Image Of The Weekend, 22-23 of September: News.Bitcoin, Venture Beat, Daily Hodl and Others
We're presenting "image of the weekend". 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 weekend in the most indicative quotes are below!
1. STRAIGHT FROM THE MOUNTAINS! (News.Bitcoin)
Chechnya to Create Mining Pool for Eurasian Economic Union Countries
Chechnya will create a Eurasian crypto mining pool, the press secretary of the head of the Chechen Republic has reportedly confirmed. The project aims to combine the resources of crypto miners from the Eurasian Economic Union countries.
“The head of Chechnya, Ramzan Kadyrov, and Yuri Pripachkin agreed to establish a Eurasian mining pool in Chechnya,” a representative of the Russian Association of Crypto Industry and Blockchain (Racib) told the publication. Pripachkin is the president of Racib.
2. LET’S GET IN A MIDDLE OF THIS (Venture.Beat)
What Bitcoin’s dominance says about the state of the crypto market
If the prolonged bear market that we’re in has shown us one thing, it’s that Bitcoin is still the king of crypto. The market’s continuous, slow bleed throughout the year has on several occasions brought the total market cap below $200 billion in September, and lately, it’s been hovering around the same levels as November last year. And we’re not out of the woods yet. However, Bitcoin dominance — the demand for Bitcoin compared to other cryptocurrencies — is growing at a disproportionate rate to the total market cap.
Bitcoin’s popularity usually rises during bearish times and there are a few explanations for this. It’s obviously the one high-profile currency everyone has heard about and is, therefore, a natural choice for crypto neophytes. Also worth noting is the high correlation between the price of Bitcoin and altcoins. They have always been strongly coupled. However, with its relatively low volatility compared to other cryptocurrencies, Bitcoin is considered a safe haven in bear markets. After all, it’s only retracted 75 percent from its all-time high, whereas the majority of altcoins are down 80-95 percent from their peaks.
3. BAD TOUCH. (Daily Hodl)
Bitcoin, Ethereum, Ripple and XRP – Hedge Fund Investor Ring Alarm
Anthony Pompliano, the founder and partner at Morgan Creek Digital Assets, and Travis Kling, the founder and CIO at Ikigai Asset Management, sat down for a sweeping conversation about the state of the crypto ecosystem. They cover token structures, the network effect, price movements, and why Kling believes BitMEX, a cryptocurrency derivatives trading platform, may influence the market by the allegedly facilitating “quant-on-quant” crime.
In this conversation with Pompliano, Kling breaks down why he believes BitMEX provides the “worst kind of liquidity” for the crypto markets and why derivatives that allow for astounding amounts of leverage are detrimental to the space.
4. SCIENTIFIC PROOF (News.bitcoin)
Study Finds “No Evidence” of USDT Price Manipulation
A study examining the widely suspected correlation between Tether issuance and BTC price movement, undertaken by Wang Chun Wei and published by the University of Queensland, has found that USDT grants do not have a “statistically significant” effect on price fluctuations. Despite refuting the correlation between price fluctuations and Tether grants, the study notes a “positive relationship” between USDT issuance and “increased crypto-trading the following day.”
Wang Chun Wei’s latest study, titled “The impact of Tether grants on Bitcoin,” has found the issuance of USDT does not have a “statistically significant” effect on BTC price movements.
Among the key assertions concluded by the study are that “It is unlikely that Tether manipulation caused the 2017 Bitcoin rally,” and that “Tether grants did not Granger-cause Bitcoin returns.”
5. IT IS A BLAST (Entrepreneur)
The Global and Indian Fintech Industry is in The Midst of a Boom Right Now
NASSCOM estimates that the market is expected to double from its current size of $1.2 billion to $2.4 billion by 2020. While rising expectations of the tech-savvy customer, increasing the e-commerce activity, and aggressive smartphone penetration are key drivers for this boom, it is also resulting in new trends in the Fintech hiring space. There is now an increased demand for talent with niche skills that address the changes that are being fuelled by rapid digital transformation.
Haas School of Business, the University of California Berkeley calls this combination of skills the ‘full-stack quant’ and it refers to someone who knows how to code, has a good working knowledge of financial concepts, and knows how to work with statistics. Furthermore, with the digital revolution transforming most business landscapes and leading to the increased popularity of AI, ML, and IoT, there is an overlap of skill requirements and hence a shortage of talent. This gap between demand and supply of talent is making the acquisition of new skills extremely lucrative since Fintech companies that plan to disrupt the banking and financial space is willing to pay handsomely to acquire talent with these niche skills.