Price action still seems to be sideways, and boring.
During his yearly talk at The World Economic Forum 2018 in Davos, Switzerland a moderator for the audience asked Soros his position on cryptocurrencies and its future. After much drama he replied “cryptocurrency is a misnomer, and it’s a typical bubble which is always based on some kind of misunderstanding.”
Soros also clarified that “Bitcoin is not a currency. A currency is supposed to be a stable store of value. And a currency that can fluctuate twenty five percent in a day can’t be used, for instance, to pay wages because wages could drop twenty five percent in a day. So, it’s a speculation based on a misunderstanding,” .
Source : https://news.bitcoin.com/george-soros-bitcoin-propped-up-by-dictators/
IMO : Bitcoin has a limited supply of 21 mill coins , until we reach the capped supply and the crypto world still being in its infancy its quite obvious that volatility would be quite insane for a few more years to come until it actually stabilizes The current volume of Bitcoin is close to 8 billion which of which I'm sure 90% of the volume has only been from actual trading/investing with a negligible % for retail purposes, as people currently treat Bitcoin as an asset rather than an actual currency with its shortcomings of high fees and slow transactions it will be a few years before it could actually be called a viable global currency.
2) How Chinese Bitcoin Buyers Are Getting Around Government Ban :
in December of 2017, China’s three largest cryptocurrency exchanges relocated their businesses to Hong Kong. BTCC China, Huobi and OKCoin rebranded to BTCC, Huobi Pro and OKEx, respectively. They intended to address the rapidly growing demand from Hong Kong-based investors.
Shortly after their move, the three trading platforms started to see daily volumes from Chinese investors grow exponentially. Somehow, Chinese investors were managing to circumvent Chinese trading restrictions by using Hong Kong-based exchanges. To understand this better
In Hong Kong, it is relatively easy for investors to set up businesses. With less than $1,000, businesses can be legally created, which allows the opening of business bank accounts at Hong Kong-based financial institutions. Beginning in December 2017, many Chinese investors moved their funds from their Chinese bank accounts to Hong Kong bank accounts and started to trade cryptocurrencies more actively, effectively bypassing China’s restrictions.
Source : https://cointelegraph.com/news/how-chinese-bitcoin-buyers-are-getting-around-government-ban
IMO : Its only a matter of time that China eases regulations on Cryptocurrencies as its doing more damage than help, Moving out of major exchanges such as Binance, OKCoin,etc that bought that are currently generating billions in revenue in addition to that loss of a new front of economic development as the crypto sector bought a lot of good talent in for employment and other GDP contributing factors that are all lost for now.
Most of all the Chinese are resilient businessmen , with the HK loophole and the recently plugged Japan temporary account regulation enforcement they will always find a way to invest which now comes under money laundering which is quite sad .
3) Coincheck To Refund All Customers Affected By Hack, Faced By Community Support:
Japanese cryptocurrency exchange Coincheck has announced Saturday, Jan. 27, that it will issue full refunds to all of the 260,000 of its users who have become victims of the Friday NEM hack.
The company has now confirmed its intention to refund the stolen money to the affected users. According to the announcement, the refunds will be done using the exchange’s own capital.
The company is still considering the exact timing and methodology for the process. However, it has already announced that the compensation for each NEM coin will be JPY 88.549, which is the weighted average exchange rate during the period from when the trading was halted to the release of the latest announcement.
IMO : They could have easily filed for bankruptcy, but they seem resielent to stay in business and keep customer confidence which is an angelic act in business, so It can be said that they rather take a loss now and stay in business as they really seem optimistic for the future of Cryptocurrencies.
4) Bitcoin SNUBBED after value plunge as Starbucks announces plans to accept cryptocurrencies :
STARBUCKS is set to become one of the first major high street shops to accept cryptocurrency after it announced plans to incorporate blockchain as part of its payment strategy, but in a snub it has ruled out using Bitcoin.
IMO : More mass adoption the better 😃
5) Brisbane Airport to Launch In-Terminal Cryptocurrency Payments :
Australia's Brisbane Airport has announced it will roll out cryptocurrency payments within the terminal shopping areas.
The new payment system, provided by cryptocurrency travel firm TravelbyBit, will enable travellers to use bitcoin, ethereum, dash and other digital currencies to shop and dine at various stores and restaurants across both of Brisbane's air terminals, a press release says.
Roel Hellemons, Brisbane Airport Corporation's (BAC) general manager of strategic planning and development, said that the airport is the first worldwide to incorporate cryptocurrency payments. The move, he said, "makes sense" because many people who have invested in cryptocurrencies travel internationally.
Source : https://www.coindesk.com/brisbane-airport-to-launch-in-terminal-cryptocurrency-payments/
IMO : This is an update to when it was originally announced, it did not expect progress to be this quick. To read the original story goto https://steemit.com/altcoinbuzz/@steemaze/cryptocurrency-news-ripple-with-uphold-crypto-airport-japan-regulation-robinhood
6) Cryptocurrency Hedge Funds Still On the Rise :
The number of hedge funds with a cryptocurrency or blockchain focus stands at roughly 150, and Agecroft Partners CEO Don Steinbrugge expects that number to double – or perhaps even triple – over the course of 2018.
the hedge funds focused on cryptocurrency are playing an outsized role when it comes to the amount of money they are working with. The entire hedge fund industry worldwide stands at roughly $3 trillion in assets under management.
By comparison, only about $3 trillion – or one-tenth of 1% of that total – is allocated toward the cryptocurrency and blockchain spaces. Steinbrugge anticipates this number will increase by five times over the next year. Even still, the percentage of hedge fund money allocated to cryptocurrency investments will likely be miniscule in comparison to the rest of the hedge fund world.
Source : https://www.investopedia.com/news/cryptocurrency-hedge-funds-still-rise/
Twitter Updates :
- NEM : Revamping their wallets, pundix tokens sold out, huobi introduces XEM/USDT
-Stox : Partners with BlitzPredict
-IOTA : Explains about the future of IOT
- Tron : New partnerships .. literally everyday
Thankyou .
I post daily content, so here's yesterdays news update if you missed that : https://steemit.com/altcoinbuzz/@steemaze/crypto-news-nem-and-ripple-japan-hack-bitcoin-cash-50-cent-katy-perry-tron-and-appcoins-partnership-telegram-hackers
Finally I would like to thank Matt of Altcoinbuzz for the continued support , I cannot begin to express how grateful I am to you
Please Like, Comment (your critical feedback would be much appreciated) and resteem
Cheers :)
