes to attract to boost Miamis position as an innovation hub.
During his State of the City address this week, Suarez announced the appointment of Saif Ishoof as the Mayors Senior Advisor for Innovation & Technology. This role will be in addition to Ishoofs work at Florida International University (FIU), where he is Vice President of Engagement, and is part of a one-year partnership with the university.
Attracting tech companies to Miami has been a long-term drive to create high-paying jobs and prepare the city for the future. It is seeing new momentum, the mayor says, as some companies relocate or open permanent offices away from Silicon Valley and New York amid a pandemic-induced shift to remote working. Miamis low tax climate and good weather are a draw but companies are also heading to cities such as Austin and Denver.
Earlier this month, Suarez said several high-profile financial and tech firms have already decided to set up offices in Miami, including Spotify, Goldman Sachs and Blackstone, as well as a number of entrepreneurs and investors.
Miami startups raised close to US$1 billion in venture funding last year, according to preliminary Crunchbase data, and SoftBank has now announced plans to invest US$100 million, drawn from across its funds, into startups in the city.
A tweet from Mayor Suarez recently went viral after he replied How can I help? in response to a suggestion from Delian Asparouhov, a principal at the venture capital firm Founders Fund, to move Silicon Valley to Miami.
This saw the mayor engaging with a stream oftechnology executives expressing interest and praising the business-friendly approach.
Ishoof and a wider team will work to reduce bureaucracy and connect businesses to incentives and talent in the city.
I am excited to support this novel partnership with the City of Miami, Ishoof commented. I look forward to bringing my prior experience as an entrepreneur, lawyer and current role as a university administrator in supporting Mayor Suarezs efforts to unlock Miamis fullest potential as a robust hub for technology.
The City of Miami has also launched anew eStart app, which allows users to apply for business licences from their smartphone or computer.
This week, the City of Miami uploaded the 2008 Bitcoin Whitepaper by pseudonymous Satoshi Nakamoto, who developed bitcoin.
The City of Miami believes in bitcoin, said Suarez. Im working day and night to turn Miami into a hub for crypto-innovation. [I am] proud to say Miami is the first municipal government to host Satoshis whitepaper on a government site.
A city statement said: The City of Miami is dedicated to becoming a model 21st century city. We think that means embracing and supporting disruptive technologies that challenge the status quo and improve how we interact with one another. Bitcoin, the decentralised financial network that allows individuals worldwide to store and send value to one another without intermediary agents like banks or payment processors, is a technology we believe will transform the world.
The mayor has suggested he may consider investing some government funds in bitcoin as well as allowing citizens to pay taxes and fees to the city in cryptocurrency.
He recently hosted a City Hall meeting with the Winklevoss brothers who run the crypto-exchange Gemini, to discuss the future of cryptocurrency and bitcoin, and the possibility of a headquarters for the company in Miami.
In December, Suarez called bitcoin a stable investment during an incredibly unstable year, although some experts warn that compared to other investments, it can be highly volatile and risky, and could be a bubble.
Tesla and SpaceX entrepreneur Elon Musk also took to social media to pitch building his Boring Company tunnels under Miami to reduce congestion and emissions. Suarez said he was open to discussing Miami being a prototype city, despite it being situated only a few feet above sea level and vulnerable to further rises. The city already has the Port Tunnel.
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Miami appoints innovation advisor in cryptocurrency push - Cities Today
Bitcoin: What is the ‘death cross’ that heralds the sharp fall of this cryptocurrency? – Entrepreneur
January28, 20214 min read
For several weeks now, the price of Bitcoin has been a true roller coaster, with rapid rises, dizzying drops and unexpected turns. Yesterday, Wednesday, the price of the cryptocurrency was about to form the 'death cross' , a graph that could anticipate a sharp drop in its value .
In mid-March 2020, the price of Bitcoin (BTC) was around $ 5,000 and by December it was already at $ 19,000 . On January 7, 2021, the cryptocurrency reached $ 42,000 per unit , which is an increase of more than 800% in just ten months .
Just three days later, on January 11, BTC fell slightly below $ 30,000 , a loss close to 20% . Since then, its price has fluctuated between $ 31,000 and $ 35,000 , with peaks of up to $ 39,000 , but no more.
These fluctuations are reflected in the graphs of the cryptocurrency, whose lines were close to forming a figure known to presage upcoming devaluations .
It is a technical pattern that consists of the intersection of two lines , one formed by the 50-day moving average price and the other by the 200-day moving average price. Analysts see this chart as an indicator that a sharp decline is coming .
For example, the 'death cross' was observed at the beginning of the stock market crashes of 1929, 1938, 1974 and 2008, indicates Investopedia .
The variations of the Bitcoin gave rise to that almost a 'cross of the death' was formed in its graphs. This is because BTC's 50-day moving average fell from $ 37,616 to $ 33,342 , while the 200-day moving average rose from $ 28,647 to $ 33,218 .
The 'death cross' is a bad sign, yes, but it doesn't necessarily indicate a significant and steady depreciation over the long term . In fact, Bitcoin experienced this phenomenon in August 2020 and it took almost 2 months to recover.
The last cross of death was not the end of the world, but it caused a 15% setback. [Bitcoin] took 50 days to recover its price. From the current level [], a 15% decline would put Bitcoin at around $ 28,000 , commented experts from the company TradingShot cited by the Bitcoinist portal.
"In the last 24 hours, #Bitcoin has plunged more than $ 4,500 or about 15%. Less than a year ago, #Bitcoin was trading for less than $ 4,500," reads the cryptocurrency's official Twitter.
This week, the financial JP Morgan adjusted its predictions for Bitcoin and now they doubt that it will exceed $ 40,000 again , for two factors. The first is the possibility that investors will withdraw their earnings , anticipating a decline. The second are the so-called 'hodlers' , who are taking bitcoins out of the market to accumulate them, preventing other investors from buying them and injecting capital into the cryptocurrency.
If JP Morgan's projections are met and BTC does not return to its all-time high, it will not fall too much, according to specialists.
Konstantin Anissimov , CEO of cryptocurrency exchange operator CEX.IO, believes that long-term investor demand will prevent Bitcoin from falling below $ 31,500 , according to statements collected by the RT portal.
The expert even ventures to predict, not only the recovery of BTC , but another rise in its price this 2021.
"Demand is growing, while the production rate of the coin is quite low, which could see the coin rise to $ 50,000 by the end of the first quarter of this year," Anissimov predicted.
Bitcoin part 1: Heres how the cryptocurrency works – Moneycontrol.com
Note to readers: Bitcoin is becoming popular by the day. It has captured the imagination of many young investors and millennials. But keeping aside its meteoric rise, what is Bitcoin really? And why is the Reserve Bank of India worried? Moneycontrols two-part series demystifies Bitcoin, cryptocurrencies and how they work.
From $121.34 a unit in October 2013 to $32,000 in January 2021, the Bitcoins price has skyrocketed. And no wonder investors of all hues have been intrigued by the cryptocurrencys massive rally. What is this instrument, if it is one at all, and what explains its incredible upward journey? And should you consider the Bitcoin for your portfolio?
What is Bitcoin?
Bitcoin is a type of digital currency. But it is unlike other fiat (legal) currency the Rupee, US Dollar, Euro and so on. A currency is meant to buy goods and services. But unlike normal currencies, the Bitcoin is available only in digital form. It is one of over 4,000 cryptocurrencies available in the world today.
Source: CoinDCX
What is a cryptocurrency?
A cryptocurrency is a virtual currency. It is a generic name Bitcoin is like a brand. Think of cryptocurrency as Cola and Bitcoin as, say, Pepsi. The Bitcoin is the most popular cryptocurrency in the world today. A single unit of a cryptocurrency is actually a complex computerized code that cannot be duplicated.
Why do I need a Bitcoin in the first place, when there is regular currency?
Our usual currencies are subject to a lot of rules and regulations. Central banks of various nations govern their currencies. They control the exchange rates, decide how much money to print and intervene regularly in forex markets.
In 2008, after the global credit crisis, a need was felt to democratize how currencies are held, exchanged and regulated. That year, an anonymous person, under the pseudonym Satoshi Nakamoto, invented Bitcoin. Nobody yet knows who and where Nakamoto is. That was the birth of cryptocurrencies. Ever since, many other cryptocurrencies were invented, but Bitcoin remains the most popular.
Cryptocurrencies are more democratic. You can use them in any part of the world, buy as much as you want and use them anywhere. There is a network of people and their computers that maintains a ledger. Any exchange of the cryptocurrency must be validated by all those who are present in the network. The ledger then gets updated to reflect the transaction. This technology is called blockchain.
What is Blockchain?
Blockchain is a technology on which Bitcoin or any other cryptocurrency works. Its nothing but a sophisticated record-maintaining system run by several users in a decentralized way.
When a Bitcoin is exchanged, a block of data (an alphanumeric code that signifies the cryptocurrency, its quantum and value) is created and shared across all the computers (or nodes) attached to the network. Think of this block as a series of such transactions. Once this block is verified, a formal record gets entered into the decentralized database for everyone (who is on that network) to see. Then, when that same Bitcoin is sought to be sold again, another block gets created. The previous transaction (or block) is not erased. The new block gets attached to the old block to form a chain (hence the term blockchain) for everyone to see the trail. This way of record keeping also means that the transaction cannot be reversed.
So can Bitcoin replace our Rupee?
Not so fast. For one, despite being devised as currencies that should enable you to buy goods and services, cryptocurrencies arent yet considered legal tender. For one, many countries, including India, havent legalized the use of cryptocurrencies.
Why then has the price of Bitcoin gone up so much?
The speculative potential of what Bitcoin can become once it finds global government acceptance and become legal tender is a key driver. In April 2018, the RBI virtually banned cryptocurrencies and prohibited all regulated entities, such as banks, from allowing anyone to trade in them. So, you could no longer transfer funds from your bank account online to a cryptocurrency exchange for buying a Bitcoin or any other cryptocurrency.
But in March 2020, the Supreme Court said that such curbs are illegal. The Supreme Courts ruling makes many believe that eventually cryptocurrency would become legal tender.
Higher demand and lower supply lead to higher prices. The current stage of Bitcoin is one where there is limited supply and a very high demand. That is why Bitcoins price shot up 414 percent between March 2020 and January 2021.
The US, UK and Germany are some countries that allow the use of cryptocurrencies.
So what is the danger in making this a legal currency worldwide?
Apart from decentralization and democracy, the basic idea of cryptocurrency is that there must be no restrictions or controls. Cryptocurrencies do not maintain your records. When you exchange any cryptocurrency, all that gets stored in the decentralized ledger we just told you about, is the fact that the currency was exchanged. Your identity does not get stored. Buyers and sellers of Bitcoin do not get to know each others identities. Hence, its difficult to tax Bitcoin and that is a loss of revenue to the government. You can buy almost anything on the dark web without your identity being revealed and that is a real danger in popularizing cryptocurrencies.
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Bitcoin part 1: Heres how the cryptocurrency works - Moneycontrol.com