Author: Anna Galvez

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Crypto News

FCoin Cryptocurrency Exchange Buy Back Its FT Tokens To Finance A New Investment Fund

The Chinese cryptocurrency exchange platform FCoin announced the creation of a new investment fund to support a group of previously constituted token funds, selected to continue investing in blockchain technology projects. The capital for this support will come from the repurchase of its FT tokens on the secondary market.

The announcement, dated July 13th, states that the repurchase will be, in an initial phase, 100 million FT tokens. According to information published on FCoin official website, this operation is intended to encourage project fund participants to adopt FT tokens to raise financing capital.

To operate this parent fund, they will establish an “FT Trading Area,” which will be accessible to participants in projects that have managed to raise more than 3 million FT tokens from the fund. However, they noted that they would make further announcements later on on the relevant rules of the “FT Trading Area.”

FCoin cryptocurrency exchange has been the subject of several controversies since its launch last May

FCoin’s business model, where the cryptocurrency trading is, at the same time, used as mining, was questioned by the crypto community as not sustainable over time. Recently, the startup launched a competition to develop a ranking of accumulated deposits, which congested the Ethereum (ETH) network.

The recent significant increase in Ethereum’s fees was analyzed by a Reddit user, who pointed out that it was related to the competition launched by FCoin.

As the user stated in a publication two days ago, 40% of the network was being used by a contract for an ERC20 token called “IFishYunYu,” which has no features. However, a significant number of accounts he calls “mysterious” were sending massive amounts of this token, apparently to transfer individual tokens to the FCoin cryptocurrency exchange, which are distributed in different directions and then returned to the primary address.

That would have meant that in 24 hours around 50 ETH per hour would have been paid in fees.

The high volume of transactions in the Ethereum (ETH) blockchain, generated by the FCoin cryptocurrency exchange, are caused by the startup business model, as the ranking depends on the accumulation of deposits on the platform.

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To Become A Wall Street Financial Analyst You’ll Have To Know About Cryptocurrency

The conventional financial world and cryptocurrency have become more and more interconnected since the Bitcoin (BTC) price boom of 2017.

The CFA Institute, Chartered Financial Analyst, will include cryptocurrency-related questions in next year’s tests. The crypto and blockchain topics will be part of Levels I and II exams for financial analysts for the first time, that being a clear sign that the cryptos are here to remain on Wall Street, as Bloomberg said.

CFA Institute, whose three-tier training program educated over 150,000 financial experts, reported that the topics for the 2019 exams would be unveiled in August, giving applicants the chance to start studying for the required 300 hours in advance. Cryptocurrency courses are part of a new unit known as “FinTech in fund management” which was created by CFA Institute at the candidates’ demand.

Conventional financial world and cryptocurrency have become increasingly interconnected thanks to 2017’s Bitcoin (BTC) boom

The traditional financial world and the expanding crypto space have become more and more interconnected in the aftermath of last year’s Bitcoin (BTC) boom.

Bitcoin futures quoted on the Chicago Stock Exchange, firms like Goldman Sachs entering cryptocurrencies market and the repeated news that top Wall Street executives are moving into crypto space are just a few of the reasons why cryptos are becoming the real deal.

“This is not a fad. We saw that the issue was advancing faster and with greater projection than others,” explained Stephen Horan, one of the directors at the CFA Institute in Charlottesville, Virginia.

CFA’s crypto- and blockchain-based content will be featured along with other Fintech-related themes, including artificial intelligence, machine learning, and big data.

“It will be very good for us, as there has been a great expansion and adoption of cryptocurrency in our investment universe,” asserted Kayden Lee, 27, a student of financial economics at Columbia University to Bloomberg. Lee took the CFA Level I exam in June and is know getting ready for the next one.

In short, CFA Institute will include cryptocurrency-related topics in next year’s tests because the conventional financial world and cryptocurrency have become more and more interconnected.

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KashMiner Crypto Mining Device Subject Of A Scandal Between Kodak And Spotlite, Its Two Developers

KashMiner, the crypto mining tool developed by Spotlite USA for the Kodak company, will cease to be one of the photographic multinational’s cryptocurrencies projects as it will not gain the approval of the United States Securities and Exchange Commission (SEC) for its legal operation.

The news has been reported by the BBC, which says the denial of KashMiner’s license is due to allegations of fraud led by experts in the field, who claimed that the startup that developed the initiative, the Spotlite, had offered unattainable and misleading profits with the product.

KashMiner crypto mining project was promoted as the first Bitcoin (BTC) mining initiative by Kodak developed by Spotlite. The tool was presented last January at the Kodak booth at the CES Show Technology event in Las Vegas.

The initial rental of the machine was estimated at $3,400, ensuring that the tool could generate a profit of $375 per month over two years from mining on the Bitcoin (BTC) network. Similarly, Halston Mikail, CEO of Spotlite USA, had assured that 80 machines had already been installed in the Kodak building and were fully operational.

Kodak stated they ceased their participation in the KashMiner crypto mining project

Critics of the event called KashMiner a “scam” because, due to the current difficulty of Bitcoin’s blockchain, it was impossible to calculate such high profits from mining activities.

Saifedean Ammous, an economist, told the BBC that anyone who had bet on this tool would have lost the investment because it is impossible to earn the money with such a crypto mining device.

“There is no way your magical Kodak crypto mining tool can earn the same $375 every month,” he said. David Gerard, a writer specializing in cryptocurrency, also considered the idea of Spotlite USA to be risky, calling it “crypto madness.”

In response to the cancellation of the project, a Kodak spokesman confirmed that the project had never been licensed by the multinational, and no KashMiner crypto mining device was installed at their headquarters.

Spotlite USA reported that the company abandoned plans to rent equipment to third parties through Kodak and decided to set up its own private mining farm in Iceland.

Now, Kodak want to sue Spotlite USA on the basis that they used the company’s name in the marketing of the KashMiner crypto mining device, without being allowed to do that.

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Can XRP (XRP) Outperform Bitcoin (BTC) And Ethereum (ETH) In Cryptocurrencies Market?

During December 2017 and especially in January 2018 XRP (XRP), back then known as Ripple (XRP), was one of the top earners of the cryptocurrencies market. In January, the XRP surged significantly, and many crypto enthusiasts and traders predicted that this crypto token would surpass Ethereum (ETH) by market capitalization. However, that didn’t happen. Can XRP (XRP) still outperform Bitcoin (BTC) and Ethereum (ETH)?

Since January, when the XRP traded above $3, the Ripple (XRP) dropped significantly and lost momentum as regarding the trading volumes. However, this fact was due to the many lawsuits involving Ripple, the XRP’s owner.

On the other hand, XRP (XRP) was not very successful within the US markets but managed to sign some important partnerships with various financial and banking institutions in the Middle East, India, and Japan. However, to date, the most successful deal seems to be the one with SBI Holdings with which Ripple managed to launch the VCTRADE cryptocurrency exchange platform.

Can XRP (XRP) outperform Bitcoin (BTC) and Ethereum (ETH)?

Well, if we are to believe SBI Holdings and VCTRADE’s CEO, Yoshitaka Kitao, XRP (XRP), formerly known as Ripple (XRP), would have all that a cryptocurrency needs to dethrone Bitcoin (BTC) and, subsequently, the Ethereum (ETH) which is currently the second-largest crypto by market cap.

But Yoshitaka Kitao is a renowned XRP (XRP) bull and enthusiast so that he might be subjective on this matter. Even more, the companies he manages are way involved with Ripple and its crypto token, so, this would be another reason why Kitao might be subjective.

Additionally, Brad Garlinghouse, Ripple CEO, doesn’t see in Bitcoin (BTC) a robust ecosystem for payments, while Ripple’s platforms and the XRP token provide cheaper and faster transactions, as he said.

As for the Ethereum (ETH), its decline might be caused not by the XRP (XRP), known until recently as Ripple (XRP), but by the fierce competition from EOS (EOS), TRON (TRX), and Zilliqa (ZIL).

That being said, XRP (XRP) could outperform Ethereum (ETH) but not because it is a stronger crypto token. On the other hand, exceeding Bitcoin (BTC) is harder to achieve, at least at the moment, even though the XRP blockchain is faster than BTC blockchain.

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Are We Witnessing Another Bitcoin (BTC) Bull Run?

Bitcoin (BTC) trades at about $6,735 after surging by about 2.60% in the last 24 hours. However, according to the majority of crypto investors, BTC must break above the $6,900 level to keep on rising. But, are we witnessing another Bitcoin (BTC) bull run?

According to the same experts, Bitcoin (BTC) might break above the $6,900 level very soon, and since that is achieved, BTC would surge even more towards $7,500 and then to $8,000.  And, more important, the technical analysis of Bitcoin (BTC) charts are matched by the current positive news regarding BTC, in this case.

Therefore, the latest news regarding the Bitcoin (BTC) futures, BlackRock involvement in BTC, and the emergence of institutional investors are all meant to help the leading cryptocurrency in the world by market cap to commence a new bull run.

Bitcoin (BTC) futures

The general sentiment characterizing the cryptocurrency enthusiasts and the Bitcoiners out there is that the US SEC will approve the Bitcoin (BTC) futures trading, recently filed by the CBOE.

And SEC might indeed approve it, following the models already established by more crypto-friendly countries, such as South Korea, Malta, Japan, Thailand, Germany, and Canada, among others.

Many predict that the SEC will approve it in August, triggering a true Bitcoin (BTC) bull run.

The BlackRock ETF trading platform involvement in cryptos and blockchain

Recently, BlackRock, the world’s leading ETFs trader, announced it would like exploring the advantages of the cryptocurrencies market and blockchain technology, and even mentioned Bitcoin (BTC) as their primary point of interest. Thus, BTC price surged by about $400 in less than a day, jumping from about $6,200 to approximately $6,400.

Institutional investors could boost the Bitcoin (BTC) trading volumes

Lately, the institutional investors showed a higher interest in the cryptocurrencies market and, on the other hand, some cryptocurrency-related platforms, such as Coinbase, started to provide specialized platforms for this type of investors who can skyrocket the trading volumes not only for Bitcoin but also for other cryptos.

One good example is the emergence of the Swiss SIX stock exchange into the cryptocurrencies market.

All these pieces of the puzzle, if placed together, yield a considerable opportunity for a new Bitcoin (BTC) bull run.

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