Today’s Highlights: India may not ban cryptocurrency after all, Julian Hosp, co-founder of TenX, sees bitcoin potentially hitting $60,000, Bitcoin bull Thomas Lee sticking with $25,000 price target for 2018, Coinbase’s app iIs dropping in popularity & Malta to host ‘world’s first ICCO’
Editors’ thoughts today:
Editor-in-chief Florin Adrian Oprea (FAO): People in India are still trying to determine the future implications of the so-called crypto-ban imposed by the country’s central bank…meanwhile the country’s regulators finally begun to study them. Will they reach the conclusion that a ban won’t get them anywhere? Except for losing some good old tax money from trading…we shall see.
On a different note, today we start flagging what we consider to be the most intoxicating opinions to be found in the media. And we will continue to flag both the bearish AND the bullish intoxications each day.
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Kamalika Ghosh & Nupur Anand – Quartz India
After months of uncertainty, there are indications that India may not, after all, opt for a blanket ban on virtual currencies. A finance ministry panel set up to study them may even suggest that they be treated as commodities.
Cheang Ming – CNBC
Julian Hosp, co-founder of TenX, sees bitcoin potentially hitting $60,000 even though the cryptocurrency is trading some 67%below its near-$20,000 December highs.
FAO: Let’s flag the intoxicating opinions/articles from now on! Here’s a sample of “bullish intoxication”…
Cindy Wang – Bloomberg (subscription)
This year’s cryptocurrency sell-off has done nothing to dent the optimism of Fundstrat Global Advisors head of research Thomas Lee. Already one of Wall Street’s most outspoken Bitcoin bulls, Lee is sticking with his year-end forecast of $25,000, more than 270% above current levels. The rosy outlook is based on Bitcoin historically trading at 2.5 times its mining cost, which will rise to $9,000 by year end, he said.
FAO: And here’s another bullish one…sorry, no bearish today.
Yimian Wu – China Money Network
Dubai International Digital Asset Exchange announces the completion of a pre-A round of investment worth hundreds of millions of RMB from 19 global investors. Chinese investors including Sino-Burmese Fund, Hanfor Capital Management and Shangshan Wealth and Investment, participated in the round.
Samuel Agini – Financial News (subscription)
Co-founder and CEO Yoni Assia on the firm’s rapid growth, its move into institutional trading and his entrepreneurial heritage.
Marie Huillet – Cointelegraph
New Zealand digital assets exchange Cryptopia raised concern this week among users after bringing its planned maintenance window forwards “due to unforeseen circumstances.” The announcement was made on the platform’s Twitter account.
William Suberg – Cointelegraph
Malta-based company Palladium will launch the world’s first so-called initial convertible coin offering with two partners including Bittrex, a press release announced. Palladium, which wants to build a regulated cryptocurrency exchange in Malta, will seek to distribute $150 million in tokens in the ICCO, scheduled to begin July 25.
Marie Huillet – Cointelegraph
Huobi crypto exchange has opened trading on its newly created U.S.-based “strategic partner” HBUS. Huobi’s new cryptocurrency marketplace comes via a San Francisco-based partner company called HBUS, whose creation was first announced in early June.
Shubham Raj – Moneycontrol
In order to bypass the Reserve Bank of India diktat which became effective last week, Coindelta, a Pune-based cryptocurrency exchange has joined the bandwagon of companies entering into peer-to-peer trading and decided to launch a platform named Flux.
John Detrixhe – Quartz
The bear market for bitcoin and other virtual tokens has dragged down Coinbase. As prices plunge, the exchange’s download ranking has fallen to its lowest level among US finance apps since April last year. The drop reflects the fleeting fancy of retail traders that comprise most of the buying and selling in crypto markets.
Marie Huillet – Cointelegraph
Ethereum’s Joseph Lubin said that with the fundamental “layer one” in the Ethereum ecosystem now established, 2018 will see “layer two” systems ramify and mature.
Amanda Lee – SCMP
Authorities in Shandong province have arrested 20 individuals for hijacking 3.89 million personal computers as part of a rogue cryptocurrency mining operation since 2015 that netted more than 15 million yuan (US$2.26
Muyao Shen – CoinDesk
Torrent website The Pirate Bay is doubling down on its plan to use visitors’ processing power to mine crypto.In a disclaimer recently added to the bottom of its homepage, the website said that “by entering TPB you agree to [monero] being mined using your CPU. If you don’t agree please leave now or install an adBlocker.
Leigh Cuen – CoinDesk
A few lucky merchants now have one less obstacle to accepting bitcoin payments via the Lightning Network. Payment processing startup CoinGate is opening up a pilot program that will allow 100 merchants to trial a Lightning-enabled version of its service, one which taps into the open-source tech meant to make bitcoin transactions fast and cheap.
Romain Dillet – TechCrunch
French startup Ledger has been working for a while on a brand new app to manage your crypto assets on your computer. The company is designing and manufacturing one of the most secure hardware wallets out there.
Wolfie Zhao – CoinDesk
Li Xiaolai, a noted cryptocurrency investor and early bitcoin evangelist in China, has resigned from his role as managing partner of the $1 billion Hangzhou Xiong’An Blockchain Fund after alleged defamatory comments were made against him.
Helen Partz – Cointelegraph
Elon Musk has recently called attention to scam bots that impersonate famous people on Twitter to steal Ethereum and other cryptocurrencies from their victims. Ethereum’s co-founder Vitalik Buterin subsequently reacted to Musk’s tweet, suggesting that CEO of Twitter Jack Dorsey should take measures to ameliorate the situation.
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Not all businesses can realise the full potential of blockchain because of technical constraints like their existing IT systems and complex infrastructures, as well as issues around privacy, scalability and interoperability between systems. ING teamed up with long-standing partner software firm R3, to fix this.
Darren Pollock – Cointelegraph
South Korea’s relationship with the cryptocurrency industry has ebbed and flowed over the years. There has been a blanket ban on ICOs, set in September 2017, as well as strong rumours in January — that were eventually dismissed — that cryptocurrencies in their entirety would be banned.
Mark Johnston – Channel Asia
PLMP Fintech has launched a six-story blockchain centre at Serangoon North, focused on accelerating the blockchain ecosystem for Singapore small and SMEs across various industries.
Joanna Pawluk – Entrepreneur
Around 2,000 of just 123,000 residents of the small canton of Zug are involved in the crypto and blockchain space.
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Eddie van der Walt – Bloomberg (subscription)
Bitcoin headed for the biggest drop in more than two weeks, as a rebound that saw the digital asset bounce almost 18% from the year’s lows ran out of steam.
Komfie Manalo – Cryptovest
Blockchain and cryptocurrency funds have lost nearly 50% in value since the beginning of 2018, sector data provider Hedge Fund Research reported.
Julie Verhage – Bloomberg (subscription)
In recent years, a number of startups have tried to latch onto a social good angle. Robo advisors have added socially responsible investing options, insurance startup Lemonade will donate money not paid out in claims to charity, and Uber has a community impact initiative. And now, CryptoKitties are being auctioned off for charity.
Cali Haan – Crowdfund Insider
Who would’ve thought two of the most disagreeable forms of reading, mediocre sex novel Fifty Shades of Grey and the cryptocurrency white paper, could combine into something so sublime?
Shannon Liao – The Verge
HTC is in pretty poor shape after a round of layoffs last week where the company laid off 1,500 employees in Taiwan in hopes of becoming profitable. Sales in June were down 68% according to the company. Its latest flagship, the U12 Plus, has received largely negative reviews over its odd solid-state buttons and software bugs.
Barry Ritholtz – Bloomberg (subscription)
Think of it as a social movement in reaction to the wreckage of the financial crisis.
Susquehanna’s Bart Smith on whether bitcoin is the crypto safety trade and whether a comeback is ahead.
Jack Morse – Mashable
Nothing quite captures the excitement of bitcoin like a proposed exchange-traded fund.
I mean, just say it out loud. Bitcoin ETF. It’s sexy, right? And if public comments submitted to the Securities and Exchange Commission in favor of the latest would-be fund are any indication, it’s also goddamn lit.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News