Thursday, March 26, 2020

CME Group should mine Bitcoin / Winklevoss: Bitcoin is the vaccine to money printing / Report: Heavy loss for Bitcoin traders during market downturn

Inside Cryptocurrency .
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Market Watch: Coin prices remain relatively unchanged today as we get closer to the end of the week. Out of the top four coins listed, Ethereum is the only one that is down slightly. EDC Blockchain is still enjoying a surge in value and is up nearly 560 percent in a 24-hour period.

  • Bitcoin: $6,626 (⬆️ 0.47%) // $121.1 billion market cap.
  • Ethereum: $135 (⬇️ 0.44%) // $14.9 billion market cap.
  • XRP: $0.161 (⬆️ 1.04%) // $7 billion market cap.
  • Tether: $1.00 (⬆️ 0.27%) // $4.6 billion market cap.
  • Top 100 Winner: EDC Blockchain: $0.012 (⬆️ 559.06%) // $33 million market cap. 
  • Top 100 Loser: KuCoin Shares: $1.05 (⬇️ 5.96%) // $86 million market cap. 

Prices are as of 12:30 p.m. ET.

1. CME Group director nominee: We should mine Bitcoin.

A nominee of the CME Group thinks Bitcoin should be mined to create new revenue for shareholders.

To read what he wrote in a letter to shareholders yesterday, click below to upgrade to Inside Crypto premium.

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2. Tyler Winklevoss has the vaccine to the money printing disease.

Tyler Winklevoss thinks he has the answer to the money printing going on.

To read the full story, subscribe to our premium edition of Inside Cryptocurrency for as little as $2 per week.

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3. Throwback Thursday: Ether transactions that rival Bitcoin's

In March 2016, it was reported that a new virtual gold rush was underway.

At the time, it was noted that Bitcoin was struggling amid internal divisions but that in comparison, Ethereum was soaring in value, jumping 1,000 percent over a three-month period.

An increase in Ethereum was largely pushed by a battle within the Bitcoin community over how the Bitcoin software should develop. As a result, Bitcoin transactions slowed, forcing many to look elsewhere for alternatives. For some, that answer was with Ethereum. Aside from gaining interest from the likes of JPMorgan Chase, Microsoft, and IBM, Ethereum was experiencing a surge in popularity due to its smart contracts, giving people new ways of paying for things.

With the first full public version of the Ethereum software released in February 2016, it was noted that the system could still face many technical and legal problems that Bitcoin faced, adding that Ethereum may face increased security problems because of the complexity of the software.

Speaking of Ethereum and its potential, Marley Gray, a director of business development and strategy at Microsoft, said:

Ethereum is a general platform where you can solve problems in many industries using a fairly elegant solution — the most elegant solution we have seen to date.

Report: It wasn't all doom and gloom for traders during the market sell-off.

A report has found that while some traders may have incurred a loss during the early March market sell-off, that wasn't the case for everyone.

To find out more about the report's findings, consider subscribing to our premium edition, which costs as little as $2 per week.

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5. Malta issues warnings against crypto exchanges.

Malta's financial regulator has issued two warnings against crypto exchanges.

To find out which platforms were affected, upgrade to our premoum edition.

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6. The Neo Foundation has released around $11 million worth of NEO to continue operating for the 2020 fiscal year. In a blog post, the organization said that it had released 1,660,865 NEO tokens, with 27,800,303 NEO still remaining. According to the post, the tokens maintained by the foundation "are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations," as outlined in its whitepaper. It also points out that the annual expenditure will not exceed 15 million NEO tokens. The next financial report is expected in April. -NEO

7. What city in Virginia has the most crypto owners per capita?

Research has found that a city in Virginia, with a population of around 43,000, has more crypto owners per capita than anywhere else in the U.S.

A study, published by tax software startup CoinTracker, looked at tens of thousands of anonymized CoinTracker users who used the service for tax reasons between 2013 and 2020.

To find out more, upgrade to Inside Crypto Premium.

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8. The Binance Charity has launched a Coronavirus Relief Campaign, with the aim of raising $5 million in a bid to help countries impacted by the pandemic. Known as the Crypto Against COVID fundraiser, crypto platform Binance wants to raise the money in crypto such as Bitcoin, XRP, Binance Coin, and Binance USD. According to a blog post, the money will be used to buy medical supplies in the worst affected countries, such as Germany, Iran, Italy, Spain, the Republic of Iran, Turkey, the U.K., and the U.S. Binance is to lead the effort by donating an initial $1 million and has committed to donating up to $2 million through the #CryptoAgainstCOVID social media campaign. Helen Hai, Head of Binance Charity, said:

The most important element of human life is to show compassion and help others as we can, without the limitation or restriction of borders. Blockchain technology enables this in greater capacities than ever before and Binance Charity wishes to bring this to the masses.

In January, Binance Charity set up the 'Binance for Wuhan' project, with a commitment of donating $1.4 million worth of medical supplies to tackle the virus in China. As of March 20, a donation update shows that the platform has donated 366,000 pairs of gloves, 56,800 masks, nine sterilizers, around five tons of disinfectant, 5,280 bottles of hand sanitizers, 20,000 testing kits, 7,850 protective suits, 20,000 pairs of goggles, 388 oxygen concentrators, and 1000 germicidal lamps to over 300 hospitals to areas such as Hubei, Sichuan, Guangxi and Shanghai. -BINANCE

Tone Vays' opinion on the U.S. digital dollar

Former Wall Street trader Tone Vays gives his opinion on the proposed U.S. digital dollar when comparing it to the fiat version.

To read what he said, upgrade to our Premium Edition.

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10. Wissam Al Mana, Janet Jackson's ex-husband, wants Facebook to reveal who was behind fake ads that used his image to promote a crypto scam in the Middle East. The case stems from February when Al Mana filed a lawsuit against the social media platform after a crypto firm, Bitcoin Trader, used his image. At the time, it was reported that Al Mana claimed defamation, malicious falsehood, and false advertising. Facebook has since deleted the ads; however, Al Mana is arguing that fraudsters could still use his image to promote future scams. The latest updates to the case show that his lawyers have applied a court order, known as a 'Norwich Pharmacal' order, that would require Facebook to reveal the ad's publishers. Al Mana is seeking details such as names, addresses, email and phone numbers, and payment methods, among others. Al Mana wants to sue Facebook Ireland Ltd., in addition to those behind the ads, though High Court Justice Leonie Reynolds has urged both parties to try and resolve their differences. -THE IRISH TIMES

SPECIAL FEATURE: Inside Crypto interviews Ray Youssef, CEO and co-founder of Paxful, a peer-to-peer Bitcoin marketplace.

Through this interview, I find out which continent Youssef thinks is leading crypto and blockchain in 2020 and beyond, progress being made with the BuildWithBitcoin initiative, and where he thinks the market is heading in light of the coronavirus pandemic.

To read the full interview - and receive similar weekly interviews with crypto experts in future newsletters - you will need to subscribe to our premium edition, which costs $10 per month or $100 a year, or about the price of a coffee every week.

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This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter.

Edited by Beth Duckett, staff writer at Inside.

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