- Bitcoin Breaks $11,000 Resistance Level
Boosted by the release of Facebook’s Libra white paper, the most dominant cryptocurrency, Bitcoin, sustained its bullish run on Monday.
Bitcoin rose above $11,000 price mark for the first time in 15 months on Sunday before pulling back slightly to $10,970 a coin on Monday afternoon.
Experts attributed the surge in Bitcoin price to Facebook’s plan to launch a global cryptocurrency next year.
Facebook and Libra Association had announced last week they are working on a stable cryptocurrency called Libra. This announcement bolstered Bitcoin and the entire cryptocurrency market as investors believe the move will take Bitcoin mainstream.
“It’s clearly a positive for bitcoin, ” Bart Smith, head of Susquehanna’s digital asset group, told CNBC’s “Squawk Box ” on Monday. “If 2 billion users are on Facebook, some percentage of them start to kind of look at Libra and try to understand how it is different and similar to bitcoin — that is a positive.”
While Bitcoin investors are projecting a further increase to $20,000 a coin, it is highly unlikely in the near-time given the current push back from the U.S parliament.
However, Libra has helped draw attention to cryptocurrency space as a whole, considering the fact that Facebook has 2.8 billion users across key social media platforms.
“There’s a broader understanding of crypto as an asset class,” Allaire told “Squawk Box” on Monday. “Anticipation that next generation of blockchains, including what we heard about last week with Libra Association, really indicates what is ultimately going to be a massive mainstream phenomenon touching billions of people.”
Canada Approves Two Ethereum ETFs in One Day
The approval comes just over two months after Canada approved its first bitcoin ETF.
Purpose Investments and CI Global Asset Management both received approval to launch an exchange-traded fund (ETF) in Canada that offers exposure to ether.
Purpose is the manager of Purpose Ether ETF and Ether Capital Corporation will consult. The ETH will be kept in cold storage with Gemini acting as the sub-custodian and CIBC Mellon Global Securities acting as the fund administrator.
CI Global Asset management will launch CI Galaxy Ethereum ETF on April 20 on the Toronto Stock Exchange (TSX), subject to TSX approval. It will charge a 0.4% management. CI GAM is the manager of the ETF and Galaxy Digital Asset Management (“GDAM”) serves as the sub-advisor.
The approval comes a little over two months after Canada approved the Purpose Bitcoin ETF which held 10,064 BTC in the first week of trading. Meanwhile, in the U.S., bitcoin ETF approvals have been piling up in the hope that new Securities and Exchange Commission (SEC) Chief Gary Gensler could change the regulatory agency’s attitude to the novel investment product.
“While bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society,” Som Seif, founder and CEO of Purpose Investments, said in a statement. “By launching the first ETF in the world that directly owns and provides exposure to ether, we are enabling every investor to have access to this unique opportunity and ecosystem.”
Purpose ETF is designed to provide investors with exposure to ether by investing directly in physically settled ether. The ETF will offer three classes of units: Canadian dollar currency hedged units (ETHH), Canadian dollar non-currency hedged units (ETHH.B) and U.S. dollar units with ticker units (ETHH.U).
TradeBlock, a CoinDesk subsidiary, is the index provider for Purpose.
Fintech CEO: The Paxful Data Leak that Wasn’t: A Cautionary Tale in Vendor Selection
Last week, it was reported that cryptocurrency exchange Paxful released a firm denial of an alleged data leak with 4.8 million entries. The company noted that the data from the supposed leak, which contained employee information among other items, was actually data which was illegally stolen from a third-party vendor.
“If you take Paxful at their word, and I’m not aware of any reason that we shouldn’t at this point, users can be relieved that the exchange wasn’t successfully hacked. But, the issue of incompetent vendors is one which all too often plagues cryptocurrency exchanges,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges. “It’s tough because the cryptocurrency space is relatively new, so most vendors are new, too. Those are the vendors who compete on cost, instead of on their industry success.”
“Fundamentally, however, cryptocurrency exchanges are, at their core, financial exchanges. The technology required to ensure they run flawlessly and with appropriate security measures in place — those things require experience in providing technology for exchanges. Building online auction sites or websites, dabbling in development… those kinds of vendors aren’t capable of handling the kinds of stress put onto a cryptocurrency exchange,” explained Gardner.
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.
“What happens here is that these technology vendors watched Bitcoin explode, and they wanted to cash in on that opportunity. They built technology that’s shiny and works until put under stress. Then they charge rock bottom prices for it. Crypro-preneurs, looking to get to market fast and cheap, find themselves enamored with the offering. For years, the exchange runs without issue because the exchange never saw peak traffic. Once it’s successful and bringing in significant money, hackers will become interested in it. Even worse, the technology stack that powers the exchange isn’t set up to handle the volume demanded by success. Bad things happen. We’ve watched this movie before,” Gardner continued.
“How does this stop? Our industry needs to stop normalizing sub-par, cheap technology provided by suppliers without any experience in the field in which they’re now practicing. We need to normalize and prioritize security. In this case, if the vendor couldn’t secure their own house, how can they be trusted to work on exchange technology in any capacity? Luckily, Paxful executives noted that the vendor is no longer under contract. But, that vendor is very likely still supplying technology to dozens, or even hundreds, of other exchanges. It’s time to flip the script and value experience over sticker price,” opined Gardner.
DOGE Passes Uniswap And Litecoin To Become The 8th Largest Cryptocurrency By Market Capitalization
The price of Dogecoin has surged seemingly without any push from prominent figures on social media or major developments in the project.
According to data from coinmarketcap, the price of Dogecoin (DOGE) is more than $0.24 at the time of publication, with a market capitalization of roughly $32.1 billion. The token’s most recent rally had its price surge more than 81% over the last 24 hours, passing both Uniswap (UNI) and Litecoin (LTC) and become the 8th largest cryptocurrency by market cap.
More retail outlets have adopted the currency as a form of payment in recent days. On Tuesday, a popular Miami nightclub announced it would be accepting DOGE upon reopening as payment for tables, drinks, and merchandise.
Dallas Mavericks owner and DOGE proponent Mark Cuban also reported the basketball team’s store had sold more than 122,000 DOGE worth of merchandise — more than $16,000 at the time of publication — since first accepting the token in March. Cuban said the team “will never sell 1 single Doge ever.”
Though Tesla CEO and DOGE enthusiast Elon Musk has tweeted one of his memes amid the token’s price surge, the recent rally may simply reflect the climate around the crypto market. Mainstream media attention was largely focused on Coinbase’s COIN stock being listed on the Nasdaq this week as both the price of Bitcoin (BTC) and Ether (ETH) reached new all-time highs.
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