BTC as a legal tender, becoming the first-ever country to do so.

BTC as a legal tender, becoming the first-ever country to do so.

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SEC Slaps $50,000 Fine on Delaware-Based Crypto Investment Fund

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On December 7, 2018, the United States Securities and Exchange Commission (SEC) issued a cease and desist order and a penalty of $50,000 against Delaware-based crypto assets fund firm CoinAlpha Advisors LLC.

SEC Hits Crypto Fund for Violating Securities Law According to the filing published on the commission’s website, the SEC charged CoinAlpha Advisors LLC for acting as an unregistered securities dealer. Additionally, the filing highlights that the accused company violated SEC laws by offering securities through interstate commerce.

Reportedly, CoinAlpha LLC was established in July 2017 to act as manager of the investment fund dubbed CoinAlpha Flacon LP. The fund was launched in October 2017 with the sole purpose of investing in digital assets.

From October 2017 to May 2018, the investment fund managed to raise over $600,000 from twenty-two investors spread across multiple U.S. states. As part of the investment, investors gained limited partnership interest in the crypto-focused investment fund. The SEC filing states:

“Through this offering, the investors purchased limited partnership interests in the Fund in exchange for a pro rata share of any profits derived from the Fund’s investment in digital assets.”

The order notes that CoinAlpha filed for a “Notice of Exempt Offering of Securities” a month after it was set up. However, the request for exemption was turned down by the securities regulator citing that the firm was not eligible for such an indemnity.



Additionally, the agency pointed out a number of irregularities in the CoinAlpha’s know-your-customer (KYC) system. The SEC states that the investment fund failed to ensure the status of the accreditation status of its investors.

CoinAlpha Cooperates with the SEC

zNotably, CoinAlpha agreed to halt its offering after being contacted by the securities regulator in October 2018. Furthermore, the Delaware-based fund cooperated with SEC to get its website, offering strategy materials, and social media posts audited.

The commission reached an agreement with CoinAlpha by imposing a $50,000 fine and instructing the firm to reimburse all its investors, to which the company has agreed. The filing read:

“Respondent further voluntarily reimbursed all fees it had already collected, surrendered all rights to future management and incentive fees, unwound the Fund, and made payments to ensure that no Fund investor suffered a loss. During the Commission staff’s investigation, Respondent retained a third party who determined that all 22 investors were accredited investors.”  

Recently, the SEC has been aggressively pursuing crypto-related firms and individuals. Just a week back, the commission fined American professional boxer Floyd Mayweather Jr. and music producer DJ Khaled for illegally promoting crypto projects. Both celebrities paid a combined penalty of over $750,000.



Is SEC trying to make crypto sector more institutional friendly by removing entities operating illegally? Let us know your views in the comments section.

Is Bitcoin dead? 8 reasons why it is NOT

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Is the price of Bitcoin down to zero? 
No.

Bitcoin is trading above $4000 at the time of writing. Yes, that's far from the all time high of close to $20K, but people are still buying Bitcoin every day, every hour, every minute. Don't forget that only two years ago, one Bitcoin was worth $736, and in September of 2017 BTC was still trading below $4000.

Many people got hurt post-bull run, but zoom out and look at the bigger picture. Patience is the name of the game here.


Is this the worst Bitcoin bear market EVER?
Nope, we've been here before.
We've seen worse.
And we survived.

Be like the hodlers who got through the 2011 crash. Who dealt with the -83% retracement in 2013. Who were not afraid anymore during the 2013-2015 bear market because they knew that Bitcoin would come back stronger, eventually.



Hi CNBC Crypto Crew, can you please discuss about the gains after each of the last 4 major Bitcoin crashes (80% or more) in the past 9 years. 

The 2014-2016 bear market resulted in a 13,100% gain from the bottom of $150.




Did Bitcoin stop working? 
No. 
Every 10 minutes or so, a new block is created on the Bitcoin network. Every 10 minutes, assets, sometimes worth millions of dollars, are being sent across the world, fast, for a low fee. Bitcoin dead? Miners are still mining, blocks are still being created, transactions are still being confirmed. The fact $BTC dropped in price didn't change anything to that.





Are institutional investors walking off because of the BTC price drop?
No.
What would institutional investors be more interested in? Buy at the all time high together with the retail investors, or wait for the inevitable correction and buy in 5 times cheaper?

And if they buy at those cheap prices, would they send out a tweet right away, stating 'I just bought 9000BTC on Bitfinex'? No. They accumulate quietly, knowing that, at some point, retail FOMO will push their ROI.

Some big players might be buying already, some institutional investors might be waiting on the sidelines for the price to drop even further, or for regulation to be implemented, or for the right products to be launched. But one thing that's certain is that when it comes to buying, institutional investors like blood on the streets more than hype.

As Michael Novogratz says, when the time is right, institutional FOMO will kick in too.



Did the fundamentals of Bitcoin change?
No.
Let's just steer away from the price action for now. Is transaction volume on the Bitcoin network still high? Are people actually using it? 'Pomp', take it away and explain to us why Bitcoin fundamentals haven't changed at all.

Tom Lee Has Slashed His Price Target on Bitcoin from $25,000 to $15,000

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The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end.


Sherlock by Sherlock   November 17, 2018  in Crypto news, Opinion


As the bitcoin price traded below the psychological level of $6,000 mark, Fundstrat Global Advisors co-founder, Tom Lee, has slashed his price target on bitcoin nearly half. However, the revised target price is much higher than the current trading price. Significantly, his comments come on the heels of seven out of top ten cryptocurrencies witnessing a double-digit drop in the 7-day period.

Break-Even Point
The popular digital currency supporter has sharply reduced his price target from $25,000 to $15,000 on bitcoin for the year-end. He believes that the important driver is ‘break-even’ point. This meant that mining costs should match the trading price. According to him, the matching level reduced to $7,000 from his previous estimate of 8,000. This is based on the Bitmain’s S9 mining machine. This would mean a fair value of roughly 2.2 times of the fresh break-even price.

Bitcoin is trading around $5,450 at the time of writing and has shed 13.56 percent for the one-week period. Despite the existing sluggishness or the bearishness, Lee is confident of a recovery in bitcoin price. In a research note to clients, he pointed out the earlier bear market during the period 2013 – 2015 and said that it “never sustained a move below breakeven.” The former chief equity strategist at J.P. Morgan Lee thinks that the psychological breaking down of $6,000 has driven a fresh wave of pessimism.

Negative Swing in Sentiment
He also pointed out that there is a negative swing in sentiment that is much worse relative to the fundamental implications. Lee said that most of the price movement was fueled by certain events like the argument over bitcoin cash. There have been several tweets on bitcoin cash hard fork and splitting into bitcoin ABC or bitcoin SV. Significantly, bitcoin cash itself was a fork from bitcoin.

Though the bitcoin price remained somewhat stable in October, the sell-off has started a few days back after remaining around $6,400 levels. However, Lee is unmoved by the current condition and sees bullishness on the most valuable digital coin with the belief that institutional involvement will boost the price before the current year ends. He pointed out the wider infrastructure creation for institutional involvement to support his belief.

Bitcoin pioneer who gave away over US$100mil has no Regrets

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Jeff Garzik started writing software code for Bitcoin after reading a blog post about the digital currency in July 2010. At the time, he was working remotely for open-source powerhouse Red Hat Inc from an RV parked in an empty lot in Raleigh, North Carolina.

He soon became the third-biggest contributor to Bitcoin’s code after the cryptocurrency’s anonymous creator Satoshi Nakamoto and developer Gavin Andresen, and remained so through 2014. Looking back 10 years after its creation, Garzik says he is proud, even though Bitcoin is not what he envisioned it would become.

As a father I enjoy watching my kids grow up, even as they make mistakes or grow in ways that I wouldn’t expect,” said Garzik, who has given away Bitcoin valued at more than US$100mil (RM417.83mil) based on current prices.

During the initial period, Garzik, 44, worked directly with Nakamoto, corresponding via private email and the Bitcointalk forum, until the token’s creator abruptly disappeared in 2011. Former collaborators and journalists have been guessing since about who he or she or they were – a matter of importance since Nakamoto controls about 1 million Bitcoins, and could impact the cryptocurrency’s market price.

”My personal theory is that it’s Floridian Dave Kleiman,” Garzik said in an phone interview. “It matches his coding style, this gentleman was self taught. And the Bitcoin coder was someone who was very, very smart, but not a classically trained software engineer.”

Kleiman, a former Florida sheriff’s officer who ended up becoming a computer forensics expert, died in 2013. Kleiman’s estate is suing Australian Craig Wright, who has claimed to be Nakamoto, for allegedly seizing billions of dollars worth of Bitcoins and intellectual property from Kleiman. Wright denies the claim.



Nakamoto’s vision of Bitcoin as private money hasn’t come to fruition. Its use in commerce is actually falling, according to a recent analysis from researcher Chainalysis. Instead, speculators and investors have treated it as an asset like gold. That’s fine with the Atlanta-based Garzik.

”It is an organism, it’s something that evolves,” said Garzik, who worked for crypto payment processor BitPay and still sits on its board, as well as the boards of blockchain-technology company BitFury and the Linux Foundation. “It hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success.”

Garzik continued coding for Bitcoin until 2016, when he shifted focus to his own ventures amid bickering among developers and miners over how to scale the network. Bloq Inc, a startup Garzik co-founded, has sought to carve out a niche serving enterprise clients. Bloq, where Andresen sits on the advisory board, now has 30 employees and clients among Fortune 50 companies as well as cryptocurrency-focused firms.

Developer bounties
Today, Bitcoin is worth about US$6,500 (RM27,156) – a far cry from last December’s high of almost US$20,000 (RM83,564), but way more than when Garzik first started working on the project. He remembers a party to celebrate Bitcoin hitting US$1 (RM4.18) back in 2011.

Garzik declined to disclose his current holdings, but said he gave away 15,678 Bitcoins about seven years ago in developer bounties to spur work on the software. They would be worth more than US$100mil at current prices. He has no regrets about the giveaway, and said what matters is that Bitcoin is still around.

How Will The US Midterm Elections Impact Bitcoin

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Tuesday the 6th of November 2018 marks the next big election date in the United States, the midterm elections that allow the country to decide who represents individual states at Senate level. It’s an important election, as this is the first chance the people of the United States have a chance to show newly elected Donald Trump what they really think of him, sort of anyway.


It’s a little complicated if like me, you don’t know a lot about US politics, however the general feeling is that due to Trump’s politics, these elections are some of the most important to ever take place within the United States, suggesting that not only will this impact politics and public feeling, this is sure to have an effect on the cryptocurrency markets too.

What will happen to Bitcoin

During the 2014 midterm elections, Bitcoin didn’t really react to the political movements, therefore some expect that in this instance, Bitcoin will remain steady at a price nearing $6,500.00. Others however believe that during 2014, Bitcoin was still very immature, it didn’t truly fly until the end of 2017, so, a response to US politics in 2014 would have been far less likely. As a result of this, many are unsure about what will happen with Bitcoin.

The same goes for the actual election of President Donald Trump in November 2016. During this time, Bitcoin was valued at a price around $730.00 and remained steady throughout the duration of the election. Even when Trump came into power in January 2017, Bitcoin remained very slow and very steady.

History tells us nothing

The history of presidential elections in the United States and their relationship can’t tell us anything, because the relationship is so new. Therefore, we can’t really predict what will happen to Bitcoin come tuesday. Hopefully, the elections run smoothly and there isn’t too much of a political shake up. We have a feeling though that suggests if there is a bit of a shake up and Senate level, Bitcoin might react accordingly. If people are happy with the outcome in the US, Bitcoin might start to climb, if things don’t go to plan, Bitcoin might take a tumble. We won’t know until tuesday, so at the very best see this as a warning that things do have the chance to change slightly this week. Our advice, hold on and see what happens.

#Hong Kong Regulator Brings New Rules To Regulate Cryptocurrency Exchanges and Funds

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Hong Kong’s security watchdog – The Securities and Futures Commission (SFC) – has announced new regulatory rules and guidelines for the country’s local cryptocurrency market. However, the highlight of this announcement is that the regulator wants to have a watchful eye on the operations of cryptocurrency exchange and cryptocurrency funds.

In its official announcement, the SFC notes under the existing rules, virtual assets do not fall under the definition of “securities” or “futures contracts”. Hence they do not come directly under the regulatory oversight of the SFC. As a result, investors who are dealing with virtual assets through unregulated platforms do not get the protection under the Securities and Futures Ordinance (SFO). Thus the SFC has decided that to protect the investors’ interest, it will bring crypto exchange operators under its regulatory purview.

“…It is proposed that the standards of conduct regulation for virtual asset trading platform operators should be comparable to those applicable to existing licensed providers of automated trading services,” the SFC adds.

The definition of “virtual assets” provided by the SFC includes all blockchain-based tokens like the utility tokens, digital currencies, and the asset-backed tokens.

Licenses for Cryptocurrency Fund Distributors and Portfolio Managers
Under the new regulatory guidelines, cryptocurrency fund distributors and portfolio managers will require to get an official license from the SFC. Fund managers with more than 10 percent exposure into virtual assets will have to mandatorily get their licenses. Also, “firms managing funds which solely invest in virtual assets that do not constitute securities or future contracts” will require a license for the distribution of their funds. The statement reads:

“In order to afford better protection to investors, the SFC considers that all licensed portfolio managers intending to invest in virtual assets should observe essentially the same regulatory requirements even if the portfolios (or portions of portfolios) under their management invest solely or partially in virtual assets, irrespective of whether these virtual assets amount to ‘securities’ or ‘futures contracts.’”

Ashley Alder, the chief executive of the SFC praised the agency for its new approach towards investors protection.

“The measures announced today allow us to regulate the management or distribution of virtual asset funds in one way or another so that investors’ interests would be protected either at the fund management level, at the distribution level, or both. We hope to encourage the responsible use of new technologies and also provide investors with more choices and better outcomes,” added Alder.

The Growing Regulatory Demand Due to Increasing Risks
The SFC cites several risks associated while dealing with virtual assets. The regulator says that the inherent nature and characteristics of the virtual assets are some of the reasons behind it. As crypto assets lack any intrinsic value, they are subject to high volatility and price fluctuations.

Furthermore, the anonymous nature of virtual assets makes them vulnerable to all sorts of illicit activities like terror financing, fraud, and money laundering.  Additionally, the cryptocurrency market is facing huge challenges in terms of cyber-security risks and thefts. Most of the centralized exchanges across the globe have faced huge losses this year due to external attacks. On top of it, the lack of secure storage solutions is another reason preventing investor participation.

The regulator thus mandates proper regulatory rules to have a cleaner and safer environment for investors. It notes:

“While virtual assets have not posed a material risk to financial stability2, there is a broad consensus among securities regulators that they pose significant investor protection risks. The regulatory response to these risks varies in different jurisdictions, depending on the regulatory remit, the scale of the activities and their impact on investor interests and whether virtual assets are deemed financial products suitable for regulatio

Morgan Stanley Report: Cryptocurrency Popularity is Growing as Institutional Investment

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The report says that a growing number of institutional players from the global financial space are moving towards investing in Bitcoin and the overall cryptocurrency market.



The research arm of banking giant Morgan Stanley recently released a report showing the increase in institutional participation in the cryptocurrency market. On Wednesday, October 31st, Morgan Stanley released an update to its report – “Bitcoin Decrypted: A Brief Teach-In and Implications”.

In the report, Morgan Stanley highlights the trends over the past six months of Bitcoin and the overall crypto market. However, Morgan Stanley says that even though the institutional investment is on a rise, the retail participation is stagnant.

Observations Made Through the Rapid Morphing Thesis
Morgan Stanley report started by specifically emphasizing on the “rapidly morphing thesis”. The thesis noted Bitcoin as “digital cash” and said that investors had full confidence in the cryptocurrency. Furthermore, the thesis noted how Bitcoin has emerged as an answer to the issues within the traditional financial system.

Moreover, the thesis also mentions several issues discoveries which have helped the Bitcoin ecosystem to evolve as a whole. It takes a tour through all things like a number of hacks, hard forks, price volatility, and others. Moreover, it also lauds the most important aspect i.e. the permanent blockchain ledger which records all transactions.

The most important thing which the thesis mentions is that for almost a year now, Bitcoin has emerged as the “rapidly morphing thesis”. It also says that since January 2016, there is a gradual increase, in the crypto investments, made in institutional crypto products. Venture capital firms, hedge funds, and private equity firms have stored a total of $7.11 billion so far.

This figure is certainly expected to shoot up as big players like the Intercontinental Exchange (ICE) and Fidelity Investments get their platforms released. ICE is currently preparing itself for the launch of its Bakkt platform expected by the end of 2018. Furthermore, ICE announced that the Bakkt platform will offer physically-settled Bitcoin Futures contracts. As a result, it is likely to usher more liquidity in the crypto market.

On the other hand, financial services giant Fidelity Investment announced its crypto-centric platform Fidelity Digital Assets. The platform will offer crypto storage and trading solutions specifically targetted towards institutional players.

The Growing Importance of Stablecoins
The report touches down on one of the most popular topics currently i.e. stablecoins. Stablecoins are basically fiat-pegged digital currencies used for quick execution of crypto trades. However, the report goes the cite the use of controversial stablecoin Tether (USDT). The report notes that Bitcoin is “moving increasingly towards trading vs the stable coin USD-Tether (USDT) [sic]”.

It further notes: “USDT took an increasing share of BTC trading volumes as cryptocurrency prices started falling. This occurred because many exchanges only trade crypto->crypto and not crypto->fiat. Trading crypto->fiat requires going through the banking sector which charges a higher fee. Also as bitcoin prices fell, so did most all other coins so if owners wanted to come out of bitcoin holdings, they needed to go to another asset which was closer to the valuation of the U.S. dollar.”

Off lately, there is a growing number of stablecoins introduced within the crypto market. Or we can say that the market is preparing for institutional trading making the trading process simple.

Ceo Of Pantera Capital Says Buy One Bitcoin, Get Two for Free

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Dan Morehead, The CEO of Pantera Capital, in a discussion with CryptoTrader Ran NeuNer, shed some light on the emerging patterns in the cryptocurrency ecosystem and their current state. He notes that last October, Bitcoin (BTC) started to rise and crossed the  $19,000 barrier, things this year are quite the contrary.

Morehead insist that while Bitcoin is on the verge of completing a decade, the stress should be not on the current state but what the future entails for the token and the overall cryptocurrency markets. Furthermore, investors need to view the market with a  multi-year approach and not just seek immediate gains.


When NeuNer asked Morehead about the current doubt looming over cryptocurrency market might be due to the loss of money on the space, the CEO confidently points out that the current market patterns are not entirely new, with varying degrees of changes they have been observed earlier as well. Adding that bitcoin market is  more “manic than other industries,” he stated:



Morehead referred the current situation as the buy one, get two sale, indicating the price drop and predicting the hike. Elaborating further he states that the FOMO devil has been controlling the investor sentiment as investors tend to stream in when the prices are too high.

Discussing the benefits of utility tokens he described them as “one of the most powerful financial tools ever.” The use case of Bitcoin as a multi-utility tool and not just as a store in value is dependant on the keen eye of investors. He hopes that the coming years the ecosystem will grow to 500 million.

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