Crypto Winter Is Over According To EToro

According to eToro’s in-house crypto analyst and industry commentator, Mati Greenspan Bitcoin (BTC) has surpassed a long-term bear trend line which basically means that the bear market is completely over.

Other analysts concur with Greenspan’s statement with Alex Kruger, stating when BTC moved above the $4,200 level it broke out of the bearish trend.

These statements came after the head of Fundstrat, Tom Lee, stated on a Bloomberg interviews that Bitcoin Spike earlier in April was based on True Buying and not some act of manipulation as speculated by some mainstream media.

Greenspan also predicts that there is still potential for BTC to undergo the second half of the “Bart Simpson Pattern” which would mean a dramatic sell-off.

With many pundits calling the bottom is in cryptocurrency investors should be cautiously optimistic in their investments in digital assets that is known to be very volatile and unpredictable.

The Monetary Authority Of Singapore Sees The Value Of Blockchain In Cross-Border Transfers

It has been reported that the Monetary Authority Of Singapore (MAS) have stated that blockchain technology could potentially expedite cross-border transfers.

This was according to Sopnendu Mohanty, the Chief Fintech Officer at MAS, who is a former senior executive a citigroup.

While he sees great potential for blockchain technology in cross-border remittances he doubts if there will be much potential for the use of central digital currencies (CBDC).

Mohanty reveals that MAS started experimenting with several blockchain-based solutions a couple years ago to better understand how distributed ledger technology (DLT )can be used to settle transactions.

He also added that MSA’s staff has worked in projects which involve the use of DLT to manage payment settlements and cross-border transfers, however, Mohantly and his colleagues cannot find a legitimate use case for CBDC yet.

Cryptocurrencies Effective Tool in Addressing Issues on Micropayments

A partner at a Washingtokn D.C.-based law firm, Stephen D. Palley, has recently stated on Keiser Report that one of the problems crypto solves are issues on micropayments as they can be processed a lot quicker on blockchain-based networks.

On the same show Palley commented on the cryptocurrency regulatory landscape saying the during the 2017 Initial Coin Offering Craze of 2017 has enable upstart companies to raise millions of dollars in a very short period of time without any working product or at least proof of concept.

He also stated that there are some areas in the cryptocurrency space that could use greater regulatory clarity as most of regulations for traditional financial ecosystem are not suitable and applicable to the emerging industry.

To make his point he cited the conversion of a digital asset from one form to another and likening it to a conversion of Microsoft Word Document to WordPerfect documents, how would the bank secrecy law apply to these types of transactions?

Clearly there is a need for legislators to create or revise laws to accommodate the new asset class and give the industry regulatory clarity so that it would be able to move forward especially in the U.S. which seems to be lagging behind the crypto.

Washington State Recognizes Distributed Ledger Technology To Be Legal

The distributed ledger technology (DLT) community scored another victory in the legal arena when Washington State called for its advancement and officially recognizes the legitimacy of DLT.

It was revealed that earlier this year Senators Brown, Rivers, Becker and Short introduced the bill SB5638 which is defined as an act recognizing the validity of distributed ledger technology.

The bill was passed with 46 votes in favor and no against on its first reading; the second reading results always have the same results with almost perfect majority with 96 votes with only one voting against the initiative.

The main aim of the bill is to combat mistrust towards DLT-based networks and technologies and intends to encourage the development of distributed ledger technology.

According to the new law an electronic record may not be denied legal effect, validity, or enforceability solely because it is generated, communicated, received, or stored using distributed ledger technology.

Bitfinex To Conduct IEO For Its Own LEO Token

A share holder of cryptocurrency exchange Bitfinex, Zhao Dong has recently shared promotional material on the upcoming initial exchange offering (IEO) which aims to raise $1 bllion.

The document was release by IFinex the company behind Bitfinex and Tether (USDT) which announces the availability of up to 1 billion USDT worth of exchange’s tokens that will be called LEO for purchase.

Holders of the utility token will enjoy reduced crypto-to-crypto trading fees on Bitfinex and the company decentralized exchange EOSFinex as well was decrease lending fees, withdrawals and other fees.

It was also revealed that LEO sales will not be available to citizens of the United States of America, Canada and other jurisdictions.

The tokens sales is being conducted in order to cover $850 million exchange’s funds, which are currently frozen in multiple accounts under the control of payment processing firm.

Headlines for the world of Cryptocurrencies - May 03, 2019 Facebook Seeking $1 Billion For FB Coin Talking With Credit Card Giants / Domino’s Pizza In Malaysia And Singapore To Use DLT-Enhanced AI For Logistics / New Developers Suite By QTUM Launched In Google Cloud / Fidelity Sees Institutional Investment In Crypto To Grow / Software Giant Releases Blockchain Manager App

Headlines for the world of Cryptocurrencies - May 02, 2019

Bitcoin Sales Projection Of Cash App To Overtake Supply By 2020 / Estonia Challenging Switzerland For Blockchain Leadership / Mahindra Wants To Fight Spam Phone Calls Through The Use Of Blockchain / Bakkt Mother Company Bought Digital Assets During The Crypto Winter / Bitcoin ATM Provider Helps NYPD To Crack Down Crypto Scams

Headlines for the world of Cryptocurrencies - May 01, 2019

Record Bitcoin Revenue For Square In First Quarter Of 2019 / Malware Capable Of Shutting Down Other Miners / Malware Capable Of Shutting Down Other Miners / Canadian Provinces Compete For Bitcoin Mining Businesses / Labor Party In Australia Donates $2.1 Million To Blockchain Academy