Wednesday , January 20 2021

Crypto Week In Review: Bitcoin ETP launches in Switzerland, KuCoin estimates $ 20 million

Unfortunately, as the crypt fits capitulated all week, they lost 15-20% of their value, as well as the news cycle. However, this is not all death and despondency, as there are still a few events that indicate that the cryptographic and block-change industry is far from dead in the water.

Amun launches Bitcoin, broadcast, XRP ETP in Switzerland

After a hint of the product within two months, during the last seven days, it was reported that Amun, the London-based company fintech, will introduce a multi-crypto-exchange product (ETP) in Switzerland. The car, dubbed “Amun Crypto ETP”, will track the five leading assets of the crypto market – bitcoin, ether, XRP, Litecoin and bitcoin-Cash. Interestingly, while Amon was focused on his Bitcoin product, indisputable godparents all cryptocurrencies, the foundation would give a comparatively fair portion of a quarter to XRP and one sixth to the air.

The product is planned to be launched on the basis of the SIX Swiss Exchange in Zurich, the largest stock market in Europe in terms of capital flow. Jane Street and Flow Traders, two “specialized” market makers, populated the ETP and also agreed to act as authorized participants in the creation and simplification of vehicles.

Speaking about the legality and regulatory viability of the product with the Financial Times, Amun CEO and co-founder Hani Rashwan said:

“ATP Amun's ETP to institutional investors who are limited to investing only in securities or do not want to create custody of digital assets subject to crypto-conversion. It will also provide access for retail investors who currently do not have access to cryptoexchanges due to local regulatory barriers. ”

In explicit worship of the crypto community as a whole, the product will trade under the ticker "HODL", emphasizing the fact that Amun probably has an ear close to the land of this industry, so to speak. Despite the fact that this is far from launching a product of similar growth in America, many consider this to be a positive sign.

However, stock exchange products are also warming up in the US, and Gabor Gubacs, VanEck's head of Digital Asset Strategy, recently sat down with Ran NeuNer of Crypto Trader in CNBC Africa to discuss the prospects for supporting his Bitcoin ETF. Gubach explained that VanEck now “did everything” to counter the fears of the Securities and Exchange Commission about market manipulation, which led to a negative decision on the ETF offer earlier.

Thus, many hope that VanEck and its partners in CBOE and SolidX will be able to provide a normal green light before subsequently launching America’s first bitcoin ETF in early or mid-2019.

Related Reading: Bitcoin ETF Hopefuls Speaks with SEC in closed session

Susquehanna: Ethereum (ETH) Mining GPU is now uneconomical

In mid-August, NewsBTC reported that some advanced students, such as the Penn State grad Patrick Cines, were once looking for a profitable and profitable asset for creating cryptoactive assets in their hostels. But now Suskuehanna, a commercial and technological enterprise in Pennsylvania, explained that such small operations are far from possible.

On the data collected by Susquehanna, transmitted via CNBC, the average chess player with a graphics adapter (GPU) running on Ether (ETH) saw their profits drop to $ 0 in November, compared with about $ 150 last summer. This collapse in profitability can be explained by the growth of the Ethereum network hash, which over the past 12 months has more than doubled and the ever-growing presence and viability of ASI EthHash machines.

Christopher Rolland spokesperson Susquehanna explained that even with the Nvidia flagship GPU, the GTX 1080, the provided return on investment (ROI) should not be financially meaningful, especially in the long run. And as such, on the current trajectory in which the profits arrived, miners with GPU support, even those who want to accumulate cryptoactive assets for the long term, are likely to come out of production completely in due time.

Nevertheless, Tim Copeland of Decrypt Media has since exposed these claims by speaking to several mining scientists, including Omegapool founder Greg Mézaros, who claims that throwing computational power at Ethereum to receive the broadcast may be beneficial in some countries.

Despite this, public shares of Nvidia, presumably due to the decline in the GPU market, fell by more than 17%, due to the missed forecasts of profit and uncertainty, revealed by analysts for shares. On Thursday, CEO Jensen Huang affected the effects that mining had on Nvidia’s business, noting that “the hangover of cryptography lasted longer than we expected.”

Related Reading: Crypto Hangover causes Nvidia to fall 17%

Bitcoin Cash Activation, ABC and SV Duke It Out

After several months of waiting, crypto investors woke up dizziness on Thursday morning, as the Bitcoin planned hard cash card remained at the forefront of the industry’s mind. In the hours preceding the network update, the banter began about the future of Bitcoin Cash, when everyone and their mother dumped this conflict.

Related Reading: BCH Fight: Bitcoin Cash Bashing Heats Up, Duke It Out ahead of Hard Fork

Interestingly, the Bitcoin Cash network update continued live, as expected, with the decentralized nature of blockchain networks preventing direct denial of service attacks.

Bitcoin ABC, Roger Ver and client of Jihan Wu of their choice, quickly overtook Craig Wright's “after update” on Satoshi Vision (SV), which was activated in Bitcoin’s 556,767 block of cash. Just 40 minutes after the activation and the subsequent hard fork, Joseph Young, a well-known cryptographic director, explained thats "[it] it seems a victory for BCH, "adding that"[there’s] of course, not enough for a 51% attack on BCH … It is reported that the SV nodes have collapsed. ”

While SV supporters held fast to their life raft, ABC supporters noted that Vitalik Buterin, co-founder of the Ethereum project, even joined the lively event to congratulate Roger Wer and his peers.

However, since the NewsBTC report, the Craig Wright camp saw a monumental resurgence in the mining industry, with the SV quickly covering the height of the block and the hash ridge. Earlier today, as shown by Coin.Dance, the website launched to monitor the plug, SV temporarily transferred ABC from the perspective of the hashmat, which is the first since the update in real time. Despite the fact that ABC has since regained some strength, the cover of the block height dropped to 15, compared to a drop in the jaw of ~ 50 on Thursday evening.

Crypto tidbits

  • Google, target hacked in Bitcoin Twitter Scam: Earlier this week, there were reports that the Twitter Target account, a multinational retailer, was the victim of a failed security breach. Although this is not news in itself, the allegedly hacked account has placed Bitcoin fraud (BTC) in a format that crypto enthusiasts found too familiar. Although the tweet was only online for 30 minutes, the mainstream media fell into a frenzy, going to their sites, in fact, to hackers and cryptoactive assets. This fiasco saw the response of Target and Twitter, in which the latter explained that he had implemented the right measures to prevent such indiscriminate security breaches. However, only a few hours, if not in a few minutes, the Google G Suite Twitter account, responsible for telling consumers about Gmail, Google Drive, Google+ and several other popular products, fell victim to the same hack.
  • Study: ICOS Performance Dismal in the third quarter of 2018: A 67-page report from ICORating, the lead launch of cryptanalysts, showed that tokens were made in the third quarter of this year. In particular, blockchain / crypto project funding has been reduced to $ 1.8 billion. United States, well below $ 8.3 billion. United States placed in the second quarter. Worse, only four percent of the 597 issued ICO tokens were listed on exchanges, and these tokens made up a small proportion of just 23.15 percent of projects that had more than just a concept, idea, or vision. Reasoning why projects suffered during the last quarter, ICORating drew attention to a significant decline in profitability (bear market), reduced levels of transparency from teams, maturing investors / funds, inability to implement innovations properly, slow levels of blocking / cryptography measures and most ICO regulation has reached new heights.
  • KuCoin estimates $ 20 million in financing round: KuCoin, a Singapore-based Asia-based cryptoexchange, recently revealed that it allocated $ 20 million in funding from a number of venture capital giants, including Matrix Partners, Neo Global Capital, and IDG Capital, the last of which topped the Around series. This financing seems to be of great importance, since the startup explained that it will use this capital injection to support its services, platform and products that target cryptocurrency investors around the world. Speaking with the Straits Times, IDG Capital's Young Guo has affected its employer's investment in KuCoin. Guo explained that KuCoin is "a legitimate project, [a] team with integrity ”, before subsequently noting that IDG sees the potential boat in the blockchain as another innovative innovation in the world. Or, as Dan Morehead, CEO of Pantera Capital, said in a recent interview with Bloomberg,[crypto will become an] industrial serial killer. "
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