Image of The Day, 20 of November: Quartz, The Next Web, The Independent and Others
We're presenting "the image of the day". Bitnewstoday.com has chosen the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories of this day in the most indicative quotes are below!
1. BIG NEWS (Quartz)
India’s ready to clarify its stance on cryptocurrencies
A finance ministry panel set up in November 2017 could be ready with draft regulations next month. This was clarified by the Narendra Modi government in a counter-affidavit, a copy of which has been reviewed by Quartz, filed in the supreme court on Nov. 19. India’s top court is hearing a case filed by a clutch of cryptocurrency exchanges who have accused the government and the central bank of choking the ecosystem.
Previously it was mandated that the panel will submit draft regulations by July this year but it has been delayed. Subhash Chandra Garg, a top civil servant, currently a secretary in the department of economic affairs had earlier stated that regulations on cryptocurrencies are likely by the end of march next year, but it doesn’t seem like that anymore.
2. RUSSIANS BEHIND EVERY CORNER (The Next Web)
State regulator orders fraudulent Russian cryptocurrency out of North Dakota
Financial regulators of North Dakota have ordered a dodgy Russian cryptocurrency company to cease and desist operations in the state, after discovering it had impersonated a bank in Liechtenstein to falsely market an initial coin offering (ICOs).
In a statement released Monday, state securities chairman Karen Tyler explains how the scammers assumed the identity of Union Bank AG, using its reputation to issue and market a fake version of the banks’ proposed cryptocurrency. Authorities say the issuers of the fake USPC directly copied the style and content of Union Bank AG’s website to increase its credibility with investors.
3. THE NEXT BIG THING (The Daily Hodl)
World’s Largest crypto asset manager says XRP is the way
The New York-based firm released a report in July detailing capital distribution among its core products. It showed that in the first half of 2018, 56% of investments came from institutions with large amounts of capital. The report revealed that after institutional investors, the firm’s largest group of investors are accredited individuals (20%), retirement accounts (16%) and family offices (8%).
The company offers exposure to eight cryptocurrencies through separate securitized products that charge a management fee. These funds, known as quasi-ETFs, allow investors to bet on the price action of the underlying assets. In addition to the market price of the asset, a product’s popularity can also affect its price.
4. FREE AND WILD (The Independent)
Bitcoin price in bizarre free fall
The price of Bitcoin has continued to fall following last week's market-wide crash, losing more than a fifth of its value in the space of just a few days. The cryptocurrency is currently trading at its lowest level since October 2017, though analysts are struggling to explain why.
Billions of dollars have been wiped off the value of Bitcoin since last Wednesday, with no sign of the market turning around. Other major cryptocurrencies to experience significant losses include Ethereum, Ripple and Bitcoin Cash.
5. SLUMP FOR A SUPERBULL (CNBC)
Fundstrat co-founder Tom Lee has cut his Bitcoin price target from $25,000 to $15,000
Tom Lee, co-founder and research chief of Fundstrat Global Advisors, has trimmed his year-end Bitcoin (BTC) price prediction. The prominent crypto analyst, who until recently believed the original cryptocurrency would finish the year at $25,000, now expects the coin to be trading at $15,000 by December 31.
The key catalyst for Lee’s revised BTC price target is the falling “break-even point,” or the level where mining costs match the trading value. For Bitmain’s flagship S9 Antminer machines, this point is currently $7,000, down from an earlier estimate of $8,000, according to Fundstrat data. Lee estimates that Bitcoin’s fair value would be roughly 2.2 times the current break-even price, or just over $15,000.
6. BRIGHT SIDE OF THE THINGS (The Daily Hodl)
Reddit founder Alexis Ohanian says that Bitcoin market downturn is a great way to shake out the charlatans
Alexis Ohanian, founder of early-stage VC investment firm Initialized Capital and social web aggregator Reddit, said the cryptocurrency market downturn spurs development by getting people to focus on building technology. During the interview on Thursday, Ohanian talked about venture investing trends, from shared electric scooters to Bitcoin. As an early investor in Coinbase, Ohanian says the cryptocurrency exchange has had significant growth in spite of the tough market.
“I’m personally really happy with the fact that there has been a tough year in all these cryptocurrencies because it gets people focused on the things that matter, which is building the software that is actually going to hopefully make all these things tremendously valuable in the long term. There were a lot of charlatans and scenesters that have been in the mix, and this is a great way to shake them out”, — said Ohanian.
7. WOW SUCH CURRENCY! (Blokt)
Dogecoin now trades against USDC on Poloniex
Dogecoin (DOGE) has surpassed many peoples expectations when it comes to user reception. Currently the 25th largest cryptocurrency in the world with over $302 million in market cap, Dogecoin took a big hit during 2018 owing to the bearish markets in cryptocurrencies. However, a top cryptocurrency exchange is now increased its backing of Dogecoin, allowing it to trade on its platform in a new USDC pair.
With over $300 million in Market Cap, Dogecoin also has one of the highest transaction volumes amongst other cryptocurrencies, showing that it already has significant adoption. After the news broke out, some Reddit users started building the case for DOGE, writing that the coin should be added to Binance, one of the largest cryptocurrency exchanges in the world.
8. THE FLOOR LEVEL (Forbes)
Bitcoin price bounces as sell-off slows
The Bitcoin market then went into meltdown yesterday as investors processed reports some exchanges were altering the futures contracts amid the battle for control of the Bitcoin Cash network.
Bitcoin yesterday crashed under $5,000 for the first time this year, down an eye-watering 25% in two days, fuelling fears the cryptocurrency market is heading for collapse. Bitcoin today briefly fell to $4,237, according to the Luxembourg-based Bitstamp exchange, before climbing back to over $4,700 over the last couple of hours.
9. UNFINISHED BUSINASS (The next web)
Kodak-licensed ICO allegedly owes developers over $100K in unpaid invoices
It seems there is yet another massive internal strife brewing up in the blockchain space. KodakOne — a cryptocurrency project that promised to bring photographers a new stream of revenue — purportedly owes thousands of dollars in outstanding invoices to contractors the firm recruited to build the platform.
In a series of email exchanges reviewed by Hard Fork, a group of contractors has accused KodakOne for failing to pay up their contracting fees in the agreed timeframe. The contractors are collectively seeking to receive over $125,000 in accumulated invoices, according to an email sent by a UK-based law firm on their behalf.
10. GOOD DAY TO PANIC (Financial Times)
As crypto prices have swooned enthusiasm has morphed into malaise
A year ago, Bitcoin was near the peak of a frenzied rally to almost $20,000 — a surge that fired up crypto enthusiasts who declared that the digital currency revolution would render fiat money and traditional finance useless.
Today Bitcoin has tumbled towards $4,000 and the online bravado among crypto fans on Reddit has given way to snipes at other digital tokens and a general sense of malaise. One user summed up the primary question facing a group of traders who once extolled the virtues of HODL’ing, or endlessly hanging on despite market ructions: “Is it finally safe to say Bitcoin is dead?”