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October 2021

Elliptic, A Crypto Forensic Startup, Raises $23 Million USD

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Elliptic

Elliptic

Elliptic, a British startup firm aimed at tracing suspicious crypto activity, has raised $23 million USD in a funding round led by SBI Holdings.

Elliptic to Expand into Asian Markets

The Series B funding round was led by Japanese financial institution SBI Holdings and will enable Elliptic to continue expansion into Asian markets where it has recently opened an office in Singapore and will open another in Japan this week. Elliptic CEO and founder James Smith cited Asia as a highly attractive market for the company due to its prominent crypto community and the fact that Asian regulators tend to be more technologically advanced than elsewhere in the world.

“The Monetary Authority of Singapore and the Japanese Financial Services Agency are very well-versed in crypto. Japan has its own licensing scheme for exchanges; I think all that is really key to the growth of crypto because once you set the ground rules, then businesses can engage and innovate,” Smith told CoinDesk.

SBI to Incorporate Elliptic’s Technology into VC Trade

Elliptic has developed artificial intelligence and machine learning technologies that are capable of tracing and locating suspicious transactions on blockchains. The company was founded in 2013 in London and had previously raised $12 million USD in five funding rounds. SBI was keen to get involved with the company as it has a number of crypto assets under its portfolio, including an exchange called VC Trade, which will incorporate Elliptic’s technology.

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Elliptic is also looking beyond expansion into Asia with this investment, as it also has plans to develop a monitoring service for Facebook’s under-fire Libra network. Libra has received heavy criticism and scrutiny from regulators who question how they are meant to trust Facebook given the social media giant’s recent history of data misuse. Elliptic hopes to give somewhat of a helping hand to Libra by providing added transparency and security to the network.

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Tezos (XTZ) Outperforms in 2020: Here are the Key Drivers

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Tezos

Tezos

The New Year has seen a degree of a turnaround in the crypto space, as many tokens have recorded significant gains. One notable gainer is Tezos (XTZ). Since the start of the year, the XTZ token has more than doubled in price, and it goes without saying that it could be on the radars of most crypto traders by this point.

More importantly, the coin has managed to break into the top 10 crypto projects by market cap thanks to this rally. Currently, XTZ enjoys a market cap of $1.9 billion. However, this begs the question …

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Bitcoin Dominance at 70% | BTC Surges Amid Economic Uncertainty

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Bitcoin Price

Bitcoin Price

Bitcoin has always dominated the cryptocurrency market. But for the first time since December 2017—when Bitcoin was valued at $20k per coin—Bitcoin dominance is nearing 70%. It’s a significant indicator of the current sentiment surrounding the world’s largest digital asset.

It also leaves a sizeable question mark over the future of the hundreds of altcoins that comprise this market.

Bitcoin Dominance Rating

Bitcoin’s market cap of $217.91 billion now covers 69.93% of the total cryptocurrency market according to NewsBTC.

Comparatively, at its lowest in January 2018, after Bitcoin price plunged from its all-time high, Bitcoin dominance was roughly 36.68%.

But especially amid 2019’s tumultuous financial backdrop, Bitcoin has built its dominance once again as investors speculate on the importance of Bitcoin being a non-governed asset.

Bitcoin will Be Tested in 2019/2020

The global economy is in the midst of certain crises, and this has brought Bitcoin’s necessity into question. For example, the US-China trade war, capital control in China, economic sanctions on Iran and Turkey, as well as hyperinflation in Zimbabwe and Venezuela are all wreaking havoc on the stock markets.

And while this is going on, many mainstream financial firms and retailers are beginning to cater to the growing number of Bitcoin traders. So it seems that while the global economy faces escalating crises, Bitcoin is becoming a more desirable asset; most likely because it is self-governed.

It also helps the coin that is the pioneering cryptocurrency, has always held the most value, and therefore holds a lot of real-world potential.

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The Takeaway

It is also likely that Bitcoin dominance is growing simply because the value of the currency is. In the last week, Bitcoin surged more than 30% – from $9,371 to as high as $12,320. This latest bull run was spurred on, once again, by an economic downturn. As Trump imposed further tariffs on $300 billion worth of Chinese imports, the People’s Bank of China reduced the price of the Chinese Yuan to under $7 a unit. This is its lowest in the last eleven years.

But where Bitcoin is concerned, this turmoil only caused the cryptocurrency to surge as traders begin to value the coin’s non-sovereign status.

Featured Image: DepositPhotos © spaxiax

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Bitcoin Price | Brian Kelly Tells CNBC Watch for Rising Price

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Bitcoin enthusiast and crypto fund manager Brian Kelly has told CNBC that Bitcoin price could rise further in the coming months.

His prediction isn’t unfounded; there is an impending supply cut on the horizon and this should help to push prices higher.

Brian Kelly Predicts Bitcoin Price will Rise

In an interview on CNBC’s Fast Money program yesterday, May 21st, Kelly explained that “the halvening,” which is due to take place in 2020, will cut mining rewards in half.

As such, he expects miners to begin hoarding BTC if they aren’t already doing so. This increased demand should see Bitcoin price rise as the supply becomes lessened.

Further, the coin is being spurred on by increased industrial adoption and use in retail.

Kelly described the four-year cycle that leads up to “the halvening,” saying:

“You generally have a rally a year into it, and a year out of it. And so we’re just at the beginning of that stage […] a supply cut is generally bullish.”

The fund manager goes on to say that investors should dedicate between 1% to 5% of their portfolio to cryptocurrency while prices remain stagnated around the current levels of $7,900.

Brian Kelly Predictions

Kelly has been a guest on Fast Money several times where he has made predictions for the future of Bitcoin and cryptocurrency.

Recently, the crypto-analyst stated that an approval for a Bitcoin Exchange-traded fund (ETF) was most likely to come in February 2019. We are still waiting on that one, however.

Other analysts believe there are several reasons for BTC’s recent surge. One idea suggests the United States and China trade war could be a reason. Another impetus could be the increased adoption of the mainstream. For example, Ebay recently caused a stir when photos of its banners at the Consensus conference in New York, leaked onto the web.

Saying: “Virtual Currency. it’s happening on Ebay”, the banners made many believe that the e-retailing giant is about to enter the cryptocurrency space. Ebay has yet to confirm anything, however.

Featured Image: Deposit Photos/stevanovicigor

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