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March 2016

Bitcoin (BTC) Price Falls Below $8,000 On Panic Selling

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Bitcoin

Bitcoin

Bitcoin (BTC) is pulling lower after doubling in value following a massive surge from 2018 lows. The flagship cryptocurrency remains under immense bearish pressure after a 130% plus rally since the start of the year.

Bitcoin Price Analysis

A rally past the $8,000 mark had for the first time, in months, reinvigorated investor interest on cryptocurrencies, as it came after a harrowing plunge in 2018. A 14% plus drop has since taken the cryptocurrency back to the $7,700 level, waiting to see if short sellers have what it takes to continue piling pressure.

Given the magnitude of the drop, the cryptocurrency remains in a precarious position. Crypto investors and experts are of the opinion that the cryptocurrency could tank further should it fail to demonstrate a speedy recovery. A plunge to the $7,100–7,300 range could be in the future, according to the analysts.

The recent drop does not come as a surprise, as many expected it. Some speculate that certain Bitcoin whales decided to cash in on 2019’s massive climb, dumping their BTC when they had the chance.

>> Gartner Blockchain Study: 90% of Current Blockchains Obsolete By 2021

Bitcoin Sell-Off Trigger

Reports indicate that the sudden Bitcoin sell-off may be due to a so-called Bitcoin whale offloading their holdings due to an influx in supply. It has since emerged that the Bitcoin whale moved as much as 25,000 Bitcoin, worth more than $200 million, from an exchange wallet into the Coinbase crypto exchange.

The transaction is believed to have earned the mover a cool $15 million, having sold their BTC for $215 million before buying back $200 million worth of Bitcoin after the price dropped. The massive sell order is one of the triggers that fueled the downward movement, which appears to have had a ripple effect in the broader cryptocurrency sector.

According to cryptocurrency analyst, Josh Rager, Bitcoin struggling to find support above the $7,000 mark could trigger a bigger pullback. Failure to bounce back and take out the $8,200 resistance level could also give short sellers a reason to continue pushing the price lower.

Featured image: DepositPhotos © Thomaspajot

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6 Types of Crypto Assets You Need to Know About

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crypto assets

crypto assets

The cryptocurrency world is full of jargon; acronyms and futuristic words that could be straight out of the latest sci-fi flick.

Along with cryptocurrencies like Bitcoin and Litecoin, there are many other different types of crypto assets that can be found on the blockchain:

Stablecoins

As the name suggests, stablecoins are designed for stability. These are cryptocurrencies that are directly pegged to real-world assets. These assets could be precious metals like gold, oil, or silver, or national currencies like the dollar and euro. Regardless of the asset, the value of each individual stablecoin aims to remain the same as the asset it represents: A dollar-backed stablecoin, for example, should be worth one dollar.

By tapping into the relative stability of real-world assets, stablecoins are designed to bring consistency to the cryptocurrency ecosystem. When volatility hits, traders can quickly swap cryptocurrencies back to a stable currency without the bother of converting to fiat.

Blockchain Platforms

Although most people refer to Ethereum as a cryptocurrency, the actual currency powering the Ethereum network is called Ether. As a currency, Ether lets users pay for processing power to run smart contracts on the network, or buy products and services within Ethereum like ICO tokens.

As a blockchain platform, Ethereum is designed to run smart contracts that form the infrastructure for a range of projects, like Microsoft’s Ethereum on Azure, and the Amazon Web Services blockchain framework.

Privacy Coins

Newcomers to Bitcoin often mistakenly think that transactions with the cryptocurrency are private. But, Bitcoin only offers pseudonymity rather than anonymity. All Bitcoin transactions are recorded on a public ledger under a code that can be traced back to a real-world identity with a little detective work.

>> Why Goldman Sachs is Wrong About Bitcoin

Anonymous cryptocurrencies—like ZCash and Monero—aim to provide all the benefits of Bitcoin in a completely private package. This means that, theoretically, no record is kept of the transaction.

Utility Tokens

Basic Attention Token (BAT) is an example of another category of cryptocurrencies: Utility Tokens. These cryptocurrencies aim to fulfill a specific need within a blockchain platform.

Unlike security tokens, utility tokens are not intended as an investment. Instead, they are more similar to a coupon offered by a store to be used specifically for their products, or a pre-ordered token that promises access to a service that is still in development. BAT, for example, is used as payment within the Brave Browser.

Tokenized Assets

Similar to stablecoins, tokenized assets are digital representations of real-world assets on the blockchain.

These tokens represent ownership of the underlying asset. If the asset was an apartment, for example, each token might represent a room. Ownership rights to that specific room would be written into the token smart contract, and the tokens can then be traded on a crypto exchange.

This has the advantage of providing liquidity, making it easier to trade traditionally illiquid assets like real estate, and also immutability, with the blockchain guaranteeing that ownership information cannot be easily changed.

Security Tokens

Security tokens are traditional securities, transposed to the blockchain. Just like ordinary shares, these represent the purchase of a small percentage of a company and might pay holders a share of the company profits, and confer certain rights—like the ability to vote on the future direction of the company.

Unlike Initial Coin Offerings, which are unregistered, security tokens should be fully compliant with SEC regulations.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

Featured image: DepositPhotos © maloha13

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Victory Square Technologies Reports 2018 Year End Results And Files CEO Letter to Shareholders

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  • Results show significant increases in Revenue, Investments, Cash and Working Capital
  • Year highlighted by investment and acquisition of 11 new private companies in 2018
  • $10,000,000 convertible note to build, develop and create long-term value for portfolio companies and VST shareholders.

VANCOUVER, British Columbia, Aug. 21, 2019 (GLOBE NEWSWIRE) — Victory Square Technologies Inc. (CSE:VST)(FWB: 6F6)(OTC:VSQTF) successfully filed its annual consolidated financial statements for 2018 along with its MD&A on Friday, August 16th, 2019. The Company will also be filing its interim financial report and MD&A for the quarterly period ended March 31st, 2019 on or before Friday, August 23rd, 2019.

In a letter to Victory Square shareholders, Chief Executive Officer Shafin Diamond Tejani pointed to significant year-over-year increases in revenues, investments, cash and working capital. The 2018 fiscal year was marked by the addition of 11 new private companies to the Victory Square portfolio (either through investment or acquisition).

Tejani noted a series of financial highlights in his letter to shareholders, including that:

  • Revenue increased by $3,746,522 or 505.48%
  • Portfolio Investments increased by $4,883,293
  • Cash and short term investments increased by 37.62% to $3,736,683
  • Working capital increased to $3,128,864

“The complex nature and scope of the investments in and acquisitions of 11 private companies during Fiscal 2018 created substantive delays in the filing of our audited financial statements,” said Tejani. “We apologize for any inconvenience caused by these delays and will take the requisite steps to ensure that we never again experience that kind of a bump in the road. We are already heading down the path of infrastructure and process improvements that will ensure that we are able to make the most of all of the opportunities before us in 2019 and beyond.”

LETTER TO OUR SHAREHOLDERS

Dear Fellow Shareholders,

The three years since we became Victory Square Technologies have been transformational for our company. The results of our growth since 2016 sees us emerging as a strategically focused group of businesses linked by the power of innovative technologies. Victory Square has teams operating across more than 20 countries.

As is often the case, increased growth leads to greater challenges and we certainly faced those head-ons in recent months. As many of you are aware, a failure-to-file cease trade order in Canada was issued for Victory Square as the result of delays in the filing of our annual audited financial statements for the year ending December 31st, 2018.

Simply put, the nature and scope of the investment in or acquisition of 11 private companies during 2018 meant that our auditors required far more time than expected to complete our Victory Square audit. In our race to change the game, we underestimated the complexities involved in expediting the growth of our portfolio of companies. We apologize for any inconveniences caused by these delays and we’re committed to ensuring we are better prepared for these unforeseen bumps in the road.

We recognize of course that growing is learning, especially in the fast-paced tech sector. Take comfort in knowing that the challenges associated with building such a unique roster of high tech companies and startups have already led to operational, leadership and organizational changes over the past year. Our centralized management team and support and advisory resources have always been one of the big strengths of Victory Square. We will certainly continue to ensure that we are as strong on all aspects of the stewardship required to achieve our collective goals.

We have emerged from this difficult year with a clear view of what’s most important for us to drive future value creation and tangible improvements to our cash flow. Given that we continue to make substantial investments across our business in support of future growth, process and compliance will take on even greater significance to the team at Victory Square. We are confident that with your support, we will parlay these early positive trends into strong momentum over the course of 2019, 2020, and beyond.

To that end, we believe that the actions the Victory Square team took in fiscal 2018 have created exactly that: Growing momentum toward a more successful future.

Here are some financial and investment highlights that validate that perspective shared by our centralized management team:

2018 Financial Highlights

  • Revenue increased by $3,746,522 or 505.48%
  • Portfolio Investments increased by $4,883,293
  • Cash and short term investments increased by 37.62% to $3,736,683
  • Working capital increased to $3,128,864

2018 Investment Highlights:

During the fiscal year 2018, the company added investments in or acquisitions of 11 private companies:

Name Vertical
Co-Pilot (formerly Cassia Research) Automated Lead Gen (SaaS)
Multiplied Networks SD-WAN
V2 Games Inc. e-Gaming/Esports
Payvida Solutions Inc. Payments/Lending
Howyl Ventures Inc. Software Development
Shape Immersive Inc. Augmented Reality (AR)/Cloud
Flo Digital Inc. Virtual Reality/Advertising
Limitless Technologies Inc. Cyber Security/VPN
TaloFlow (formerly LocoNoco Inc.) Cloud Optimization
Cloud Benefit Solutions Inc. Insurance/Benefits
Grow Tech Labs Inc. AgTech/Health

The success of Victory Square is anchored in the dynamic combination and synergies of people, ideas and capital. Going forward into 2019 — armed with access to a $10,000,000 convertible note — we are well equipped to leverage these resources to successfully build, develop and support companies in the global technology sector with the objective of creating long-term value for Victory Square, its network of companies and its shareholders.

Ultimately, Victory Square’s team is committed to incubating and building a new breed of companies set to become the next decade’s technology giants. Thank you for your ongoing support of our vision. We are committed to nothing short of excellence in the weeks, months and years ahead.

Shafin Diamond Tejani, Chief Executive Officer
Victory Square Technologies

Check out VictorySquare.com and sign up to VST’s official newsletter at VictorySquare.com/newsletter.

ABOUT VICTORY SQUARE TECHNOLOGIES INC.

Victory Square Technologies Inc. (CSE:VST)(FWB: 6F6)(OTC:VSQTF) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record of public and private exits.

VST’s sweet spot is the cutting-edge tech that’s shaping the 4th Industrial Revolution. Our portfolio consists of 20 global companies using AI, VR/AR and blockchain to disrupt sectors as diverse as fin-tech, insurance, health, and gaming.

What we do differently for startups

VST isn’t just another investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you’ll scale and be ready to monetize.

What we do differently for investors

VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSTQF). For investors, we offer early-stage access to the next unicorns before their unicorns.

Our portfolio represents a unique liquid and secure way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we’re able to provide strong and stable returns while also tapping into emerging global trends with big upsides. For more information, please visit www.victorysquare.com.

ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)

The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.


Under-the-Radar Stock is Rapidly Becoming a Mini-Berkshire Hathaway for Startups – It Already Has a Portfolio of 20 Companies That Are Soon to be Big Names … Find Out How You Can Profit from All of Them! Get the Company’s Latest Press Releases Delivered Right to Your Inbox


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China to Release Its Own Cryptocurrency Soon

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cryptocurrency

cryptocurrency

Cryptocurrency may have been completely unknown for most people around half a decade ago, and most of the banks in the world did not even take it seriously. However, things have changed dramatically over the past few years, and many banks are now considering the possibility of launching their own digital currencies.

Facebook (NASDAQ:FB) announced its own cryptocurrency last month, while American banking giant J. P. Morgan (NYSE:JPM) has come up with its own as well, and in a new development, it has emerged that the Chinese central bank is close to releasing its own. According to the report, a senior representative of the People’s Bank of China (PBOC) has stated that the bank is now close to launching its own digital currency.

Key Details

The deputy director of the payments department at the PBOC, Mu Changchun, stated that the cryptocurrency that the department has been working on is now almost ready. It is a significant development and one that could have far-reaching consequences for the crypto sphere at large. It is believed that the PBOC’s researchers have been hard at work with regards to the digital currency for around half a decade. The central theme of the research was to come up with a currency that could be used as a substitute for cash. In this regard, it is interesting to note that there are other central banks that are exploring similar possibilities.

>> Ethereum Underperforms Against Bitcoin: What Next for Altcoins?

Reports suggest that the issuing authority in the case of these digital tokens is going to lie with both the PBOC as well as the various commercial banks in the country. That being said, the PBOC has been a bit vague regarding the technology that is being used to produce the cryptocurrency. The central bank stated that it is not going to be solely dependent on blockchain technology in order to produce the coin. In fact, it is open to the idea of exploring the usage of other technologies.

Featured image: DepositPhotos © iqoncept

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