JPM Coin Cryptocurrency

JPMorgan Announces JPM Coin Cryptocurrency: A USD-Pegged Stablecoin

JPMorgan Chase, a well-known crypto skeptic, has announced its own US Dollar backed cryptocurrency JPM Coin. This is the first ever bank backed crypto in the USA. This blockchain-based stablecoin is now available to the institutional clients but not to the retail investors.

JPMorgan Chase is Rolling Out USD-Backed Crypto: What’s the Objective?

The leading US bank is launching JPM Coin (their USD-backed stablecoin)
for 3 different applications initially. These applications are:

  • Cross-border payment on a real-time basis: With the launch of JPM Coin, cross border payments can be settled on a real-time basis. Currently, wire transfer of payments across international lines usually faces settlement delays.

  • Faster securities transactions: Currently, a time gap exists
    between the settlement of security transaction and the time in which the receiving
    party gets the payment.  

  • Greater fluidity for its institutional clients: The institutional clients or High Net-worth Individuals will be able to move money faster to their subsidiaries across the world with the help of US-Dollar backed JPMorgan cryptocurrency. With JPM Coin, the fluidity of such money transfer increases exponentially.

Reports say JPMorgan Chase bank facilitates the daily transaction of over US$6 trillion. Once the JPMorgan cryptocurrency is rolled out, it will enable the renowned bank to help process its clients’ transactions.

Umar Farooq (head of JPMorgan‘s blockchain projects) has regarded this move as the start of a new way of financial baseline. He went on to say:

“The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”

Conclusion

The JPMorgan Chase’s has said in a statement that:

“JPM Coin
is currently designed for business-to-business money movement flows, and
because we are still in a testing phase, we don’t have plans to make this
available to individuals at this stage. That said, the cost-savings and
efficiency benefits would extend to the end customers of our institutional
clients.”

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us pension fund crypto

US Pension Fund Invests in Crypto & Blockchain Fund – Investment Details

Virginia
Police Department has revealed their plan of investing a part of their pension
fund to Morgan Creek’s
Blockchain Opportunities Fund. In fact, they are also explaining why they
are keeping faith in the newly evolved crypto and blockchain market. Analysts believe
that this is the right time to enter the crypto market as it is going through a
prolonged bearish phase.

The concerned Blockchain Opportunities Fund was intended to raise US$25
million. However, latest reports reveal that the concerned fund of Morgan Creek
has been successful in raising US$40 million from various institutions including
two pension plans of Fairfax County and other.   

What did Virginia Police Department say about Blockchain Opportunities Fund?

Jeff Weiler (Director of Fairfax County’s Retirement Systems) has given a detailed account of the total investment done by the Virginia retirement system in the Blockchain Opportunities.

He has said that US$21 million has been invested by the Virginia Police
Department:

  • Employee’s retirement fund of Fairfax County invested
    US$10 million (it represents 0.3% of the fund’s total assets)
  • Police officer’s fund invested US$11 million (it
    represents 0.8% of the fund’s total assets)

Director of Fairfax County’s Retirement Systems made the post to assuage concerns cropping up due to the investment. Reports say the investment accounts for just 1% of the total assets of the fund. Moreover, the blockchain fund of Morgan Creek doesn’t invest in Bitcoin solely. Their investment portfolio includes blockchain companies such as Bakkt and Coinbase.

It needs special mention that investing in crypto exchanges are considered to be much safer than investing in cryptos. This is because of the fact that cryptocurrency values have less impact on cryptocurrency exchanges. No matter which direction the cryptocurrency market is heading (up or down), the exchanges earn commission from both direction of trade (long or short). That’s why this kind of investment is thought as safer investments.  

us pension fund crypto

Weiler has went on to say:

“All
investments involve risk and this investment is no different. However, as they
would do with any investment, Fairfax’s investment team determined that the
expected returns from this investment were in line with the level of risk
incurred. This also played a big part in how much was invested.”

He went on to add that:

“No more
than 15% of the funds will be invested in actual cryptocurrencies and, to-date,
the Fund has no exposure to any cryptocurrencies.”

Conclusion

To assuage the retirees about the concerns regarding investment in a
bearish crypto market, Director of Fairfax County’s Retirement Systems Jeff
Weiler gave figures to show the immense opportunity ahead. He said entering a
bearish crypto market may look a risky play.

Jeff has assured that the fund is capable enough to navigate through
these stormy seas. He went on to say that a slight recovery of Bitcoin from the
current below-US$4,000 level to US$5,000 level will help the US Pension Fund to
get a return of more than US$1.9 million.

Morgan Creek’s Anthony Pompliano reportedly believes that the Bitcoin will further correct from the current level of US$3671.6 to a level closer to US$3,000 or even below. In fact, that’s why the Blockchain Opportunity Fund hasn’t made any Bitcoin purchases yet.

This means that an upward movement of Bitcoin from a level of US$3,000 will give the US Pension Fund larger returns once the largest crypto starts its upward movement.

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Crypto spring

Chinese Bitcoin Billionaire says Crypto Spring will Come Back in 2020

Zhao Dong, a Chinese Bitcoin billionaire who has a substantial stake in Bitfinex (a Hong Kong-based cryptocurrency exchange) believes that crypto spring will be back again in 2020. He reportedly gave his opinion on the crypto market during a discussion on a popular Chinese messenger WeChat.

What did Chinese BTC Billionaire say about Crypto Spring?

  • During a discussion at WeChat on “The Public Chain Alliance Crossing The Bulls And Bears Elite Team”, Chinese BTC billionaire Zhao Dong said that he believes the crypto spring will come in 2020.

  • During the discussion he was asked about the future
    of Bitcoin.

While responding, Dong recalled the period of BTC’s
peak popularity during December 2017. At that time the price reached a
staggering high at around US$20,000 level. He went on to compare that time’s
high price with the current price of below US$4,000.

Zhao Dong said that Bitcoin will start drawing
attention again when the BTC price reaches again to “many tens of thousands of
dollars”.

Crypto spring

  • The Chinese billionaire believes that this is the
    best time to enter the Bitcoin market. He went on to say that a buyer should buy
    Bitcoin now as it’s predominantly a bearish market and the crypto prices are
    quite low now.

  • The Hong Kong-based BTC billionaire believes that the cryptocurrency prices will remain low throughout 2019. He predicted the crypto winter to continue for several more months now.

  • He assessed that many firms will shut down due to the low prices of the cryptos. However, many more firms will also come up, making 2019 a good and bad time for the entrepreneurs as well as investors.

  • Dong said if the crypto spring comes in 2020 then
    the crypto summer will only come in 2021 and not before that.   

Conclusion

Chinese Bitcoin billionaire Zhao Dong is not the only major player in the cryptocurrency market who predicted a recovery in the cryptocurrency market.  Fundstrat Global Advisors (a research firm based in New York) said in its crypto outlook that in 2019 the cryptocurrency market will witness incremental improvements that will supposedly support higher crypto prices.   

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bitcoin ethereum index

NASDAQ to Offer Bitcoin & Ethereum Index from February 25, 2019

NASDAQ,
one of the leading stock exchange operators of the world, has announced its
partnership with Brave New Coin (a blockchain data and research firm based in
New Zealand). This partnership will reportedly launch its two new Bitcoin and Ethereum indexes
on February 25, 2019.

NASDAQ’s Bitcoin and Ethereum Indexes – More Information

Reports say the two Bitcoin and Ethereum indexes that will start its
operation later this month are:

  • Bitcoin Liquid Index (BLX)
  • Ethereum Liquid Index (ELX)

The leading stock exchange has said that these indices will provide Nasdaq Global Index Data ServiceSM (GIDS) information on a real-time basis. In fact, the consolidated data feed will also be provided.

Bitcoin Liquid Index and Ethereum Liquid Index will reportedly provide
users with reference rate or real-time spot rate for one BTC and one Ethereum respectively.
This price will be quoted in US Dollar and will be “based on the most liquid
ends of their markets.” The provided data by these indices will be refreshed
every 30 seconds.

bitcoin ethereum index

The calculation at both Bitcoin Liquid Index and Ethereum Liquid Index are done with the use of a methodology that has been audited independently against IOSCO (International Organisation of Securities Commissions) principles.

The exchange operator went on to say:

“The BLX
is one of the most widely-referenced BTC indices among crypto traders and has
been calculated back to 2010. Likewise, the ELX has been calculated back to
2014.”

NASDAQ is Very Active in Crypto Market for Quite Sometime

NASDAQ stock has been significantly active in blockchain technology implementation as well as the cryptocurrency industry for quite some time now. The company has been on the frontline of a Series-B funding round for Symbiont blockchain startup. NASDAQ had also partnered with VanEck investment management firm in November 2018 for bringing “a regulated crypto 2.0 futures-type contract” to the crypto market in 2019.

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Bitcoin Radio Signal

Bitcoin sent over National Border via Radio Signals, Without Internet or Satellite

Coinkite founder, Radolfo Novak, has successfully completed a Bitcoin (BTC) transaction from Canada’s Toronto to the USA’s Michigan without using the internet or satellite. A software-defined-radio has been used for completing the transaction.

Bitcoin Transaction Completed without Internet or Satellite – But How?

Reports say Radolfo Novak used an application named JS8Call along with a pre-configured brain-wallet for making the transaction successful. While the JS8Call application is used to send text strings by using the radio frequencies.

While commenting on the new phenomenon, Bitcoin pioneer Nick Szabo said:

Bitcoin sent over the national border without internet or satellite — just nature’s ionosphere.”

Is it Really Pathbreaking? How can it Help?

Founder of Coinkite said that brain-wallet is pretty amazing in making
cross border Bitcoin transaction. However, he also noted that a brain-wallet
which is constructed poorly can give rise to safety issues.

Bitcoin Radio Signal

He went on to note that you simply need to remember the seed phrase only
and not write it down anywhere. Novak went on to underscore the fact that it is
a risky venture to use specialized radio frequencies in transferring Bitcoin.
However, it may be extremely helpful for a person if he/she is fleeing an
oppressive regime with nothing but clothes.

In fact, some countries are also using high-frequency radio signals to bypass international sanctions. Hence, it can be seen that HF/HAM radio signals can come handy in certain special circumstances.

There are certain rumors saying that Russia has an elaborate plan of
testing to separate from global internet. Reports say that they are going to
run a trial to find a way to install a system that is separate from the global
internet. This allegedly is going to test an implementation of a “great
firewall”.

Conclusion

Radolfo Novak, the CEO of Coinkite, has said:

“Encrypted
communication is not permitted over Amateur radio unless the cypher is public.’
But I think those kind of rules go out of the window in an apocalypse, or if
the thing you’re trying to do is not permitted anyway.”

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Wikileaks Craig Wright

Wikileaks Calls Craig Wright’s Bluff of being Original “Satoshi Nakamoto”

Craig
Wright has always claimed that he is the real “Satoshi Nakamoto” (a pseudonym),
the person who is believed to be the original Bitcoin (BTC) creator. However,
Wikileaks seems to be exposing Wright’s bluff by publishing certain documents.

Wikileaks and Craig Wright Lock Horn on the Latter’s Claim of being the
original Bitcoin Creator “Satoshi Nakamoto”

Wright recently claimed in a Medium post that Bitcoin (BTC) was based on
a technology, which was always pro-State and pro-bank in nature. In fact, he
went on to paint Wikileaks as well as Julian Assange in poor light. In
addition, he also tried to position himself as a pro-State and pro-bank person.

He went on to say:

“More
importantly, I am strongly opposed to criminal markets and bucket shops. Ross
Ulbricht and others like him are criminals. They are not freedom fighters, they
are not libertarians. They simply are predators, and they are all that Bitcoin
was designed to make far more difficult.”

Wikileaks Craig Wright

This may have irked Wikileaks. Perhaps that’s the reason why they have published
documents to prove Craig Wright wrong in his claims of being the original BTC
creator.

In the concerned post, Wikileaks said:

“Craig S.
Wright is a proven serial forger of documents claiming that he is the inventor
of Bitcoin. He has been repeatedly caught. This has been independently verified
by WikiLeaks at the time of his first claim and subsequently.”

In fact, they have also provided a GitHub page link with the post for substantiating their claim.

What’s the Controversy all about?

The information provided by Wikileaks indicates that Craig Wright edited
a blog on August 26, 2008. While editing Wright didn’t change the existing
content’s phrase. He just added a sentence to prove that he was associated with
Bitcoin’s work from the very initiation. The concerned blog not only detailed
his activities at that time but also charted out the upcoming plans.

Wikileaks pointed out the text changes and went on to provide both the
original text and the altered version of the blog post.

In the original blog, Craig Wright wrote:

“Tomorrow
– back to the DNS paper, my statistics dissertation and work, Tomorrow,
Wolfgang Amadeus Mozart. Which piece, well that is still undecided.”

However, in the edited text, he said:

“Tomorrow
– back to the DNS paper, my statistics dissertation and work. I have a cryptocurrency
paper out soon. Twenty years. Triple entry book keeping. BDO was good for
something. Tomorrow, Wolfgang Amadeus Mozart. Which piece, well that is still
undecided.”

Just by comparing the two texts above show that Craig altered the blog
content by adding the following:

“I have a cryptocurrency paper out soon. Twenty years. Triple entry book keeping. BDO was good for something.”

Wikipedia alleges, this text is added by Wright to prove that he was associated with Bitcoin and its development from the beginning.

Photo
Credit: pixabay.com




Binance DEX Decentralized Exchange

Binance Confirms Testnet Launch Date of Decentralized Exchange

Changpeng Zhao, CEO of Binance cryptocurrency exchange, has confirmed that the testnet of their decentralized exchange will be launched on February 20, 2019.

What did Zhao say about Binance DEX Decentralized Exchange?

Binance CEO made the announcement on Twitter saying:

“Finally got a date. Targeting to release Binance Chain testnet (@binance_dex) for public testing on Feb 20th. This is a testnet, your feedback would be most valuable.”

The test network of Binance DEX will be subjected to public testing from
the testnet launch date.

The idea of Binance decentralized exchange surfaced in 2018. This decentralized exchange will reportedly remove the issues (related to security and liability) usually faced at centralized exchanges.

Can Binance DEX Replace the Current Binance Cryptocurrency Exchange?

Zhao first announced that the Binance DEX can either operate in a
parallel manner with the existing Binance exchange or replace existing
centralized Binance exchange completely. The final decision on the matter will
be taken on the basis of customer feedback.

Binance DEX Decentralized Exchange

What are the Other Facilities of Binance Decentralized Exchange?

  • While explaining the true decentralized nature of
    Binance DEX, he had earlier said that the customers will have full control on
    their private keys. This will help in creation of a secure and transparent
    system. He had explained by saying “So most transactions are transparent. There’s
    no hidden transactions or private transactions.”
  • CEO of Binance, Changpeng Zhao said that the Binance
    decentralized exchange will come with hardware wallet facility. He tweeted:

“Binance DEX will support hardware wallets from day one of launch. So
that you can be sure you private keys never leave your device.”

Conclusion

During an ask-me-anything session on Twitter, Binance CEO had said last
week that a few selected partners were given access to the Binance DEX
platform. The selected few blockchain developers and wallet developers to whom
the access was given is aimed to ensure better integration of 3rd
party services.

CEO of Binance wants to eliminate “spam or scam projects” and that’s why
the new platform will come with US$100,000 listing fee.

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Bitcoin ATM Philippines

Bitcoin ATM Launch by Philippines Bank may Lead to Massive BTC Adoption

A leading
Philippines financial institution – Union Bank of the Philippines – has launched
a two-way Bitcoin ATM that will enable users to buy and sell digital assets. A
user can buy or sell Bitcoin for Pesos, the official currency of the country.

Bitcoin ATM Launch in Philippines

Reports say that the Union Bank of the Philippines has collaborated with Bangko Sentral ng Pilipinas (the central bank of the country) to launch the second crypto ATM of Philippines. The first cryptocurrency ATM was launched in the country back in 2015 by BitCoiniacs in Manila.

The UnionBank said:

“In the
bank’s continued quest to cater to the evolving needs and tastes of customers,
including clients who use virtual currency, the ATM will provide these clients
an alternative channel to convert their pesos to virtual currency and vice
versa.”

Reports say the concerned bank is going to monitor the ATM’s usage and
performance to decide on their next course of action.

Why is Bitcoin ATM Launch by Union Bank of the Philippines so Special?

Bitcoin ATM Philippines

Bitcoin and other cryptocurrencies have greater penetration among general
Filipinos. There are two reasons for that:

  • 77% of the country’s total population is yet to have a bank account. BTC and other cryptos help in bridging the gap and lead to inclusion for financial services. The cryptos are so popular in the Philippines that a leading cryptocurrency exchange, Coins.ph, on-boarded 5 million Filipino accounts in May 2018.
  • Cryptocurrencies are used by Filipinos (staying abroad) to send remittances back home in a cheaper manner. 10% of the country’s GDP comes from remittances. They are the 3rd largest remittance receiving economy world over.

Philippines is known for being proactive with cryptocurrency regulations. In fact, it is one of the first few countries that regulated cryptos as a method of remittance, on one hand, and recognized asset class, on the other. This is the first time a commercial bank (UnionBank) has collaborated with apex bank of the country for overseeing the Bitcoin ATM launch.

Analysts believe that the deployment of regulated Bitcoin ATMs can help in mass adoption of BTC and other cryptocurrencies. In fact, this crypto ATM installation is likely to increase investor confidence and ultimately help in developing the local crypto sector.

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Credit: pixabay.com




sec commissioner peirce crypto

US SEC Commissioner Peirce says Crypto Industry is better off without Hasty Laws

US SEC Commissioner Hester Pierce has recently delivered a speech on state regulation at the University Of Missouri School Of Law. While addressing the audience SEC Commissioner Pierce said that the delays in creation and enforcement of official regulation have helped the crypto industry to grow and develop in an independent manner.

What did SEC Commissioner Peirce say about Delay in Crypto Laws?

Hester Pierce, who is also called “Crypto Mom”, said:

“We might be able to draw clearer lines once we see more blockchain projects mature… delay in drawing clear lines may actually allow more freedom for the technology to come into its own.”

Pierce acknowledged the fact that creating laws and regulations for a new industry generally takes a longer period of time. However, she also defended the time taken for creating such regulations. Pierce believes that it is better for a new industry to grow independently without any regulations rather than moving forward by creating laws and regulations hastily.

sec commissioner peirce crypto

She is of the opinion that such hastily created regulations potentially harm the industry. The US SEC Commissioner, who is known as a pro-crypto face in the US Securities and Exchange Commission, categorically said:

“If we
act appropriately, we can enable innovation on this new frontier to proceed
without compromising the objectives of our securities laws— protecting
investors, facilitating capital formation, and ensuring fair, orderly, and
efficient markets”

Conclusion

“Crypto Mom” Peirce has also suggested that in some areas there might be over-regulation in the crypto industry. She went on to say that some of the existing securities laws make the cryptocurrency companies unworkable.

US SEC Commissioner Pierce also acknowledged the fact that the attitude of the US government hasn’t always been favorable or healthy towards cryptocurrencies. She also added that the cryptocurrency industry has indeed benefitted from the non-action of the US government on crypto adoption. It has indeed provided the concerned industry enough freedom to grow as well as develop independently.

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Bitcoin Price Analysis

Bitcoin Price Analysis: Fresh BTC Rally to Start after Downward Correction

Bitcoin price against the US Dollar is likely to witness a fresh rally soon. However, analysts believe that there could be a downside correction first before moving upwards. BTC price against the US Dollar moved to a high at US$3,750. However, a major bearish trend line can be seen on the BTC/USD pair’s hourly chart with resistance at US$3,640. Bitcoin price analysis shows that the price is likely to witness a downward correction towards the support levels at US$3,550 and US$3,500. A fresh rally will start after bouncing back from those support levels.

Reports say that there is a current trend of lower price correction. However, the dips are well supported above the 100 hourly Simple Moving Average.

Bitcoin Price Analysis: What’s the Crypto Market is Up To?

Bitcoin Price Analysis

  • At the end of last week (especially on Friday), the Bitcoin price witnessed a significant upward movement above the US$3,500. Bitcoin price successfully moved above the crucial resistance levels at US$3,600 and US$3,650. This led to the formation of a new yearly high at US$3,745. In fact, the BTC price against the US Dollar went on to settle above the 100 hourly SMA.
  • In the last 24-hour time span, the Bitcoin price saw lots of volatility. At one point in time, it touched a high at US$3,750. However, this level couldn’t be sustained. A downside correction followed and the BTC price went below the US$3,700 and US$3,650 levels. In fact, a break below the 23.6% Fibonacci retracement level (of the last price movement from the low at US$3,341 to a high at US$3,745) was witnessed.

Conclusion

Currently, strong support can be seen at the US$3,580 level. In case of a downward break below this support will lead to testing the support level at US$3,550. The US$3,550 level coincides with the 50% Fibonacci retracement level of the last price movement from the low at US$3,341 to a high at US$3,745. Another strong support level is located at US$3,525, which is the 100 hourly SMA. A fresh upward rally of Bitcoin price is likely after bouncing back from the US$3,525-3,550 region.

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