Image of the day, 26 of July: CNBC, Bloomberg, Washington Post and other
We're presenting "the image of the day", Bitnewstoday.com chose only the freshest and most important news about the digital economy and virtual currencies. Only the most valuable stories from only the proof sources. Each and every event from this list will change the world of the digital economy either way. The most important of today's stories in most indicative quotes below!
1) A BAD START (Bloomberg)
Galaxy Digital, the cryptocurrency merchant bank had a disastrous Q1.
Galaxy Digital LP, the crypto-focused merchant bank founded by Mike Novogratz, posted a $134 million loss in its first quarter, when the value of Bitcoin and other cryptocurrencies plunged.
Galaxy Digital’s trading business had $13.5 million of losses and an additional $85.5 million of unrealized losses on digital assets, plus a $1.1 million paper loss on investments, the New York-based firm said July 25 in its first quarterly disclosure. The eight-month-old firm also posted $22.9 million paper losses on investments in its principal investing business.
2) CAT IS OUT OF THE BAG (CNBC)
“Institutional investors are around the corner” - Spencer Bogard, Blockchain Capital.
Founder of Blockchain Capital tells that institutional players are about to get on the bitcoin market,claiming cryptocurrency is already out of the bag and because of the companies that introduce retail investors to the crypto, it’s wider acceptance is close.
“If regulatorts don’t get on board, that innovation is going elsewhere”
3) PAY UP! (Forbes)
Shanghai-based Cosco is under ransomware “siege”.
Cosco, the world's fourth-largest maritime shipper, reported a ransomware outbreak. The situation doesn't appear to be as dire as the one faced by Maersk in 2017, when NotPetya infection left some of the company's vessels were stuck in port.
4) CROWD PSYCHOLOGY AND CRYPTO (MarketWatch)
A survey indicates that herd mentality is behind bitcoin’s recent price surge
According to a recent survey held by DataTrek Research, more than half (52%) of the respondents said they believe crowd psychology is the main driver of the price of the No. 1 digital currency. “Finance professionals make their livings by analyzing asset values through the lens of fundamental/quantifiable factors. That more than half of respondents believe valuation in the crypto space is “purely a function of crowd psychology” wrote Nicholas Colas, co-founder of DataTrek Research.
5) JUST A RUMOR (thenextweb.com)
ProtonMail has no blockchain plans (yet).
ProtonMail CEO Andy Yen has stepped forward to clarify that the popular encrypted email service provider will not be running an initial coin offering (ICO) for the time being – nor will it be issuing its own cryptocurrency.
“There have been some recent reports online about a ProtonMail ICO,” Yen told in an email. “These are unsubstantiated rumors at this time, and we have made no announcements on this topic.”
6) NOT A WAY TO PAY (theepochtimes)
Bitcoin and other cryptocurrencies have been dealt another indictment.
Known as the central bank for central banks, the Switzerland-based BIS reiterated the many shortfalls cryptocurrencies face, including their lack of scalability, vulnerability to fraud and other manipulation, inability to properly satisfy basic payment functions, and even their unleashing of environmental damage. According to BIS that’s certainly not how a means of payment should work.
7) ONE OF SEVEN TYPES (Quartz)
New asset class will transform every industry in the economy
Existing assets like stocks and bonds will become digital assets and new yet unforeseen assets will emerge, enabling new decentralized business models based on collaboration and clever code. Understanding the various types of crypto assets and the different functions they serve, is crucial to thriving in this new “brave new economy”.
8) BIGGER THE BETTER (businessinsider.com)
Fintech is bigger than expected.
Business insider Fintech Ecosystem report that looks at the shifts in the broader environment that fintechs operate in.
Here are some keypoints from the report:
- The fintech industry is far more than a group of digitally native, consumer-centric startups
- To secure their position in the mainstream economy, some of the main fintech subsegments have had to adjust their business models.
- The rising influence of fintechs is having a dramatic effect on incumbents, from banks to insurers to wealth managers
- As this happens, the fintech industry is on the cusp of becoming an integral component of the broader financial services ecosystem.
9) SWEET $500,000 (www.thestreet.com)
Hedge Fund Manager Mark Yusko sees bitcoin price go even higher.
The CEO and chief investment officer of Morgan Creek Capital Management, handling $1.5 billion in assets, explains if you look at the history of Bitcoin price, this is how it moves. It will have a parabolic move and then a crash, then a parabolic move and a crash, and that's the way technology is adopted.
"If you look at [Bitcoin price] history, you know there's been five parabolic moves or crashes, and we'll have a 6th, 7th, and 8th, and 9th, and it is just the way it works. So I don't think you need a big event, and you've seen it in the past couple of weeks, right? As soon as the price starts to run. Those people that have been waiting on the sidelines to make sure that the bear market is over are ready to jump in, and then once it actually starts moving, then it starts moving fast and that's when you get those parabolic moves," Yusko explains.
10) SHAMEFUL DISPLAY! (Washington post)
A South Korean company backed off its claim.
The Seoul-based Shinil Group said it doesn’t know if any gold coins and bars would be found inside the sunken ship it identified as the Dmitrii Donskoi, which sank 113 years ago. Company officials previously claimed 200 tons of gold worth 150 trillion won ($133 billion) would likely still be aboard the vessel.
“There’s no way for us to figure out whether there would be gold coins or bars on the Donskoi, and if there is, how large the amount would be,” said Choi Yong-seok, Shinil’s president. Recall, this has already been speculated by crypto scammers, they promised to arrange an ICO for the Shinyl Gold Coin token.
11) NOTHING MUCH (Bloomberg)
Up to Two-Thirds of Bitcoin Transactions Have No Economic Valu.
On any given day, as much as two-thirds of the transaction activity registered on the Bitcoin network has nothing to do with buying goods and services or trading the virtual currency.
Volume figures are being influenced by a range of other factors such as so-called mixers reshuffling balances between their own accounts, mining pools disbursing coins to members, outright scams such as spoofing and market manipulation, according to analytics provider Coinmetrics.